Document:

EXECUTION

    

    

    

    STRUCTURED
      ASSET SECURITIES CORPORATION, as Depositor,

     

    AURORA
      LOAN SERVICES LLC, as Master Servicer,

     

    WELLS
      FARGO BANK, N.A., as

    Securities
      Administrator,

     

    CLAYTON
      FIXED INCOME SERVICES INC., as

    Credit
      Risk Manager,

     

    and

     

    U.S.
      BANK
      NATIONAL ASSOCIATION, as Trustee

     

    ___________________________

     

    TRUST
      AGREEMENT

     

    Dated
      as
      of August 1, 2007

    ___________________________

     

    STRUCTURED
      ASSET SECURITIES CORPORATION

    MORTGAGE
      LOAN TRUST 2007-WF2

    MORTGAGE
      PASS-THROUGH CERTIFICATES,

    SERIES
      2007-WF2

     

    

 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

    TABLE
      OF
      CONTENTS

     

    Page

    
      	 	 
	
              ARTICLE
                I DEFINITIONS

            	
              16

            
	 	 
	
              Section
                1.01.

            	
              Definitions.

            	
              16

            
	
              Section
                1.02.

            	
              Calculations
                Respecting Mortgage Loans.

            	
              61

            
	
              Section
                1.03.

            	
              Calculations
                Respecting Accrued Interest.

            	
              62

            
	 	 
	
              ARTICLE
                II DECLARATION OF TRUST; ISSUANCE OF CERTIFICATES

            	
              63

            
	 	 
	
              Section
                2.01.

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

            	
              63

            
	
              Section
                2.02.

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

            	
              67

            
	
              Section
                2.03.

            	
              Representations
                and Warranties of the Depositor.

            	
              69

            
	
              Section
                2.04.

            	
              Discovery
                of Breach.

            	
              70

            
	
              Section
                2.05.

            	
              Repurchase,
                Purchase or Substitution of Mortgage Loans.

            	
              71

            
	
              Section
                2.06.

            	
              Grant
                Clause.

            	
              72

            
	 	 
	
              ARTICLE
                III THE CERTIFICATES

            	
              74

            
	 	 
	
              Section
                3.01.

            	
              The
                Certificates.

            	
              74

            
	
              Section
                3.02.

            	
              Registration.

            	
              75

            
	
              Section
                3.03.

            	
              Transfer
                and Exchange of Certificates.

            	
              75

            
	
              Section
                3.04.

            	
              Cancellation
                of Certificates.

            	
              82

            
	
              Section
                3.05.

            	
              Replacement
                of Certificates.

            	
              82

            
	
              Section
                3.06.

            	
              Persons
                Deemed Owners.

            	
              82

            
	
              Section
                3.07.

            	
              Temporary
                Certificates.

            	
              82

            
	
              Section
                3.08.

            	
              Appointment
                of Paying Agent.

            	
              83

            
	
              Section
                3.09.

            	
              Book-Entry
                Certificates.

            	
              84

            
	 	 
	
              ARTICLE
                IV ADMINISTRATION OF THE TRUST FUND

            	
              85

            
	 	 
	
              Section
                4.01.

            	
              Collection
                Account.

            	
              85

            
	
              Section
                4.02.

            	
              Application
                of Funds in the Collection Account.

            	
              87

            
	
              Section
                4.03.

            	
              Reports
                to Certificateholders.

            	
              90

            
	
              Section
                4.04.

            	
              Certificate
                Account.

            	
              94

            
	
              Section
                4.05.

            	
              Securities
                Administration Account.

            	
              95

            
	 	 
	
              ARTICLE
                V DISTRIBUTIONS TO HOLDERS OF CERTIFICATES

            	
              97

            
	 	 
	
              Section
                5.01.

            	
              Distributions
                Generally.

            	
              97

            
	
              Section
                5.02.

            	
              Distributions
                from the Certificate Account.

            	
              98

            
	
              Section
                5.03.

            	
              Allocation
                of Losses.

            	
              111

            
	
              Section
                5.04.

            	
              Advances
                by Master Servicer, Servicer and Securities Administrator.

            	
              112

            
	
              Section
                5.05.

            	
              Compensating
                Interest Payments.

            	
              113

            
	
              Section
                5.06.

            	
              Basis
                Risk Reserve Fund.

            	
              113

            
	
              Section
                5.07.

            	
              Supplemental
                Interest Trust.

            	
              113

            
	
              Section
                5.08.

            	
              Rights
                of Swap Counterparty.

            	
              116

            

    

    

    
      
        
          
          

        

        
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              Section
                5.09.

            	
              Termination
                Receipts.

            	
              117

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

            	
              119

            
	 	 
	
              Section
                6.01.

            	
              Duties
                of Trustee and Securities Administrator.

            	
              119

            
	
              Section
                6.02.

            	
              Certain
                Matters Affecting the Trustee and the Securities
                Administrator.

            	
              122

            
	
              Section
                6.03.

            	
              Trustee
                and Securities Administrator Not Liable for Certificates.

            	
              123

            
	
              Section
                6.04.

            	
              Trustee
                and the Securities Administrator May Own Certificates.

            	
              124

            
	
              Section
                6.05.

            	
              Eligibility
                Requirements for Trustee and Securities Administrator.

            	
              124

            
	
              Section
                6.06.

            	
              Resignation
                and Removal of Trustee and the Securities Administrator.

            	
              125

            
	
              Section
                6.07.

            	
              Successor
                Trustee and Successor Securities Administrator.

            	
              126

            
	
              Section
                6.08.

            	
              Merger
                or Consolidation of Trustee or the Securities
                Administrator.

            	
              127

            
	
              Section
                6.09.

            	
              Appointment
                of Co-Trustee, Separate Trustee or Custodian.

            	
              127

            
	
              Section
                6.10.

            	
              Authenticating
                Agents.

            	
              129

            
	
              Section
                6.11.

            	
              Indemnification
                of Trustee and Securities Administrator.

            	
              130

            
	
              Section
                6.12.

            	
              Fees
                and Expenses of Securities Administrator, Trustee and
                Custodian.

            	
              131

            
	
              Section
                6.13.

            	
              Collection
                of Monies.

            	
              131

            
	
              Section
                6.14.

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

            	
              132

            
	
              Section
                6.15.

            	
              Additional
                Remedies of Trustee Upon Event of Default.

            	
              137

            
	
              Section
                6.16.

            	
              Waiver
                of Defaults.

            	
              137

            
	
              Section
                6.17.

            	
              Notification
                to Holders.

            	
              137

            
	
              Section
                6.18.

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

            	
              137

            
	
              Section
                6.19.

            	
              Action
                Upon Certain Failures of the Master Servicer and Upon Event of
                Default.

            	
              138

            
	
              Section
                6.20.

            	
              Preparation
                of Tax Returns and Other Reports.

            	
              138

            
	
              Section
                6.21.

            	
              Reporting
                Requirements of the Commission

            	
              146

            
	
              Section
                6.22.

            	
              No
                Merger.

            	
              146

            
	
              Section
                6.23.

            	
              Indemnification
                by the Securities Administrator.

            	
              146

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

            	
              147

            
	 	 
	
              Section
                7.01.

            	
              Purchase
                of Mortgage Loans; Termination of Trust Fund Upon Purchase or Liquidation
                of All Mortgage Loans; Purchase of Lower Tier REMIC 1 Uncertificated
                Regular Interests.

            	
              147

            
	
              Section
                7.02.

            	
              Procedure
                Upon Termination of Trust Fund or Purchase of Lower Tier REMIC 1
                Uncertificated Regular Interests.

            	
              151

            
	
              Section
                7.03.

            	
              Additional
                Trust Fund Termination Event or Purchase of the Lower Tier REMIC
                1
                Uncertificated Regular Interests.

            	
              152

            
	
              Section
                7.04.

            	
              Optional
                Repurchase Right.

            	
              153

            
	 	 
	
              ARTICLE
                VIII RIGHTS OF CERTIFICATEHOLDERS

            	
              154

            
	 	 
	
              Section
                8.01.

            	
              Limitation
                on Rights of Holders.

            	
              154

            
	
              Section
                8.02.

            	
              Access
                to List of Holders.

            	
              155

            
	
              Section
                8.03.

            	
              Acts
                of Holders of Certificates.

            	
              155

            

    

    

    
      
        
          
          

        

        
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              ARTICLE
                IX ADMINISTRATION AND SERVICING OF MORTGAGE LOANS BY THE MASTER SERVICER;
                CREDIT RISK MANAGER

            	
              157

            
	 	 
	
              Section
                9.01.

            	
              Duties
                of the Master Servicer.

            	
              157

            
	
              Section
                9.02.

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

            	
              157

            
	
              Section
                9.03.

            	
              Master
                Servicer’s Financial Statements and Related Information.

            	
              158

            
	
              Section
                9.04.

            	
              Power
                to Act; Procedures.

            	
              158

            
	
              Section
                9.05.

            	
              Enforcement
                of Servicer’s and Master Servicer’s Obligations.

            	
              160

            
	
              Section
                9.06.

            	
              Collection
                of Taxes, Assessments and Similar Items.

            	
              161

            
	
              Section
                9.07.

            	
              Termination
                of Servicing Agreement; Successor Servicers.

            	
              162

            
	
              Section
                9.08.

            	
              Master
                Servicer Liable for Enforcement.

            	
              163

            
	
              Section
                9.09.

            	
              No
                Contractual Relationship Between the Servicer and Trustee or
                Depositor.

            	
              163

            
	
              Section
                9.10.

            	
              Assumption
                of Servicing Agreement by Securities Administrator.

            	
              163

            
	
              Section
                9.11.

            	
              Due-on-Sale
                Clauses; Assumption Agreements.

            	
              164

            
	
              Section
                9.12.

            	
              Release
                of Mortgage Files.

            	
              164

            
	
              Section
                9.13.

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

            	
              165

            
	
              Section
                9.14.

            	
              Representations
                and Warranties of the Master Servicer.

            	
              166

            
	
              Section
                9.15.

            	
              Opinion.

            	
              169

            
	
              Section
                9.16.

            	
              Standard
                Hazard and Flood Insurance Policies.

            	
              169

            
	
              Section
                9.17.

            	
              Presentment
                of Claims and Collection of Proceeds.

            	
              169

            
	
              Section
                9.18.

            	
              Maintenance
                of the Primary Mortgage Insurance Policies.

            	
              170

            
	
              Section
                9.19.

            	
              Trustee
                To Retain Possession of Certain Insurance Policies and
                Documents.

            	
              170

            
	
              Section
                9.20.

            	
              [Reserved]

            	
              170

            
	
              Section
                9.21.

            	
              Compensation
                to the Master Servicer.

            	
              170

            
	
              Section
                9.22.

            	
              REO
                Property.

            	
              171

            
	
              Section
                9.23.

            	
              Notices
                to the Depositor and the Securities Administrator

            	
              172

            
	
              Section
                9.24.

            	
              Reports
                to the Trustee.

            	
              172

            
	
              Section
                9.25.

            	
              Assessment
                of Compliance and Attestation Reports.

            	
              173

            
	
              Section
                9.26.

            	
              Annual
                Statement of Compliance with Applicable Servicing
                Criteria.

            	
              174

            
	
              Section
                9.27.

            	
              Merger
                or Consolidation.

            	
              175

            
	
              Section
                9.28.

            	
              Resignation
                of Master Servicer.

            	
              175

            
	
              Section
                9.29.

            	
              Assignment
                or Delegation of Duties by the Master Servicer.

            	
              175

            
	
              Section
                9.30.

            	
              Limitation
                on Liability of the Master Servicer and Others.

            	
              176

            
	
              Section
                9.31.

            	
              Indemnification;
                Third-Party Claims.

            	
              177

            
	
              Section
                9.32.

            	
              Special
                Servicing of Delinquent Mortgage Loans.

            	
              177

            
	
              Section
                9.33.

            	
              Alternative
                Index.

            	
              178

            
	
              Section
                9.34.

            	
              Duties
                of the Credit Risk Manager.

            	
              
                178

              

            
	
              Section
                9.35.

            	
              Limitation
                Upon Liability of the Credit Risk Manager.

            	
              180

            
	
              Section
                9.36.

            	
              Indemnification
                by the Credit Risk Manager.

            	
              180

            
	
              Section
                9.37.

            	
              Removal
                of Credit Risk Manager.

            	
              180

            
	 	 
	
              ARTICLE
                X REMIC ADMINISTRATION

            	
              182

            
	 	 
	
              Section
                10.01.

            	
              REMIC
                Administration.

            	
              182

            
	
              Section
                10.02.

            	
              Prohibited
                Transactions and Activities.

            	
              185

            
	
              Section
                10.03.

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

            	
              185

            

    

    

    
      
        
          
          

        

        
          iii

          
            

          

        

        
          
          

        

      

    

    

    

    
      	
              Section
                10.04.

            	
              REO
                Property.

            	
              186

            
	 	 
	
              ARTICLE
                XI MISCELLANEOUS PROVISIONS

            	
              187

            
	 	 
	
              Section
                11.01.

            	
              Binding
                Nature of Agreement; Assignment.

            	
              187

            
	
              Section
                11.02.

            	
              Entire
                Agreement.

            	
              187

            
	
              Section
                11.03.

            	
              Amendment.

            	
              187

            
	
              Section
                11.04.

            	
              Voting
                Rights.

            	
              189

            
	
              Section
                11.05.

            	
              Provision
                of Information.

            	
              189

            
	
              Section
                11.06.

            	
              Governing
                Law.

            	
              190

            
	
              Section
                11.07.

            	
              Notices.

            	
              190

            
	
              Section
                11.08.

            	
              Severability
                of Provisions.

            	
              190

            
	
              Section
                11.09.

            	
              Indulgences;
                No Waivers.

            	
              191

            
	
              Section
                11.10.

            	
              Headings
                Not To Affect Interpretation.

            	
              191

            
	
              Section
                11.11.

            	
              Benefits
                of Agreement.

            	
              191

            
	
              Section
                11.12.

            	
              Special
                Notices to the Rating Agencies and any NIMS Insurer.

            	
              191

            
	
              Section
                11.13.

            	
              Conflicts.

            	
              193

            
	
              Section
                11.14.

            	
              Counterparts.

            	
              193

            
	
              Section
                11.15.

            	
              Transfer
                of Servicing.

            	
              193

            

    

    
    

    ATTACHMENTS

     

    
      	
              Exhibit
                A

            	
              Forms
                of Certificates

            
	
              Exhibit
                B-1

            	
              Form
                of Initial Certification

            
	
              Exhibit
                B-2

            	
              Form
                of Interim Certification

            
	
              Exhibit
                B-3

            	
              Form
                of Final Certification

            
	
              Exhibit
                B-4

            	
              Form
                of Endorsement

            
	
              Exhibit
                C

            	
              Request
                for Release of Documents and Receipt

            
	
              Exhibit
                D-l

            	
              Form
                of Residual Certificate Transfer Affidavit (Transferee)

            
	
              Exhibit
                D-2

            	
              Form
                of Residual Certificate Transfer Affidavit (Transferor)

            
	
              Exhibit
                E

            	
              Name
                of Servicing Agreement

            
	
              Exhibit
                F

            	
              Form
                of Rule 144A Transfer Certificate

            
	
              Exhibit
                G

            	
              Form
                of Purchaser’s Letter for Institutional Accredited
                Investors

            
	
              Exhibit
                H

            	
              Form
                of ERISA Transfer Affidavit

            
	
              Exhibit
                I

            	
              [Reserved]

            
	
              Exhibit
                J

            	
              [Reserved]

            
	
              Exhibit
                K

            	
              Name
                of Custodial Agreement

            
	
              Exhibit
                L

            	
              Name
                of Credit Risk Management Agreement

            
	
              Exhibit
                M-1

            	
              Form
                of Transfer Certificate for Transfer from Restricted Global Security
                to
                Regulation S Global Security

            
	
              Exhibit
                M-2

            	
              Form
                of Transfer Certificate for Transfer from Regulation S Global Security
                to
                Restricted Global Security

            
	
              Exhibit
                N

            	
              Interest
                Rate Cap Agreement

            
	
              Exhibit
                O

            	
              Interest
                Rate Swap Agreement

            
	
              Exhibit
                P-1

            	
              Additional
                Form 10-D Disclosure

            
	
              Exhibit
                P-2

            	
              Additional
                Form 10-K Disclosure

            
	
              Exhibit
                P-3

            	
              Additional
                Form 8-K Disclosure

            

    

    

    
      
        
          
          

        

        
          iv

          
            

          

        

        
          
          

        

      

    

    

    

    
      	
              Exhibit
                P-4

            	
              Additional
                Disclosure Notification

            
	
              Exhibit
                Q-1

            	
              Form
                of Back-Up Sarbanes-Oxley Certification

            
	
              Exhibit
                Q-2

            	
              Form
                of Back-Up Sarbanes-Oxley Certification to be Provided by the Securities
                Administrator

            
	
              Exhibit
                Q-3

            	
              Form
                of Back-Up Sarbanes-Oxley Certification to be Provided by the Trustee
                and
                the Paying Agent 

            
	
              Exhibit
                R-1

            	
              Form
                of WatchList Report

            
	
              Exhibit
                R-2

            	
              Form
                of Loss Severity Report

            
	
              Exhibit
                R-3

            	
              Form
                of Mortgage Insurance Claims Report

            
	
              Exhibit
                R-4

            	
              Form
                of Prepayment Premiums Report

            
	
              Exhibit
                R-5

            	
              Form
                of Analytics Report

            
	
              Exhibit
                S

            	
              Form
                of Certification Regarding Servicing Criteria to be Addressed in
                Report on
                Assessment of Compliance

            
	
              Exhibit
                T

            	
              Form
                of Modified Loan Report

            
	
              Exhibit
                U

            	
              Form
                of Certification to be Provided by the Credit Risk
                Manager

            
	
              Exhibit
                V

            	
              Transaction
                Parties

            
	
              Exhibit
                W

            	
              [Reserved]

            
	
              Exhibit
                X

            	
              [Reserved]

            
	
              Exhibit
                Y

            	
              Form
                of Call Option Notice

            
	
              Exhibit
                Z

            	
              Form
                of Purchaser Call Option Notice

            
	 	 
	 	 
	
              Schedule
                A

            	
              Mortgage
                Loan Schedule (by Mortgage Pool)

            
	
              Schedule
                B

            	
              First
                Payment Default Mortgage Loans

            

    

    

    

    
      
        
          
          

        

        
          v

          
            

          

        

        
          
          

        

      

    

    

    This
      TRUST AGREEMENT, dated as of August 1, 2007 (the “Agreement”), is by and among
      STRUCTURED ASSET SECURITIES CORPORATION, a Delaware corporation, as depositor
      (the “Depositor”), U.S. BANK NATIONAL ASSOCIATION, as trustee (the “Trustee”),
      AURORA LOAN SERVICES LLC, as master servicer (the “Master Servicer”), WELLS
      FARGO BANK, N.A., as securities administrator (the “Securities Administrator”),
      and CLAYTON FIXED INCOME SERVICES INC., a Colorado corporation, as credit risk
      manager (the “Credit Risk Manager”).

     

    PRELIMINARY
      STATEMENT

     

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

     

    As
      provided herein, an election shall be made that the Trust Fund (exclusive of
      (i)
      the Swap Agreement, (ii) the Swap Account, (iii) the right to receive and the
      obligation to pay Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls, (iv)
      the Basis Risk Reserve Fund, (v) the Supplemental Interest Trust, (vi) the
      right
      to receive FPD Premiums (vii) the obligation to pay Class I Shortfalls (viii)
      the Interest Rate Cap Agreement, (ix) the Interest Rate Cap Account and (x)
      any
      Servicer Prepayment Premium Payment Amounts or amounts in respect of Prepayment
      Premiums paid by the Seller as a result of a breach of a representation or
      warranty pursuant to Section 2.03(b) (collectively, the “Excluded Trust
      Assets”)) be treated for federal income tax purposes as comprising four real
      estate mortgage investment conduits under Section 860D of the Code (each a
      “REMIC” or, in the alternative “REMIC 1,” “REMIC 2,” “REMIC 3,” and “REMIC 4”
(REMIC 4 also being referred to as the “Upper Tier REMIC”)). Any inconsistencies
      or ambiguities in this Agreement or in the administration of this Agreement
      shall be resolved in a manner that preserves the validity of such REMIC
      elections.

     

    Each
      Certificate, other than the Class R and Class LT-R Certificates, represents
      ownership of a regular interest in the Upper Tier REMIC for purposes of the
      REMIC Provisions. In addition, each Certificate, other than the Class R, Class
      LT-R, Class X and Class P Certificates, represents (i) the right to receive
      payments with respect to any Basis Risk Shortfalls and Unpaid Basis Risk
      Shortfalls and (ii) the obligation to pay Class I Shortfalls. The Class LT-R
      Certificate represents ownership of the sole Class of residual interest in
      REMIC 1. The Class R Certificate represents ownership of the sole Class of
      residual interest in each of REMIC 2, REMIC 3, and the Upper Tier REMIC for
      purposes of the REMIC Provisions. 

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    The
      Upper
      Tier REMIC shall hold as its assets the uncertificated Lower Tier Interests
      in
      REMIC 3, other than the Class LT3-R interest, and each such Lower Tier Interest
      is hereby designated as a regular interest in REMIC 3 for purposes of the REMIC
      Provisions. REMIC 3 shall hold as its assets the uncertificated Lower Tier
      Interests in REMIC 2, other than the Class LT2-R interest, and each such
      Lower Tier Interest is hereby designated as a regular interest in REMIC 2.
      REMIC 2 shall hold as its assets the uncertificated Lower Tier Interests in
      REMIC 1, and each such Lower Tier Interest is hereby designated as a regular
      interest in REMIC 1. REMIC 1 shall hold as its assets the property of the Trust
      Fund other than the Lower Tier Interests in REMIC 1, REMIC 2, and REMIC 3
      and the Excluded Trust Assets.

     

    The
      startup day for each REMIC created hereby for purposes of the REMIC Provisions
      is the Closing Date. In addition, for purposes of the REMIC Provisions, the
      latest possible maturity date for each regular interest in each REMIC created
      hereby is the Latest Possible Maturity Date.

     

    REMIC
      1:

     

    REMIC
      1
      shall issue one uncertificated interest in respect of each Mortgage Loan held
      by
      the Trust Fund on the Closing Date, each of which is hereby designated as a
      regular interest in REMIC 1 (the “REMIC 1 Regular Interests”). REMIC 1 shall
      also issue the Class LT-R Certificate, which shall represent the sole class
      of
      residual interest in REMIC 1. Each REMIC 1 Regular Interest shall have an
      initial principal balance equal to the Scheduled Principal Balance of the
      Mortgage Loan to which it relates and shall bear interest at a per annum rate
      equal to the Net Mortgage Rate of such Mortgage Loan. In the event a Qualifying
      Substitute Mortgage Loan is substituted for such Mortgage Loan (the “Original
      Mortgage Loan”), no amount of interest payable on such Qualifying Substitute
      Mortgage Loan shall be distributed on such REMIC 1 Regular Interest at a rate
      in
      excess of the Net Mortgage Rate of the Original Mortgage Loan.

     

    On
      each
      Distribution Date, the Trustee shall first pay or charge as an expense of REMIC
      1 all expenses of the Trust Fund for such Distribution Date, other than any
      expenses in respect of the Swap Agreement.

     

    On
      each
      Distribution Date the Trustee shall distribute the aggregate Interest Remittance
      Amount (net of expenses described in the preceding paragraph) with respect
      to
      each of the Lower Tier Interests in REMIC 1 based on the above-described
      interest rates.

     

    On
      each
      Distribution Date, the Trustee shall distribute the aggregate Principal
      Remittance Amount among the Lower Tier Interests in REMIC 1 in accordance with
      the amount of the Principal Remittance Amount attributable to the Mortgage
      Loan
      corresponding to each such Lower Tier Interest in REMIC 1. All losses on the
      Mortgage Loans shall be allocated among the Lower Tier Interests in REMIC 1
      in
      the same manner that principal distributions are allocated.

     

    On
      each
      Distribution Date, the Trustee shall distribute the Prepayment Premiums
      collected during the preceding Prepayment Period, in the case of Principal
      Prepayments in full, or during the related Collection Period, in the case of
      Principal Prepayments in part, to the Lower Tier Interest in REMIC 1
      corresponding to the Mortgage Loan with respect to which such amounts were
      received.

     

    

    
      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

    

     

    

      REMIC
        2: 

       

      The
        following table sets forth the designations, principal balances and interest
        rates for each interest in REMIC 2, each of which (other than the Class LT2-R
        Lower Tier Interest) is hereby designated as a regular interest in REMIC
        2 (the
“REMIC 2 Regular Interests”):

       

      

      
        	
                Designation

              	
                Initial Principal Balance

              	
                Interest
                  Rate

              
	
                LT2-A

              	
                 $      21,198,319.34 

              	
                (1)

              
	
                LT2-F1

              	
                 $        6,533,500.00 

              	
                (2)

              
	
                LT2-V1

              	
                 $        6,533,500.00 

              	
                (3)

              
	
                LT2-F2

              	
                 $        6,339,500.00 

              	
                (2)

              
	
                LT2-V2

              	
                 $        6,339,500.00 

              	
                (3)

              
	
                LT2-F3

              	
                 $        6,153,500.00 

              	
                (2)

              
	
                LT2-V3

              	
                 $        6,153,500.00 

              	
                (3)

              
	
                LT2-F4

              	
                 $        5,971,000.00 

              	
                (2)

              
	
                LT2-V4

              	
                 $        5,971,000.00 

              	
                (3)

              
	
                LT2-F5

              	
                 $        5,795,000.00 

              	
                (2)

              
	
                LT2-V5

              	
                 $        5,795,000.00 

              	
                (3)

              
	
                LT2-F6

              	
                 $        5,623,500.00 

              	
                (2)

              
	
                LT2-V6

              	
                 $        5,623,500.00 

              	
                (3)

              
	
                LT2-F7

              	
                 $        5,457,500.00 

              	
                (2)

              
	
                LT2-V7

              	
                 $        5,457,500.00 

              	
                (3)

              
	
                LT2-F8

              	
                 $        5,296,000.00 

              	
                (2)

              
	
                LT2-V8

              	
                 $        5,296,000.00 

              	
                (3)

              
	
                LT2-F9

              	
                 $        5,139,500.00 

              	
                (2)

              
	
                LT2-V9

              	
                 $        5,139,500.00 

              	
                (3)

              
	
                LT2-F10

              	
                 $        4,988,000.00 

              	
                (2)

              
	
                LT2-V10

              	
                 $        4,988,000.00 

              	
                (3)

              
	
                LT2-F11

              	
                 $        4,862,000.00 

              	
                (2)

              
	
                LT2-V11

              	
                 $        4,862,000.00 

              	
                (3)

              
	
                LT2-F12

              	
                 $        6,025,500.00 

              	
                (2)

              
	
                LT2-V12

              	
                 $        6,025,500.00 

              	
                (3)

              
	
                LT2-F13

              	
                 $        5,979,500.00 

              	
                (2)

              
	
                LT2-V13

              	
                 $        5,979,500.00 

              	
                (3)

              
	
                LT2-F14

              	
                 $        5,912,000.00 

              	
                (2)

              
	
                LT2-V14

              	
                 $        5,912,000.00 

              	
                (3)

              
	
                LT2-F15

              	
                 $        5,865,500.00 

              	
                (2)

              
	
                LT2-V15

              	
                 $        5,865,500.00 

              	
                (3)

              
	
                LT2-F16

              	
                 $        5,752,500.00 

              	
                (2)

              
	
                LT2-V16

              	
                 $        5,752,500.00 

              	
                (3)

              
	
                LT2-F17

              	
                 $        5,684,500.00 

              	
                (2)

              
	
                LT2-V17

              	
                 $        5,684,500.00 

              	
                (3)

              

      

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      

      
        	
                Designation

              	
                Initial Principal Balance

              	
                Interest
                  Rate

              
	
                LT2-F18

              	
                 $        5,570,500.00 

              	
                (2)

              
	
                LT2-V18

              	
                 $        5,570,500.00 

              	
                (3)

              
	
                LT2-F19

              	
                 $        5,479,500.00 

              	
                (2)

              
	
                LT2-V19

              	
                 $        5,479,500.00 

              	
                (3)

              
	
                LT2-F20

              	
                 $        5,366,000.00 

              	
                (2)

              
	
                LT2-V20

              	
                 $        5,366,000.00 

              	
                (3)

              
	
                LT2-F21

              	
                 $        5,229,500.00 

              	
                (2)

              
	
                LT2-V21

              	
                 $        5,229,500.00 

              	
                (3)

              
	
                LT2-F22

              	
                 $        5,093,000.00 

              	
                (2)

              
	
                LT2-V22

              	
                 $        5,093,000.00 

              	
                (3)

              
	
                LT2-F23

              	
                 $      17,598,500.00 

              	
                (2)

              
	
                LT2-V23

              	
                 $      17,598,500.00 

              	
                (3)

              
	
                LT2-F24

              	
                 $        9,458,500.00 

              	
                (2)

              
	
                LT2-V24

              	
                 $        9,458,500.00 

              	
                (3)

              
	
                LT2-F25

              	
                 $        8,253,500.00 

              	
                (2)

              
	
                LT2-V25

              	
                 $        8,253,500.00 

              	
                (3)

              
	
                LT2-F26

              	
                 $        6,275,500.00 

              	
                (2)

              
	
                LT2-V26

              	
                 $        6,275,500.00 

              	
                (3)

              
	
                LT2-F27

              	
                 $        4,911,000.00 

              	
                (2)

              
	
                LT2-V27

              	
                 $        4,911,000.00 

              	
                (3)

              
	
                LT2-F28

              	
                 $        3,888,000.00 

              	
                (2)

              
	
                LT2-V28

              	
                 $        3,888,000.00 

              	
                (3)

              
	
                LT2-F29

              	
                 $        3,115,000.00 

              	
                (2)

              
	
                LT2-V29

              	
                 $        3,115,000.00 

              	
                (3)

              
	
                LT2-F30

              	
                 $        2,546,500.00 

              	
                (2)

              
	
                LT2-V30

              	
                 $        2,546,500.00 

              	
                (3)

              
	
                LT2-F31

              	
                 $        2,069,000.00 

              	
                (2)

              
	
                LT2-V31

              	
                 $        2,069,000.00 

              	
                (3)

              
	
                LT2-F32

              	
                 $        1,705,500.00 

              	
                (2)

              
	
                LT2-V32

              	
                 $        1,705,500.00 

              	
                (3)

              
	
                LT2-F33

              	
                 $        1,614,000.00 

              	
                (2)

              
	
                LT2-V33

              	
                 $        1,614,000.00 

              	
                (3)

              
	
                LT2-F34

              	
                 $        1,523,500.00 

              	
                (2)

              
	
                LT2-V34

              	
                 $        1,523,500.00 

              	
                (3)

              
	
                LT2-F35

              	
                 $        1,455,000.00 

              	
                (2)

              
	
                LT2-V35

              	
                 $        1,455,000.00 

              	
                (3)

              
	
                LT2-F36

              	
                 $        1,387,500.00 

              	
                (2)

              
	
                LT2-V36

              	
                 $        1,387,500.00 

              	
                (3)

              
	
                LT2-F37

              	
                 $        1,318,500.00 

              	
                (2)

              
	
                LT2-V37

              	
                 $        1,318,500.00 

              	
                (3)

              
	
                LT2-F38

              	
                 $        1,250,500.00 

              	
                (2)

              
	
                LT2-V38

              	
                 $        1,250,500.00 

              	
                (3)

              
	
                LT2-F39

              	
                 $        1,205,000.00 

              	
                (2)

              
	
                LT2-V39

              	
                 $        1,205,000.00 

              	
                (3)

              

      

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

      

      
        	
                Designation

              	
                Initial Principal Balance

              	
                Interest
                  Rate

              
	
                LT2-F40

              	
                 $        1,114,500.00 

              	
                (2)

              
	
                LT2-V40

              	
                 $        1,114,500.00 

              	
                (3)

              
	
                LT2-F41

              	
                 $        1,091,000.00 

              	
                (2)

              
	
                LT2-V41

              	
                 $        1,091,000.00 

              	
                (3)

              
	
                LT2-F42

              	
                 $        1,023,000.00 

              	
                (2)

              
	
                LT2-V42

              	
                 $        1,023,000.00 

              	
                (3)

              
	
                LT2-F43

              	
                 $           978,000.00 

              	
                (2)

              
	
                LT2-V43

              	
                 $           978,000.00 

              	
                (3)

              
	
                LT2-F44

              	
                 $           932,500.00 

              	
                (2)

              
	
                LT2-V44

              	
                 $           932,500.00 

              	
                (3)

              
	
                LT2-F45

              	
                 $           863,500.00 

              	
                (2)

              
	
                LT2-V45

              	
                 $           863,500.00 

              	
                (3)

              
	
                LT2-F46

              	
                 $           841,500.00 

              	
                (2)

              
	
                LT2-V46

              	
                 $           841,500.00 

              	
                (3)

              
	
                LT2-F47

              	
                 $           795,500.00 

              	
                (2)

              
	
                LT2-V47

              	
                 $           795,500.00 

              	
                (3)

              
	
                LT2-F48

              	
                 $           773,000.00 

              	
                (2)

              
	
                LT2-V48

              	
                 $           773,000.00 

              	
                (3)

              
	
                LT2-F49

              	
                 $           705,000.00 

              	
                (2)

              
	
                LT2-V49

              	
                 $           705,000.00 

              	
                (3)

              
	
                LT2-F50

              	
                 $           682,500.00 

              	
                (2)

              
	
                LT2-V50

              	
                 $           682,500.00 

              	
                (3)

              
	
                LT2-F51

              	
                 $           659,000.00 

              	
                (2)

              
	
                LT2-V51

              	
                 $           659,000.00 

              	
                (3)

              
	
                LT2-F52

              	
                 $           614,000.00 

              	
                (2)

              
	
                LT2-V52

              	
                 $           614,000.00 

              	
                (3)

              
	
                LT2-F53

              	
                 $           591,000.00 

              	
                (2)

              
	
                LT2-V53

              	
                 $           591,000.00 

              	
                (3)

              
	
                LT2-F54

              	
                 $           568,500.00 

              	
                (2)

              
	
                LT2-V54

              	
                 $           568,500.00 

              	
                (3)

              
	
                LT2-F55

              	
                 $           523,000.00 

              	
                (2)

              
	
                LT2-V55

              	
                 $           523,000.00 

              	
                (3)

              
	
                LT2-F56

              	
                 $           523,000.00 

              	
                (2)

              
	
                LT2-V56

              	
                 $           523,000.00 

              	
                (3)

              
	
                LT2-F57

              	
                 $           477,500.00 

              	
                (2)

              
	
                LT2-V57

              	
                 $           477,500.00 

              	
                (3)

              
	
                LT2-F58

              	
                 $           454,500.00 

              	
                (2)

              
	
                LT2-V58

              	
                 $           454,500.00 

              	
                (3)

              
	
                LT2-F59

              	
                 $           443,500.00 

              	
                (2)

              
	
                LT2-V59

              	
                 $           443,500.00 

              	
                (3)

              
	
                LT2-F60

              	
                 $           416,000.00 

              	
                (2)

              
	
                LT2-V60

              	
                 $           416,000.00 

              	
                (3)

              
	
                LT2-F61

              	
                 $           395,500.00 

              	
                (2)

              

      

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

      

      
        	
                Designation

              	
                Initial Principal Balance

              	
                Interest
                  Rate

              
	
                LT2-V61

              	
                 $           395,500.00 

              	
                (3)

              
	
                LT2-F62

              	
                 $           376,000.00 

              	
                (2)

              
	
                LT2-V62

              	
                 $           376,000.00 

              	
                (3)

              
	
                LT2-F63

              	
                 $           357,500.00 

              	
                (2)

              
	
                LT2-V63

              	
                 $           357,500.00 

              	
                (3)

              
	
                LT2-F64

              	
                 $           340,000.00 

              	
                (2)

              
	
                LT2-V64

              	
                 $           340,000.00 

              	
                (3)

              
	
                LT2-F65

              	
                 $           322,500.00 

              	
                (2)

              
	
                LT2-V65

              	
                 $           322,500.00 

              	
                (3)

              
	
                LT2-F66

              	
                 $           307,500.00 

              	
                (2)

              
	
                LT2-V66

              	
                 $           307,500.00 

              	
                (3)

              
	
                LT2-F67

              	
                 $           291,500.00 

              	
                (2)

              
	
                LT2-V67

              	
                 $           291,500.00 

              	
                (3)

              
	
                LT2-F68

              	
                 $           278,000.00 

              	
                (2)

              
	
                LT2-V68

              	
                 $           278,000.00 

              	
                (3)

              
	
                LT2-F69

              	
                 $           263,500.00 

              	
                (2)

              
	
                LT2-V69

              	
                 $           263,500.00 

              	
                (3)

              
	
                LT2-F70

              	
                 $           250,500.00 

              	
                (2)

              
	
                LT2-V70

              	
                 $           250,500.00 

              	
                (3)

              
	
                LT2-F71

              	
                 $        4,825,500.00 

              	
                (2)

              
	
                LT2-V71

              	
                 $        4,825,500.00 

              	
                (3)

              
	
                LT2-R

              	
                (4)

              	
                (4)

              

      

      

      ___________________________

      
        	
                (1)

              	
                For
                  any Distribution Date (and the related Accrual Period) the interest
                  rate
                  for the Class LT2-A Interest shall be the Net WAC Rate.
                  

              

      

       

      
        	
                (2)

              	
                For
                  any Distribution Date (and the related Accrual Period) the interest
                  rate
                  for each of these REMIC 2 Regular Interests shall be the lesser
                  of (i) the
                  REMIC Swap Rate for such Distribution Date, and (ii) the product
                  of (a)
                  the Net WAC Rate multiplied by (b) 2.

              

      

       

      
        	
                (3)

              	
                For
                  any Distribution Date (and the related Accrual Period) the interest
                  rate
                  for each of these REMIC 2 Regular Interests shall be the excess,
                  if any,
                  of (i) the product of (a) the Net WAC Rate multiplied by (b) 2,
                  over (ii)
                  the REMIC Swap Rate for such Distribution Date.

              

      

       

      
        	
                (4)

              	
                The
                  Class LT2-R interest shall not have a principal amount and shall
                  not bear
                  interest. The Class LT2-R interest is hereby designated as the
                  sole class
                  of residual interest in REMIC 2.

              

      

       

      On
        each Distribution Date, the Trustee shall distribute the aggregate Interest
        Remittance Amount for the two Mortgage Pools (net of the expenses paid by
        REMIC
        1) with respect to each of the REMIC 2 Regular Interests based on the
        above-described interest rates.

       

      On
        each Distribution Date, the Trustee shall distribute the aggregate Principal
        Remittance Amount with respect to the two Mortgage Pools with respect to
        the
REMIC
        2
        Regular Interests,
        first to the Class LT2-A Interest until its principal balance is reduced
        to
        zero, and then sequentially, to the other REMIC 2 Regular Interests in ascending
        order of their numerical class designation, and, with respect to each pair
        of
        classes having the same numerical designation, in equal amounts to each such
        class, until the principal balance of each such class is reduced to zero.
        All
        losses on the Mortgage Loans shall be allocated among the REMIC 2 Regular
        Interests in the same manner that principal distributions are
        allocated.

       

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

      On
        each Distribution Date, the Trustee shall distribute the Prepayment Premiums
        collected during the preceding Prepayment Period, to the Class LT2-F71 REMIC
        2
        Regular Interest.

       

      REMIC
        3: 

       

      The
        following table sets forth the designations, principal balances and interest
        rates for each interest in REMIC 3, each of which (other than the Class LT3-R
        interest) is hereby designated as a regular interest in REMIC 3 (the “REMIC 3
        Regular Interests”):

       

      
        	
                REMIC
                  3

                Lower
                  Tier 

                Class
                  Designation

              	
                REMIC
                  3

                Lower
                  Tier

                Interest
                  Rate

              	
                Initial Class 

                Principal Amount

              	
                Corresponding
                  Class of Certificate(s)

              
	
                LT3-A1

              	
                (1)

              	
                 $      88,293,500.00 

              	
                A1

              
	
                LT3-A2

              	
                (1)

              	
                 $      36,339,000.00 

              	
                A2

              
	
                LT3-A3

              	
                (1)

              	
                 $      44,925,500.00 

              	
                A3

              
	
                LT3-A4

              	
                (1)

              	
                 $        5,061,000.00 

              	
                A4

              
	
                LT3-M1

              	
                (1)

              	
                 $      11,255,000.00 

              	
                M1

              
	
                LT3-M2

              	
                (1)

              	
                 $        5,229,500.00 

              	
                M2

              
	
                LT3-M3

              	
                (1)

              	
                 $        3,865,500.00 

              	
                M3

              
	
                LT3-M4

              	
                (1)

              	
                 $        3,865,500.00 

              	
                M4

              
	
                LT3-M5

              	
                (1)

              	
                 $        3,751,500.00 

              	
                M5

              
	
                LT3-M6

              	
                (1)

              	
                 $        3,297,000.00 

              	
                M6

              
	
                LT3-M7

              	
                (1)

              	
                 $        3,183,000.00 

              	
                M7

              
	
                LT3-M8

              	
                (1)

              	
                 $        3,297,000.00 

              	
                M8

              
	
                LT3-M9

              	
                (1)

              	
                 $        2,273,500.00 

              	
                M9

              
	
                LT3-B1

              	
                (1)

              	
                 $        1,932,500.00 

              	
                B1

              
	
                LT3-B2

              	
                (1)

              	
                 $        2,160,000.00 

              	
                B2

              
	
                LT3-P

              	
                (1)

              	
                 $                    50.00 

              	
                P

              
	
                LT3-Q

              	
                (1)

              	
                 $    236,009,269.34 

              	
                N/A

              
	
                LT3-IO

              	
                (2)

              	
                (2)

              	
                N/A

              
	
                LT3-R

              	
                (3)

              	
                (3)

              	
                R

              

      

      
      

      ___________________________

      
        	 	
                (1)

              	
                For
                  any Distribution Date (and the related Accrual Period) the interest
                  rate
                  for each of these REMIC 3 Regular Interests is a per annum rate
                  equal to
                  the weighted average of the interest rates on the REMIC 2 Regular
                  Interests for such Distribution Date, provided,
                  however, that
                  for any Distribution Date on which the Class LT3-IO Interest is
                  entitled
                  to a portion of the interest accruals on a REMIC 2 Regular Interest
                  having
                  an “F” in its class designation, as described in footnote two below, such
                  weighted average shall be computed by first subjecting the rate
                  on such
                  REMIC 2 Regular Interest to a cap equal to Swap LIBOR for such
                  Distribution Date.

              

      

       

      
        	 	
                (2)

              	
                The
                  Class LT3-IO is an interest only class that does not have a principal
                  balance. For only those Distribution Dates listed in the first
                  column in
                  the table below, the Class LT3-IO shall be entitled to interest
                  accrued on
                  the REMIC 2 Regular Interest listed in the second column in the
                  table
                  below at a per annum rate equal to the excess, if any, of (i) the
                  interest
                  rate for such REMIC 2 Regular Interest for such Distribution Date
                  over
                  (ii) Swap LIBOR for such Distribution
                  Date.

              

      

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

      

      
        	
                Distribution
                  Dates

              	
                REMIC
                  2
                  Class Designation

              
	
                2

              	
                LT2-F1

              
	
                2-3

              	
                LT2-F2

              
	
                2-4

              	
                LT2-F3

              
	
                2-5

              	
                LT2-F4

              
	
                2-6

              	
                LT2-F5

              
	
                2-7

              	
                LT2-F6

              
	
                2-8

              	
                LT2-F7

              
	
                2-9

              	
                LT2-F8

              
	
                2-10

              	
                LT2-F9

              
	
                2-11

              	
                LT2-F10

              
	
                2-12

              	
                LT2-F11

              
	
                2-13

              	
                LT2-F12

              
	
                2-14

              	
                LT2-F13

              
	
                2-15

              	
                LT2-F14

              
	
                2-16

              	
                LT2-F15

              
	
                2-17

              	
                LT2-F16

              
	
                2-18

              	
                LT2-F17

              
	
                2-19

              	
                LT2-F18

              
	
                2-20

              	
                LT2-F19

              
	
                2-21

              	
                LT2-F20

              
	
                2-22

              	
                LT2-F21

              
	
                2-23

              	
                LT2-F22

              
	
                2-24

              	
                LT2-F23

              
	
                2-25

              	
                LT2-F24

              
	
                2-26

              	
                LT2-F25

              
	
                2-27

              	
                LT2-F26

              
	
                2-28

              	
                LT2-F27

              
	
                2-29

              	
                LT2-F28

              
	
                2-30

              	
                LT2-F29

              
	
                2-31

              	
                LT2-F30

              
	
                2-32

              	
                LT2-F31

              
	
                2-33

              	
                LT2-F32

              
	
                2-34

              	
                LT2-F33

              
	
                2-35

              	
                LT2-F34

              
	
                2-36

              	
                LT2-F35

              
	
                2-37

              	
                LT2-F36

              
	
                2-38

              	
                LT2-F37

              
	
                2-39

              	
                LT2-F38

              
	
                2-40

              	
                LT2-F39

              
	
                2-41

              	
                LT2-F40

              
	
                2-42

              	
                LT2-F41

              
	
                2-43

              	
                LT2-F42

              
	
                2-44

              	
                LT2-F43

              
	
                2-45

              	
                LT2-F44

              
	
                2-46

              	
                LT2-F45

              
	
                2-47

              	
                LT2-F46

              
	
                2-48

              	
                LT2-F47

              
	
                2-49

              	
                LT2-F48

              
	
                2-50

              	
                LT2-F49

              
	
                2-51

              	
                LT2-F50

              
	
                2-52

              	
                LT2-F51

              

      

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

      

      
        	
                2-53

              	
                LT2-F52

              
	
                2-54

              	
                LT2-F53

              
	
                2-55

              	
                LT2-F54

              
	
                2-56

              	
                LT2-F55

              
	
                2-57

              	
                LT2-F56

              
	
                2-58

              	
                LT2-F57

              
	
                2-59

              	
                LT2-F58

              
	
                2-60

              	
                LT2-F59

              
	
                2-61

              	
                LT2-F60

              
	
                2-62

              	
                LT2-F61

              
	
                2-63

              	
                LT2-F62

              
	
                2-64

              	
                LT2-F63

              
	
                2-65

              	
                LT2-F64

              
	
                2-66

              	
                LT2-F65

              
	
                2-67

              	
                LT2-F66

              
	
                2-68

              	
                LT2-F67

              
	
                2-69

              	
                LT2-F68

              
	
                2-70

              	
                LT2-F69

              
	
                2-71

              	
                LT2-F70

              
	
                2-72

              	
                LT2-F71

              

      

      

      
        	 	
                (3)

              	
                The
                  LT3-R interest is the sole class of residual interests in REMIC
                  3. It does
                  not have an interest rate or a principal
                  balance.

              

      

       

      On
        each Distribution Date, interest shall be distributed on the REMIC 3 Regular
        Interests based on the above-described interest rates,
        provided, however,
        that interest that accrues on the LT3-Q Interest shall be deferred in an
        amount
        equal to one-half of the increase, if any, in the Overcollateralization Amount
        for such Distribution Date. Any interest so deferred shall itself bear interest
        at the interest rate for the LT3-Q Interest. An amount equal to the interest
        so
        deferred shall be distributed as additional principal on the other REMIC
        3
        Regular Interests having a principal balance in the manner described under
        priority (a) below.

       

      On
        each Distribution Date principal shall be distributed, and Realized Losses
        shall
        be allocated, among the REMIC 3 Regular Interests in the following order
        of
        priority:

       

      (a)
        First, to each REMIC 3 Regular Interest, other than the LT3-Q Interest, until
        the principal balance of each REMIC 3 Regular Interest equals one-half of
        the
        Class Principal Amount of the Corresponding Class of Certificates immediately
        after such Distribution Date; and

       

      (b)
        Second, to the LT3-Q Interest, any remaining amounts.

       

      On
        each Distribution Date, the Trustee shall be deemed to have distributed the
        Prepayment Premiums passed through with respect to the LT2-F71 REMIC 2 Regular
        Interest on such Distribution Date to the Class LT3-P Interest.

       

      The
        Certificates:

       

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

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

      

      

        
          	
                  Class

                  Designation

                	
                  Certificate

                  Interest
                    Rate

                	
                  Initial

                  Class
                    Principal Amount 

                	
                  Minimum

                  Denomination

                
	
                  Class
                    A1

                	
                  (1)

                	
                  $176,587,000

                	
                  $
                    25,000

                
	
                  Class
                    A2

                	
                  (2)

                	
                  $  72,678,000

                	
                  $
                    25,000

                
	
                  Class
                    A3

                	
                  (3)

                	
                  $  89,851,000

                	
                  $
                    25,000

                
	
                  Class
                    A4

                	
                  (4)

                	
                  $  10,122,000

                	
                  $
                    25,000

                
	
                  Class
                    M1

                	
                  (5)

                	
                  $  22,510,000

                	
                  $100,000

                
	
                  Class
                    M2

                	
                  (6)

                	
                  $  10,459,000

                	
                  $100,000

                
	
                  Class
                    M3

                	
                  (7)

                	
                  $    7,731,000

                	
                  $100,000

                
	
                  Class
                    M4

                	
                  (8)

                	
                  $    7,731,000

                	
                  $100,000

                
	
                  Class
                    M5

                	
                  (9)

                	
                  $    7,503,000

                	
                  $100,000

                
	
                  Class
                    M6

                	
                  (10)

                	
                  $    6,594,000

                	
                  $100,000

                
	
                  Class
                    M7

                	
                  (11)

                	
                  $    6,366,000

                	
                  $100,000

                
	
                  Class
                    M8

                	
                  (12)

                	
                  $    6,594,000

                	
                  $100,000

                
	
                  Class
                    M9

                	
                  (13)

                	
                  $    4,547,000

                	
                  $100,000

                
	
                  Class
                    B1

                	
                  (14)

                	
                  $    3,865,000

                	
                  $100,000

                
	
                  Class
                    B2

                	
                  (15)

                	
                  $    4,320,000

                	
                  $100,000

                
	
                  Class
                    X

                	
                  (16)
                    

                	
                  (16)

                	
                  10%

                
	
                  Class
                    R

                	
                  (17)
                    

                	
                  (17)

                	
                  100%

                
	
                  Class
                    P

                	
                  (18)

                	
                  $       100 (19)

                	
                  10%

                
	
                  Class
                    LT-R

                	
                  (20)

                	
                  (20) 

                	
                  100%

                
	 	 	 	 

        

      

       

      
        	
                (1)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class A1 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 1.000% and (ii) with
                  respect to
                  any Distribution Date on which the Class Principal Amounts of the
                  Group 2
                  Senior Certificates are outstanding, the Pool 1 Net Funds Cap for
                  such
                  Distribution Date or, after the Distribution Date on which the
                  Class
                  Principal Amounts of the Group 2 Senior Certificates are reduced
                  to zero,
                  the Subordinate Net Funds Cap for such Distribution Date;
                  provided,
                  that if the Mortgage Loans and related property are not purchased
                  pursuant
                  to Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class A1 Certificates
                  will be LIBOR plus 2.000%. For purposes of the REMIC Provisions,
                  each
                  reference to a Net Funds Cap in clause (ii) of the preceding sentence
                  shall be deemed to be a reference to the REMIC 3 Net Funds Cap;
                  therefore,
                  on any Distribution Date on which the Certificate Interest Rate
                  for the
                  Class A1 Certificates exceeds the REMIC 3 Net Funds Cap, interest
                  accruals
                  based on such excess shall be treated as having been paid from
                  the Basis
                  Risk Reserve Fund or the Supplemental Interest Trust, as applicable;
                  on
                  any Distribution Date on which the Certificate Interest Rate on
                  the Class
                  A1 Certificates is based on a Net Funds Cap, the amount of interest
                  that
                  would have accrued on the Class A1 Certificates if the REMIC 3
                  Net Funds
                  Cap were substituted for the Net Funds Cap shall be treated as
                  having been
                  paid by the Class A1 Certificateholders to the Supplemental Interest
                  Trust, all pursuant to and as further provided in Section 10.01(n)
                  hereof.

              

      

       

      
        	
                (2)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class A2 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 0.700% and (ii) with
                  respect to
                  any Distribution Date on which the Class Principal Amount of the
                  Group 1
                  Senior Certificates are outstanding, the Pool 2 Net Funds Cap for
                  such
                  Distribution Date or, after the Distribution Date on which the
                  Class
                  Principal Amount of the Group 1 Senior Certificates has been reduced
                  to
                  zero, the Subordinate Net Funds Cap for such Distribution
                  Date;
                  provided,
                  that if the Mortgage Loans and related property are not purchased
                  pursuant
                  to Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class A2 Certificates
                  will be LIBOR plus 1.400%. For purposes of the REMIC Provisions,
                  each
                  reference to a Net Funds Cap in clause (ii) of the preceding sentence
                  shall be deemed to be a reference to the REMIC 3 Net Funds Cap;
                  therefore,
                  on any Distribution Date on which the Certificate Interest Rate
                  for the
                  Class A2 Certificates exceeds the REMIC 3 Net Funds Cap, interest
                  accruals
                  based on such excess shall be treated as having been paid from
                  the Basis
                  Risk Reserve Fund or the Supplemental Interest Trust, as applicable;
                  on
                  any Distribution Date on which the Certificate Interest Rate on
                  the Class
                  A2 Certificates is based on a Net Funds Cap, the amount of interest
                  that
                  would have accrued on the Class A2 Certificates if the REMIC 3
                  Net Funds
                  Cap were substituted for the Net Funds Cap shall be treated as
                  having been
                  paid by the Class A2 Certificateholders to the Supplemental Interest
                  Trust, all pursuant to and as further provided in Section 10.01(n)
                  hereof.

              

      

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

      
        	
                (3)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class A3 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 0.900% and (ii) with
                  respect to
                  any Distribution Date on which the Class Principal Amount of the
                  Group 1
                  Senior Certificates are outstanding, the Pool 2 Net Funds Cap for
                  such
                  Distribution Date or, after the Distribution Date on which the
                  Class
                  Principal Amount of the Group 1 Senior Certificates has been reduced
                  to
                  zero, the Subordinate Net Funds Cap for such Distribution
                  Date;
                  provided,
                  that if the Mortgage Loans and related property are not purchased
                  pursuant
                  to Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class A3 Certificates
                  will be LIBOR plus 1.800%. For purposes of the REMIC Provisions,
                  each
                  reference to a Net Funds Cap in clause (ii) of the preceding sentence
                  shall be deemed to be a reference to the REMIC 3 Net Funds Cap;
                  therefore,
                  on any Distribution Date on which the Certificate Interest Rate
                  for the
                  Class A3 Certificates exceeds the REMIC 3 Net Funds Cap, interest
                  accruals
                  based on such excess shall be treated as having been paid from
                  the Basis
                  Risk Reserve Fund or the Supplemental Interest Trust, as applicable;
                  on
                  any Distribution Date on which the Certificate Interest Rate on
                  the Class
                  A3 Certificates is based on a Net Funds Cap, the amount of interest
                  that
                  would have accrued on the Class A3 Certificates if the REMIC 3
                  Net Funds
                  Cap were substituted for the Net Funds Cap shall be treated as
                  having been
                  paid by the Class A3 Certificateholders to the Supplemental Interest
                  Trust, all pursuant to and as further provided in Section 10.01(n)
                  hereof.

              

      

       

      
        	
                (4)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class A4 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 1.050% and (ii) with
                  respect to
                  any Distribution Date on which the Class Principal Amount of the
                  Group 1
                  Senior Certificates are outstanding, the Pool 2 Net Funds Cap for
                  such
                  Distribution Date or, after the Distribution Date on which the
                  Class
                  Principal Amount of the Group 1 Senior Certificates has been reduced
                  to
                  zero, the Subordinate Net Funds Cap for such Distribution
                  Date;
                  provided,
                  that if the Mortgage Loans and related property are not purchased
                  pursuant
                  to Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class A4 Certificates
                  will be LIBOR plus 2.100%. For purposes of the REMIC Provisions,
                  the
                  reference to a Net Funds Cap in clause (ii) of the preceding sentence
                  shall be deemed to be a reference to the REMIC 3 Net Funds Cap;
                  therefore,
                  on any Distribution Date on which the Certificate Interest Rate
                  for the
                  Class A4 Certificates exceeds the REMIC 3 Net Funds Cap, interest
                  accruals
                  based on such excess shall be treated as having been paid from
                  the Basis
                  Risk Reserve Fund or the Supplemental Interest Trust, as applicable;
                  on
                  any Distribution Date on which the Certificate Interest Rate on
                  the Class
                  A4 Certificates is based on a Net Funds Cap, the amount of interest
                  that
                  would have accrued on the Class A4 Certificates if the REMIC 3
                  Net Funds
                  Cap were substituted for the Net Funds Cap shall be treated as
                  having been
                  paid by the Class A4 Certificateholders to the Supplemental Interest
                  Trust, all pursuant to and as further provided in Section 10.01(n)
                  hereof.

              

      

       

      
        	
                (5)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class M1 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 2.250% and (ii) the
                  Subordinate
                  Net Funds Cap for such Distribution Date; provided,
                  that
                  if the Mortgage Loans and related property are not purchased pursuant
                  to
                  Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class M1 Certificates
                  will be LIBOR plus 3.375%. For purposes of the REMIC Provisions,
                  the
                  reference to “Subordinate Net Funds Cap” in clause (ii) of the preceding
                  sentence shall be deemed to be a reference to the REMIC 3 Net Funds
                  Cap;
                  therefore, on any Distribution Date on which the Certificate Interest
                  Rate
                  for the Class M1 Certificates exceeds the REMIC 3 Net Funds Cap,
                  interest
                  accruals based on such excess shall be treated as having been paid
                  from
                  the Basis Risk Reserve Fund or the Supplemental Interest Trust,
                  as
                  applicable; on any Distribution Date on which the Certificate Interest
                  Rate on the Class M1 Certificates is based on the Subordinate Net
                  Funds
                  Cap, the amount of interest that would have accrued on the Class
                  M1
                  Certificates if the REMIC 3 Net Funds Cap were substituted for
                  the
                  Subordinate Net Funds Cap shall be treated as having been paid
                  by the
                  Class M1 Certificateholders to the Supplemental Interest Trust,
                  all
                  pursuant to and as further provided in Section 10.01(n) hereof.
                  

              

      

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

      
        	
                (6)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class M2 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 2.000% and (ii) the
                  Subordinate
                  Net Funds Cap for such Distribution Date; provided,
                  that
                  if the Mortgage Loans and related property are not purchased pursuant
                  to
                  Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class M2 Certificates
                  will be LIBOR plus 3.000%. For purposes of the REMIC Provisions,
                  the
                  reference to “Subordinate Net Funds Cap” in clause (ii) of the preceding
                  sentence shall be deemed to be a reference to the REMIC 3 Net Funds
                  Cap;
                  therefore, on any Distribution Date on which the Certificate Interest
                  Rate
                  for the Class M2 Certificates exceeds the REMIC 3 Net Funds Cap,
                  interest
                  accruals based on such excess shall be treated as having been paid
                  from
                  the Basis Risk Reserve Fund or the Supplemental Interest Trust,
                  as
                  applicable; on any Distribution Date on which the Certificate Interest
                  Rate on the Class M2 Certificates is based on the Subordinate Net
                  Funds
                  Cap, the amount of interest that would have accrued on the Class
                  M2
                  Certificates if the REMIC 3 Net Funds Cap were substituted for
                  the
                  Subordinate Net Funds Cap shall be treated as having been paid
                  by the
                  Class M2 Certificateholders to the Supplemental Interest Trust,
                  all
                  pursuant to and as further provided in Section 10.01(n)
                  hereof.

              

      

       

      
        	
                (7)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class M3 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 2.000% and (ii) the
                  Subordinate
                  Net Funds Cap for such Distribution Date; provided,
                  that
                  if the Mortgage Loans and related property are not purchased pursuant
                  to
                  Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class M3 Certificates
                  will be LIBOR plus 3.000%. For purposes of the REMIC Provisions,
                  the
                  reference to “Subordinate Net Funds Cap” in clause (ii) of the preceding
                  sentence shall be deemed to be a reference to the REMIC 3 Net Funds
                  Cap;
                  therefore, on any Distribution Date on which the Certificate Interest
                  Rate
                  for the Class M3 Certificates exceeds the REMIC 3 Net Funds Cap,
                  interest
                  accruals based on such excess shall be treated as having been paid
                  from
                  the Basis Risk Reserve Fund or the Supplemental Interest Trust,
                  as
                  applicable; on any Distribution Date on which the Certificate Interest
                  Rate on the Class M3 Certificates is based on the Subordinate Net
                  Funds
                  Cap, the amount of interest that would have accrued on the Class
                  M3
                  Certificates if the REMIC 3 Net Funds Cap were substituted for
                  the
                  Subordinate Net Funds Cap shall be treated as having been paid
                  by the
                  Class M3 Certificateholders to the Supplemental Interest Trust,
                  all
                  pursuant to and as further provided in Section 10.01(n)
                  hereof.

              

      

       

      
        	
                (8)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class M4 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 2.000% and (ii) the
                  Subordinate
                  Net Funds Cap for such Distribution Date; provided,
                  that
                  if the Mortgage Loans and related property are not purchased pursuant
                  to
                  Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class M4 Certificates
                  will be LIBOR plus 3.000%. For purposes of the REMIC Provisions,
                  the
                  reference to “Subordinate Net Funds Cap” in clause (ii) of the preceding
                  sentence shall be deemed to be a reference to the REMIC 3 Net Funds
                  Cap;
                  therefore, on any Distribution Date on which the Certificate Interest
                  Rate
                  for the Class M4 Certificates exceeds the REMIC 3 Net Funds Cap,
                  interest
                  accruals based on such excess shall be treated as having been paid
                  from
                  the Basis Risk Reserve Fund or the Supplemental Interest Trust,
                  as
                  applicable; on any Distribution Date on which the Certificate Interest
                  Rate on the Class M4 Certificates is based on the Subordinate Net
                  Funds
                  Cap, the amount of interest that would have accrued on the Class
                  M4
                  Certificates if the REMIC 3 Net Funds Cap were substituted for
                  the
                  Subordinate Net Funds Cap shall be treated as having been paid
                  by the
                  Class M4 Certificateholders to the Supplemental Interest Trust,
                  all
                  pursuant to and as further provided in Section 10.01(n) hereof.
                  

              

      

       

      
        	
                (9)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class M5 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 2.000% and (ii) the
                  Subordinate
                  Net Funds Cap for such Distribution Date; provided,
                  that
                  if the Mortgage Loans and related property are not purchased pursuant
                  to
                  Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class M5 Certificates
                  will be LIBOR plus 3.000%. For purposes of the REMIC Provisions,
                  the
                  reference to “Subordinate Net Funds Cap” in clause (ii) of the preceding
                  sentence shall be deemed to be a reference to the REMIC 3 Net Funds
                  Cap;
                  therefore, on any Distribution Date on which the Certificate Interest
                  Rate
                  for the Class M5 Certificates exceeds the REMIC 3 Net Funds Cap,
                  interest
                  accruals based on such excess shall be treated as having been paid
                  from
                  the Basis Risk Reserve Fund or the Supplemental Interest Trust,
                  as
                  applicable; on any Distribution Date on which the Certificate Interest
                  Rate on the Class M5 Certificates is based on the Subordinate Net
                  Funds
                  Cap, the amount of interest that would have accrued on the Class
                  M5
                  Certificates if the REMIC 3 Net Funds Cap were substituted for
                  the
                  Subordinate Net Funds Cap shall be treated as having been paid
                  by the
                  Class M5 Certificateholders to the Supplemental Interest Trust,
                  all
                  pursuant to and as further provided in Section 10.01(n) hereof.
                  

              

      

       

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

      
        	
                (10)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class M6 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 2.000% and (ii) the
                  Subordinate
                  Net Funds Cap for such Distribution Date; provided,
                  that
                  if the Mortgage Loans and related property are not purchased pursuant
                  to
                  Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class M6 Certificates
                  will be LIBOR plus 3.000%. For purposes of the REMIC Provisions,
                  the
                  reference to “Subordinate Net Funds Cap” in clause (ii) of the preceding
                  sentence shall be deemed to be a reference to the REMIC 3 Net Funds
                  Cap;
                  therefore, on any Distribution Date on which the Certificate Interest
                  Rate
                  for the Class M6 Certificates exceeds the REMIC 3 Net Funds Cap,
                  interest
                  accruals based on such excess shall be treated as having been paid
                  from
                  the Basis Risk Reserve Fund or the Supplemental Interest Trust,
                  as
                  applicable; on any Distribution Date on which the Certificate Interest
                  Rate on the Class M6 Certificates is based on the Subordinate Net
                  Funds
                  Cap, the amount of interest that would have accrued on the Class
                  M6
                  Certificates if the REMIC 3 Net Funds Cap were substituted for
                  the
                  Subordinate Net Funds Cap shall be treated as having been paid
                  by the
                  Class M6 Certificateholders to the Supplemental Interest Trust,
                  all
                  pursuant to and as further provided in Section 10.01(n) hereof.
                  

              

      

       

      
        	
                (11)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class M7 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 2.000% and (ii) the
                  Subordinate
                  Net Funds Cap for such Distribution Date; provided,
                  that
                  if the Mortgage Loans and related property are not purchased pursuant
                  to
                  Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class M7 Certificates
                  will be LIBOR plus 3.000%. For purposes of the REMIC Provisions,
                  the
                  reference to “Subordinate Net Funds Cap” in clause (ii) of the preceding
                  sentence shall be deemed to be a reference to the REMIC 3 Net Funds
                  Cap;
                  therefore, on any Distribution Date on which the Certificate Interest
                  Rate
                  for the Class M7 Certificates exceeds the REMIC 3 Net Funds Cap,
                  interest
                  accruals based on such excess shall be treated as having been paid
                  from
                  the Basis Risk Reserve Fund or the Supplemental Interest Trust,
                  as
                  applicable; on any Distribution Date on which the Certificate Interest
                  Rate on the Class M7 Certificates is based on the Subordinate Net
                  Funds
                  Cap, the amount of interest that would have accrued on the Class
                  M7
                  Certificates if the REMIC 3 Net Funds Cap were substituted for
                  the
                  Subordinate Net Funds Cap shall be treated as having been paid
                  by the
                  Class M7 Certificateholders to the Supplemental Interest Trust,
                  all
                  pursuant to and as further provided in Section 10.01(n) hereof.
                  

              

      

       

      
        	
                (12)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class M8 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 2.000% and (ii) the
                  Subordinate
                  Net Funds Cap for such Distribution Date; provided,
                  that
                  if the Mortgage Loans and related property are not purchased pursuant
                  to
                  Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class M8 Certificates
                  will be LIBOR plus 3.000%. For purposes of the REMIC Provisions,
                  the
                  reference to “Subordinate Net Funds Cap” in clause (ii) of the preceding
                  sentence shall be deemed to be a reference to the REMIC 3 Net Funds
                  Cap;
                  therefore, on any Distribution Date on which the Certificate Interest
                  Rate
                  for the Class M8 Certificates exceeds the REMIC 3 Net Funds Cap,
                  interest
                  accruals based on such excess shall be treated as having been paid
                  from
                  the Basis Risk Reserve Fund or the Supplemental Interest Trust,
                  as
                  applicable; on any Distribution Date on which the Certificate Interest
                  Rate on the Class M8 Certificates is based on the Subordinate Net
                  Funds
                  Cap, the amount of interest that would have accrued on the Class
                  M8
                  Certificates if the REMIC 3 Net Funds Cap were substituted for
                  the
                  Subordinate Net Funds Cap shall be treated as having been paid
                  by the
                  Class M8 Certificateholders to the Supplemental Interest Trust,
                  all
                  pursuant to and as further provided in Section 10.01(n)
                  hereof.

              

      

       

       

      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

       

      
        	
                (13)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class M9 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 2.000% and (ii) the
                  Subordinate
                  Net Funds Cap for such Distribution Date; provided,
                  that if the Mortgage Loans and related property are not purchased
                  pursuant
                  to Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class M9 Certificates
                  will be LIBOR plus 3.000%. For purposes of the REMIC Provisions,
                  the
                  reference to “Subordinate Net Funds Cap” in clause (ii) of the preceding
                  sentence shall be deemed to be a reference to the REMIC 3 Net Funds
                  Cap;
                  therefore, on any Distribution Date on which the Certificate Interest
                  Rate
                  for the Class M9 Certificates exceeds the REMIC 3 Net Funds Cap,
                  interest
                  accruals based on such excess shall be treated as having been paid
                  from
                  the Basis Risk Reserve Fund or the Supplemental Interest Trust,
                  as
                  applicable; on any Distribution Date on which the Certificate Interest
                  Rate on the Class M9 Certificates is based on the Subordinate Net
                  Funds
                  Cap, the amount of interest that would have accrued on the Class
                  M9
                  Certificates if the REMIC 3 Net Funds Cap were substituted for
                  the
                  Subordinate Net Funds Cap shall be treated as having been paid
                  by the
                  Class M9 Certificateholders to the Supplemental Interest Trust,
                  all
                  pursuant to and as further provided in Section 10.01(n)
                  hereof.

              

      

       

      
        	
                (14)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class B1 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 2.000% and (ii) the
                  Subordinate
                  Net Funds Cap for such Distribution Date; provided,
                  that if the Mortgage Loans and related property are not purchased
                  pursuant
                  to Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class B1 Certificates
                  will be LIBOR plus 3.000%. For purposes of the REMIC Provisions,
                  the
                  reference to “Subordinate Net Funds Cap” in clause (ii) of the preceding
                  sentence shall be deemed to be a reference to the REMIC 3 Net Funds
                  Cap;
                  therefore, on any Distribution Date on which the Certificate Interest
                  Rate
                  for the Class B1 Certificates exceeds the REMIC 3 Net Funds Cap,
                  interest
                  accruals based on such excess shall be treated as having been paid
                  from
                  the Basis Risk Reserve Fund or the Supplemental Interest Trust,
                  as
                  applicable; on any Distribution Date on which the Certificate Interest
                  Rate on the Class B1 Certificates is based on the Subordinate Net
                  Funds
                  Cap, the amount of interest that would have accrued on the Class
                  B1
                  Certificates if the REMIC 3 Net Funds Cap were substituted for
                  the
                  Subordinate Net Funds Cap shall be treated as having been paid
                  by the
                  Class B1 Certificateholders to the Supplemental Interest Trust,
                  all
                  pursuant to and as further provided in Section 10.01(n)
                  hereof.

              

      

       

      
        	
                (15)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class B2 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 2.000% and (ii) the
                  Subordinate
                  Net Funds Cap for such Distribution Date; provided,
                  that if the Mortgage Loans and related property are not purchased
                  pursuant
                  to Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class B2 Certificates
                  will be LIBOR plus 3.000%. For purposes of the REMIC Provisions,
                  the
                  reference to “Subordinate Net Funds Cap” in clause (ii) of the preceding
                  sentence shall be deemed to be a reference to the REMIC 3 Net Funds
                  Cap;
                  therefore, on any Distribution Date on which the Certificate Interest
                  Rate
                  for the Class B2 Certificates exceeds the REMIC 3 Net Funds Cap,
                  interest
                  accruals based on such excess shall be treated as having been paid
                  from
                  the Basis Risk Reserve Fund or the Supplemental Interest Trust,
                  as
                  applicable; on any Distribution Date on which the Certificate Interest
                  Rate on the Class B2 Certificates is based on the Subordinate Net
                  Funds
                  Cap, the amount of interest that would have accrued on the Class
                  B2
                  Certificates if the REMIC 3 Net Funds Cap were substituted for
                  the
                  Subordinate Net Funds Cap shall be treated as having been paid
                  by the
                  Class B2 Certificateholders to the Supplemental Interest Trust,
                  all
                  pursuant to and as further provided in Section 10.01(n)
                  hereof.

              

      

       

      
        	
                (16)

              	
                For
                  purposes of the REMIC Provisions, the Class X Certificates shall
                  have an
                  initial principal balance of $17,280,219.34, and the right to receive
                  distributions of such amount represents a regular interest in the
                  Upper
                  Tier REMIC. The Class X Certificates shall also comprise two notional
                  components, each of which represents a regular interest in the
                  Upper Tier
                  REMIC. The first such component has a notional balance that will
                  at all
                  times equal the aggregate of the Class Principal Amounts of the
                  REMIC 3
                  Regular Interests, and, for each Distribution Date (and the related
                  Accrual Period) this notional component shall bear interest at
                  a per annum
                  rate equal to the excess, if any, of (i) (a) the weighted average
                  of the
                  interest rates on the Lower Tier Interests in REMIC 3 (other than
                  any
                  interest-only regular interest) minus (b) the Credit Risk Manager’s Fee
                  Rate, over (ii) the Adjusted Lower Tier WAC. The second notional
                  component
                  represents the right to receive all distributions in respect of
                  the Class
                  LT3-IO Interest in REMIC 3 (the “Class LT4-I” interest). In addition, for
                  purposes of the REMIC Provisions, the Class X Certificate shall
                  represent
                  beneficial ownership of (i) the Basis Risk Reserve Fund; (ii) the
                  Supplemental Interest Trust, including the Swap Agreement, the
                  Swap
                  Account, the Cap Agreement and the Cap Account, (iii) any FPD Premiums
                  and
                  (iv) an interest in the notional principal contracts described
                  in Section
                  10.01(n) hereof.

              

      

       

      
        
          
          

        

        
          14

          
            

          

        

        
          
          

        

      

      
        	
                (17)

              	
                The
                  Class R Certificate will be issued without a Class Principal Amount
                  and
                  will not bear interest at a stated rate. The Class R Certificate
                  represents ownership of the residual interest in the Upper Tier
                  REMIC, as
                  well as ownership of the Class LT2-R Interest and Class LT3-R Interest.
                  The Class R Certificate will be issued as a single Certificate
                  evidencing
                  the entire Percentage Interest in such
                  Class.

              

      

       

      
        	
                (18)

              	
                The
                  Class P Certificates shall not bear interest at a stated rate.
                  Prepayment
                  Premiums paid with respect to the Mortgage Loans shall be paid
                  to the
                  Holders of the Class P Certificates as provided in Section 5.02(i).
                  For
                  purposes of the REMIC Provisions, Class P shall represent a regular
                  interest in the Upper Tier REMIC.

              

      

       

      
        	
                (19)

              	
                The
                  Class P Certificates will have an initial Class P Principal Amount
                  of
                  $100.

              

      

       

      
        	
                (20)

              	
                The
                  Class LT-R Certificate will be issued without a Class Principal
                  Amount and
                  will not bear interest at a stated rate. The Class LT-R Certificate
                  represents ownership of the residual interest in REMIC 1. The Class
                  LT-R
                  Certificate will be issued as a single Certificate evidencing the
                  entire
                  Percentage Interest in such Class. 

              

      

      
      

      As
        of the
        Cut-off Date, the Mortgage Loans had an aggregate Scheduled Principal Balance
        of
        $ 454,738,319.34.

       

      In
        consideration of the mutual agreements herein contained, the Depositor, the
        Seller, the Credit Risk Manager, the Master Servicer, the Securities
        Administrator and the Trustee hereby agree as follows:

       

      
        
          
          

        

        
          15

          
            

          

        

        
          
          

        

      

       

      

        ARTICLE
          I

         

        DEFINITIONS

         

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

         

        10-K
          Filing Deadline:
          As
          defined in Section 6.20(e)(i).

         

        Accepted
          Servicing Practices:
          With
          respect to any Mortgage Loan, as applicable, either (x) those customary
          mortgage
          servicing practices of prudent mortgage servicing institutions that service
          or
          master service mortgage loans of the same type and quality as such Mortgage
          Loan
          in the jurisdiction where the related Mortgaged Property is located, to
          the
          extent applicable to the Securities Administrator (as successor to the
          Master
          Servicer) or the Master Servicer, or (y) as provided in the Servicing Agreement,
          to the extent applicable to the Servicer.

         

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

         

        Accrual
          Period:
          With
          respect to each Class of LIBOR Certificates and any Distribution Date,
          the
          period beginning on the Distribution Date in the calendar month immediately
          preceding the month in which the related Distribution Date occurs (or,
          in the
          case of the first Accrual Period, beginning on August 25, 2007) and ending
          on
          the day immediately preceding the related Distribution Date, as calculated
          in
          accordance with Section 1.03. With respect to each Class of Lower Tier
          Interests
          and any Distribution Date, the calendar month preceding such Distribution
          Date.

         

        Act:
          As
          defined in Section 3.03(c).

         

        Additional
          Collateral:
          None.

         

        Additional
          Form 10-D Disclosure:
          As
          defined in Section 6.20(d)(i).

         

        Additional
          Form 10-K Disclosure:
          As
          defined in Section 6.20(e)(i).

         

        Additional
          Servicer:
          Each
          Affiliate of the Servicer that Services any of the Mortgage Loans and each
          Person who is not an Affiliate of the Servicer, who Services 10% or more
          of the
          Mortgage Loans.

         

        Additional
          Termination Event:
          As
          defined in the Swap Agreement.

         

        Adjustable
          Rate Mortgage Loan:
          Any
          Mortgage Loan as to which the related Mortgage Note provides for the adjustment
          of the Mortgage Rate applicable thereto.

         

        
          
            
            

          

          
            16

            
              

            

          

          
            
            

          

        

        Adjusted
          Lower Tier WAC:
          For any
          Distribution Date (and the related Accrual Period), an amount equal to
          (i) two,
          multiplied by (ii) the weighted average of the interest rates for such
          Distribution Date for the Class LT3-A1, Class LT3-A2, Class LT3-A3, Class
          LT3-A4, Class LT3-M1, Class LT3-M2, Class LT3-M3, Class LT3-M4, Class LT3-M5,
          Class LT3-M6, Class LT3-M7, Class LT3-M8, Class LT3-M9, Class LT3-B1, Class
          LT3-B2, Class LT3-P and Class LT3-Q Interests, weighted in proportion to
          their
          Class Principal Amounts as of the beginning of the related Accrual Period
          and
          computed by subjecting the rate on the Class LT3-Q and Class LT3-P Interests
          to
          a cap of 0.00%, and by subjecting the rate on each of the Class LT3-A1,
          Class
          LT3-A2, Class LT3-A3, Class LT3-A4, Class LT3-M1, Class LT3-M2, Class LT3-M3,
          Class LT3-M4, Class LT3-M5, Class LT3-M6, Class LT3-M7, Class LT3-M8, Class
          LT3-M9, Class LT3-B1 and Class LT3-B2 Interests to a cap that corresponds
          to the
          Certificate Interest Rate (determined by substituting the REMIC 3 Net Funds
          Cap
          for the applicable Net Funds Cap) for the Corresponding Class of Certificates
          multiplied by the quotient of (a) the actual number of days in the Accrual
          Period, divided by (b) 30.

         

        Advance:
          With
          respect to a Mortgage Loan other than a Simple Interest Mortgage Loan,
          an
          advance of the aggregate of payments (other than Balloon Payments) of principal
          and interest (net of the Servicing Fee) on one or more Mortgage Loans that
          were
          due on a Due Date in the related Collection Period and not received as
          of the
          close of business on the related Determination Date, required to be made
          by or
          on behalf of the Master Servicer and the Servicer (or by the Securities
          Administrator as successor to the Master Servicer) pursuant to Section
          5.04, but
          only to the extent that such amount is expected, in the reasonable judgment
          of
          the Master Servicer or Servicer (or by the Securities Administrator as
          successor
          to the Master Servicer), to be recoverable from collections or recoveries
          in
          respect of such Mortgage Loans. With respect to a Simple Interest Mortgage
          Loan,
          an advance of an amount equal to the interest accrual on such Simple Interest
          Mortgage Loan through the related Due Date but not received as of the close
          of
          business on the related Distribution Date (net of the Servicing Fee) required
          to
          be made by or on behalf of the Master Servicer or the Servicer (or by the
          Securities Administrator as successor to the Master Servicer) pursuant
          to
          Section 5.04, but only to the extent that such amount is expected, in the
          reasonable judgment of the Master Servicer or Servicer (or by the Securities
          Administrator as successor to the Master Servicer), to be recoverable from
          collections or recoveries in respect of such Simple Interest Mortgage
          Loans.

         

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

         

        Affected
          Party:
          As
          defined in the Swap Agreement.

         

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

         

        
          
            
            

          

          
            17

            
              

            

          

          
            
            

          

        

        Aggregate
          Overcollateralization Release Amount:
          With
          respect to any Distribution Date, the lesser of (x) the aggregate of the
          Principal Remittance Amounts for each Mortgage Pool for such Distribution
          Date
          and (y) the amount, if any, by which (i) 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 Amounts for such Distribution
          Date
          is applied on such date in reduction of the aggregate Class Principal Amount
          of
          the LIBOR Certificates, exceeds (ii) the Targeted Overcollateralization
          Amount
          for such Distribution Date.

         

        Aggregate
          Pool Balance:
          As of
          any date of determination, the aggregate of the Pool Balances of Pool 1
          and Pool
          2 on such date.

         

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

         

        Agreement:
          This
          Trust Agreement and all amendments and supplements hereto.

         

        Anniversary
          Year:
          The
          one-year period beginning on the Closing Date and ending on the first
          anniversary thereof, and each subsequent one-year period beginning on the
          day
          after the end of the preceding Anniversary Year and ending on the next
          succeeding anniversary of the Closing Date.

         

        Applied
          Loss Amount:
          With
          respect to any Distribution Date, after giving effect to all Realized Losses
          incurred with respect to the Mortgage Loans during the related Collection
          Period
          and distributions of principal on such Distribution Date, the amount by
          which
          the aggregate Class Principal Amount of the LIBOR Certificates exceeds
          the
          Aggregate Pool Balance for such Distribution Date.

         

        Appraised
          Value:
          With
          respect to any Mortgage Loan, the amount set forth in an appraisal made
          in
          connection with the origination of such Mortgage Loan as the value of the
          related Mortgaged Property.

         

        Assignment
          of Mortgage:
          An
          assignment of the Mortgage, notice of transfer or equivalent instrument,
          in
          recordable form, sufficient under the laws of the jurisdiction wherein
          the
          related Mortgaged Property is located to reflect the sale of the Mortgage
          to the
          Trustee, which assignment, notice of transfer or equivalent instrument
          may be in
          the form of one or more blanket assignments covering the Mortgage Loans
          secured
          by Mortgaged Properties located in the same jurisdiction, if permitted
          by law;
provided,
          however,
          that
          neither the Custodian nor the Trustee shall be responsible for determining
          whether any such assignment is in recordable form.

         

        Aurora:
          Aurora
          Loan Services LLC.

         

        Authenticating
          Agent:
          Any
          authenticating agent appointed by the Trustee pursuant to Section
          6.10.

         

        
          
            
            

          

          
            18

            
              

            

          

          
            
            

          

        

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

         

        B1
          Principal Distribution Amount:
          With
          respect to any Distribution Date on or after the Stepdown Date and as long
          as a
          Trigger Event is not in effect with respect to such Distribution Date,
          the
          amount, if any, by which (x) the sum of (i) the aggregate of the Class
          Principal
          Amounts of the Senior Certificates and the Class M1, Class M2, Class M3,
          Class
          M4, Class M5, Class M6, Class M7, Class M8 and Class M9 Certificates, in
          each
          case after giving effect to distributions on such Distribution Date and
          (ii) the
          Class Principal Amount of the Class B1 Certificates immediately prior to
          such
          Distribution Date exceeds (y) the B1 Target Amount.

         

        B1
          Target Amount:
          With
          respect to any Distribution Date, an amount equal to the lesser of (a)
          the
          product of (i) 90.50% and (ii) the Aggregate Pool Balance for such Distribution
          Date determined as of the last day of the related Collection Period (after
          giving effect to any Principal Prepayments received during the related
          Prepayment Period) and (b) the amount, if any, by which (i) the Aggregate
          Pool
          Balance for such Distribution Date determined as of the last day of the
          related
          Collection Period (after giving effect to any Principal Prepayments received
          during the related Prepayment Period) exceeds (ii) the Overcollateralization
          Floor.

         

        B2
          Principal Distribution Amount:
          With
          respect to any Distribution Date on or after the Stepdown Date and as long
          as a
          Trigger Event is not in effect with respect to such Distribution Date,
          the
          amount, if any, by which (x) the sum of (i) the aggregate of the Class
          Principal
          Amounts of the Senior Certificates and the Class M1, Class M2, Class M3,
          Class
          M4, Class M5, Class M6, Class M7, Class M8, Class M9 and Class B1 Certificates,
          in each case after giving effect to distributions on such Distribution
          Date and
          (ii) the Class Principal Amount of the Class B2 Certificates immediately
          prior
          to such Distribution Date exceeds (y) the B2 Target Amount.

         

        B2
          Target Amount:
          With
          respect to any Distribution Date, an amount equal to the lesser of (a)
          the
          product of (i) 92.40% and (ii) the Aggregate Pool Balance for such Distribution
          Date determined as of the last day of the related Collection Period (after
          giving effect to any Principal Prepayments received during the related
          Prepayment Period) and (b) the amount, if any, by which (i) the Aggregate
          Pool
          Balance for such Distribution Date determined as of the last day of the
          related
          Collection Period (after giving effect to any Principal Prepayments received
          during the related Prepayment Period) exceeds (ii) the Overcollateralization
          Floor.

         

        Back-Up
          Certification:
          As
          defined in Section 6.20(e)(iv).

         

        Balloon
          Mortgage Loan:
          Any
          Mortgage Loan that provides for (1) Scheduled Payments that will not reduce
          the
          Scheduled Principal Balance of the Mortgage Loan to zero at its maturity
          date
          and (2) a larger Scheduled Payment due at its maturity date equal to the
          unpaid
          Scheduled Principal Balance of the Mortgage Loan, with interest
          thereon.

         

        Balloon
          Payment:
          The
          final Scheduled Payment in respect of a Balloon Mortgage Loan.

         

        Bank:
          Lehman
          Brothers Bank, FSB and its successors and assigns.

         

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

         

        
          
            
            

          

          
            19

            
              

            

          

          
            
            

          

        

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

         

        Basis
          Risk Payment:
          With
          respect to any Distribution Date, the sum of (i) any Basis Risk Shortfall
          for
          such Distribution Date, (ii) any Unpaid Basis Risk Shortfall from previous
          Distribution Dates and (iii) any Required Reserve Fund Deposit for such
          Distribution Date. The amount of the Basis Risk Payment for any Distribution
          Date cannot exceed the amount of Monthly Excess Cashflow otherwise available
          for
          distribution pursuant to Section 5.02(f)(iv) of this Agreement.

         

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

         

        Basis
          Risk Shortfall:
          With
          respect to any Distribution Date and any Class of LIBOR Certificates, the
          amount, if any, by which the amount of interest calculated at the Certificate
          Interest Rate applicable to such Class for such date, determined without
          regard
          to the Pool 1 Net Funds Cap, Pool 2 Net Funds Cap or Subordinate Net Funds
          Cap,
          as applicable, for such date but subject to a cap equal to the applicable
          Maximum Interest Rate, exceeds the amount of interest calculated at the
          Pool 1
          Net Funds Cap, Pool 2 Net Funds Cap or Subordinate Net Funds Cap, as
          applicable.

         

        BBA:
          British
          Bankers’ Association.

         

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

         

        Bid
          Due Date:
          As
          defined in Section 7.01(d).

         

        Bid
          Holder:
          As
          defined in Section 7.01(d).

         

        Bid
          Month:
          As
          defined in Section 7.01(d).

         

        Bid
          Price:
          As
          defined in Section 7.01(d).

         

        Book-Entry
          Certificates:
          Beneficial interests in Certificates designated as “Book-Entry Certificates” in
          this Agreement, ownership and transfers of which shall be evidenced or
          made
          through book entries by a Clearing Agency as described in Section 3.09;
          provided
          that after
          the
          occurrence of a condition whereupon book-entry registration and transfer
          are no
          longer permitted and Definitive Certificates are to be issued to Certificate
          Owners, such Book-Entry Certificates shall no longer be “Book-Entry
          Certificates.” As of the Closing Date, each Class of LIBOR Certificates
          constitutes Book-Entry Certificates.

         

        
          
            
            

          

          
            20

            
              

            

          

          
            
            

          

        

        Bulk
          PMI Policy:
          Not
          applicable.

         

        Business
          Day:
          Any day
          other than (i) a Saturday or a Sunday, (ii) a day on which banking institutions
          in New York, New York or, if other than New York or the city in which the
          principal office of the Corporate Trust Office of the Trustee is located,
          or the
          States of Colorado, Maryland, Massachusetts or Minnesota are closed, or
          (iii)
          with respect to any Servicer Remittance Date or any Servicer reporting
          date, the
          States specified in the definition of “Business Day” in the Servicing Agreement,
          are authorized or obligated by law or executive order to be closed.

         

        Call
          Option Holder:
          At any
          date of determination, each holder of any NIM Residual Securities (if any
          such
          NIM Residual Securities have been issued and are outstanding), or if no
          NIM
          Securities are outstanding, each Holder of a Class X Certificate.

         

        Call
          Option Notice:
          As
          defined in Section 7.01(d).

         

        Cap
          Counterparty:
          The
          counterparty to the Supplemental Interest Trust under the Interest Rate
          Cap
          Agreement, and any successor in interest or assigns. Initially, the Cap
          Counterparty shall be Credit Suisse International.

         

        Cap
          Replacement Receipts:
          As
          defined in Section 5.09(b).

         

        Cap
          Replacement Receipts Account:
          As
          defined in Section 5.09(b).

         

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

         

        Cap
          Termination Receipts:
          As
          defined in Section 5.09(b).

         

        Cap
          Termination Receipts Account:
          As
          defined in Section 5.09(b).

         

        Carryforward
          Interest:
          With
          respect to any Class of LIBOR Certificates and any Distribution Date, the
          sum of
          (i) the amount, if any, by which (x) the sum of (A) Current Interest for
          such
          Class for the immediately preceding Distribution Date and (B) any unpaid
          Carryforward Interest for such Class from previous Distribution Dates exceeds
          (y) the amount distributed in respect of interest on such Class on such
          immediately preceding Distribution Date, and (ii) interest on such amount
          for
          the related Accrual Period at the applicable Certificate Interest
          Rate.

         

        Certificate:
          Any one
          of the certificates signed and countersigned by the Trustee in substantially
          the
          forms attached hereto as Exhibit A.

         

        Certificate
          Account:
          The
          account maintained by the Trustee in accordance with the provisions of
          Section
          4.04.

         

        
          
            
            

          

          
            21

            
              

            

          

          
            
            

          

        

        Certificate
          Interest Rate:
          With
          respect to each Class of Certificates and any Distribution Date, the applicable
          per annum rate set forth or described under the heading “The Certificates” in
          the Preliminary Statement hereto.

         

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

         

        Certificate
          Principal Amount:
          With
          respect to any LIBOR Certificate, the initial Certificate Principal Amount
          thereof on the Closing Date, less the amount of all principal distributions
          previously distributed with respect to such Certificate and, in the case
          of the
          Subordinate Certificates, any Applied Loss Amount previously allocated
          to such
          Certificate; provided,
          however,
          that on
          each Distribution Date on which a Subsequent Recovery is distributed, the
          Certificate Principal Amount of any Class of Subordinate Certificates whose
          Certificate Principal Amount has previously been reduced by application
          of
          Applied Loss Amounts will be increased, sequentially, in order of seniority,
          by
          an amount (to be applied pro
          rata
          to all
          Certificates of such Class) equal to the lesser of (1) any Deferred Amount
          for
          each such Class immediately prior to such Distribution Date and (2) the
          total
          amount of any Subsequent Recovery distributed on such Distribution Date
          to
          Certificateholders, after application for this purpose to any more senior
          Classes of Certificates. The Class X, Class R and Class LT-R Certificates
          are
          issued without Certificate Principal Amounts. The Class P Certificates
          are
          issued with an initial Class P Principal Amount of $100.

         

        Certificate
          Register
          and
Certificate
          Registrar:
          The
          register maintained and the registrar appointed pursuant to Section
          3.02.

         

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

         

        Certification
          Parties:
          As
          defined in Section 6.20(e)(iv).

         

        Certifying
          Person:
          As
          defined in Section 6.20(e)(iv).

         

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

         

        Class:
          All
          Certificates, in the case of REMIC 4, all interests bearing the same class
          designation, and, in the case of REMIC 1, REMIC 2 and REMIC 3, all Lower
          Tier
          Interests, bearing the same class designation.

         

        Class
          B Certificates:
          Collectively, the Class B1 and Class B2 Certificates.

         

        Class
          I Shortfalls:
          As
          defined in Section 10.01(n) hereof. For purposes of clarity, the Class
          I
          Shortfall for any Distribution Date shall equal the amount payable to the
          Swap
          Counterparty on such Distribution Date in excess of the amount payable
          on the
          Class LT4-I interest in the Upper Tier REMIC on such Distribution Date,
          all as
          further provided in Section 10.01(n) hereof.

         

        
          
            
            

          

          
            22

            
              

            

          

          
            
            

          

        

        Class
          LT-R Certificate:
          Each
          Class LT-R Certificate executed by the Trustee, and authenticated and delivered
          by the Certificate Registrar, substantially in the form annexed hereto
          as
          Exhibit A and evidencing the ownership of the residual interest in REMIC
          1.

         

        Class
          M Certificates:
          Collectively, the Class M1, Class M2, Class M3, Class M4, Class M5, Class
          M6,
          Class M7, Class M8 and Class M9 Certificates.

         

        Class
          M1 Enhancement Percentage:
          With
          respect to any Distribution Date, the fraction, expressed as a percentage,
          the
          numerator of which is the sum of the aggregate Class Principal Amount of
          the
          Subordinate Certificates (other than the Class M1 Certificates) and the
          Overcollateralization Amount for such Distribution Date (which, for purposes
          of
          this definition only, shall not be less than zero and assuming for purposes
          of
          this definition that no Trigger Event has occurred), and the denominator
          of
          which is the Aggregate Pool Balance for such Distribution Date, in each
          case
          after giving effect to distributions on such Distribution Date

         

        Class
          Notional Amount:
          Not
          applicable.

         

        Class
          P Principal Amount:
          As of
          the Closing Date, $100.

         

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

         

        Class
          R Certificate:
          Each
          Class R Certificate executed by the Trustee, and authenticated and delivered
          by
          the Certificate Registrar, substantially in the form annexed hereto as
          Exhibit A
          and evidencing the ownership of the Class LT2-R Interest, Class LT3-R Interest
          and the residual interest in the Upper Tier REMIC.

         

        Class
          X Distributable Amount:
          With
          respect to any Distribution Date, the amount of interest that has accrued
          on the
          Class X Notional Balance, as described in the Preliminary Statement, but
          that
          has not been distributed prior to such date. In addition, such amount shall
          include the initial Overcollateralization Amount of $17,280,219.34
          ($17,280,319.34 less $100 of such amount allocated to the Class P Certificates)
          to the extent such amount has not been distributed on an earlier Distribution
          Date as part of the Aggregate Overcollateralization Release Amount.

         

        Class
          X Notional Balance:
          With
          respect to any Distribution Date (and the related Accrual Period) the aggregate
          principal balance of the regular interests in REMIC 3 (other than Class
          LT3-IO)
          as specified in the Preliminary Statement hereto.

         

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

         

        
          
            
            

          

          
            23

            
              

            

          

          
            
            

          

        

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

         

        Clearstream:
          Clearstream Banking Luxembourg, and any successor thereto.

         

        Closing
          Date:
          August
          30, 2007.

         

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

         

        Collateral
          Account:
          The
          account maintained by the Trustee in accordance with the provisions of
          Section
          5.07(c).

         

        Collection
          Account:
          A
          separate account established and maintained by the Master Servicer pursuant
          to
          Section 4.01.

         

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

         

        Commission
          The
          United States Securities and Exchange Commission.

         

        Commitment
          Letters:
          The
          Commitment Letter for WFHM 2007-M06, dated April 24, 2007, WFHM 2007-M08,
          dated
          May 24, 2007, and WFHM 2007-M10, dated June 20, 2007, each of Wells Fargo
          Bank,
          N.A., as Seller, to Lehman Brothers Bank, FSB, as Purchaser.

         

        Compensating
          Interest Payment:
          With
          respect to any Distribution Date and any Principal Prepayments in full
          or in
          part, an amount equal to the aggregate amount of any Prepayment Interest
          Shortfalls required to be paid by the Servicer with respect to such Distribution
          Date. The Master Servicer (solely in its capacity as Master Servicer) shall
          not
          be responsible for making any Compensating Interest Payment.

         

        Controlling
          Person:
          With
          respect to any Person, any other Person who “controls” such Person within the
          meaning of the Securities Act.

         

        Conventional
          Loan:
          A
          Mortgage Loan that is not insured by the United States Federal Housing
          Administration or guaranteed by the United States Department of Veterans
          Affairs.

         

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

         

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

         

        
          
            
            

          

          
            24

            
              

            

          

          
            
            

          

        

        Cooperative
          Loan Documents:
          As to
          any Cooperative Loan, (i) the Cooperative Shares, together with a stock
          power in
          blank; (ii) the original executed Security Agreement and the assignment
          of the
          Security Agreement endorsed in blank; (iii) the original executed Proprietary
          Lease and the assignment of the Proprietary Lease endorsed in blank; (iv)
          the
          original executed Recognition Agreement and the assignment of the Recognition
          Agreement (or a blanket assignment of all Recognition Agreements) endorsed
          in
          blank; (v) the executed UCC-1 financing statement with evidence of recording
          thereon, which has been filed in all places required to perfect the security
          interest in the Cooperative Shares and the Proprietary Lease; and (vi)
          executed
          UCC-3 financing statements (or copies thereof) or other appropriate UCC
          financing statements required by state law, evidencing a complete and unbroken
          line from the mortgagee to the Trustee with evidence of recording thereon
          (or in
          a form suitable for recordation).

         

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

         

        Cooperative
          Shares:
          Shares
          issued by a Cooperative Corporation.

         

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

         

        Corporate
          Trust Office:
          The
          principal corporate trust office of the Trustee at which, at any particular
          time, its corporate trust business with respect to this Agreement shall
          be
          administered, which office at the date hereof is located at One Federal
          Street,
          3rd Floor, Boston, MA 02110, Attention: Structured Finance - SASCO 2007-WF2;
          provided that for purposes of surrender of the Certificates and final payment
          thereon the Trustee’s Corporate Trust Office shall be 60 Livingston Avenue, St.
          Paul, MN 55107, Attention: Structured Finance - SASCO 2007-WF2.

         

        Corresponding
          Class:
          The
          Class of Certificates that corresponds to a Class of interests in REMIC
          3 or
          REMIC 4, as provided in the Preliminary Statement.

         

        Credit
          Risk Management Agreement:
          The
          credit risk management agreement dated as of the Closing Date, entered
          into by
          the Servicer and the Credit Risk Manager, identified on Exhibit L attached
          hereto.

         

        Credit
          Risk Manager:
          Clayton
          Fixed Income Services Inc., a Colorado corporation, and its successors
          and
          assigns.

         

        Credit
          Risk Manager’s Fee:
          With
          respect to any Distribution Date and each Mortgage Loan, an amount equal
          to the
          product of (a) one-twelfth, (b) the Credit Risk Manager’s Fee Rate and (c) the
          Scheduled Principal Balance of such Mortgage Loan as of the first day of
          the
          related Collection Period.

         

        Credit
          Risk Manager’s Fee Rate:
          0.009%
          per annum.

         

        Credit
          Support Annex:
          The
          credit support annex to the Swap Agreement and Interest Rate Cap Agreement
          dated
          as of August 30, 2007, between the Trustee, on behalf of the Supplemental
          Interest Trust, the Swap Counterparty and the Cap Counterparty.

         

        
          
            
            

          

          
            25

            
              

            

          

          
            
            

          

        

        Cumulative
          Loss Trigger Event:
          A
          Cumulative Loss Trigger Event shall have occurred with respect to any
          Distribution Date if the fraction, expressed as a percentage, obtained
          by
          dividing (x) the aggregate amount of cumulative Realized Losses incurred
          on the
          Mortgage Loans from the Cut-off Date through the last day of the related
          Collection Period by (y) the Cut-off Date Balance exceeds the applicable
          percentages described below with respect to such Distribution Date:

         

        
          	
                  Distribution
                    Date

                	
                  Loss
                    Percentage

                
	
                  September
                    2009 through August 2010

                	
                  1.25%
                    for the first month, plus
                    an
                    additional 1/12th
                    of
                    1.60% for each month thereafter

                
	
                  September
                    2010 through August 2011

                	
                  2.85%
                    for the first month, plus
                    an
                    additional 1/12th
                    of
                    1.65% for each month thereafter

                
	
                  September
                    2011 through August 2012

                	
                  4.50%
                    for the first month, plus
                    an
                    additional 1/12th
                    of
                    1.35% for each month thereafter

                
	
                  September
                    2012 through August 2013

                	
                  5.85%
                    for the first month, plus
                    an
                    additional 1/12th
                    of
                    0.75% for each month thereafter

                
	
                  September
                    2013 through August 2014

                	
                  6.60%
                    for the first month, plus
                    an
                    additional 1/12th
                    of
                    0.10% for each month thereafter

                
	
                  September
                    2014 and thereafter

                	
                  6.70%

                

        

         

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

         

        Custodial
          Account:
          Any
          custodial account (other than an Escrow Account) established and maintained
          by
          the Servicer pursuant to the Servicing Agreement.

         

        Custodial
          Agreement:
          The
          custodial agreement identified on Exhibit K hereto, and any custodial agreement
          subsequently executed by the Trustee and acknowledged by the Master Servicer
          substantially in the form thereof.

         

        Custodial
          Compensation:
          The
          transactional fees or charges (exclusive of the custodian acceptance fee
          and
          annual administration fee) and reimbursement of out-of-pocket expenses
          paid to
          or allowed the Custodian pursuant to the Custodial Agreement or any applicable
          side letter.

         

        Custodian:
          The
          Custodian appointed by the Trustee pursuant to the Custodial Agreement,
          and any
          successor thereto. The initial Custodian is Wells Fargo Bank, N.A.

         

        Cut-off
          Date:
          August
          1, 2007

         

        Cut-off
          Date Balance:
          The
          Aggregate Pool Balance as of the Cut-off Date.

         

        DBRS:
          DBRS,
          Inc.

         

        
          
            
            

          

          
            26

            
              

            

          

          
            
            

          

        

        Debt
          Service Reduction:
          With
          respect to any Mortgage Loan, a reduction of the Scheduled Payment that
          the
          related Mortgagor is obligated to pay on any Due Date as a result of, or
          in
          connection with, any proceeding under Bankruptcy law or any similar
          proceeding.

         

        Defaulting
          Party:
          As
          defined in the Swap Agreement.

         

        Deferred
          Amount:
          With
          respect to any Distribution Date and each Class of Subordinate Certificates,
          the
          amount by which (x) the aggregate of Applied Loss Amounts previously applied
          in
          reduction of the Class Principal Amount thereof exceeds (y) the sum of
          (1) the
          aggregate of amounts previously reimbursed in respect thereof and (2) the
          amount
          by which the Class Principal Amount of such Class has been increased due
          to any
          Subsequent Recovery.

         

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

         

        Deleted
          Mortgage Loan:
          A
          Mortgage Loan that is repurchased from the Trust Fund pursuant to the terms
          hereof or as to which one or more Qualifying Substitute Mortgage Loans
          are
          substituted therefor.

         

        Delinquency
          Event:
          Any
          Distribution Date on which the Rolling Three Month Delinquency Rate as
          of the
          last day of the immediately preceding calendar month equals or exceeds
          (1)
          34.45% of the Senior Enhancement Percentage for such Distribution Date
          or (2)
          with respect to any Distribution Date on or after the aggregate Class Principal
          Amount of the Senior Certificate has been reduced to zero, 43.80% of the
          Class
          M1 Enhancement Percentage.

         

        Delinquency
          Rate:
          With
          respect to any calendar month, the fraction, expressed as a percentage,
          the
          numerator of which is the aggregate outstanding principal balance of (i)
          all
          Mortgage Loans 60 days Delinquent or more (including all Mortgage Loans
          60 days
          Delinquent or more for which the Mortgagor has filed for Bankruptcy after
          the
          Closing Date), (ii) each Mortgage Loan in foreclosure and all REO Properties
          as
          of the close of business on the last day of such month, (iii) all Mortgage
          Loans
          repurchased within 12 months prior to the related Distribution Date and
          (iv) all
          Mortgage Loans modified within 12 months prior to the related Distribution
          Date,
          and the denominator of which is the Aggregate Pool Balance as of the close
          of
          business on the last day of such month (after giving effect to any Principal
          Prepayments received during the related Prepayment Period).

         

        Delinquent:
          For
          reporting purposes, a Mortgage Loan is considered “delinquent” if a monthly
          payment has not been received by the close of business on the loan’s Due Date in
          the following month. For example, if a borrower failed to make a monthly
          payment
          due on July 1 by July 31, that mortgage loan would be considered less than
          30
          days delinquent in payment. If a borrower failed to make a monthly payment
          due
          on June 1 by July 31, that mortgage loan would be considered to be at least
          30
          but less than 60 days delinquent in payment. 

         

        Deposit
          Date:
          With
          respect to each Distribution Date, the Business Day immediately preceding
          such
          Distribution Date.

         

        Depositor:
          Structured Asset Securities Corporation, a Delaware corporation having
          its
          principal place of business in New York, or its successors in
          interest.

         

        
          
            
            

          

          
            27

            
              

            

          

          
            
            

          

        

        Determination
          Date:
          With
          respect to each Distribution Date, the 18th day of the month in which such
          Distribution Date occurs, or, if such 18th day is not a Business Day, the
          next
          succeeding Business Day.

         

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

         

        Distressed
          Mortgage Loan:
          Any
          Mortgage Loan that at the date of determination is Delinquent in payment
          for a
          period of 90 days or more without giving effect to any grace period permitted
          by
          the related Mortgage Note or for which the Servicer or the Trustee has
          accepted
          a deed in lieu of foreclosure.

         

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

         

        Distribution
          Date Statement:
          As
          defined in Section 4.03(a).

         

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

         

        DTC:
          The
          Depository Trust Company, or any successor thereto.

         

        Due
          Date:
          With
          respect to any Mortgage Loan, the date on which a Scheduled Payment is
          due under
          the related Mortgage Note.

         

        Eligible
          Account:
          Either
          (i) an account or accounts maintained with a federal or state chartered
          depository institution or trust company which have been rated by each Rating
          Agency in one of its two highest long-term and its highest short-term rating
          categories, respectively, at the time any amounts are held on deposit therein,
          provided,
          that
          following a downgrade, withdrawal, or suspension of such institution’s rating
          below such ratings set forth above, each account shall promptly (and in
          any case
          within not more than 30 calendar days) be moved to an Eligible Account
          or to one
          or more segregated trust accounts in the trust department of such institution
          which has the required ratings, or (ii) a segregated trust account or accounts
          (which shall be a “special deposit account”) maintained with the Trustee, the
          Securities Administrator or any other federal or state chartered depository
          institution or trust company, acting in its fiduciary capacity, in a manner
          acceptable to the Trustee, the Securities Administrator and the Rating
          Agencies.
          Eligible Accounts may bear interest.

         

        Eligible
          Investments:
          Any one
          or more of the following obligations or securities:

         

        (i) direct
          obligations of, and obligations fully guaranteed as to timely payment of
          principal and interest by, the United States of America or any agency or
          instrumentality of the United States of America the obligations of which
          are
          backed by the full faith and credit of the United States of America (“Direct
          Obligations”);

         

        
          
            
            

          

          
            28

            
              

            

          

          
            
            

          

        

        (ii) federal
          funds, or demand and time deposits in, certificates of deposits of, or
          bankers’
acceptances issued by, any depository institution or trust company (including
          U.S. subsidiaries of foreign depositories and the Trustee or any agent
          of the
          Trustee, acting in its respective commercial capacity) incorporated or
          organized
          under the laws of the United States of America or any state thereof and
          subject
          to supervision and examination by federal or state banking authorities,
          so long
          as at the time of investment or the contractual commitment providing for
          such
          investment the commercial paper or other short-term debt obligations of
          such
          depository institution or trust company (or, in the case of a depository
          institution or trust company which is the principal subsidiary of a holding
          company, the commercial paper or other short-term debt or deposit obligations
          of
          such holding company or deposit institution, as the case may be) have been
          rated
          by each Rating Agency in its highest short-term rating category or one
          of its
          two highest long-term rating categories;

         

        (iii) repurchase
          agreements collateralized by Direct Obligations or securities guaranteed
          by
          GNMA, FNMA or FHLMC with any registered broker/dealer subject to Securities
          Investors’ Protection Corporation jurisdiction or any commercial bank insured by
          the FDIC, if such broker/dealer or bank has an uninsured, unsecured and
          unguaranteed obligation rated by each Rating Agency in its highest short-term
          rating category;

         

        (iv) securities
          bearing interest or sold at a discount issued by any corporation incorporated
          under the laws of the United States of America or any state thereof which
          have a
          credit rating from each Rating Agency, at the time of investment or the
          contractual commitment providing for such investment, at least equal to
          (a) one
          of the two highest short-term credit rating categories of S&P and Moody’s
          and (b) the highest short-term rating category of Fitch; provided,
          however,
          that
          securities issued by any particular corporation will not be Eligible Investments
          to the extent that investment therein will cause the then outstanding principal
          amount of securities issued by such corporation and held as part of the
          Trust
          Fund to exceed 20% of the sum of the Aggregate Pool Balance and the aggregate
          principal amount of all Eligible Investments in the Certificate Account;
          provided,
          further,
          that
          such securities will not be Eligible Investments if they are published
          as being
          under review with negative implications from any Rating Agency;

         

        (v) commercial
          paper (including both non-interest-bearing discount obligations and
          interest-bearing obligations payable on demand or on a specified date not
          more
          than 180 days after the date of issuance thereof) rated by each Rating
          Agency in
          its highest short-term rating category;

         

        (vi) a
          Qualified GIC;

         

        (vii) certificates
          or receipts representing direct ownership interests in future interest
          or
          principal payments on obligations of the United States of America or its
          agencies or instrumentalities (which obligations are backed by the full
          faith
          and credit of the United States of America) held by a custodian in safekeeping
          on behalf of the holders of such receipts; and

         

        
          
            
            

          

          
            29

            
              

            

          

          
            
            

          

        

        (viii) any
          other
          demand, money market, common trust fund or time deposit or obligation,
          or
          interest-bearing or other security or investment (including those managed
          or
          advised by the Securities Administrator or any Affiliate thereof), (A)
          rated in
          the highest rating category by each Rating Agency rating such investment
          or (B)
          that would not adversely affect the then current rating assigned by each
          Rating
          Agency of any of the Certificates or the NIM Securities and has a short
          term
          rating of at least “A-1” or its equivalent by each Rating Agency. Such
          investments in this subsection (viii) may include money market mutual funds
          or
          common trust funds, including any fund for which U.S. Bank National Association
          (the “Bank”) in its capacity other than as Trustee, the Trustee, the Master
          Servicer, any NIMS Insurer, the Securities Administrator or an affiliate
          thereof
          serves as an investment advisor, administrator, shareholder servicing agent,
          and/or custodian or subcustodian, notwithstanding that (x) the Bank, the
          Trustee, the Master Servicer, any NIMS Insurer, the Securities Administrator
          or
          any affiliate thereof charges and collects fees and expenses from such
          funds for
          services rendered, (y) the Bank, the Trustee, the Master Servicer, any
          NIMS
          Insurer, the Securities Administrator or any affiliate thereof charges
          and
          collects fees and expenses for services rendered pursuant to this Agreement,
          and
          (z) services performed for such funds and pursuant to this Agreement may
          converge at any time. The Trustee specifically authorizes the Bank or an
          affiliate thereof to charge and collect from the Trustee such fees as are
          collected from all investors in such funds for services rendered to such
          funds
          (but not to exceed investment earnings thereon);

         

        provided,
          however,
          that no
          such instrument shall be an Eligible Investment if such instrument evidences
          either (i) a right to receive only interest payments with respect to the
          obligations underlying such instrument, or (ii) 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 of greater than 120% of the yield to maturity at par of such underlying
          obligations, provided that any such investment will be a “permitted investment”
within the meaning of Section 860G(a)(5) of the Code.

         

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

         

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

         

        ERISA-Restricted
          Certificate:
          Any
          Class B, Class P, Class X, Class LT-R or Class R Certificate, and any Senior
          Certificate or Class M Certificate which does not have a rating of BBB-
          or
          above, Baa3 or above or BBB (low) or above.

         

        ERISA-Restricted
          Trust Certificate:
          Any
          Senior Certificate or Class M Certificate.

         

        Errors
          and Omission Insurance Policy:
          The
          errors or omission insurance policy required to be obtained by the Servicer
          satisfying the requirements of the Servicing Agreement.

         

        Escrow
          Account:
          Any
          account established and maintained by the Servicer pursuant to the Servicing
          Agreement.

         

        Euroclear:
          Euroclear Bank, S.A./N.V., as operator of the Euroclear System.

         

        
          
            
            

          

          
            30

            
              

            

          

          
            
            

          

        

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

         

        Exchange
          Act:
          The
          Securities Exchange Act of 1934, as amended.

         

        Exchange
          Act Signing Party:
          Either
          the Depositor or the Master Servicer, to be determined by mutual agreement
          between such parties.

         

        Excluded
          Trust Assets:
          As
          described in the Preliminary Statement.

         

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

         

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

         

        Fidelity
          Bond:
          The
          fidelity bond required to be obtained by the Servicer satisfying the
          requirements of the Servicing Agreement.

         

        Final
          Scheduled Distribution Date:
          With
          respect to each Class of Certificates, the Distribution Date occurring
          in August
          2037.

         

        Financial
          Intermediary:
          A
          broker, dealer, bank or other financial institution or other Person that
          clears
          through or maintains a custodial relationship with a Clearing Agency
          Participant.

         

        First
          Payment Default Mortgage Loan:
          Any
          Mortgage Loans as to which the related Mortgagor does not make the first
          payment
          due to the Seller within the time frame required under the applicable Commitment
          Letter and which are identified on Schedule B hereof.

         

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

         

        Fixed
          Rate Mortgage Loan:
          Any
          Mortgage Loan as to which the related Mortgage Note provides for a fixed
          rate of
          interest throughout the term of such Note.

         

        Form
          8-K Disclosure Information.
          As
          defined in Section 6.20(f)(i).

         

        Form
          10-K Certification:
          The
          certification required pursuant to Rule 13a-14 under the Exchange
          Act.

         

        FPD
          Premium:
          With
          respect to any First Payment Default Mortgage Loan, the excess, if any,
          of the
          FPD Purchase Price over the Purchase Price for such Mortgage Loan. 

         

        FPD
          Purchase Price:
          The
          purchase price paid for a First Payment Default Mortgage Loan which is
          required
          to be repurchased by a Transferor pursuant to the related Commitment
          Letter.

         

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

         

        
          
            
            

          

          
            31

            
              

            

          

          
            
            

          

        

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

         

        GNMA:
          The
          Government National Mortgage Association, a wholly owned corporate
          instrumentality of the United States within HUD.

         

        Group:
          The
          Group 1 Senior Certificates or the Group 2 Senior Certificates, as the
          context
          requires.

         

        Group
          1 Senior Certificates:
          The
          Class A1 Certificates.

         

        Group
          2 Senior Certificates:
          Collectively, the Class A2, Class A3 and Class A4 Certificates.

         

        Holder
          or
Certificateholder:
          The
          registered owner of any Certificate as recorded on the books of the Certificate
          Registrar except that, solely for the purposes of taking any action or
          giving
          any consent pursuant to this Agreement, any Certificate registered in the
          name
          of the Depositor, the Trustee, the Master Servicer, the Securities
          Administrator, the Servicer or the Credit Risk Manager or any Affiliate
          thereof
          shall be deemed not to be outstanding in determining whether the requisite
          percentage necessary to effect any such consent has been obtained, except
          that,
          in determining whether the Trustee shall be protected in relying upon any
          such
          consent, only Certificates which a Responsible Officer of the Trustee knows
          to
          be so owned shall be disregarded. The Trustee and any NIMS Insurer may
          request
          and conclusively rely on certifications by the Depositor, the Master Servicer,
          the Securities Administrator, the Servicer or the Credit Risk Manager in
          determining whether any Certificates are registered to an Affiliate of
          the
          Depositor, the Master Servicer, the Securities Administrator, the Servicer
          or
          the Credit Risk Manager. After a Section 7.01(c) Purchase Event, other
          than in
          Sections 5.02(b) through (g) and 11.03(a) and (b) and, except in the case
          of the
          Class LT-R Certificates, Sections 3.03, 3.04, 3.05, 3.06, 3.07 and 3.09
          herein,
          all references in this Agreement to “Holder” or “Certificateholder” shall be
          deemed to be references to the LTURI-holder, as recorded on the books of
          the
          Certificate Registrar, as holder of the Lower Tier Uncertificated REMIC
          1
          Regular Interests.

         

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

         

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

         

        Index:
          The
          index specified in the related Mortgage Note for calculation of the Mortgage
          Rate thereof.

         

        Initial
          LIBOR Rate:
          5.50500%.

         

        
          
            
            

          

          
            32

            
              

            

          

          
            
            

          

        

        Initial
          Optional Termination Date:
          The
          first Distribution Date following the date on which the Aggregate Pool
          Balance
          is less than 10.00% of the Cut-off Date Balance.

         

        Insurance
          Fee Rate:
          Not
          applicable.

         

        Insurance
          Policy:
          Any
          Primary Mortgage Insurance Policy, any standard hazard insurance policy,
          flood
          insurance policy, earthquake insurance policy or title insurance policy
          relating
          to the Mortgage Loans or the Mortgaged Properties, to be in effect as of
          the
          Closing Date or thereafter during the term of this Agreement.

         

        Insurance
          Proceeds:
          Amounts
          paid by the insurer under any Insurance Policy, other than amounts (i)
          to cover
          expenses incurred by or on behalf of the Servicer or the Master Servicer
          in
          connection with procuring such proceeds, (ii) to be applied to restoration
          or
          repair of the related Mortgaged Property or (iii) required to be paid over
          to
          the Mortgagor pursuant to law or the related Mortgage Note.

         

        Interest
          Rate Cap Account:
          The
          account created pursuant to Section 5.07(b).

         

        Interest
          Rate Cap Agreement:
          The
          interest rate cap agreement (Ref. Id: 53284789N/447987293) dated August
          30, 2007
          entered into by the Trustee on behalf of the Supplemental Interest Trust
          and the
          Cap Counterparty, which agreement provides for the monthly payment specified
          therein to the Trustee (for the benefit of the Certificateholders) commencing
          with the Distribution Date in August 2008 and ending on the Distribution
          Date in
          August 2012, by the Cap Counterparty, but subject to the conditions set
          forth
          therein together with any schedules, confirmations, Credit Support Annex
          or
          other agreements relating thereto, attached hereto as Exhibit N. 

         

        Interest
          Rate Cap Amount:
          With
          respect to each Distribution Date, the amount of any Interest Rate Cap
          Payment
          deposited into the Interest Rate Cap Account, and any investment earnings
          thereon.

         

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

         

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

         

        Interest
          Remittance Amount:
          With
          respect to any Distribution Date and each Mortgage Pool, an amount equal
          to (a)
          the sum of (1) all interest collected (other than Payaheads and Prepayment
          Premiums) or advanced in respect of Scheduled Payments on the Mortgage
          Loans in
          such Mortgage Pool during the related Collection Period by the Servicer,
          the
          Master Servicer or the Securities Administrator (solely in its capacity
          as
          successor master servicer), minus
          (w) the
          PMI Insurance Premiums (if any) related to the Mortgage Loans in such Mortgage
          Pool, (x) the Servicing Fee with respect to such Mortgage Loans in such
          Mortgage
          Pool and (y) previously unreimbursed Advances due to the Servicer, the
          Master
          Servicer or the Securities Administrator (solely in its capacity as successor
          master servicer) to the extent allocable to interest and the allocable
          portion
          of previously unreimbursed Servicing Advances with respect to such Mortgage
          Loans to the extent allocable to interest, (2) any amounts actually paid
          by the
          Servicer with respect to Compensating Interest Payments with respect to
          such
          Mortgage Loans and the related Prepayment Period, (3) the portion of any
          Purchase Price (or FPD Purchase Price (excluding any FPD Premium) payable
          with
          respect to a First Payment Default Mortgage Loan in such Mortgage Pool)
          or
          Substitution Amount paid with respect to such Mortgage Loans during the
          related
          Prepayment Period allocable to interest and (4) all Net Liquidation
          Proceeds, Insurance Proceeds, any Subsequent Recoveries and any other recoveries
          collected with respect to such Mortgage Loans during the related Prepayment
          Period, to the extent allocable to interest, for each Mortgage Pool,
as
          reduced by
          (b) the
          product of (i) the applicable Pool Percentage for such Distribution Date
          and
          (ii) any other costs, expenses or liabilities reimbursable to the Trustee,
          the
          Master Servicer, the Securities Administrator, the Custodian and the Servicer
          to
          the extent provided in this Agreement, the Servicing Agreement and the
          Custodial
          Agreement; provided,
          however,
          that in
          the case of the Trustee, such reimbursable amounts payable to the Trustee
          pursuant to Section 4.04(b)(i) may not exceed $200,000 during any Anniversary
          Year. In the event that the Trustee incurs reimbursable amounts in excess
          of
          $200,000, it may seek reimbursement for such amounts in subsequent Anniversary
          Years, but in no event shall more than $200,000 be reimbursed to the Trustee
          per
          Anniversary Year. Notwithstanding the foregoing, costs and expenses incurred
          by
          the Trustee pursuant to Section 6.14(a) in connection with any transfer
          of
          servicing shall be excluded from the $200,000 per Anniversary Year limit
          on
          reimbursable amounts. For the avoidance of doubt, (i) the Interest Remittance
          Amount available on each Swap Payment Date for distributions to the Swap
          Account
          shall be equal to the Interest Remittance Amount on the related Distribution
          Date and (ii) the Interest Remittance Amount for each Distribution Date
          shall be
          calculated without regard to any distributions to the Swap Account on the
          related Swap Payment Date.

         

        
          
            
            

          

          
            33

            
              

            

          

          
            
            

          

        

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

         

        Latest
          Possible Maturity Date:
          The
          Distribution Date occurring in August 2042.

         

        LBH:
          Lehman
          Brothers Holdings Inc., or any successor in interest.

         

        LIBOR:
          (a)
          With respect to the first Accrual Period, the Initial LIBOR Rate. With
          respect
          to each subsequent Accrual Period, a per annum rate determined on the LIBOR
          Determination Date in the following manner by the Securities Administrator
          on
          the basis of the “Interest Settlement Rate” set by the BBA for one-month United
          States dollar deposits, as such rates appear on the Reuters Screen “LIBOR01,”,
          as of 11:00 a.m. (London time) on such LIBOR Determination Date.

         

        (b) If
          on
          such a LIBOR Determination Date, the BBA’s Interest Settlement Rate does not
          appear on the Reuters Screen “LIBOR01” as of 11:00 a.m. (London time), or is
          otherwise not available on such date, the Securities Administrator will
          obtain
          such rate from Bloomberg’s L.P. page “US0001M.” If any such rate is not
          published for such LIBOR Determination Date, LIBOR for such date will be
          the
          most recently published Interest Settlement Rate. In the event that the
          BBA no
          longer sets an Interest Settlement Rate, the Securities Administrator will
          designate an alternative index that has performed, or that the Securities
          Administrator expects to perform, in a manner substantially similar to
          the BBA’s
          Interest Settlement Rate. The Securities Administrator will select a particular
          index as the alternative index only if it receives an Opinion of Counsel
          (a copy
          of which shall be furnished to the Trustee and any NIMS Insurer), which
          opinion
          shall be an expense reimbursed from the Certificate Account pursuant to
          Section
          4.04, that the selection of such index will not cause any of the REMICs
          to lose
          their classification as REMICs for federal income tax purposes.

         

        
          
            
            

          

          
            34

            
              

            

          

          
            
            

          

        

        (c) The
          establishment of LIBOR by the Securities Administrator and the Securities
          Administrator’s subsequent calculation of the Certificate Interest Rate
          applicable to the LIBOR Certificates, for the relevant Accrual Period,
          in the
          absence of manifest error, will be final and binding.

         

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

         

        LIBOR
          Certificate:
          Any
          Class A1, Class A2, Class A3, Class A4, Class M1, Class M2, Class M3, Class
          M4,
          Class M5, Class M6, Class M7, Class M8, Class M9, Class B1 or Class B2
          Certificate.

         

        LIBOR
          Determination Date:
          The
          second LIBOR Business Day immediately preceding the commencement of each
          Accrual
          Period for any LIBOR Certificate.

         

        Liquidated
          Mortgage Loan:
          Any
          defaulted Mortgage Loan as to which the Master Servicer or the Servicer
          has
          determined that all amounts that it expects to recover on behalf of the
          Trust
          Fund from or on account of such Mortgage Loan have been recovered.

         

        Liquidation
          Expenses:
          Expenses that are incurred by the Master Servicer or the Servicer in connection
          with the liquidation of any defaulted Mortgage Loan, and are not recoverable
          under the related Primary Mortgage Insurance Policy, if any, including,
          without
          limitation, foreclosure and rehabilitation expenses, legal expenses and
          unreimbursed amounts, if any, expended pursuant to Sections 9.06, 9.16
          or
          9.22.

         

        Liquidation
          Proceeds:
          Cash
          received in connection with the liquidation of a defaulted Mortgage Loan,
          whether through the sale or assignment of such Mortgage Loan, trustee’s sale,
          foreclosure sale, payment in full, discounted payoff or otherwise, or the
          sale
          of the related Mortgaged Property if the Mortgaged Property is acquired
          in
          satisfaction of the Mortgage Loan, including any amounts remaining in the
          related Escrow Account.

         

        Loan-to-Value
          Ratio:
          With
          respect to any Mortgage Loan as of any determination date plus the principal
          balance of each mortgage loan senior thereto based on the most recent
          information available to the Seller, the ratio of the principal balance
          of such
          Mortgage Loan at origination, or such other date as is specified, to the
          Original Value of the related Mortgaged Property.

         

        Lower
          Tier Interest:
          As
          described in the Preliminary Statement.

         

        
          
            
            

          

          
            35

            
              

            

          

          
            
            

          

        

        Lower
          Tier REMIC 1 Uncertificated Regular Interests:
          Lower
          Tier Interests of REMIC 1 constituting regular interests held in uncertificated
          form pursuant to a Section 7.01(c) Purchase Event.

         

        LPMI
          Policy:
          A
          Primary Mortgage Insurance Policy issued by a Qualified Insurer to which
          the
          related premium is to be paid from payments by the mortgagee.

         

        LTURI-holder:
          The
          holder of Lower Tier REMIC 1 Uncertificated Regular Interests, which upon
          the
          occurrence of a Section 7.01(c) Purchase Event shall be the Master Servicer
          or
          its designee, and including any trustee in its capacity as trustee of any
          privately placed securitization.

         

        M1
          Principal Distribution Amount:
          With
          respect to any Distribution Date on or after the Stepdown Date and as long
          as a
          Trigger Event is not in effect with respect to such Distribution Date,
          the
          amount, if any, by which (x) the sum of (i)  the aggregate Class Principal
          Amount of the Senior Certificates after giving effect to distributions
          on such
          Distribution Date and (ii) the aggregate Class Principal Amount of the
          Class M1
          Certificates immediately prior to such Distribution Date exceeds (y) the
          M1
          Target Amount.

         

        M1
          Target Amount:
          With
          respect to any Distribution Date, an amount equal to the lesser of (a)
          the
          product of (i) 63.50% and (ii) the Aggregate Pool Balance for such Distribution
          Date determined as of the last day of the related Collection Period (after
          giving effect to any Principal Prepayments received during the related
          Prepayment Period) and (b) the amount, if any, by which (i) the Aggregate
          Pool
          Balance for such Distribution Date determined as of the last day of the
          related
          Collection Period (after giving effect to any Principal Prepayments received
          during the related Prepayment Period) exceeds (ii) the Overcollateralization
          Floor.

         

        M2
          Principal Distribution Amount:
          With
          respect to any Distribution Date on or after the Stepdown Date and as long
          as a
          Trigger Event is not in effect with respect to such Distribution Date,
          the
          amount, if any, by which (x) the sum of (i)  the aggregate Class Principal
          Amount of the Senior Certificates and the Class M1 Certificates, in each
          case,
          after giving effect to distributions on such Distribution Date and (ii)
          the
          aggregate Class Principal Amount of the Class M2 Certificates immediately
          prior
          to such Distribution Date exceeds (y) the M2 Target Amount.

         

        M2
          Target Amount:
          With
          respect to any Distribution Date, an amount equal to the lesser of (a)
          the
          product of (i) 68.10% and (ii) the Aggregate Pool Balance for such Distribution
          Date determined as of the last day of the related Collection Period (after
          giving effect to any Principal Prepayments received during the related
          Prepayment Period) and (b) the amount, if any, by which (i) the Aggregate
          Pool
          Balance for such Distribution Date determined as of the last day of the
          related
          Collection Period (after giving effect to any Principal Prepayments received
          during the related Prepayment Period) exceeds (ii) the Overcollateralization
          Floor.

         

        M3
          Principal Distribution Amount:
          With
          respect to any Distribution Date on or after the Stepdown Date and as long
          as a
          Trigger Event is not in effect with respect to such Distribution Date,
          the
          amount, if any, by which (x) the sum of (i)  the aggregate Class Principal
          Amount of the Senior Certificates and the Class M1 and Class M2 Certificates,
          in
          each case, after giving effect to distributions on such Distribution Date
          and
          (ii) the aggregate Class Principal Amount of the Class M3 Certificates
          immediately prior to such Distribution Date exceeds (y) the M3 Target
          Amount.

         

        
          
            
            

          

          
            36

            
              

            

          

          
            
            

          

        

        M3
          Target Amount:
          With
          respect to any Distribution Date, an amount equal to the lesser of (a)
          the
          product of (i) 71.50% and (ii) the Aggregate Pool Balance for such Distribution
          Date determined as of the last day of the related Collection Period (after
          giving effect to any Principal Prepayments received during the related
          Prepayment Period) and (b) the amount, if any, by which (i) the Aggregate
          Pool
          Balance for such Distribution Date determined as of the last day of the
          related
          Collection Period (after giving effect to any Principal Prepayments received
          during the related Prepayment Period) exceeds (ii) the Overcollateralization
          Floor.

         

        M4
          Principal Distribution Amount:
          With
          respect to any Distribution Date on or after the Stepdown Date and as long
          as a
          Trigger Event is not in effect with respect to such Distribution Date,
          the
          amount, if any, by which (x) the sum of (i)  the aggregate Class Principal
          Amount of the Senior Certificates and the Class M1, Class M2 and Class
          M3
          Certificates, in each case, after giving effect to distributions on such
          Distribution Date and (ii) the aggregate Class Principal Amount of the
          Class M4
          Certificates immediately prior to such Distribution Date exceeds (y) the
          M4
          Target Amount.

         

        M4
          Target Amount:
          With
          respect to any Distribution Date, an amount equal to the lesser of (a)
          the
          product of (i) 74.90% and (ii) the Aggregate Pool Balance for such Distribution
          Date determined as of the last day of the related Collection Period (after
          giving effect to any Principal Prepayments received during the related
          Prepayment Period) and (b) the amount, if any, by which (i) the Aggregate
          Pool
          Balance for such Distribution Date determined as of the last day of the
          related
          Collection Period (after giving effect to any Principal Prepayments received
          during the related Prepayment Period) exceeds (ii) the Overcollateralization
          Floor.

         

        M5
          Principal Distribution Amount:
          With
          respect to any Distribution Date on or after the Stepdown Date and as long
          as a
          Trigger Event is not in effect with respect to such Distribution Date,
          the
          amount, if any, by which (x) the sum of (i)  the aggregate Class Principal
          Amount of the Senior Certificates and the Class M1, Class M2, Class M3
          and Class
          M4 Certificates, in each case, after giving effect to distributions on
          such
          Distribution Date and (ii) the aggregate Class Principal Amount of the
          Class M5
          Certificates immediately prior to such Distribution Date exceeds (y) the
          M5
          Target Amount.

         

        M5
          Target Amount:
          With
          respect to any Distribution Date, an amount equal to the lesser of (a)
          the
          product of (i) 78.20% and (ii) the Aggregate Pool Balance for such Distribution
          Date determined as of the last day of the related Collection Period (after
          giving effect to any Principal Prepayments received during the related
          Prepayment Period) and (b) the amount, if any, by which (i) the Aggregate
          Pool
          Balance for such Distribution Date determined as of the last day of the
          related
          Collection Period (after giving effect to any Principal Prepayments received
          during the related Prepayment Period) exceeds (ii) the Overcollateralization
          Floor.

         

        M6
          Principal Distribution Amount:
          With
          respect to any Distribution Date on or after the Stepdown Date and as long
          as a
          Trigger Event is not in effect with respect to such Distribution Date,
          the
          amount, if any, by which (x) the sum of (i)  the aggregate Class Principal
          Amount of the Senior Certificates and the Class M1, Class M2, Class M3,
          Class M4
          and Class M5 Certificates, in each case, after giving effect to distributions
          on
          such Distribution Date and (ii) the aggregate Class Principal Amount of
          the
          Class M6 Certificates immediately prior to such Distribution Date exceeds
          (y)
          the M6 Target Amount.

         

        
          
            
            

          

          
            37

            
              

            

          

          
            
            

          

        

        M6
          Target Amount:
          With
          respect to any Distribution Date, an amount equal to the lesser of (a)
          the
          product of (i) 81.10% and (ii) the Aggregate Pool Balance for such Distribution
          Date determined as of the last day of the related Collection Period (after
          giving effect to any Principal Prepayments received during the related
          Prepayment Period) and (b) the amount, if any, by which (i) the Aggregate
          Pool
          Balance for such Distribution Date determined as of the last day of the
          related
          Collection Period (after giving effect to any Principal Prepayments received
          during the related Prepayment Period) exceeds (ii) the Overcollateralization
          Floor.

         

        M7
          Principal Distribution Amount:
          With
          respect to any Distribution Date on or after the Stepdown Date and as long
          as a
          Trigger Event is not in effect with respect to such Distribution Date,
          the
          amount, if any, by which (x) the sum of (i)  the aggregate Class Principal
          Amount of the Senior Certificates and the Class M1, Class M2, Class M3,
          Class
          M4, Class M5 and Class M6 Certificates, in each case, after giving effect
          to
          distributions on such Distribution Date and (ii) the aggregate Class Principal
          Amount of the Class M7 Certificates immediately prior to such Distribution
          Date
          exceeds (y) the M7 Target Amount.

         

        M7
          Target Amount:
          With
          respect to any Distribution Date, an amount equal to the lesser of (a)
          the
          product of (i) 83.90% and (ii) the Aggregate Pool Balance for such Distribution
          Date determined as of the last day of the related Collection Period (after
          giving effect to any Principal Prepayments received during the related
          Prepayment Period) and (b) the amount, if any, by which (i) the Aggregate
          Pool
          Balance for such Distribution Date determined as of the last day of the
          related
          Collection Period (after giving effect to any Principal Prepayments received
          during the related Prepayment Period) exceeds (ii) the Overcollateralization
          Floor.

         

        M8
          Principal Distribution Amount:
          With
          respect to any Distribution Date on or after the Stepdown Date and as long
          as a
          Trigger Event is not in effect with respect to such Distribution Date,
          the
          amount, if any, by which (x) the sum of (i)  the aggregate Class Principal
          Amount of the Senior Certificates and the Class M1, Class M2, Class M3,
          Class
          M4, Class M5, Class M6 and Class M7 Certificates, in each case, after giving
          effect to distributions on such Distribution Date and (ii) the aggregate
          Class
          Principal Amount of the Class M8 Certificates immediately prior to such
          Distribution Date exceeds (y) the M8 Target Amount.

         

        M8
          Target Amount:
          With
          respect to any Distribution Date, an amount equal to the lesser of (a)
          the
          product of (i) 86.80% and (ii) the Aggregate Pool Balance for such Distribution
          Date determined as of the last day of the related Collection Period (after
          giving effect to any Principal Prepayments received during the related
          Prepayment Period) and (b) the amount, if any, by which (i) the Aggregate
          Pool
          Balance for such Distribution Date determined as of the last day of the
          related
          Collection Period (after giving effect to any Principal Prepayments received
          during the related Prepayment Period) exceeds (ii) the Overcollateralization
          Floor.

         

        M9
          Principal Distribution Amount:
          With
          respect to any Distribution Date on or after the Stepdown Date and as long
          as a
          Trigger Event is not in effect with respect to such Distribution Date,
          the
          amount, if any, by which (x) the sum of (i)  the aggregate Class Principal
          Amount of the Senior Certificates and the Class M1, Class M2, Class M3,
          Class
          M4, Class M5, Class M6, Class M7 and Class M8 Certificates, in each case,
          after
          giving effect to distributions on such Distribution Date and (ii) the aggregate
          Class Principal Amount of the Class M9 Certificates immediately prior to
          such
          Distribution Date exceeds (y) the M9 Target Amount.

         

        
          
            
            

          

          
            38

            
              

            

          

          
            
            

          

        

        M9
          Target Amount:
          With
          respect to any Distribution Date, an amount equal to the lesser of (a)
          the
          product of (i) 88.80% and (ii) the Aggregate Pool Balance for such Distribution
          Date determined as of the last day of the related Collection Period (after
          giving effect to any Principal Prepayments received during the related
          Prepayment Period) and (b) the amount, if any, by which (i) the Aggregate
          Pool
          Balance for such Distribution Date determined as of the last day of the
          related
          Collection Period (after giving effect to any Principal Prepayments received
          during the related Prepayment Period) exceeds (ii) the Overcollateralization
          Floor.

         

        Master
          Servicer:
          Aurora
          Loan Services LLC, or any successor in interest, or if any successor master
          servicer shall be appointed as herein provided, then such successor master
          servicer.

         

        Master
          Servicer Remittance Date:
          With
          respect to each Distribution Date, three Business Days immediately preceding
          such Distribution Date.

         

        Master
          Servicing Fee:
          As to
          any Distribution Date, an amount equal to 1/12th
          the
          product of (a) the Master Servicing Fee Rate and (b) the outstanding principal
          balance of each Mortgage Loan.

         

        Master
          Servicing Fee Rate:
          0.00%
          per annum.

         

        Material
          Defect:
          As
          defined in Section 2.02(c) hereof.

         

        Maximum
          Interest Rate:
          The
          Pool 1 Maximum Interest Rate, the Pool 2 Maximum Interest Rate or the
          Subordinate Maximum Interest Rate, as applicable.

         

        MERS:
          Mortgage Electronic Registration Systems, Inc., a Delaware corporation,
          or any
          successor in interest thereto.

         

        MERS
          Mortgage Loan:
          Any
          Mortgage Loan as to which the related Mortgage, or an Assignment of Mortgage,
          has been or will be recorded in the name of MERS, as nominee for the holder
          from
          time to time of the Mortgage Note.

         

        Monthly
          Excess Cashflow:
          For
          each Distribution Date, the aggregate of any remaining Interest Remittance
          Amount pursuant to Section 5.02(d)(v) for such date, any Principal Distribution
          Amount remaining pursuant to Section 5.02(e)(ii)(C), 5.02(e)(iii),
          5.02(e)(iv)(O) or 5.02(e)(v) for such date, and any Aggregate
          Overcollateralization Release Amount for such date.

         

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

         

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

         

        
          
            
            

          

          
            39

            
              

            

          

          
            
            

          

        

        Mortgage
          File:
          The
          mortgage documents listed in Section 2.01(b) pertaining to a particular
          Mortgage
          Loan required to be delivered to the Trustee or the Custodian pursuant
          to this
          Agreement and any related Retained Mortgage File that is delivered to the
          Custodian or the Trustee pursuant to Section 2.01(c) of this
          Agreement.

         

        Mortgage
          Loan:
          A
          Mortgage and the related notes or other evidences of indebtedness secured
          by
          each such Mortgage conveyed, transferred, sold, assigned to or deposited
          with
          the Trustee pursuant to Section 2.01 or Section 2.05, including without
          limitation each Mortgage Loan listed on the Mortgage Loan Schedule, as
          amended
          from time to time.

         

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

         

        Mortgage
          Loan Schedule:
          The
          schedule attached hereto as Schedule A, which shall identify each Mortgage
          Loan,
          as such schedule may be amended from time to time to reflect the addition
          of
          Mortgage Loans to, or the deletion of Mortgage Loans from, the Trust Fund.
          Such
          schedule shall set forth, among other things, the following information
          with
          respect to each Mortgage Loan: (i) the Mortgage Loan identifying number;
          (ii)
          the city, state and zip code of the Mortgaged Property; (iii) the original
          principal amount of the Mortgage Loan; (iv) the Mortgage Rate at origination;
          (v) the monthly payment of principal and interest at origination; (vi)
          the
          Servicing Fee Rate; (vii) the Mortgage Pool in which such Mortgage Loan
          is
          included; (viii) whether such Mortgage Loan is subject to a Prepayment
          Premium
          for voluntary prepayments by the Mortgagor, the term during which such
          Prepayment Premiums are imposed and the methods of calculation of the Prepayment
          Premium; and (ix) whether such Mortgage Loan is a Simple Interest Mortgage
          Loan;
          and if applicable, whether such Mortgage Loan is covered by any Bulk PMI
          Policy
          and the applicable PMI Insurer and the applicable Insurance Fee Rate. The
          Depositor shall be responsible for providing the Trustee and the Master
          Servicer
          with all amendments to the Mortgage Loan Schedule.

         

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

         

        Mortgage
          Pool:
          Any of
          Pool 1 or Pool 2.

         

        Mortgage
          Rate:
          With
          respect to any Mortgage Loan, the per annum rate at which interest accrues
          on
          such Mortgage Loan, as determined under the related Mortgage Note as reduced
          by
          any Relief Act Reductions.

         

        Mortgaged
          Property:
          Either
          of (x) the fee simple interest in real property, together with improvements
          thereto including any exterior improvements to be completed within 120
          days of
          disbursement of the related Mortgage Loan proceeds, or (y) in the case
          of a
          Cooperative Loan, the related Cooperative Shares and Proprietary Lease,
          securing
          the indebtedness of the Mortgagor under the related Mortgage Loan.

         

        Mortgagor:
          The
          obligor on a Mortgage Note.

         

        
          
            
            

          

          
            40

            
              

            

          

          
            
            

          

        

        Net
          Excess Spread:
          With
          respect to any Distribution Date, (A) the fraction, expressed as a percentage,
          the numerator of which is equal to the product of (i) the amount, if any,
          by
          which (a) the aggregate of the Interest Remittance Amounts for each Mortgage
          Pool for such Distribution Date (as reduced by the aggregate Credit Risk
          Manager’s Fee) exceeds (b) the Current Interest payable with respect to the
          Certificates for such date and (ii) twelve, and the denominator of which
          is the
          Aggregate Pool Balance for such Distribution Date, multiplied
          by
          (B) a
          fraction, the numerator of which is thirty and the denominator of which
          is the
          greater of thirty and the actual number of days in the immediately preceding
          calendar month; minus
          (C) the
          product, expressed as a percentage, of (i) the amount of any Net Swap Payment
          owed to the Swap Counterparty for such Distribution Date divided by the
          Aggregate Pool Balance as of the beginning of the related Collection Period
          and
          (ii) a fraction, the numerator of which is 360 and the denominator of which
          is
          the actual number of days in the Accrual Period related to such Distribution
          Date, plus (D) the product, expressed as a percentage, of (i) the sum of
          (a) the
          amount of any Net Swap Payment and (b) any Interest Rate Cap Payment received
          by
          the Supplemental Interest Trust for such Distribution Date divided by the
          Aggregate Pool Balance as of the beginning of the related Collection Period
          and
          (ii) a fraction, the numerator of which is 360 and the denominator of which
          is
          the actual number of days in the Accrual Period related to such Distribution
          Date.

         

        Net
          Funds Cap:
          The
          Pool 1 Net Funds Cap, the Pool 2 Net Funds Cap or the Subordinate Net Funds
          Cap,
          as the context requires.

         

        Net
          Liquidation Proceeds:
          With
          respect to any Liquidated Mortgage Loan, the related Liquidation Proceeds
          net of
          (i) unreimbursed expenses and (ii) any unreimbursed Advances, if any, received
          and retained in connection with the liquidation of such Mortgage
          Loan.

         

        Net
          Mortgage Rate:
          With
          respect to any Mortgage Loan, the Mortgage Rate thereof reduced by the
          Servicing
          Fee Rate for such Mortgage Loan.

         

        Net
          Prepayment Interest Shortfall:
          With
          respect to any Master Servicer Remittance Date, the excess, if any, of
          any
          Prepayment Interest Shortfalls with respect to the Mortgage Loans for such
          date
          over any amounts paid with respect to such shortfalls by the Servicer pursuant
          to the Servicing Agreement.

         

        Net
          Simple Interest Excess:
          With
          respect to any Distribution Date, the excess, if any, of (a) the amount
          of the
          payments received by the Servicer and the Master Servicer in the related
          Collection Period allocable to interest in respect of Simple Interest Mortgage
          Loans, calculated in accordance with the Simple Interest Method, net of
          the
          Servicing Fees, over (b) 30 days’ interest at the weighted average (by principal
          balance) of the Net Mortgage Rates of the Simple Interest Mortgage Loans
          as of
          the first day of the related Collection Period, as determined by the Servicer,
          on the aggregate principal balance of such Simple Interest Mortgage Loans
          for
          such Distribution Date, carried to six decimal places, rounded down, and
          calculated on the basis of a 360-day year consisting of twelve 30-day months.
          For this purpose, the amount of interest received in respect of the Simple
          Interest Mortgage Loans in any month shall be deemed (i) to include any
          Advances
          of interest made by the Servicer, the Master Servicer or the Securities
          Administrator (solely in its capacity as successor master servicer) in
          such
          month in respect of such Simple Interest Mortgage Loans and (ii) to be
          reduced
          by any amounts paid to the Servicer, the Master Servicer or the Securities
          Administrator (solely in its capacity as successor master servicer) in
          such
          month in reimbursement of Advances previously made by the Servicer, the
          Master
          Servicer or the Securities Administrator (solely in its capacity as successor
          servicer) in respect of such Simple Interest Mortgage Loans.

         

        
          
            
            

          

          
            41

            
              

            

          

          
            
            

          

        

        Net
          Simple Interest Shortfall:
          With
          respect to any Distribution Date, the excess, if any, of (a) 30 days’ interest
          at the weighted average (by principal balance) of the Net Mortgage Rates
          of the
          Simple Interest Mortgage Loans as of the first day of the related Collection
          Period, as determined by the Servicer, on the aggregate principal balance
          of
          such Simple Interest Mortgage Loans for such Distribution Date, carried
          to six
          decimal places, rounded down, and calculated on the basis of a 360-day
          year
          consisting of twelve 30-day months, over (b) the amount of the payments
          received
          by the Servicer or the Master Servicer in the related Collection Period
          allocable to interest in respect of such Simple Interest Mortgage Loans,
          calculated in accordance with the Simple Interest Method, net of the Servicing
          Fees.

         

        Net
          Swap Payment:
          With
          respect to each Swap Payment Date, the sum of (i) the net payment required
          to be
          made pursuant to the terms of the Swap Agreement, which net payment shall
          not
          take into account any Swap Termination Payment, and (ii) any unpaid amounts
          due
          on previous Swap Payment Dates and accrued interest thereon as provided
          in the
          Swap Agreement, as calculated by the Swap Counterparty and furnished to
          the
          Securities Administrator.

         

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

         

        NIM
          Redemption Amount:
          As
          defined in Section 7.01(b).

         

        NIM
          Residual Securities:
          Any
          preference shares, ownership certificate or other residual certificates
          issued
          in connection with any NIM Securities.

         

        NIM
          Securities:
          Any net
          interest margin notes (other than any NIM Residual Securities) issued by
          a trust
          or other special purpose entity, the principal assets of such trust including
          the Class P and Class X Certificates and the payments received thereon,
          which
          principal assets back such notes.

         

        NIMS
          Agreement:
          Any
          agreement pursuant to which the NIM Securities are issued.

         

        NIMS
          Insurer:
          One or
          more insurers issuing financial guaranty insurance policies in connection
          with
          the issuance of NIM Securities.

         

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

         

        Non-MERS
          Mortgage Loan:
          Any
          Mortgage Loan other than a MERS Mortgage Loan.

         

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

         

        
          
            
            

          

          
            42

            
              

            

          

          
            
            

          

        

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

         

        Notional
          Amount:
          Not
          applicable.

         

        Notional
          Certificate:
          Not
          applicable.

         

        Offered
          Certificates:
          The
          Class A1, Class A2, Class A3 and Class A4 Certificates.

         

        Offering
          Document:
          Each of
          the Prospectus and the Private Placement Memorandum.

         

        Officer’s
          Certificate:
          A
          certificate signed by the Chairman of the Board, any Vice Chairman, the
          President, any Vice President or any Assistant Vice President of a Person,
          and
          in each case delivered to the Trustee.

         

        Opinion
          of Counsel:
          A
          written opinion of counsel, reasonably acceptable in form and substance
          to the
          Trustee, and which may be in-house or outside counsel to the Depositor,
          the
          Master Servicer or the Trustee but which must be Independent outside counsel
          with respect to any such opinion of counsel concerning the transfer of
          any
          Residual Certificate or concerning certain matters with respect to the
          ERISA, or
          the taxation, or the federal income tax status, of each REMIC.

         

        Original
          Mortgage Loan:
          As
          described in the Preliminary Statement. 

         

        Original
          Value:
          The
          lesser of (a) the Appraised Value of a Mortgaged Property at the time the
          related Mortgage Loan was originated and (b) if the Mortgage Loan was made
          to
          finance the acquisition of the related Mortgaged Property, the purchase
          price
          paid for the Mortgaged Property by the Mortgagor at the time the related
          Mortgage Loan was originated.

         

        Overcollateralization
          Amount:
          With
          respect to any Distribution Date, the amount, if any, by which (x) the
          Aggregate
          Pool Balance for such Distribution Date exceeds (y) the aggregate Class
          Principal Amount of the LIBOR Certificates after giving effect to distributions
          on such Distribution Date.

         

        Overcollateralization
          Deficiency:
          With
          respect to any Distribution Date, the amount, if any, by which (x) the
          Targeted
          Overcollateralization Amount for such Distribution Date exceeds (y) the
          Overcollateralization Amount for such Distribution Date, calculated for
          this
          purpose after giving effect to the reduction on such Distribution Date
          of the
          Certificate Principal Amounts of the LIBOR Certificates resulting from
          the
          distribution of the Principal Distribution Amount on such Distribution
          Date, but
          prior to allocation of any Applied Loss Amount on such Distribution
          Date.

         

        Overcollateralization
          Floor:
          An
          amount equal to $2,273,691.60 (which is approximately 0.50% of the Cut-off
          Date
          Balance). 

         

        Payahead:
          With
          respect to any Mortgage Loan and any Due Date therefor, any Scheduled Payment
          received by the Servicer during any Collection Period in addition to the
          Scheduled Payment due on such Due Date, intended by the related Mortgagor
          to be
          applied on a subsequent Due Date or Due Dates.

         

        
          
            
            

          

          
            43

            
              

            

          

          
            
            

          

        

        Paying
          Agent:
          Any
          paying agent appointed pursuant to Section 3.08.

         

        PCAOB:
          The
          Public Company Accounting Oversight Board.

         

        Percentage
          Interest:
          With
          respect to any Certificate, its percentage interest in the undivided beneficial
          ownership interest in the Trust Fund evidenced by all Certificates of the
          same
          Class as such Certificate. With respect to any LIBOR Certificate, the Percentage
          Interest evidenced thereby shall equal the Certificate Principal Amount
          thereof
          divided by the Class Principal Amount of all Certificates of the same Class.
          With respect to the Class X, Class P, Class LT-R and Class R Certificates,
          the
          Percentage Interest evidenced thereby shall be as specified on the face
          thereof,
          or otherwise be equal to 100%.

         

        Permitted
          Servicing Amendment:
          Any
          amendment to the Servicing Agreement pursuant to Section 11.03(a)(iii)
          hereunder
          in connection with any servicing transfer or transfer of any servicing
          rights.

         

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

         

        Plan:
          An
          employee benefit plan or other retirement arrangement which is subject
          to
          Section 406 of ERISA and/or Section 4975 of the Code or any entity whose
          underlying assets include such plan’s or arrangement’s assets by reason of their
          investment in the entity.

         

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

         

        PMI
          Insurance Premium:
          Not
          applicable.

         

        PMI
          Insurer:
          Not
          applicable.

         

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

         

        Pool
          1
          Maximum Interest Rate:
          For the
          Group 1 Senior Certificates, for each Distribution Date on or before the
          Distribution Date on which the aggregate Class Principal Amount of the
          Group 2
          Senior Certificates has been reduced to zero, an annual rate equal to (a)
          the
          product, expressed as a percentage, of (1) the amount, if any, by which
          the
          weighted average of the excess of the maximum lifetime Mortgage Rates,
          as
          specified in the related Mortgage Notes for the Pool 1 Mortgage Loans exceeds
          the applicable weighted average Servicing Fee Rate and (2) a fraction,
          the
          numerator of which is 30 and the denominator of which is the actual number
          of
          days in the Accrual Period related to such Distribution Date; plus
          (b) the
          product, expressed as a percentage, of (1) the sum of (x) the amount of
          any Net
          Swap Payment owed by the Swap Counterparty on the related Swap Payment
          Date
          allocable to Pool 1 (based on the applicable Pool Percentage) and (y) any
          Interest Rate Cap Amount owed by the Cap Counterparty on the related Interest
          Rate Cap Payment Date allocable to Pool 1 (based on the applicable Pool
          Percentage) divided by the Pool Balance for Pool 1 as of the beginning
          of the
          related Collection Period and (2) a fraction, the numerator of which is
          360 and
          the denominator of which is the actual number of days in the Accrual Period
          related to such Distribution Date; minus
          (c) the
          product, expressed as a percentage, of (1) the amount of any Net Swap Payment
          owed to the Swap Counterparty on the related Swap Payment Date allocable
          to Pool
          1 (based on the applicable Pool Percentage) divided by the Pool Balance
          for Pool
          1 as of the beginning of the related Collection Period and (2) a fraction,
          the
          numerator of which is 360 and the denominator of which is the actual number
          of
          days in the Accrual Period related to such Distribution Date.

         

        
          
            
            

          

          
            44

            
              

            

          

          
            
            

          

        

        Pool
          1
          Net Funds Cap:
          For the
          Group 1 Senior Certificates, and for each Distribution Date on or before
          the
          Distribution Date on which the aggregate Class Principal Amount of the
          Group 2
          Certificates has been reduced to zero, a per annum rate equal to (a) a
          fraction,
          expressed as a percentage, the numerator of which is the product of (1)
          the
          excess, if any, of (i) the Pool 1 Optimal Interest Remittance Amount for
          such
          date over (ii) any Net Swap Payment or Swap Termination Payment (not due
          to a
          Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related
          Swap Payment Date allocable to Pool 1 (based on the applicable Pool Percentage)
          and (2) 12, and the denominator of which is the Pool Balance for Pool 1
          as of
          the first day of the related Collection Period (excluding for this purpose
          any
          Mortgage Loans in Pool 1 for which any Principal Prepayments in full have
          been
          deposited into the Collection Account and distributed therefrom in accordance
          with Section 5.02 during the month prior to such Distribution Date),
multiplied
          by
          (b) a
          fraction, the numerator of which is 30 and the denominator of which is
          the
          actual number of days in the Accrual Period related to such Distribution
          Date.

         

        Pool
          1
          Optimal Interest Remittance Amount:
          With
          respect to each Distribution Date, an amount equal to the product of (a)
          the
          quotient of (i) the weighted average of the Net Mortgage Rates of the Mortgage
          Loans in Pool 1 as of the first day of the related Collection Period, and
          (ii)
          12 and (b) the Pool Balance for Pool 1 as of the first day of the related
          Collection Period (excluding for purposes of clauses (a)(i) and (b) any
          Mortgage
          Loans in Pool 1 for which any Principal Prepayments in full have been deposited
          into the Collection Account and distributed therefrom in accordance with
          Section
          5.02 during the month prior to such Distribution Date).

         

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

         

        Pool
          2
          Maximum Interest Rate:
          For the
          Group 2 Senior Certificates, and for each Distribution Date on or before
          the
          Distribution Date on which the Class Principal Amount of the Group 1 Senior
          Certificates has been reduced to zero, an annual rate equal to (a) the
          product,
          expressed as a percentage, of (1) the amount, if any, by which the weighted
          average of the excess of the maximum lifetime Mortgage Rates, as specified
          in
          the related Mortgage Notes for the Pool 2 Mortgage Loans exceeds the applicable
          weighted average Servicing Fee Rate and (2) a fraction, the numerator of
          which
          is 30 and the denominator of which is the actual number of days in the
          Accrual
          Period related to such Distribution Date; plus
          (b) the
          product, expressed as a percentage, of (1) the sum of (x) the amount of
          any Net
          Swap Payment owed by the Swap Counterparty on the related Swap Payment
          Date
          allocable to Pool 2 (based on the applicable Pool Percentage) and (y) any
          Interest Rate Cap Amount owed by the Cap Counterparty on the related Interest
          Rate Cap Payment Date allocable to Pool 2 (based on the applicable Pool
          Percentage) divided by the Pool Balance for Pool 2 as of the beginning
          of the
          related Collection Period and (2) a fraction, the numerator of which is
          360 and
          the denominator of which is the actual number of days in the Accrual Period
          related to such Distribution Date; minus
          (c) the
          product, expressed as a percentage, of (1) the amount of any Net Swap Payment
          owed to the Swap Counterparty on the related Swap Payment Date allocable
          to Pool
          2 (based on the applicable Pool Percentage) divided by the Pool Balance
          for Pool
          2 as of the beginning of the related Collection Period and (2) a fraction,
          the
          numerator of which is 360 and the denominator of which is the actual number
          of
          days in the Accrual Period related to such Distribution Date.

         

        
          
            
            

          

          
            45

            
              

            

          

          
            
            

          

        

        Pool
          2
          Net Funds Cap:
          For the
          Group 2 Senior Certificates, and for each Distribution Date on or before
          the
          Distribution Date on which the Class Principal Amount of the Group 1 Senior
          Certificates has been reduced to zero, a per annum rate equal to (a) a
          fraction,
          expressed as a percentage, the numerator of which is the product of (1)
          the
          excess, if any, of (i) the Pool 2 Optimal Interest Remittance Amount for
          such
          date over (ii) any Net Swap Payment or Swap Termination Payment (not due
          to a
          Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related
          Swap Payment Date allocable to Pool 2 (based on the applicable Pool Percentage)
          and (2) 12, and the denominator of which is the Pool Balance for Pool 2
          as of
          the first day of the related Collection Period (excluding for this purpose
          any
          Mortgage Loans in Pool 2 for which any Principal Prepayments in full have
          been
          deposited into the Collection Account and distributed therefrom in accordance
          with Section 5.02 during the month prior to such Distribution Date),
multiplied
          by
          (b) a
          fraction, the numerator of which is 30 and the denominator of which is
          the
          actual number of days in the Accrual Period related to such Distribution
          Date.

         

        Pool
          2
          Optimal Interest Remittance Amount:
          With
          respect to each Distribution Date, an amount equal to the product of (a)
          the
          quotient of (i) the weighted average of the Net Mortgage Rates of the Mortgage
          Loans in Pool 2 as of the first day of the related Collection Period, and
          (ii)
          12 and (b) the Pool Balance for Pool 2 as of the first day of the related
          Collection Period (excluding for purposes of clauses (a)(i) and (b) any
          Mortgage
          Loans in Pool 2 for which any Principal Prepayments in full have been deposited
          into the Collection Account and distributed therefrom in accordance with
          Section
          5.02 during the month prior to such Distribution Date).

         

        Pool
          Balance:
          With
          respect to each Mortgage Pool, the aggregate of the Scheduled Principal
          Balances
          of all Mortgage Loans in such Mortgage Pool at the date of
          determination.

         

        Pool
          Percentage:
          With
          respect to each Mortgage Pool and any Distribution Date, the fraction,
          expressed
          as a percentage, the numerator of which is the Pool Balance for such Mortgage
          Pool for such date and the denominator of which is the Aggregate Pool Balance
          for such date.

         

        Pool
          Subordinate Amount:
          As to
          each Mortgage Pool and any Distribution Date, the excess of the Pool Balance
          for
          such Mortgage Pool as of the first day of the immediately preceding Collection
          Period over (i) the aggregate Class Principal Amount of the Group 1 Senior
          Certificates (in the case of Pool 1) or (ii) the aggregate Class Principal
          Amounts of the Group 2 Senior Certificates (in the case of Pool 2) immediately
          prior to the related Distribution Date.

         

        
          
            
            

          

          
            46

            
              

            

          

          
            
            

          

        

        Prepayment
          Interest Shortfall:
          With
          respect to any full or partial Principal Prepayment of a Mortgage Loan,
          the
          excess, if any, of (i) one full month’s interest at the applicable Mortgage Rate
          (as reduced by the Servicing Fee in the case of Principal Prepayments in
          full)
          on the outstanding principal balance of such Mortgage Loan immediately
          prior to
          such prepayment over (ii) the amount of interest actually received with
          respect
          to such Mortgage Loan in connection with such Principal Prepayment.

         

        Prepayment
          Period:
          With
          respect to any Distribution Date and any Principal Prepayment, whether
          in part
          or in full (including any Principal Prepayment due to liquidation of a
          Mortgage
          Loan), the calendar month immediately preceding the month in which such
          Distribution Date occurs. 

         

        Prepayment
          Premium:
          Any
          prepayment fees and penalties to be paid by the Mortgagor on a Mortgage
          Loan.

         

        Primary
          Mortgage Insurance Policy:
          Any
          mortgage guaranty insurance, if any, on an individual Mortgage Loan, including
          any Bulk PMI Policy or any LPMI Policy, as evidenced by a policy or certificate,
          whether such policy is obtained by the originator, the lender, the borrower
          or
          the Seller on behalf of the Trust Fund.

         

        Prime
          Rate:
          The
          prime rate of the United States money center commercial banks as published
          in
The
          Wall Street Journal.

         

        Principal
          Distribution Amount:
          With
          respect to each Mortgage Pool and any Distribution Date, an amount equal
          to (a)
          the Principal Remittance Amount for such Mortgage Pool for such date
minus
          (b) the
          Aggregate Overcollateralization Release Amount, if any, allocable to such
          Mortgage Pool (based on the applicable Senior Proportionate Percentage),
          if any,
          for such Distribution Date.

         

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

         

        Principal
          Remittance Amount:
          With
          respect to any Distribution Date and each Mortgage Pool, (a) the sum of
          (i) all
          principal collected (other than Payaheads and Prepayment Premiums) or advanced
          in respect of Scheduled Payments on the Mortgage Loans in such Mortgage
          Pool
          during the related Collection Period whether by the Servicer, the Master
          Servicer or the Securities Administrator (less unreimbursed Advances due
          to the
          Master Servicer, the Servicer or the Securities Administrator with respect
          to
          the related Mortgage Loans to the extent allocable to principal), (ii)
          all
          Principal Prepayments in full or in part received on the Mortgage Loans
          in such
          Mortgage Pool during the related Prepayment Period, (iii) the outstanding
          principal balance of each Mortgage Loan in such Mortgage Pool that was
          purchased
          from the Trust Fund by the Seller or the Transferor during the related
          Prepayment Period or any NIMS Insurer (in the case of certain Mortgage
          Loans 90
          days or more delinquent) from such Mortgage Pool, (iv) the portion of the
          Purchase Price or FPD Purchase Price (excluding any FPD Premium) payable
          with
          respect to a First Payment Default Mortgage Loan or any Substitution Amount
          paid
          with respect to any Deleted Mortgage Loan in such Mortgage Pool during
          the
          related Prepayment Period allocable to principal and (v) all Net Liquidation
          Proceeds, Insurance Proceeds, any Subsequent Recovery and other recoveries
          collected with respect to the Mortgage Loans in such Mortgage Pools during
          the
          related Prepayment Period, to the extent allocable to principal, as reduced
          by
          (b) to the extent not reimbursed from the Interest Remittance Amount, any
          other
          costs, expenses or liabilities reimbursable to the Trustee, the Master
          Servicer,
          the Securities Administrator, the Custodian and the Servicer to the extent
          provided in this Agreement, the Servicing Agreement and the Custodial Agreement
          and, with respect to the Trustee, to the extent the Interest Remittance
          Amount
          is less than amounts reimbursable to the Trustee pursuant to Section 4.04(b)(i),
          the product of (x) the applicable Pool Percentage for such Distribution
          Date and
          (y) any amounts reimbursable during the related Anniversary Year to the
          Trustee
          therefrom and not reimbursed from the Interest Remittance Amount, or otherwise;
          provided,
          however,
          that
          such reimbursable amounts from the Interest Remittance Amount and the Principal
          Remittance Amount may not exceed $200,000 in the aggregate during any
          Anniversary Year. In the event that the Trustee incurs reimbursable amounts
          in
          excess of $200,000, it may seek reimbursement for such amounts in subsequent
          Anniversary Years, but in no event shall more than $200,000 be reimbursed
          to the
          Trustee per Anniversary Year. Notwithstanding the foregoing, costs and
          expenses
          incurred by the Trustee pursuant to Section 6.14(a) in connection with
          any
          transfer of servicing shall be excluded from the $200,000 per Anniversary
          Year
          limit on reimbursable amounts. For the avoidance of doubt, the (i) the
          Principal
          Remittance Amount available on each Swap Payment Date for distributions
          to the
          Swap Account shall be equal to the Principal Remittance Amount on the related
          Distribution Date and (ii) the Principal Remittance Amount for each Distribution
          Date shall be calculated without regard to any distributions to the Swap
          Account
          on the related Swap Payment Date.

         

        
          
            
            

          

          
            47

            
              

            

          

          
            
            

          

        

        Private
          Placement Memorandum:
          The
          private placement memorandum dated August 17, 2007, relating to the Class
          M1,
          Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class M8, Class
          M9,
          Class B1 and Class B2 Certificates.

         

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

         

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

         

        Prospectus:
          The
          prospectus supplement dated August 17, 2007, together with the accompanying
          prospectus dated August 16, 2007, relating to the Offered
          Certificates.

         

        Purchase
          Price:
          With
          respect to the purchase of a Mortgage Loan or related REO Property pursuant
          to
          this Agreement, an amount equal to the sum of (a) 100% of the unpaid principal
          balance of such Mortgage Loan; (b) accrued interest thereon at the applicable
          Mortgage Rate, from the date as to which interest was last paid to (but
          not
          including) the Due Date in the Collection Period immediately preceding
          the
          related Distribution Date; (c) the amount of any costs and damages incurred
          by
          the Trust Fund as a result of any violation of any applicable federal,
          state or
          local predatory- or abusive-lending law arising from or in connection with
          the
          origination of such Mortgage Loan; and (d) any unreimbursed Servicing Advances
          with respect to such Mortgage Loan. The Master Servicer, the Servicer,
          the
          Custodian (or the Trustee or the Securities Administrator, if applicable)
          shall
          be reimbursed from the Purchase Price for any Mortgage Loan or related
          REO
          Property for any Advances made or other amounts advanced with respect to
          such
          Mortgage Loan that are reimbursable to the Master Servicer or the Servicer
          under
          this Agreement or the Servicing Agreement (or to the Trustee or the Securities
          Administrator, if applicable), together with any accrued and unpaid compensation
          due to the Master Servicer, the Securities Administrator, the Servicer,
          the
          Custodian or the Trustee hereunder or thereunder.

         

        
          
            
            

          

          
            48

            
              

            

          

          
            
            

          

        

        Purchaser
          Call Option Notice:
          As
          defined in Section 7.01(d).

         

        QIB:
          As
          defined in Section 3.03(c).

         

        Qualified
          GIC:
          A
          guaranteed investment contract or surety bond providing for the investment
          of
          funds in the Collection Account, the Securities Administration Account
          or the
          Certificate Account and insuring a minimum, fixed or floating rate of return
          on
          investments of such funds, which contract or surety bond shall:

         

        (i) be
          an
          obligation of an insurance company or other corporation whose long-term
          debt is
          rated by each Rating Agency in one of its two highest rating categories
          or, if
          such insurance company has no long-term debt, whose claims paying ability
          is
          rated by each Rating Agency in one of its two highest rating categories,
          and
          whose short-term debt is rated by each Rating Agency in its highest rating
          category;

         

        (ii) provide
          that the Trustee, Master Servicer or Securities Administrator, as applicable,
          may exercise all of the rights under such contract or surety bond without
          the
          necessity of taking any action by any other Person;

         

        (iii) provide
          that if at any time the then current credit standing of the obligor under
          such
          guaranteed investment contract is such that continued investment pursuant
          to
          such contract of funds would result in a downgrading of any rating of the
          Certificates or the NIM Securities, the Master Servicer, Securities
          Administrator or Trustee, as applicable, shall terminate such contract
          without
          penalty and be entitled to the return of all funds previously invested
          thereunder, together with accrued interest thereon at the interest rate
          provided
          under such contract to the date of delivery of such funds to the
          Trustee;

         

        (iv) provide
          that the interest of the Trustee, Master Servicer or Securities Administrator,
          as applicable, therein shall be transferable to any successor trustee,
          master
          servicer or securities administrator hereunder; and

         

        (v) provide
          that the funds reinvested thereunder and accrued interest thereon be returnable
          to the Collection Account, the Securities Administration Account or the
          Certificate Account, as the case may be, not later than the Business Day
          prior
          to any Distribution Date.

         

        Qualified
          Insurer:
          An
          insurance company duly qualified as such under the laws of the states in
          which
          the related Mortgaged Properties are located, duly authorized and licensed
          in
          such states to transact the applicable insurance business and to write
          the
          insurance provided and whose claims paying ability is rated by each Rating
          Agency in its highest rating category or whose selection as an insurer
          will not
          adversely affect the ratings of the Certificates.

         

        
          
            
            

          

          
            49

            
              

            

          

          
            
            

          

        

        Qualifying
          Substitute Mortgage Loan:
          In the
          case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant
          to the
          terms of this Agreement, a Mortgage Loan that, on the date of such substitution,
          (i) has an outstanding Scheduled Principal Balance (or in the case of a
          substitution of more than one mortgage loan for a Deleted Mortgage Loan,
          an
          aggregate Scheduled Principal Balance), after application of all Scheduled
          Payments due during or prior to the month of substitution, not in excess
          of, and
          not more than 5% less than, the outstanding Scheduled Principal Balance
          of the
          Deleted Mortgage Loan as of the Due Date in the calendar month during which
          the
          substitution occurs, (ii) has a Mortgage Rate not less than the Mortgage
          Rate on
          the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage
          Rate not
          less than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv)
          if
          applicable, has a minimum Mortgage Rate not less than the minimum Mortgage
          Rate
          of the Deleted Mortgage Loan, (v) if applicable, has a gross margin equal
          to or
          greater than the gross margin of the Deleted Mortgage Loan, (vi) is not
          a
          Cooperative Loan unless the related Deleted Mortgage Loan was a Cooperative
          Loan, (vii) if applicable, has a next adjustment date not later than the
          next
          adjustment date on the Deleted Mortgage Loan, (viii) has the same Due Date
          as
          the Deleted Mortgage Loan, (ix) has a remaining stated term to maturity
          not
          longer than 18 months and not more than 18 months shorter than the remaining
          stated term to maturity of the related Deleted Mortgage Loan; provided,
          that
          in
          no case should such substitute Mortgage Loan have a maturity date later
          than the
          Final Scheduled Distribution Date, (x) is current as of the date of
          substitution, (xi) has a Loan-to-Value Ratio as of the date of substitution
          equal to or lower than the Loan-to-Value Ratio of the Deleted Mortgage
          Loan as
          of such date, (xii) has been underwritten by the Transferor in accordance
          with
          the same underwriting criteria and guidelines as the Deleted Mortgage Loan,
          (xiii) has a risk grading determined by the Seller at least equal to the
          risk
          grading assigned on the Deleted Mortgage Loan, (xiv) is secured by the same
          property type as the Deleted Mortgage Loan, (xv) conforms to each representation
          and warranty applicable to the Deleted Mortgage Loan made in the related
          Mortgage Loan Sale Agreement, (xvi) has the same or higher lien position
          as the
          Deleted Mortgage Loan, (xvii) if applicable, contains provisions covering
          the
          payment of any Prepayment Premium by the Mortgagor for early prepayment
          of the
          Mortgage Loan at least as favorable as the Deleted Mortgage Loan, (xviii)
          is
          covered by a Primary Mortgage Insurance Policy if the Deleted Mortgage
          Loan was
          so covered and (xix) for any Mortgage Loan to be substituted into Pool
          1, has an
          original Scheduled Principal Balance within the maximum dollar amount
          limitations prescribed by Freddie Mac for conforming one-to-four family
          first
          and second lien residential mortgaged properties. In the event that one
          or more
          mortgage loans are substituted for one or more Deleted Mortgage Loans,
          the
          amounts described in clause (i) hereof shall be determined on the basis
          of
          aggregate Scheduled Principal Balances, the Mortgage Rates described in
          clause
          (ii) hereof shall be determined on the basis of weighted average Mortgage
          Rates,
          the risk gradings described in clause (xiii) hereof shall be satisfied
          as to
          each such mortgage loan, the terms described in clause (ix) hereof shall
          be
          determined the basis of weighted average remaining term to maturity,
provided,
          that
          the stated maturity date of any Qualifying Substitute Mortgage Loan shall
          not be
          later than the Final Scheduled Distribution Date (subject to the second
          proviso
          above), the Loan-to-Value Ratios described in clause (xi) hereof shall
          be
          satisfied as to each such mortgage loan and, except to the extent otherwise
          provided in this sentence, the representations and warranties described
          in
          clause (xv) hereof must be satisfied as to each Qualifying Substitute Mortgage
          Loan or in the aggregate, as the case may be.

         

        
          
            
            

          

          
            50

            
              

            

          

          
            
            

          

        

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

         

        Realized
          Loss:
          With
          respect to each Liquidated Mortgage Loan, an amount equal to (i) the unpaid
          principal balance of such Mortgage Loan as of the date of liquidation,
          minus
          (ii) Liquidation Proceeds received, to the extent allocable to principal,
          net of
          amounts that are reimbursable therefrom to the Master Servicer or the Servicer
          with respect to such Mortgage Loan (other than Advances of principal) including
          expenses of liquidation. In determining whether a Realized Loss is a Realized
          Loss of principal, Liquidation Proceeds shall be allocated, first, to payment
          of
          expenses related to such Liquidated Mortgage Loan, then to accrued unpaid
          interest and finally to reduce the principal balance of the Mortgage
          Loan.

         

        Recognition
          Agreement:
          With
          respect to any Cooperative Loan, an agreement between the related Cooperative
          Corporation and the originator of such Mortgage Loan to establish the rights
          of
          such originator in the related Cooperative Property.

         

        Record
          Date:
          With
          respect to any Class of Book-Entry Certificates and any Distribution Date,
          the
          close of business on the Business Day immediately preceding such Distribution
          Date. With respect to any Class of Definitive Certificates and any Distribution
          Date, the last Business Day of the month immediately preceding the month
          in
          which the Distribution Date occurs (or, in the case of the first Distribution
          Date, the Closing Date).

         

        Regular
          Interests Purchase Option:
          As
          defined in Section 7.01(c).

         

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

         

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

         

        Regulation
          S Global Security:
          The
          meaning specified in Section 3.01(d).

         

        Related
          Senior Principal Distribution Amount:
          For
          each Mortgage Pool and any Distribution Date on or after the Stepdown Date
          and
          for as long as a Trigger Event is not in effect, an amount equal to the
          lesser
          of (x) the Class Principal Amount of the Group 1 Senior Certificates (with
          respect to Pool 1) or the aggregate Class Principal Amount of the Group
          2 Senior
          Certificates (with respect to Pool 2) immediately prior to such date and
          (y) the
          product of (a) the Senior Principal Distribution Amount and (b) the related
          Senior Proportionate Percentage, in each case for such date.

         

        
          
            
            

          

          
            51

            
              

            

          

          
            
            

          

        

        Related
          Senior Priority:
          With
          respect to each of the Group 1 Senior Certificates and the Group 2 Senior
          Certificates, the priority of distributions described in Section
          5.02(e)(i)(A)(3) and Section 5.02(e)(i)(B)(3), respectively.

         

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

         

        Relief
          Act Reduction:
          With
          respect to any Mortgage Loan as to which there has been a reduction in
          the
          amount of interest collectible thereon as a result of application of the
          Civil
          Relief Act, any amount by which interest collectible on such Mortgage Loan
          for
          the Due Date in the related Collection Period is less than interest accrued
          thereon for the applicable one-month period at the Mortgage Rate without
          giving
          effect to such reduction.

         

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

         

        REMIC
          1:
          As
          described in the Preliminary Statement.

         

        REMIC
          2:
          As
          described in the Preliminary Statement.

         

        REMIC
          2 Regular Interest:
          As
          defined in the Preliminary Statement.

         

        REMIC
          3:
          As
          described in the Preliminary Statement.

         

        REMIC
          3 Regular Interest:
          As
          defined in the Preliminary Statement.

         

        REMIC
          3 Net Funds Cap:
          For any
          Distribution Date (and the related Accrual Period) and any Class of
          Certificates, an amount equal to (i) the weighted average of the interest
          rates
          on the REMIC 3 Regular Interest (other than an interest-only regular interest),
          weighted in proportion to their Class Principal Amounts as of the beginning
          of
          the related Accrual Period, multiplied by (ii) the quotient of (a) 30 divided
          by
          (b) the actual number of days in the Accrual Period.

         

        REMIC
          4:
          As
          described in the Preliminary Statement.

         

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

         

        REMIC
          Swap Rate:
          For
          each Distribution Date (and the related Accrual Period), a per annum rate
          equal
          to the product of: (i) the “Rate of Payment (%)” under the Swap Agreement for
          such Distribution Date, as set forth in Annex C-1 to the Prospectus Supplement,
          (ii) 2, and (iii) the quotient of (a) the actual number of days in the
          related
          Accrual Period divided by (b) 30.

         

        
          
            
            

          

          
            52

            
              

            

          

          
            
            

          

        

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

         

        Reportable
          Event:
          As
          defined in Section 6.20(f)(i).

         

        Reporting
          Servicer:
          As
          defined in Section 6.20(e)(i).

         

        Required
          Reserve Fund Deposit:
          With
          respect to any Distribution Date on which the Net Excess Spread is less
          than
          0.25%, the amount, if any by which (a) the product of 1.00% and the Aggregate
          Pool Balance for such date exceeds (b) the amount on deposit in the Basis
          Risk
          Reserve Fund immediately prior to such date. With respect to any Distribution
          Date on which the Net Excess Spread is equal to or greater than 0.25%,
          the
          amount, if any, by which (i) $1,000 exceeds the amount on deposit in the
          Basis
          Risk Reserve Fund immediately prior to such date; provided,
          however,
          that on
          any Distribution Date on which the Class Principal Amount of each Class
          of LIBOR
          Certificates has been reduced to zero, the Required Reserve Fund Deposit
          shall
          be zero.

         

        Residual
          Certificate:
          Any
          Class LT-R or Class R Certificate.

         

        Responsible
          Officer or responsible officer:
          When
          used with respect to the Trustee (including in its capacity as Paying Agent)
          or
          the Securities Administrator, any vice president, assistant vice president,
          the
          secretary, any assistant secretary, or any officer, working in its Corporate
          Trust Office or corporate trust group, as applicable, and having responsibility
          for the administration of this Agreement, and any other officer to whom
          a matter
          arising under this Agreement may be referred.

         

        Restricted
          Certificate:
          Any
          Class M, Class B, Class P, Class X, Class LT-R or Class R
          Certificate.

         

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

         

        Retained
          Mortgage File:
          Any
          file of mortgage loan documents maintained by the Servicer, pursuant to
          Section
          2.01 of the Servicing Agreement, prior to any Document Transfer
          Event.

         

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

         

        Rules:
          As
          defined in Section 6.20(c).

         

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

         

        
          
            
            

          

          
            53

            
              

            

          

          
            
            

          

        

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

         

        Sarbanes-Oxley
          Certification:
          A
          written certification covering the activities of all Servicing Function
          Participants and signed by an officer of the Exchange Act Signing Party
          that
          complies with Section 302 of the Sarbanes-Oxley Act, as amended from time
          to
          time.

         

        Scheduled
          Payment:
          Each
          scheduled payment of principal and interest (or of interest only, if applicable)
          to be paid by the Mortgagor on a Mortgage Loan, as reduced (except where
          otherwise specified herein) by the amount of any related Debt Service Reduction
          (excluding all amounts of principal and interest that were due on or before
          the
          Cut-off Date, whenever received) and, in the case of an REO Property, an
          amount
          equivalent to the Scheduled Payment that would have been due on the related
          Mortgage Loan if such Mortgage Loan had remained in existence.

         

        Scheduled
          Principal Balance:
          With
          respect to (i) any Mortgage Loan (other than a Simple Interest Mortgage
          Loan) as
          of any Distribution Date, the principal balance of such Mortgage Loan at
          the
          close of business on the Cut-off Date after giving effect to principal
          payments
          due on or before the Cut-off Date, whether or not received, less an amount
          equal
          to principal payments due after the Cut-off Date, and on or before the
          Due Date
          in the related Collection Period, whether or not received from the Mortgagor
          or
          advanced by the Servicer or the Master Servicer, and all amounts allocable
          to
          unscheduled principal payments (including Principal Prepayments, Liquidation
          Proceeds, Insurance Proceeds and condemnation proceeds, in each case to
          the
          extent identified and applied prior to or during the related Prepayment
          Period)
          and (ii) any REO Property as of any Distribution Date, the Scheduled Principal
          Balance of the related Mortgage Loan on the Due Date immediately preceding
          the
          date of acquisition of such REO Property by or on behalf of the Trustee
          (reduced
          by any amount applied as a reduction of principal on the Mortgage Loan).
          With
          respect to any Mortgage Loan as of the Cut-off Date, the principal balance
          of
          such Mortgage Loan as specified in the Mortgage Loan Schedule. The Scheduled
          Principal Balance of any Liquidated Mortgage Loan shall be zero. In the
          case of
          a Simple Interest Mortgage Loan, references herein to such Mortgage Loan’s
          Scheduled Principal Balance shall mean its actual unpaid principal balance.
          The
          actual unpaid principal balance of a Simple Interest Mortgage Loan with
          respect
          to any Distribution Date shall be determined by subtracting from such Mortgage
          Loan’s unpaid principal balance as of the end of the preceding Collection Period
          the amount of the borrower’s fixed monthly payment for the related Collection
          Period that is not allocated to the payment of interest applying the Simple
          Interest Method.

         

        Section
          7.01(c) Purchase Event:
          The
          purchase of all the Lower Tier REMIC 1 Uncertificated Regular
          Interests.

         

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

         

        Securities
          Administration Account:
          A
          separate account established pursuant to Section 4.05.

         

        
          
            
            

          

          
            54

            
              

            

          

          
            
            

          

        

        Securities
          Administrator:
          Wells
          Fargo Bank, N.A., not in its individual capacity but solely as Securities
          Administrator, or any successor in interest, or if any successor securities
          administrator shall be appointed as herein provided, then such successor
          securities administrator.

         

        Security
          Agreement:
          With
          respect to any Cooperative Loan, the agreement between the owner of the
          related
          Cooperative Shares and the originator of the related Mortgage Note that
          defines
          the terms of the security interest in such Cooperative Shares and the related
          Proprietary Lease.

         

        Seller:
          Lehman
          Brothers Holdings Inc., or any successor in interest.

         

        Senior
          Certificate:
          Any
          Class A1, Class A2, Class A3 or Class A4 Certificates.

         

        Senior
          Enhancement Percentage:
          With
          respect to any Distribution Date, the fraction, expressed as a percentage,
          the
          numerator of which is the sum of the aggregate Class Principal Amount of
          the
          Subordinate Certificates and the Overcollateralization Amount (which amount,
          for
          purposes of this definition only, shall not be less than zero and assuming
          for
          purposes of this definition that the Principal Distribution Amount has
          been
          distributed on such Distribution Date and no Trigger Event has occurred)
          and the
          denominator of which is the Aggregate Pool Balance for such Distribution
          Date,
          in each case after giving effect to distributions on such Distribution
          Date.

         

        Senior
          Principal Distribution Amount:
          With
          respect to any Distribution Date, on or after the Stepdown Date and as
          long as a
          Trigger Event is not in effect with respect to such Distribution Date,
          the
          lesser of (x) the aggregate Principal Distribution Amount for both Mortgage
          Pools and (y) the amount, if any by which (A) the aggregate Class Principal
          Amount of the Senior Certificates immediately prior to such Distribution
          Date
          exceeds (B) the Senior Target Amount.

         

        Senior
          Proportionate Percentage:
          With
          respect to Pool 1 and any Distribution Date, the fraction, expressed as
          a
          percentage, the numerator of which is the Principal Remittance Amount for
          Pool 1
          for such Distribution Date and the denominator of which is the aggregate
          of the
          Principal Remittance Amounts for Pool 1 and Pool 2 for such Distribution
          Date.
          With respect to Pool 2 and any Distribution Date, the fraction, expressed
          as a
          percentage, the numerator of which is the Principal Remittance Amount for
          Pool 2
          for such Distribution Date and the denominator of which is the aggregate
          of the
          Principal Remittance Amounts for Pool 1 and Pool 2 for such Distribution
          Date.

         

        Senior
          Target Amount:
          With
          respect to any Distribution Date, an amount equal to the lesser of (a)
          the
          product of (i) 53.60% and (ii) the Aggregate Pool Balance for such Distribution
          Date determined as of the last day of the related Collection Period (after
          giving effect to any Principal Prepayments received during the related
          Prepayment Period) and (b) the amount, if any, by which (i) the Aggregate
          Pool
          Balance for such Distribution Date determined as of the last day of the
          related
          Collection Period (after giving effect to any Principal Prepayments received
          during the related Prepayment Period) exceeds (ii) the Overcollateralization
          Floor.

         

        Servicer:
          Wells
          Fargo Bank, N.A., or any of its successors in interest.

         

        
          
            
            

          

          
            55

            
              

            

          

          
            
            

          

        

        Servicer
          Prepayment Premium Payment Amount:
          Any
          amount payable by the Servicer in respect of any impermissible waiver by
          the
          Servicer of a Prepayment Premium pursuant
          to the Servicing Agreement.

         

        Servicer
          Remittance Date:
          The day
          in each calendar month on which the Servicer is required to remit payments
          to
          the Collection Account, as specified in the Servicing Agreement, which
          is the
          18th
          day of
          each calendar month (or, if such 18th
          day is
          not a Business Day, the next succeeding Business Day).

         

        Servic(es)(ing):
          In
          accordance with Regulation AB, the act of managing or collecting payments
          on the
          Mortgage Loans or any other assets of the Trust Fund by an entity that
          meets the
          definition of “servicer” set forth in Item 1101 of Regulation AB. For
          clarification purposes, any uncapitalized occurrence of this term shall
          have the
          meaning commonly understood by participants in the residential mortgage-backed
          securitization market.

         

        Servicing
          Advances:
          All
          customary, reasonable and necessary “out of pocket” costs and expenses other
          than Advances (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 preservation, inspection, restoration
          and
          protection of the Mortgaged Property, (b) any enforcement or administrative
          or
          judicial proceedings, including foreclosures, (c) the management and liquidation
          of the Mortgaged Property if the Mortgaged Property is acquired in satisfaction
          of the Mortgage, (d) taxes, assessments, water rates, sewer rents and other
          charges which are or may become a lien upon the Mortgaged Property, and
          fire and
          hazard insurance coverage and (e) any losses sustained by the Servicer
          with
          respect to the liquidation of the Mortgaged Property.

         

        Servicing
          Agreement:
          The
          Reconstituted Servicing Agreement, dated as of August 1, 2007, among the
          Seller,
          the Master Servicer and the Servicer, and any other servicing agreement
          entered
          into between a successor servicer and the Seller pursuant to the terms
          of this
          Agreement.

         

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

         

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

         

        Servicing
          Fee Rate:
          With
          respect to each Mortgage Loan, 0.50% per annum, or the rate specified in
          the
          Servicing Agreement.

         

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

         

        Servicing
          Officer:
          Any
          officer of the Servicer involved in or responsible for, the administration
          and
          servicing of the Mortgage Loans whose name appears on a list of servicing
          officers furnished by the Servicer to the Master Servicer or Seller upon
          request, as such list may from time to time be amended.

         

        
          
            
            

          

          
            56

            
              

            

          

          
            
            

          

        

        Simple
          Interest Method:
          With
          respect to a Simple Interest Mortgage Loan, the method of allocating a
          payment
          to principal and interest, pursuant to which the portion of such payment
          that is
          allocated to interest is equal to the product of the applicable rate of
          interest
          multiplied by the unpaid principal balance multiplied by the period of
          time
          elapsed since the preceding payment of interest was made and divided by
          either
          360 or 365, as specified in the related Mortgage Note and the remainder
          of such
          payment is allocated to principal.

         

        Simple
          Interest Mortgage Loan:
          Any
          Mortgage Loan specified as a “DSI Loan” in the Mortgage Loan Schedule attached
          hereto as Schedule A. As of the Closing Date, there are no Simple Interest
          Mortgage Loans included in the Trust Fund.

         

        Sponsor:
          Lehman
          Brothers Holdings Inc., or any successor in interest.

         

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

         

        Stepdown
          Date:
          The
          earlier of (i) the first Distribution Date following the Distribution Date
          on
          which the Class Principal Amounts of the Senior Certificates have each
          been
          reduced to zero or (ii) the later to occur of (x) the Distribution Date
          in
          September 2010 and (y) the first Distribution Date on which the Senior
          Enhancement Percentage (calculated for this purpose after giving effect
          to
          payments or other recoveries in respect of the Mortgage Loans during the
          related
          Collection Period but before giving effect to distributions on the Certificates
          on such Distribution Date) is greater than or equal to 46.40%.

         

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

         

        Subordinate
          Certificate:
          Any
          Class M Certificate or Class B Certificate.

         

        Subordinate
          Maximum Interest Rate:
          For (i)
          the Group 1 Senior Certificates, with respect to each Distribution Date
          after
          the Distribution Date on which the aggregate Class Principal Amount of
          the Group
          2 Senior Certificates has been reduced to zero; (ii) the Group 2 Senior
          Certificates, with respect to each Distribution Date after the Distribution
          Date
          on which the Class Principal Amount of the Group 1 Senior Certificates
          has been
          reduced to zero; and (iii) the Subordinate Certificates, the weighted average
          of
          the Pool 1 Maximum Interest Rate and the Pool 2 Maximum Interest Rate for
          such
          Distribution Date, weighted on the basis of (i) in the case of any Distribution
          Date on or before the date on which the aggregate Class Principal Amount
          of the
          Senior Certificates relating to any Mortgage Pool has been reduced to zero,
          the
          Pool Subordinate Amount for each Mortgage Pool and (ii) for any Distribution
          Date thereafter, such weighting shall be on the basis of the Pool Balance
          of
          each Mortgage Pool.

         

        
          
            
            

          

          
            57

            
              

            

          

          
            
            

          

        

        Subordinate
          Net Funds Cap:
          With
          respect to any Distribution Date, an amount equal to the weighted average
          of the
          Pool 1 Net Funds Cap and the Pool 2 Net Funds Cap, weighted on the basis
          of the
          Pool Subordinate Amount for each Mortgage Pool; provided,
          however,
          that on
          any Distribution Date after which the aggregate Class Principal Amount
          of the
          Senior Certificates relating to either Mortgage Pool has been reduced to
          zero,
          such weighting shall be on the basis of the Pool Balance of each Mortgage
          Pool.

         

        Subordinate
          Priority:
          To the
          Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class
          M8,
          Class M9, Class B1 and Class B2 Certificates, sequentially, in that
          order.

         

        Subsequent
          Recovery:
          Any
          amount recovered by the Servicer or the Master Servicer with respect to
          a
          Liquidated Mortgage Loan with respect to which a Realized Loss was incurred
          after the liquidation or disposition of such Mortgage Loan.

         

        Subservicer:
          Any
          Person that (i) is considered to be a Servicing Function Participant, (ii)
          services the Mortgage Loans on behalf of the Servicer or Additional Servicer,
          and (iii) is responsible for the performance (whether directly or through
          subservicers or Subcontractors) of Servicing functions required to be performed
          under this Agreement, the Servicing Agreement or any subservicing agreement
          that
          is identified in Item 1122(d) of Regulation AB.

         

        Substitution
          Amount:
          The
          amount, if any, by which the Scheduled Principal Balance of a Deleted Mortgage
          Loan exceeds the Scheduled Principal Balance of the related Qualifying
          Substitute Mortgage Loan, or aggregate Scheduled Principal Balance, if
          applicable, plus
          unpaid
          interest thereon, any related unpaid Advances or Servicing Advances or
          unpaid
          Servicing Fees and the amount of any costs and damages incurred by the
          Trust
          Fund associated with a violation of any applicable federal, state or local
          predatory or abusive lending law in connection with the origination of
          such
          Deleted Mortgage Loan.

         

        Supplemental
          Interest Trust:
          The
          corpus of a trust created pursuant to Section 5.07 of this Agreement and
          designated as the “Supplemental Interest Trust,” consisting of the Swap
          Agreement, the Swap Account, the Interest Rate Cap Agreement, the Interest
          Rate
          Cap Account, the right to receive the Class X Distributable Amount as provided
          in Section 5.02(f)(vi), the Class LT4-I interest in REMIC 4 and the right
          to
          receive Class I Shortfalls.

         

        Swap
          Account:
          The
          account created pursuant to Section 5.07(a) of this Agreement.

         

        Swap
          Agreement:
          The
          interest rate swap agreement (Ref. Ids: 53284789N/447987288) dated August
          30,
          2007 entered into by the Trustee on behalf of the Supplemental Interest
          Trust
          and the Swap Counterparty, which agreement provides for, among other things,
          a
          Net Swap Payment to be paid, commencing with the Distribution Date in October
          2007 and ending with the Distribution Date in August 2013, but subject
          to the
          conditions provided therein, together with any schedules, confirmations,
          Credit
          Support Annex or other agreements relating thereto, attached hereto as
          Exhibit
          O.

         

        Swap
          Amount:
          With
          respect to each Distribution Date and the related Swap Payment Date, the
          sum of
          any Net Swap Payment and any Swap Termination Payment deposited into the
          Swap
          Account.

         

        
          
            
            

          

          
            58

            
              

            

          

          
            
            

          

        

        Swap
          Counterparty:
          The
          counterparty to the Supplemental Interest Trust under the Swap Agreement,
          and
          any successor in interest or assigns. Initially, the Swap Counterparty
          shall be
          Credit Suisse International.

         

        Swap
          Counterparty Trigger Event:
          A Swap
          Counterparty Trigger Event shall have occurred if any of a Swap Default
          with
          respect to which the Swap Counterparty is a Defaulting Party, a Termination
          Event (other than a Termination Event of Illegality or Tax Event as such
          terms
          are defined in the Swap Agreement) with respect to which the Swap Counterparty
          is the sole Affected Party or an Additional Termination Event with respect
          to
          which the Swap Counterparty is the sole Affected Party has
          occurred.

         

        Swap
          Default:
          Any of
          the circumstances constituting an “Event of Default” under the Swap
          Agreement.

         

        Swap
          LIBOR:
          With
          respect to any Distribution Date (and the related Swap Payment Date and
          the
          Accrual Period relating to such Distribution Date), the product of (i)
          the
          Floating Rate Option (as defined in the Swap Agreement) for the related
          Swap
          Payment Date, as calculated by the Swap Counterparty and furnished to the
          Securities Administrator, (ii) two, and (iii) the quotient of (a) the actual
          number of days in the Accrual Period for the LIBOR Certificates and (b)
          30.

         

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

         

        Swap
          Replacement Receipts:
          As
          defined in Section 5.09.

         

        Swap
          Replacement Receipts Account:
          As
          defined in Section 5.09.

         

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

         

        Swap
          Termination Receipts:
          As
          defined in Section 5.09.

         

        Swap
          Termination Receipts Account:
          As
          defined in Section 5.09.

         

        Target
          Amount:
          With
          respect to any Distribution Date, an amount equal to the Aggregate Pool
          Balance
          for such Distribution Date minus
          the
          Targeted Overcollateralization Amount for such Distribution Date.

         

        Targeted
          Overcollateralization Amount:
          For any
          Distribution Date prior to the Stepdown Date, an amount equal to $17,280,319.34
          (or approximately 3.80% of the Cut-off Date Balance). For any Distribution
          Date
          on or after the Stepdown Date and provided a Trigger Event is not in effect,
          an
          amount equal to the greater of (i) the lesser of (a) $17,280,319.34 (or
          approximately 3.80% of the Cut-off Date Balance) and (b) 7.60% of the Aggregate
          Pool Balance for such Distribution Date determined as of the last day of
          the
          related Collection Period (after giving effect to any Principal Prepayments
          received during the related Prepayment Period) and (ii) the
          Overcollateralization Floor. With respect to any Distribution Date on or
          after
          the Stepdown Date and provided a Trigger Event is in effect, an amount
          equal to
          the Targeted Overcollateralization Amount for the immediately preceding
          Distribution Date.

         

        
          
            
            

          

          
            59

            
              

            

          

          
            
            

          

        

        Tax
          Matters Person:
          The
“tax matters person” as specified in the REMIC Provisions.

         

        Termination
          Event:
          As
          defined in the Swap Agreement.

         

        Termination
          Price:
          As
          defined in Section 7.01.

         

        Title
          Insurance Policy:
          A title
          insurance policy maintained with respect to a Mortgage Loan.

         

        Total
          Distribution Amount:
          With
          respect to any Distribution Date, the sum of (i) the aggregate of the Interest
          Remittance Amounts for such date, (ii) the aggregate of the Principal Remittance
          Amounts for such date and (iii) all Prepayment Premiums collected during
          the
          related Prepayment Period.

         

        Transfer
          Agreement:
          As
          defined in the Mortgage Loan Sale Agreement.

         

        Transferor:
          Wells
          Fargo Bank, N.A., as seller of the Mortgage Loans to the Bank pursuant
          to the
          Transfer Agreement.

         

        Trigger
          Event:
          A
          Trigger Event shall have occurred with respect to any Distribution Date
          if
          either a Delinquency Event or a Cumulative Loss Trigger Event is in effect
          for
          such Distribution Date.

         

        Trust
          Fund:
          The
          corpus of the Structured Asset Securities Corporation Mortgage Loan Trust
          2007-WF2 created pursuant to this Agreement, consisting of the Mortgage
          Loans,
          the assignment of the Depositor’s rights under the Transfer Agreement, the
          Mortgage Loan Sale Agreement and the Servicing Agreement, such amounts
          as shall
          from time to time be held in the Collection Account, the Securities
          Administration Account, the Certificate Account, the Custodial Account
          and any
          Escrow Account, the Basis Risk Reserve Fund, the Insurance Policies, any
          REO
          Property and the other items referred to in, and conveyed to the Trustee
          under,
          Section 2.01(a).

         

        Trust
          Fund Termination Event:
          As
          defined in Section 7.01(a).

         

        Trustee:
          U.S.
          Bank National Association, not in its individual capacity but solely as
          Trustee,
          or any successor in interest, or if any successor trustee shall be appointed
          as
          herein provided, then such successor in interest or successor trustee,
          as the
          case may be.

         

        Trustee
          Fee:
          A fixed
          annual fee of $3,500, which is paid first,
          by the
          Securities Administrator pursuant to Section 6.12, second,
          to the
          extent not paid under first,
          from
          income and earnings on the amounts on deposit in the Securities Administration
          Account as provided in Section 4.05(f) and third,
          to the
          extent not paid under first
          or
second,
          from
          income and earnings on the amounts on deposit in the Certificate Account
          as
          provided in Section 4.04(c).

         

        
          
            
            

          

          
            60

            
              

            

          

          
            
            

          

        

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

         

        Underwriter:
          Lehman
          Brothers Inc.

         

        Underwriter’s
          Exemption:
          Prohibited Transaction Exemption 2007-5, (72 Fed. Reg. 13130, March 20,
          2007),
          as amended (or any successor thereto), or any substantially similar
          administrative exemption granted by the U.S. Department of Labor.

         

        Unpaid
          Basis Risk Shortfall:
          With
          respect to any Distribution Date and any LIBOR Certificate, the aggregate
          of all
          Basis Risk Shortfalls with respect to such Certificate remaining unpaid
          from
          previous Distribution Dates, plus interest accrued thereon for the related
          Accrual Period at the applicable Certificate Interest Rate (calculated
          without
          giving effect to the applicable Net Funds Cap) but limited to a rate no
          greater
          than the applicable Maximum Interest Rate.

         

        Upper
          Tier REMIC:
          REMIC
          4.

         

        Voting
          Interests:
          The
          portion of the voting rights of all the Certificates that is allocated
          to any
          Certificate for purposes of the voting provisions of this Agreement. At
          all
          times during the term of this Agreement, 97.00% of all Voting Interests
          shall be
          allocated to the LIBOR Certificates. Voting Interests shall be allocated
          among
          the Classes of LIBOR Certificates based on the product of (i) 97.00% and
          (ii)
          the fraction, expressed as a percentage, the numerator of which is the
          aggregate
          Certificate Principal Amount of all Certificates of that Class then outstanding
          and the denominator of which is the aggregate Class Principal Amount of
          all
          Certificates then outstanding. At all times during the term of this Agreement,
          1% of all Voting Interests shall be allocated to each of the Class P, Class
          R
          and Class X Certificates while they remain outstanding. Voting Interests
          shall
          be allocated among the other Classes of Certificates (and among the Certificates
          within each such Class) in proportion to their Class Principal Amounts
          (or
          Certificate Principal Amounts) or Percentage Interests. In the case of
          the
          purchase by the Master Servicer of the Lower Tier REMIC 1 Uncertificated
          Regular
          Interests pursuant to a Section 7.01(c) Purchase Event, the LTURI-holder
          shall
          be allocated 100% of the Voting Interests and upon such purchase any provision
          in this Agreement which requires a vote by, a direction or notice given
          by, an
          action taken by, a request in writing by or the consent of, any percentage
          of
          the Holders of the Certificates or any Class of Certificates may be exercised
          by
          the LTURI-holder.

         

        Wells
          Fargo:
          Wells
          Fargo Bank, N.A.

         

        Section
          1.02. Calculations
          Respecting Mortgage Loans. 

         

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

         

        
          
            
            

          

          
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        Section
          1.03. Calculations
          Respecting Accrued Interest. 

         

        Accrued
          interest, if any, on any LIBOR Certificate shall be calculated based upon
          a
          360-day year and the actual number of days in each Accrual Period. Accrued
          interest on the Class X Certificate and any Class of Lower Tier Interest
          shall
          be calculated based upon a 360-day year consisting of twelve 30-day months.
          

         

        
          
            
            

          

          
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        ARTICLE
          II

         

        DECLARATION
          OF TRUST;

        ISSUANCE
          OF CERTIFICATES

         

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

         

        (a) Concurrently
          with the execution and delivery of this Agreement, the Depositor does hereby
          transfer, assign, set over, deposit with and otherwise convey to the Trustee,
          without recourse, subject to Sections 2.02, 2.04, 2.05 and 2.06, in trust,
          all
          the right, title and interest of the Depositor in and to the Mortgage Loans.
          Such conveyance includes, without limitation, the right to all payments
          of
          principal and interest received on or with respect to the Mortgage Loans
          on and
          after the Cut-off Date (other than payments of principal and interest due
          on or
          before such date), and all such payments due after such date but received
          prior
          to such date and intended by the related Mortgagors to be applied after
          such
          date together with all of the Depositor’s right, title and interest in and to
          the Collection Account and all amounts from time to time credited to and
          the
          proceeds of the Collection Account, the Certificate Account and all amounts
          from
          time to time credited to and the proceeds of the Certificate Account, the
          Securities Administration Account and all amounts from time to time credited
          to
          and the proceeds of the Securities Administration Account (exclusive of
          investment earnings thereon), any Custodial Accounts and all amounts from
          time
          to time credited to and the proceeds of the Custodial Accounts, any Escrow
          Account established pursuant to Section 9.06 and any Basis Risk Reserve
          Fund
          established pursuant to Section 5.06 and all amounts from time to time
          credited
          to and the proceeds of each such account, any REO Property and the proceeds
          thereof, the Depositor’s rights under any Insurance Policies related to the
          Mortgage Loans, the Depositor’s security interest in any collateral pledged to
          secure the Mortgage Loans, including the Mortgaged Properties and any Additional
          Collateral, and any proceeds of the foregoing, to have and to hold, in
          trust;
          and the Trustee declares that, subject to the review provided for in Section
          2.02, it has received and shall hold the Trust Fund, as trustee, in trust,
          for
          the benefit and use of the Holders of the Certificates and for the purposes
          and
          subject to the terms and conditions set forth in this Agreement, and,
          concurrently with such receipt, has caused to be executed, authenticated
          and
          delivered to or upon the order of the Depositor, in exchange for the Trust
          Fund,
          Certificates in the authorized denominations evidencing the entire ownership
          of
          the Trust Fund.

         

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

         

        
          
            
            

          

          
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        Concurrently
          with the execution and delivery of this Agreement, the Depositor does hereby
          assign to the Trustee all of its rights and interest under the Mortgage
          Loan
          Sale Agreement, including all rights of the Seller under the Servicing
          Agreement
          and the Transfer Agreement (including the right to enforce the Transferor’s
          obligation to repurchase First Payment Default Mortgage Loans pursuant
          to the
          related Commitment Letter) but
          only
          to the extent assigned under the Mortgage Loan Sale Agreement. The Trustee
          hereby accepts such assignment, and shall be entitled to exercise all the
          rights
          of the Depositor under the Mortgage Loan Sale Agreement as if, for such
          purpose,
          it were the Depositor.

         

        It
          is
          agreed and understood by the Depositor and the Trustee (and the Seller
          has so
          represented and recognized in the Mortgage Loan Sale Agreement) that it
          is not
          intended that any Mortgage Loan to be included in the Trust Fund be (i)
          a
“High-Cost Home Loan” as defined in the New Jersey Home Ownership Act effective
          November 27, 2003, (ii) a “High-Cost Home Loan” as defined in the New Mexico
          Home Loan Protection Act effective January 1, 2004, (iii) a “High-Cost Home
          Mortgage Loan” as defined in the Massachusetts Predatory Home Loan Practices Act
          effective November 7, 2004 or (iv) a “High Cost Home Loan” as defined in the
          Indiana Home Loan Practices Act effective January 1, 2005.

         

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

         

        The
          Depositor shall have the right to receive any and all loan-level information
          regarding the characteristics and performance of the Mortgage Loans upon
          request, and to publish, disseminate or otherwise utilize such information
          in
          its discretion, subject to applicable laws and regulations.

         

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

         

        (i) with
          respect to each Mortgage Loan, the original Mortgage Note endorsed without
          recourse in proper form to the order of the Trustee, or in blank (in each
          case,
          with all necessary intervening endorsements, as applicable) or with respect
          to
          any lost Mortgage Note, a lost note affidavit stating that the original
          Mortgage
          Note was lost, misplaced or destroyed, together with a copy of the related
          Mortgage Note;

         

        (ii) the
          original of any guarantee executed in connection with the Mortgage Note,
          assigned to the Trustee;

         

        (iii) the
          original of each assumption, modification or substitution agreement, if
          any,
          relating to the Mortgage Loans, or, as to any assumption, modification
          or
          substitution agreement which cannot be delivered on or prior to the Closing
          Date
          because of a delay caused by the public recording office where such assumption,
          modification or substitution agreement has been delivered for recordation,
          a
          photocopy of such assumption, modification or substitution agreement, pending
          delivery of the original thereof, together with an Officer’s Certificate of the
          Depositor certifying that the copy of such assumption, modification or
          substitution agreement delivered to the Trustee (or to the Custodian) is
          a true
          copy and that the original of such agreement has been forwarded to the
          public
          recording office; and

         

        
          
            
            

          

          
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        (iv) with
          respect to each Non-MERS Mortgage Loan other than a Cooperative Loan, an
          original Assignment of Mortgage, in form and substance acceptable for recording.
          The Mortgage shall be assigned either (A) in blank, without recourse or
          (B) to
“U.S. Bank National Association, as Trustee of the Structured Asset Securities
          Corporation Mortgage Loan Trust 2007-WF2,” without recourse.

         

        (c) Pursuant
          to the Servicing Agreement, the Servicer will hold the Retained Mortgage
          Files
          in trust for the benefit of the Trustee. The possession of each Retained
          Mortgage File held by the Servicer is in a custodial capacity only. Within
          60
          days of the occurrence of a Document Transfer Event, the Servicer shall,
          pursuant to Section 2.01 of the Servicing Agreement, deliver or cause to
          be
          delivered to and deposited with the Trustee or to the corporate trust services
          division of the Custodian the Retained Mortgage Files consisting of the
          following additional items, as applicable: 

         

        (i) with
          respect to any Mortgage Loan other than a Cooperative Loan, the original
          recorded Mortgage with evidence of recording indicated thereon and the
          original
          recorded power of attorney, with evidence of recording thereon. If, in
          connection with any Mortgage Loan, the Depositor cannot deliver the Mortgage
          or
          power of attorney with evidence of recording thereon on or prior to the
          Closing
          Date because of a delay caused by the public recording office where such
          Mortgage has been delivered for recordation or because such Mortgage or
          power of
          attorney has been lost, the Depositor shall deliver or cause to be delivered
          to
          the Trustee (or the Custodian), in the case of a delay due to recording,
          a true
          copy of such Mortgage or power of attorney, pending delivery of the original
          thereof, together with an Officer’s Certificate of the Depositor certifying that
          the copy of such Mortgage or power of attorney delivered to the Trustee
          (or the
          Custodian) is a true copy and that the original of such Mortgage or power
          of
          attorney has been forwarded to the public recording office, or, in the
          case of a
          Mortgage or power of attorney that has been lost, a copy thereof (certified
          as
          provided for under the laws of the appropriate jurisdiction) and a written
          Opinion of Counsel acceptable to the Trustee and the Depositor that an
          original
          recorded Mortgage or power of attorney is not required to enforce the Trustee’s
          interest in the Mortgage Loan;

         

        (ii) if
          applicable, such original intervening assignments of the Mortgage, notice
          of
          transfer or equivalent instrument (each, an “Intervening Assignment”), as may be
          necessary to show a complete chain of assignment from the originator or,
          in the
          case of an Intervening Assignment that has been lost, a written Opinion
          of
          Counsel acceptable to the Trustee and any NIMS Insurer that such original
          Intervening Assignment is not required to enforce the Trustee’s interest in the
          Mortgage Loan;

         

        (iii) with
          respect to any Mortgage Loan other than a Cooperative Loan, the original
          mortgagee title insurance policy (or, in lieu thereof, a commitment to
          issue
          such title insurance policy, with an original or certified copy of such
          title
          insurance policy to follow as soon after the Closing Date as reasonably
          practicable) or attorney’s opinion of title and abstract of title;

         

        
          
            
            

          

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

         

        (v) the
          original of any security agreement, chattel mortgage or equivalent instrument
          executed in connection with the Mortgage or as to any security agreement,
          chattel mortgage or their equivalent instrument that cannot be delivered
          on or
          prior to the Closing Date because of a delay caused by the public recording
          office where such document has been delivered for recordation, a photocopy
          of
          such document, pending delivery of the original thereof, together with
          an
          Officer’s Certificate of the Depositor certifying that the copy of such security
          agreement, chattel mortgage or their equivalent instrument delivered to
          the
          Trustee (or the Custodian) is a true copy and that the original of such
          document
          has been forwarded to the public recording office;

         

        (vi) with
          respect to any Cooperative Loan, the Cooperative Loan Documents;
          and

         

        (vii) with
          respect to any manufactured housing contract, any related manufactured
          housing
          sales contract, installment loan agreement or participation
          interest.

         

        The
          parties hereto acknowledge and agree that the form of endorsement attached
          hereto as Exhibit B-4 is intended to effect the transfer to the Trustee,
          for the
          benefit of the Certificateholders, of the Mortgage Notes.

         

        (d) i) Assignments
          of Mortgage with respect to each Non-MERS Mortgage Loan other than a Cooperative
          Loan shall be recorded; provided,
          however,
          that
          such Assignments need not be recorded if, on or prior to the Closing Date,
          the
          Depositor delivers, at its own expense, an Opinion of Counsel addressed
          to the
          Trustee (which must be Independent counsel) acceptable to the Trustee and
          the
          Rating Agencies, to the effect that recording in such states is not required
          to
          protect the Trustee’s interest in the related Non-MERS Mortgage Loans;
provided,
          further,
          that
          notwithstanding the delivery of any Opinion of Counsel, the Master Servicer
          shall direct the Servicer to submit each Assignment of Mortgage for recording
          upon the occurrence of a bankruptcy, insolvency or foreclosure relating
          to the
          Mortgagor under the related Mortgage. Subject to the preceding sentence,
          as soon
          as practicable after the Closing Date (but in no event more than three
          months
          thereafter except to the extent delays are caused by the applicable recording
          office), the Master Servicer, at the expense of the Depositor and with
          the
          cooperation of the Servicer, shall direct the Servicer to properly record
          in
          each public recording office where the related Mortgages are recorded each
          Assignment of Mortgage referred to in subsection (b)(iv) above with respect
          to
          each Non-MERS Mortgage Loan. 

         

        (ii) With
          respect to each MERS Mortgage Loan, the Master Servicer shall direct the
          Servicer, at the expense of the Depositor, to take such actions as are
          necessary
          to cause the Trustee to be clearly identified as the owner of each such
          Mortgage
          Loan on the records of MERS for purposes of the system of recording transfers
          of
          beneficial ownership of mortgages maintained by MERS. With respect to each
          Cooperative Loan, the Master Servicer, at the expense of the Depositor
          and with
          the cooperation of the Servicer, shall direct the Servicer to take such
          actions
          as are necessary under applicable law in order to perfect the interest
          of the
          Trustee in the related Mortgaged Property.

         

        
          
            
            

          

          
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        (e) In
          instances where a Title Insurance Policy is required to be delivered to
          the
          Trustee or the Custodian on behalf of the Trustee under clause (c)(iii)
          above
          and is not so delivered, the Depositor will provide a copy of such Title
          Insurance Policy to the Trustee, or to the Custodian on behalf of the Trustee,
          as promptly as practicable after the execution and delivery hereof, but
          in any
          case within 180 days of the Closing Date.

         

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

         

        (g) The
          issuing entity is hereby named “Structured Asset Securities Corporation Mortgage
          Loan Trust 2007-WF2”.

         

        Section
          2.02. Acceptance
          of Trust Fund by Trustee: Review of Documentation for Trust
          Fund.

         

        (a) The
          Trustee, by execution and delivery hereof, acknowledges receipt by it or
          by the
          Custodian on its behalf of the Mortgage Files pertaining to the Mortgage
          Loans
          listed on the Mortgage Loan Schedule, subject to review thereof by the
          Trustee,
          or by the Custodian on behalf of the Trustee, under this Section 2.02.
          The
          Trustee, or the Custodian on behalf of the Trustee, will execute and deliver
          to
          the Depositor, the Master Servicer, the Servicer, the Trustee and any NIMS
          Insurer on the Closing Date an Initial Certification in the form annexed
          hereto
          as Exhibit B-1 (or in the form annexed to the Custodial Agreement as Exhibit
          B-1, as applicable).

         

        (b) Within
          45
          days after the Closing Date, the Trustee or the Custodian on behalf of
          the
          Trustee, will, for the benefit of Holders of the Certificates, review each
          Mortgage File to ascertain that all required documents set forth in Section
          2.01
          have been received and appear on their face to contain the requisite signatures
          by or on behalf of the respective parties thereto, and shall deliver to
          the
          Trustee, the Depositor, the Servicer, the Master Servicer and any NIMS
          Insurer
          an Interim Certification in the form annexed hereto as Exhibit B-2 (or
          in the
          form annexed to the Custodial Agreement as Exhibit B-2, as applicable)
          to the
          effect that, as to each Mortgage Loan listed in the Mortgage Loan Schedule
          (other than any Mortgage Loan prepaid in full or any Mortgage Loan specifically
          identified in such certification as not covered by such certification),
          (i) all
          of the applicable documents specified in Section 2.01(c) are in its possession
          and (ii) such documents have been reviewed by it and appear to relate to
          such
          Mortgage Loan. The Trustee, or the Custodian on behalf of the Trustee,
          shall
          determine whether such documents are executed and endorsed, but shall be
          under
          no duty or obligation to inspect, review or examine any such documents,
          instruments, certificates or other papers to determine that the same are
          valid,
          binding, legally effective, properly endorsed, genuine, enforceable or
          appropriate for the represented purpose or that they have actually been
          recorded
          or are in recordable form or that they are other than what they purport
          to be on
          their face. Neither the Trustee nor the Custodian shall have any responsibility
          for verifying the genuineness or the legal effectiveness of or authority
          for any
          signatures of or on behalf of any party or endorser.

         

        
          
            
            

          

          
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        (c) If
          in the
          course of the review described in paragraph (b) above the Trustee or the
          Custodian discovers any document or documents constituting a part of a
          Mortgage
          File that is missing, does not appear regular on its face (i.e.,
          is
          mutilated, damaged, defaced, torn or otherwise physically altered) or appears
          to
          be unrelated to the Mortgage Loans identified in the Mortgage Loan Schedule
          (each, a “Material Defect”), the Trustee, or the Custodian on behalf of the
          Trustee, discovering such Material Defect shall promptly identify the Mortgage
          Loan to which such Material Defect relates in the Interim Certification
          delivered to the Depositor, the Trustee and the Master Servicer. Within
          90 days
          of its receipt of such notice, the Transferor, or, if the Transferor does
          not do
          so, the Depositor shall be required to cure such Material Defect (and,
          in such
          event, the Depositor shall provide the Trustee with an Officer’s Certificate
          confirming that such cure has been effected). If the Transferor or the
          Depositor, as applicable, does not so cure such Material Defect, the Transferor,
          or, if the Transferor does not do so, the Depositor, shall, if a loss has
          been
          incurred with respect to such Mortgage Loan that would, if such Mortgage
          Loan
          were not purchased from the Trust Fund, constitute a Realized Loss, and
          such
          loss is attributable to the failure of the Depositor to cure such Material
          Defect, repurchase the related Mortgage Loan from the Trust Fund at the
          Purchase
          Price. A loss shall be deemed to be attributable to the failure of the
          Depositor
          to cure a Material Defect if, as determined by the Depositor, upon mutual
          agreement with the Trustee each acting in good faith, absent such Material
          Defect, such loss would not have been incurred. Within the two-year period
          following the Closing Date, the Depositor may, in lieu of repurchasing
          a
          Mortgage Loan pursuant to this Section 2.02, substitute for such Mortgage
          Loan a
          Qualifying Substitute Mortgage Loan subject to the provisions of Section
          2.05.
          The failure of the Trustee or the Custodian to give the notice contemplated
          herein within 45 days after the Closing Date shall not affect or relieve
          the
          Depositor of its obligation to repurchase any Mortgage Loan pursuant to
          this
          Section 2.02 or any other Section of this Agreement requiring the repurchase
          of
          Mortgage Loans from the Trust Fund.

         

        (d) Within
          180 days following the Closing Date, the Trustee, or the Custodian, shall
          deliver to the Trustee, the Depositor, the Master Servicer, the Servicer
          and any
          NIMS Insurer a Final Certification substantially in the form attached as
          Exhibit
          B-3 (or in the form annexed to the Custodial Agreement as Exhibit B-3,
          as
          applicable) evidencing the completeness of the Mortgage Files in its possession
          or control, with any exceptions noted thereto.

         

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

         

        (f) Each
          of
          the parties hereto acknowledges that the Custodian shall perform the applicable
          review of the Mortgage Loans and respective certifications thereof as provided
          in this Section 2.02 and the Custodial Agreement. The Trustee, solely in
          its
          capacity as Trustee hereunder, is hereby authorized and directed by the
          Depositor to appoint the Custodian and to execute and deliver the Custodial
          Agreement.

         

        
          
            
            

          

          
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        (g) Upon
          execution of this Agreement, the Depositor hereby delivers to the Trustee
          and
          the Trustee acknowledges receipt of the Mortgage Loan Sale Agreement and
          the
          Servicing Agreement. The Depositor hereby directs the Trustee, solely in
          its
          capacity as Trustee hereunder, to execute and deliver, concurrently with
          the
          execution and delivery of this Agreement, the Servicing Agreement.

         

        Section
          2.03. Representations
          and Warranties of the Depositor. 

         

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

         

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

         

        (ii) the
          execution and delivery by the Depositor of this Agreement have been duly
          authorized by all necessary corporate action on the part of the Depositor;
          none
          of the execution and delivery of this Agreement, the consummation of the
          transactions herein contemplated, or the compliance with the provisions
          hereof,
          will conflict with or result in a breach of, or constitute a default under,
          any
          of the provisions of any law, governmental rule, regulation, judgment,
          decree or
          order binding on the Depositor or its properties or the certificate of
          incorporation or bylaws of the Depositor;

         

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

         

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

         

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

         

        
          
            
            

          

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

         

        (b) The
          representations and warranties of the Transferor with respect to the related
          Mortgage Loans in the Transfer Agreement, which have been assigned to the
          Trustee hereunder, were made as of the date specified in the Transfer Agreement
          (or underlying agreement, if such Transfer Agreement is in the form of
          an
          assignment of a prior agreement). To the extent that any fact, condition
          or
          event with respect to a Mortgage Loan constitutes a breach of both (i) a
          representation or warranty of the Transferor under the Transfer Agreement
          and
          (ii) a representation or warranty of the Seller under the Mortgage Loan
          Sale
          Agreement, the only right or remedy of the Trustee, any Certificateholder
          or any
          NIMS Insurer hereunder shall be their rights to enforce the obligations
          of the
          Transferor under any applicable representation or warranty made by it.
          The
          Trustee acknowledges that except as otherwise provided in the Mortgage
          Loan Sale
          Agreement, the Seller shall not have any obligation or liability with respect
          to
          any breach of a representation or warranty made by it with respect to the
          Mortgage Loans sold by it if the fact, condition or event constituting
          such
          breach also constitutes a breach of a representation or warranty made by
          the
          Transferor in the Transfer Agreement without regard to whether the Transferor
          fulfills its contractual obligations in respect of such representation
          or
          warranty. The Trustee further acknowledges that the Depositor shall have
          no
          obligation or liability with respect to any breach of any representation
          or
          warranty with respect to the Mortgage Loans (except as set forth in Section
          2.03(a)(vi)) under any circumstances. 

         

        Section
          2.04. Discovery
          of Breach. 

         

        It
          is
          understood and agreed that the representations and warranties (i) of the
          Depositor set forth in Section 2.03, (ii) of the Seller set forth in the
          Mortgage Loan Sale Agreement and assigned to the Depositor by the Seller
          under
          the Mortgage Loan Sale Agreement and to the Trustee by the Depositor hereunder
          and (iii) of the Transferor and of the Servicer assigned by the Seller
          to the
          Depositor pursuant to the Mortgage Loan Sale Agreement and assigned to
          the
          Trustee by the Depositor hereunder, shall each survive delivery of the
          Mortgage
          Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee
          and
          shall continue throughout the term of this Agreement. Upon discovery by
          any of
          the Depositor, the Master Servicer, the Securities Administrator or the
          Trustee
          of a breach of any of such representations and warranties that adversely
          and
          materially affects the value of the related Mortgage Loan, the party discovering
          such breach shall give prompt written notice to the other parties; provided,
          to
          the extent that knowledge of such breach with respect to any Mortgage Loan
          is
          known by any officer, director, employee or agent of Aurora acting in any
          capacity other than as Master Servicer hereunder, the Master Servicer shall
          not
          be deemed to have knowledge of any such breach until an officer of the
          Master
          Servicer has actual knowledge thereof. Within 90 days of the discovery
          of a
          breach of any representation or warranty given to the Trustee by the Depositor
          or given by the Transferor or the Seller and assigned to the Trustee, the
          Depositor, the Transferor or the Seller, as applicable, shall either (a)
          cure
          such breach in all material respects, (b) repurchase such Mortgage Loan
          or any
          property acquired in respect thereof from the Trustee at the Purchase Price
          (or
          in the case of a First Payment Default Mortgage Loan, the FPD Purchase
          Price
          (excluding any FPD Premium)) or (c) within the two-year period following
          the
          Closing Date, substitute a Qualifying Substitute Mortgage Loan for the
          affected
          Mortgage Loan. Upon discovery by any of the Depositor, the Trustee or the
          Master
          Servicer of a breach of any representation and warranty of the Transferor
          assigned to the Trustee, the party discovering such breach shall give prompt
          written notice to the other parties and the Trustee shall enforce its rights
          under the Transfer Agreement and the Mortgage Loan Sale Agreement for the
          benefit of Certificateholders and any NIMS Insurer. As provided in the
          Mortgage
          Loan Sale Agreement, if the Transferor substitutes a mortgage loan for
          a Deleted
          Mortgage Loan pursuant to the Transfer Agreement and such substitute mortgage
          loan is not a Qualifying Substitute Mortgage Loan, then pursuant to the
          terms of
          the Mortgage Loan Sale Agreement the Seller will, in exchange for such
          substitute mortgage loan, (i) pay to the Trust Fund the applicable Purchase
          Price for the affected Mortgage Loan or (ii) within two years of the
          Closing Date, substitute a Qualifying Substitute Mortgage Loan. 

         

        
          
            
            

          

          
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        Section
          2.05. Repurchase,
          Purchase or Substitution of Mortgage Loans. 

         

        (a) With
          respect to any Mortgage Loan repurchased by the Depositor pursuant to this
          Agreement or by the Seller pursuant to the Mortgage Loan Sale Agreement
          or by
          the Transferor pursuant to the Transfer Agreement, the principal portion
          of the
          funds (including the related FPD Purchase Price (excluding any FPD Premium)
          in
          the case of a First Payment Default Mortgage Loan) received by the Trustee
          in
          respect of such repurchase of a Mortgage Loan will be considered a Principal
          Prepayment and the Purchase Price or FPD Purchase Price (excluding any
          FPD
          Premium) shall be deposited in the Certificate Account. The Trustee (i)
          upon
          receipt of the full amount of the Purchase Price for a Deleted Mortgage
          Loan,
          (ii) upon receipt of a written certification from the Master Servicer that
          it
          has received the full amount of the Purchase Price for a Deleted Mortgage
          Loan
          and has deposited such amount in the Collection Account or (iii) upon receipt
          of
          notification from the Custodian that it had received the Mortgage File
          for a
          Qualifying Substitute Mortgage Loan substituted for a Deleted Mortgage
          Loan (and
          any applicable Substitution Amount), shall release or cause to be released
          and
          reassign to the Depositor or the Seller, as applicable, the related Mortgage
          File for the Deleted Mortgage Loan and shall execute and deliver such
          instruments of transfer or assignment, in each case without recourse,
          representation or warranty, as shall be necessary to vest in such party
          or its
          designee or assignee title to any Deleted Mortgage Loan released pursuant
          hereto, free and clear of all security interests, liens and other encumbrances
          created by this Agreement, which instruments shall be prepared by the Servicer,
          and the Trustee shall have no further responsibility with respect to the
          Mortgage File relating to such Deleted Mortgage Loan. The Seller indemnifies
          and
          holds the Trust Fund, the Master Servicer, the Securities Administrator,
          the
          Trustee, the Depositor, any NIMS Insurer and each Certificateholder harmless
          against any and all taxes, claims, losses, penalties, fines, forfeitures,
          reasonable legal fees and related costs, judgments, and any other costs,
          fees
          and expenses that the Trust Fund, the Trustee, the Master Servicer, the
          Securities Administrator, the Depositor, any NIMS Insurer and any
          Certificateholder may sustain in connection with any actions of such Seller
          relating to a repurchase of a Mortgage Loan other than in compliance with
          the
          terms of this Section 2.05 and the Mortgage Loan Sale Agreement, to the
          extent
          that any such action causes an Adverse REMIC Event.

         

        
          
            
            

          

          
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        (b) With
          respect to each Qualifying Substitute Mortgage Loan to be delivered to
          the
          Trustee (or the Custodian) pursuant to the terms of this Article II in
          exchange
          for a Deleted Mortgage Loan: (i) the Depositor, the Transferor or the Seller,
          as
          applicable, must deliver to the Trustee (or the Custodian) the Mortgage
          File for
          the Qualifying Substitute Mortgage Loan containing the documents set forth
          in
          Section 2.01(b) along with a written certification certifying as to the
          delivery
          of such Mortgage File and containing granting language substantially comparable
          to that set forth in the first paragraph of Section 2.01(a); and (ii) the
          Depositor will be deemed to have made, with respect to such Qualifying
          Substitute Mortgage Loan, each of the representations and warranties made
          by it
          with respect to the related Deleted Mortgage Loan. As soon as practicable
          after
          the delivery of any Qualifying Substitute Mortgage Loan hereunder, the
          Master
          Servicer, at the expense of the Depositor and at the direction and with
          the
          cooperation of the Servicer, shall (i) with respect to a Qualifying
          Substitute Mortgage Loan that is a Non-MERS Mortgage Loan, cause the Assignment
          of Mortgage to be recorded by the Servicer if required pursuant to Section
          2.01(d), or (ii) with respect to a Qualifying Substitute Mortgage Loan
          that is a
          MERS Mortgage Loan, cause to be taken such actions as are necessary to
          cause the
          Trustee to be clearly identified as the owner of each such Mortgage Loan
          on the
          records of MERS if required pursuant to Section 2.01(d).

         

        (c) Notwithstanding
          any other provision of this Agreement, the right to substitute Mortgage
          Loans
          pursuant to this Article II shall be subject to the additional limitations
          that
          no substitution of a Qualifying Substitute Mortgage Loan for a Deleted
          Mortgage
          Loan shall be made unless the Trustee and any NIMS Insurer has received
          an
          Opinion of Counsel addressed to the Trustee (at the expense of the party
          seeking
          to make the substitution) that, under current law, such substitution will
          not
          cause an Adverse REMIC Event.

         

        Section
          2.06. Grant
          Clause. 

         

        (a) It
          is
          intended that the conveyance of the Depositor’s right, title and interest in and
          to property constituting the Trust Fund pursuant to this Agreement shall
          constitute, and shall be construed as, a sale of such property and not
          a grant
          of a security interest to secure a loan. However, if such conveyance is
          deemed
          to be in respect of a loan, it is intended that: (1) the rights and obligations
          of the parties shall be established pursuant to the terms of this Agreement;
          (2)
          the Depositor hereby grants to the Trustee for the benefit of the Holders
          of the
          Certificates a first priority security interest to secure repayment of
          an
          obligation in an amount equal to the aggregate Class Principal Amount of
          the
          Certificates (or the aggregate principal balance of the Lower Tier REMIC 1
          Uncertificated Regular Interests, if applicable) in all of the Depositor’s
          right, title and interest in, to and under, whether now owned or hereafter
          acquired, the Trust Fund and the Supplemental Interest Trust and all proceeds
          of
          any and all property constituting the Trust Fund and the Supplemental Interest
          Trust to secure payment of the Certificates or Lower Tier REMIC 1
          Uncertificated Regular Interests, as applicable (such security interest
          being,
          to the extent of the assets that constitute the Supplemental Interest Trust,
          pari
          passu
          with the
          security interest as provided in clause (4) below); (3) this Agreement
          shall
          constitute a security agreement under applicable law; and (4) the Swap
          Counterparty shall be deemed, during the term of such agreement and while
          such
          agreement is the property of the Trustee, to have a security interest in
          all of
          the assets that constitute the Supplemental Interest Trust, but only to
          the
          extent of such Swap Counterparty’s right to payment under the Swap Agreement
          (such security interest being pari
          passu
          with the
          security interest as provided in clause (2) above). If such conveyance
          is deemed
          to be in respect of a loan and the trust created by this Agreement terminates
          prior to the satisfaction of the claims of any Person holding any Certificate
          or
          Lower Tier REMIC 1 Uncertificated Regular Interests, as applicable, the
          security interest created hereby shall continue in full force and effect
          and the
          Trustee shall be deemed to be the collateral agent for the benefit of such
          Person, and all proceeds shall be distributed as herein provided.

         

        
          
            
            

          

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

         

        
          
            
            

          

          
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        ARTICLE
          III

         

        THE
          CERTIFICATES

         

        Section
          3.01. The
          Certificates. 

         

        (a) The
          Certificates shall be issuable in registered form only and shall be securities
          governed by Article 8 of the New York Uniform Commercial Code. The Book-Entry
          Certificates will be evidenced by one or more certificates, beneficial
          ownership
          of which will be held in the dollar denominations in Certificate Principal
          Amount, or in the Percentage Interests, specified herein. Each Class of
          Book-Entry Certificates will be issued in the minimum denominations in
          Certificate Principal Amount specified in the Preliminary Statement hereto
          and
          in integral multiples of $1 in excess thereof. The Class P and Class X
          Certificates shall each be maintained in definitive, fully registered form
          in
          the minimum denomination specified in the Preliminary Statement hereto
          and in
          integral multiples of 1% in excess thereof. Each of the Class LT-R and
          Class R
          Certificate shall be issued as a single Certificate and maintained in
          definitive, fully registered form in a minimum denomination equal to 100%
          of the
          Percentage Interest of each such Class. The Certificates may be issued
          in the
          form of typewritten certificates.

         

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

         

        (c) The
          Class
          M and Class B Certificates offered and sold in reliance on the exemption
          from
          registration under Rule 144A under the Securities Act shall be issued initially
          in the form of one or more permanent global Certificates in definitive,
          fully
          registered form without interest coupons with the applicable legends set forth
          in Exhibit A added to the forms of such Certificates (each, a “Restricted Global
          Security”), which shall be deposited on behalf of the subscribers for such
          Certificates represented thereby with the Trustee, as custodian for DTC
          and
          registered in the name of a nominee of DTC, duly executed and authenticated
          by
          the Trustee as hereinafter provided. The aggregate principal amounts of
          the
          Restricted Global Securities may from time to time be increased or decreased
          by
          adjustments made on the records of the Trustee or DTC or its nominee, as
          the
          case may be, as hereinafter provided.

         

        
          
            
            

          

          
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        (d) The
          Class
          M and Class B Certificates sold in offshore transactions in reliance on
          Regulation S shall be issued initially in the form of one or more permanent
          global Certificates in definitive, fully registered form without interest
          coupons with the applicable legends set forth in Exhibit A hereto added
          to the
          forms of such Certificates (each, a “Regulation S Global Security”), which shall
          be deposited on behalf of the subscribers for such Certificates represented
          thereby with the Trustee, as custodian for DTC and registered in the name
          of a
          nominee of DTC, duly executed and authenticated by the Trustee as hereinafter
          provided. The aggregate principal amounts of the Regulation S Global Securities
          may from time to time be increased or decreased by adjustments made on
          the
          records of the Trustee or DTC or its nominee, as the case may be, as hereinafter
          provided.

         

        (e) The
          Class
          M and Class B Certificates sold to an “accredited investor” under Rule
          501(a)(1), (2), (3) or (7) under the Securities Act shall be issued initially
          in
          the form of one or more Definitive Certificates.

         

        Section
          3.02. Registration.
          

         

        The
          Trustee is hereby appointed, and hereby accepts its appointment as, Certificate
          Registrar in respect of the Certificates (and, after a Section 7.01(c)
          Purchase
          Event, the Lower Tier REMIC 1 Uncertificated Regular Interests) and shall
          maintain books for the registration and for the transfer of Certificates
          (and,
          after a Section 7.01(c) Purchase Event, the Lower Tier REMIC 1
          Uncertificated Regular Interests) (the “Certificate Register”). The Trustee may
          appoint a bank or trust company to act as Certificate Registrar. A registration
          book shall be maintained for the Certificates (and Lower Tier REMIC 1
          Uncertificated Regular Interests, as the case may be) collectively. The
          Certificate Registrar may resign or be discharged or removed and a new
          successor
          may be appointed in accordance with the procedures and requirements set
          forth in
          Sections 6.06 and 6.07 hereof with respect to the resignation, discharge
          or
          removal of the Trustee and the appointment of a successor Trustee. The
          Certificate Registrar may appoint, by a written instrument delivered to
          the
          Holders, any NIMS Insurer and the Master Servicer, any bank or trust company
          to
          act as co-registrar under such conditions as the Certificate Registrar
          may
          prescribe; provided,
          however,
          that the
          Certificate Registrar shall not be relieved of any of its duties or
          responsibilities hereunder by reason of such appointment.

         

        Upon
          the
          occurrence of a Section 7.01(c) Purchase Event, the Master Servicer shall
          provide the Trustee with written notice of the identity of any transferee
          of the
          Master Servicer’s interest in the Lower Tier REMIC 1 Uncertificated Regular
          Interests, which notice shall contain a certification that such transferee
          is a
          permitted LTURI-holder hereunder. The Lower Tier REMIC 1 Uncertificated
          Regular
          Interests may only be transferred in whole and not in part to no more than
          one
          LTURI-holder at a time who is either (1) an affiliate of the Master Servicer
          or
          (2) a trustee of a privately placed securitization. The Trustee and the
          Depositor shall treat the Person in whose name the Lower Tier REMIC 1
          Uncertificated Regular Interests are registered on the books of the Certificate
          Registrar as the LTURI-holder for all purposes hereunder.

         

        Section
          3.03. Transfer
          and Exchange of Certificates. 

         

        
          
            
            

          

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

         

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

         

        (c) By
          acceptance of a Restricted Certificate or a Regulation S Global Security,
          whether upon original issuance or subsequent transfer, each Holder of such
          a
          Certificate acknowledges the restrictions on the transfer of such Certificate
          set forth thereon and agrees that it will transfer such a Certificate only
          as
          provided herein. In addition, each Holder of a Regulation S Global Security
          shall be deemed to have represented and warranted to the Trustee, the
          Certificate Registrar and any of their respective successors that: (i)
          such
          Person is not a U.S. person within the meaning of Regulation S and was,
          at the
          time the buy order was originated, outside the United States and (ii) such
          Person understands that such Certificates have not been registered under
          the
          Securities Act, and that (x) until the expiration of the 40-day distribution
          compliance period (within the meaning of Regulation S), no offer, sale,
          pledge
          or other transfer of such Certificates or any interest therein shall be
          made in
          the United States or to or for the account or benefit of a U.S. person
          (each as
          defined in Regulation S), (y) if in the future it decides to offer, resell,
          pledge or otherwise transfer such Certificates, such Certificates may be
          offered, resold, pledged or otherwise transferred only (A) to a person
          which the
          seller reasonably believes is a “qualified institutional buyer” (a “QIB”) as
          defined in Rule 144A under the Securities Act, that is purchasing such
          Certificates for its own account or for the account of a qualified institutional
          buyer to which notice is given that the transfer is being made in reliance
          on
          Rule 144A under the Securities Act or (B) in an offshore transaction (as
          defined
          in Regulation S) in compliance with the provisions of Regulation S, in
          each case
          in compliance with the requirements of this Agreement; and it will notify
          such
          transferee of the transfer restrictions specified in this Section.

         

        
          
            
            

          

          
            76

            
              

            

          

          
            
            

          

        

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

         

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

         

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

         

        (d) (i) No
          transfer of an ERISA-Restricted Certificate in the form of a Definitive
          Certificate shall be made to any Person unless the Trustee has received
          (A) a
          certificate substantially in the form of Exhibit H hereto (or Exhibit D-1,
          in
          the case of a Residual Certificate) from such transferee or (B) an Opinion
          of
          Counsel satisfactory to the Trustee, to the effect that the purchase and
          holding
          of such a Certificate will not constitute or result in prohibited transactions
          under Title I of ERISA or Section 4975 of the Code and will not subject
          the
          Trustee, the Master Servicer, the Servicer, the Securities Administrator,
          any
          NIMS Insurer or the Depositor to any obligation in addition to those undertaken
          in the Agreement; provided,
          however,
          that the
          Trustee will not require such certificate or opinion in the event that,
          as a
          result of a change of law or otherwise, counsel satisfactory to the Trustee
          has
          rendered an opinion to the effect that the purchase and holding of an
          ERISA-Restricted Certificate by a Plan or a Person that is purchasing or
          holding
          such a Certificate with the assets of a Plan will not constitute or result
          in a
          prohibited transaction under Title I of ERISA or Section 4975 of the Code.
          Each
          Transferee of an ERISA-Restricted Certificate that is a Book-Entry Certificate
          shall be deemed to have made the representations set forth in Exhibit H.
          The
          preparation and delivery of the certificate and opinions referred to above
          shall
          not be an expense of the Trust Fund, the Trustee, the Master Servicer,
          the
          Servicer, the Securities Administrator, any NIMS Insurer or the
          Depositor.

         

        Notwithstanding
          the foregoing, no opinion or certificate shall be required for the initial
          issuance of the ERISA-Restricted Certificates. The Trustee shall have no
          obligation to monitor transfers of Book-Entry Certificates that are
          ERISA-Restricted Certificates and shall have no liability for transfers
          of such
          Certificates in violation of the transfer restrictions. The Trustee shall
          be
          under no liability to any Person for any registration of transfer of any
          ERISA-Restricted Certificate that is in fact not permitted by this Section
          3.03(d) or for making any payments due on such Certificate to the Holder
          thereof
          or taking any other action with respect to such Holder under the provisions
          of
          this Agreement so long as the transfer was registered by the Trustee in
          accordance with the foregoing requirements. The Trustee shall be entitled,
          but
          not obligated, to recover from any Holder of any ERISA-Restricted Certificate
          that was in fact a Plan or a Person acting on behalf of any such Plan any
          payments made on such ERISA-Restricted Certificate at and after either
          such
          time. Any such payments so recovered by the Trustee shall be paid and delivered
          by the Trustee to the last preceding Holder of such Certificate that is
          not such
          a Plan or Person acting on behalf of a Plan.

         

        
          
            
            

          

          
            77

            
              

            

          

          
            
            

          

        

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

         

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

         

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

         

        
          
            
            

          

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

         

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

         

        Prior
          to
          and as a condition of the registration of any transfer, sale or other
          disposition of a Residual Certificate, the proposed transferee shall deliver
          to
          the Trustee or the Certificate Registrar an affidavit in substantially
          the form
          attached hereto as Exhibit D-1 representing and warranting, among other
          things,
          that such transferee is not a Disqualified Organization, an agent or nominee
          acting on behalf of a Disqualified Organization or a Non-Permitted Foreign
          Holder (any such transferee, a “Permitted Transferee”), and the proposed
          transferor shall deliver to the Trustee an affidavit in substantially the
          form
          attached hereto as Exhibit D-2. In addition, the Trustee may (but shall
          have no
          obligation to) require, prior to and as a condition of any such transfer,
          the
          delivery by the proposed transferee of an Opinion of Counsel, addressed
          to the
          Depositor, the Master Servicer, the Securities Administrator, any NIMS
          Insurer
          and the Trustee satisfactory in form and substance to the Depositor, that
          such
          proposed transferee or, if the proposed transferee is an agent or nominee,
          the
          proposed beneficial owner, is not a Disqualified Organization, agent or
          nominee
          thereof, or a Non-Permitted Foreign Holder. Notwithstanding the registration
          in
          the Certificate Register of any transfer, sale, or other disposition of
          a
          Residual Certificate to a Disqualified Organization, an agent or nominee
          thereof, or Non-Permitted Foreign Holder, such registration shall be deemed
          to
          be of no legal force or effect whatsoever and such Disqualified Organization,
          agent or nominee thereof, or Non-Permitted Foreign Holder shall not be
          deemed to
          be a Certificateholder for any purpose hereunder, including, but not limited
          to,
          the receipt of distributions on such Residual Certificate. The Trustee
          shall be
          under no liability to any person for any registration or transfer of a
          Residual
          Certificate to a Disqualified Organization, agent or nominee thereof or
          Non-permitted Foreign Holder or for the maturity of any payments due on
          such
          Residual Certificate to the Holder thereof or for taking any other action
          with
          respect to such Holder under the provisions of the Agreement, so long as
          the
          transfer was effected in accordance with this Section 3.03(f), unless a
          Responsible Officer of the Trustee shall have actual knowledge at the time
          of
          such transfer or the time of such payment or other action that the transferee
          is
          a Disqualified Organization, or an agent or nominee thereof, or Non-permitted
          Foreign Holder. The Trustee shall be entitled, but not obligated, to recover
          from any Holder of a Residual Certificate that was a Disqualified Organization,
          agent or nominee thereof, or Non-permitted Foreign Holder at the time it
          became
          a Holder or any subsequent time it became a Disqualified Organization,
          agent or
          nominee thereof, or Non-permitted Foreign Holder, all payments made on
          such
          Residual Certificate at and after either such times (and all costs and
          expenses,
          including but not limited to attorneys’ fees, incurred in connection therewith).
          Any payment (not including any such costs and expenses) so recovered by
          the
          Trustee shall be paid and delivered to the last preceding Holder of such
          Residual Certificate.

         

        
          
            
            

          

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

         

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

         

        (h) Notwithstanding
          any provision to the contrary herein, so long as a Global Security representing
          any Class M or Class B Certificate remains outstanding and is held by or
          on
          behalf of DTC, transfers of a Global Security representing any such
          Certificates, in whole or in part, shall only be made in accordance with
          Section
          3.01 and this Section 3.03(h).

         

        (i) Subject
          to clauses (ii) and (iii) of this Section 3.03(h), transfers of a Global
          Security representing any Class M or Class B Certificate shall be limited
          to
          transfers of such Global Security, in whole or in part, to nominees of
          DTC or to
          a successor of DTC or such successor’s nominee.

         

        (ii) Restricted
          Global Security to Regulation S Global Security.
          If a
          holder of a beneficial interest in a Restricted Global Security deposited
          with
          or on behalf of DTC wishes at any time to exchange its interest in such
          Restricted Global Security for an interest in a Regulation S Global Security,
          or
          to transfer its interest in such Restricted Global Security to a Person
          who
          wishes to take delivery thereof in the form of an interest in a Regulation
          S
          Global Security, such holder, provided such holder is not a U.S. person,
          may,
          subject to the rules and procedures of DTC, exchange or cause the exchange
          of
          such interest for an equivalent beneficial interest in the Regulation S
          Global
          Security. Upon receipt by the Trustee, as Certificate Registrar, of (I)
          instructions from DTC directing the Trustee, as Certificate Registrar,
          to be
          credited a beneficial interest in a Regulation S Global Security in an
          amount
          equal to the beneficial interest in such Restricted Global Security to
          be
          exchanged but not less than the minimum denomination applicable to such
          holder’s
          Certificates held through a Regulation S Global Security, (II) a written
          order
          given in accordance with DTC’s procedures containing information regarding the
          participant account of DTC and, in the case of a transfer pursuant to and
          in
          accordance with Regulation S, the Euroclear or Clearstream account to be
          credited with such increase and (III) a certificate in the form of Exhibit
          M-1
          hereto given by the holder of such beneficial interest stating that the
          exchange
          or transfer of such interest has been made in compliance with the transfer
          restrictions applicable to the Global Securities, including that the holder
          is
          not a U.S. person, and pursuant to and in accordance with Regulation S,
          the
          Trustee, as Certificate Registrar, shall reduce the principal amount of
          the
          Restricted Global Security and increase the principal amount of the Regulation
          S
          Global Security by the aggregate principal amount of the beneficial interest
          in
          the Restricted Global Security to be exchanged, and shall instruct Euroclear
          or
          Clearstream, as applicable, concurrently with such reduction, to credit
          or cause
          to be credited to the account of the Person specified in such instructions
          a
          beneficial interest in the Regulation S Global Security equal to the reduction
          in the principal amount of the Restricted Global Security.

         

        
          
            
            

          

          
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        (iii) Regulation
          S Global Security to Restricted Global Security.
          If a
          holder of a beneficial interest in a Regulation S Global Security deposited
          with
          or on behalf of DTC wishes at any time to transfer its interest in such
          Regulation S Global Security to a Person who wishes to take delivery thereof
          in
          the form of an interest in a Restricted Global Security, such holder may,
          subject to the rules and procedures of DTC, exchange or cause the exchange
          of
          such interest for an equivalent beneficial interest in a Restricted Global
          Security. Upon receipt by the Trustee, as Certificate Registrar, of (I)
          instructions from DTC directing the Trustee, as Certificate Registrar,
          to cause
          to be credited a beneficial interest in a Restricted Global Security in
          an
          amount equal to the beneficial interest in such Regulation S Global Security
          to
          be exchanged but not less than the minimum denomination applicable to such
          holder’s Certificates held through a Restricted Global Security, to be
          exchanged, such instructions to contain information regarding the participant
          account with DTC to be credited with such increase, and (II) a certificate
          in
          the form of Exhibit M-2 hereto given by the holder of such beneficial interest
          and stating, among other things, that the Person transferring such interest
          in
          such Regulation S Global Security reasonably believes that the Person acquiring
          such interest in a Restricted Global Security is a QIB, is obtaining such
          beneficial interest in a transaction meeting the requirements of Rule 144A
          under
          the Securities Act and in accordance with any applicable securities laws
          of any
          State of the United States or any other jurisdiction, then the Trustee,
          as
          Certificate Registrar, will reduce the principal amount of the Regulation
          S
          Global Security and increase the principal amount of the Restricted Global
          Security by the aggregate principal amount of the beneficial interest in
          the
          Regulation S Global Security to be transferred and the Trustee, as Certificate
          Registrar, shall instruct DTC, concurrently with such reduction, to credit
          or
          cause to be credited to the account of the Person specified in such instructions
          a beneficial interest in the Restricted Global Security equal to the reduction
          in the principal amount of the Regulation S Global Security.

         

        (iv) Other
          Exchanges.
          In the
          event that a Global Security is exchanged for Certificates in definitive
          registered form without interest coupons, pursuant to Section 3.09(c) hereof,
          such Certificates may be exchanged for one another only in accordance with
          such
          procedures as are substantially consistent with the provisions above (including
          certification requirements intended to insure that such transfers comply
          with
          Rule 144A under the Securities Act, comply with Rule 501(a)(1), (2), (3)
          or (7)
          or are to non-U.S. persons in compliance with Regulation S under the Securities
          Act, as the case may be), and as may be from time to time adopted by the
          Trustee.

         

        
          
            
            

          

          
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        (v) Restrictions
          on U.S. Transfers.
          Transfers of interests in the Regulation S Global Security to U.S. persons
          (as
          defined in Regulation S) shall be limited to transfers made pursuant to
          the
          provisions of Section 3.03(h)(iii).

         

        Section
          3.04. Cancellation
          of Certificates. 

         

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

         

        Section
          3.05. Replacement
          of Certificates. 

         

        If
          (i)
          any Certificate is mutilated and is surrendered to the Trustee or any
          Authenticating Agent or (ii) the Trustee or any Authenticating Agent receives
          evidence to its satisfaction of the destruction, loss or theft of any
          Certificate, and there is delivered to the Trustee and the Authenticating
          Agent
          and any NIMS Insurer such security or indemnity as may be required by them
          to
          save each of them harmless, then, in the absence of notice to the Trustee
          and
          any Authenticating Agent that such destroyed, lost or stolen Certificate
          has
          been acquired by a bona fide purchaser, the Trustee shall execute and the
          Trustee or any Authenticating Agent shall authenticate and deliver, in
          exchange
          for or in lieu of any such mutilated, destroyed, lost or stolen Certificate,
          a
          new Certificate of like tenor and Certificate Principal Amount. Upon the
          issuance of any new Certificate under this Section 3.05, the Trustee and
          Authenticating Agent may require the payment of a sum sufficient to cover
          any
          tax or other governmental charge that may be imposed in relation thereto
          and any
          other expenses (including the fees and expenses of the Trustee or the
          Authenticating Agent) connected therewith. Any replacement Certificate
          issued
          pursuant to this Section 3.05 shall constitute complete and indefeasible
          evidence of ownership in the applicable Trust Fund, as if originally issued,
          whether or not the lost, stolen or destroyed Certificate shall be found
          at any
          time.

         

        Section
          3.06. Persons
          Deemed Owners. 

         

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

         

        Section
          3.07. Temporary
          Certificates. 

         

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

         

        
          
            
            

          

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

         

        Section
          3.08. Appointment
          of Paying Agent. 

         

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

         

        (b) Any
          Paying Agent shall comply with its reporting obligations under Regulation
          AB
          with respect to the Trust Fund in form and substance similar to those of
          the
          Trustee pursuant to Section 6.20, and the related assessment of compliance
          shall
          cover, at a minimum, the elements of the servicing criteria applicable
          to the
          Paying Agent indicated in Exhibit S attached hereto. For so long as the
          Depositor is subject to Exchange Act reporting requirements with respect
          to the
          Trust, the Paying Agent shall give prior written notice to the Sponsor,
          the
          Master Servicer, the Securities Administrator and the Depositor of the
          appointment of any Subcontractor by it and a written description (in form
          and
          substance reasonably satisfactory to the Sponsor and the Depositor) of
          the role
          and function of each Subcontractor utilized by the Paying Agent, as applicable,
          specifying (A) the identity of each such Subcontractor and (B) which elements
          of
          the servicing criteria set forth under Item 1122(d) of Regulation AB will
          be
          addressed in assessments of compliance provided by each such Subcontractor.
          In
          addition, for so long as the Depositor is subject to Exchange Act reporting
          requirements with respect to the Trust, the Paying Agent shall notify the
          Sponsor, the Master Servicer, the Securities Administrator and the Depositor
          within five (5) calendar days of knowledge thereof (i) of any legal proceedings
          pending against the Paying Agent of the type described in Item 1117 (§ 229.1117)
          of Regulation AB, (ii) any merger, consolidation or sale of substantially
          all of
          the assets of the Paying Agent and (iii) if the Paying Agent shall become
          (but
          only to the extent not previously disclosed) at any time an affiliate of
          any of
          the parties listed on Exhibit V hereto or any of their affiliates. On or
          before
          March 1st
          of each
          year, the Depositor shall furnish any change in the information in Exhibit
          V to
          the Paying Agent and the Securities Administrator.

         

        
          
            
            

          

          
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        (c) Any
          Paying Agent agrees to indemnify the Depositor, the Securities Administrator
          and
          the Master Servicer, and each of their respective directors, officers,
          employees
          and agents and the Trust Fund and hold each of them harmless from and against
          any losses, damages, penalties, fines, forfeitures, legal fees and expenses
          and
          related costs, judgments, and any other costs, fees and expenses that any
          of
          them may sustain arising out of or based upon the failure by such Paying
          Agent
          to deliver any information, report or certification when and as required
          under
          Section 6.20 and Section 9.25(a). This indemnification shall survive the
          termination of this Agreement or the termination of such Paying Agent
          hereunder.

         

        Section
          3.09. Book-Entry
          Certificates. 

         

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

         

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

         

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

         

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

         

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

         

        
          
            
            

          

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

         

        (c) If
          (i)
          (A) the Depositor advises the Trustee in writing that the Clearing Agency
          is no
          longer willing or able to discharge properly its responsibilities with
          respect
          to the Book-Entry Certificates, and (B) the Depositor is unable to locate
          a
          qualified successor or (ii) after the occurrence of an Event of Default,
          Certificate Owners representing beneficial interests aggregating not less
          than
          50% of the Class Principal Amount of a Class of Book-Entry Certificates
          identified as such to the Trustee by an Officer’s Certificate from the Clearing
          Agency advise the Trustee and the Clearing Agency through the Clearing
          Agency
          Participants in writing that the continuation of a book-entry system through
          the
          Clearing Agency is no longer in the best interests of the Certificate Owners
          of
          a Class of Book-Entry Certificates, the Trustee shall notify any NIMS Insurer
          and shall notify or cause the Certificate Registrar to notify the Clearing
          Agency to effect notification to all Certificate Owners, through the Clearing
          Agency, of the occurrence of any such event and of the availability of
          Definitive Certificates to Certificate Owners requesting the same. Upon
          surrender to the Trustee of the Book-Entry Certificates by the Clearing
          Agency,
          accompanied by registration instructions from the Clearing Agency for
          registration, the Trustee shall issue the Definitive Certificates. Neither
          the
          Depositor nor the Trustee shall be liable for any delay in delivery of
          such
          instructions and may conclusively rely on, and shall be protected in relying
          on,
          such instructions. Upon the issuance of Definitive Certificates all references
          herein to obligations imposed upon or to be performed by the Clearing Agency
          shall be deemed to be imposed upon and performed by the Trustee, to the
          extent
          applicable, with respect to such Definitive Certificates and the Trustee
          shall
          recognize the holders of the Definitive Certificates as Certificateholders
          hereunder. Notwithstanding the foregoing, the Trustee, upon the instruction
          of
          the Depositor, shall have the right to issue Definitive Certificates on
          the
          Closing Date in connection with credit enhancement programs.

         

        ARTICLE
          IV

         

        ADMINISTRATION
          OF THE TRUST FUND

         

        Section
          4.01. Collection
          Account. 

         

        (a) On
          the
          Closing Date, the Master Servicer shall open and shall thereafter maintain
          a
          segregated account held in trust (the “Collection Account”), entitled “Aurora
          Loan Services LLC, as Master Servicer, in trust for the benefit of the
          Holders
          of Structured Asset Securities Corporation Mortgage Loan Trust 2007-WF2
          Mortgage
          Pass-Through Certificates, Series 2007-WF2.” The Collection Account shall relate
          solely to the Certificates and to the Lower Tier REMIC 1 Uncertificated
          Regular
          Interests issued by the Trust Fund hereunder, and funds in such Collection
          Account shall not be commingled with any other monies.

         

        (b) The
          Collection Account shall be an Eligible Account. If an existing Collection
          Account ceases to be an Eligible Account, the Master Servicer shall establish
          a
          new Collection Account that is an Eligible Account within 10 days and transfer
          all funds and investment property on deposit in such existing Collection
          Account
          into such new Collection Account.

         

        
          
            
            

          

          
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        (c) The
          Master Servicer shall give to the Trustee and the Securities Administrator
          prior
          written notice of the name and address of the depository institution at
          which
          the Collection Account is maintained and the account number of such Collection
          Account. The Master Servicer shall take such actions as are necessary to
          cause
          the depository institution holding the Collection Account to hold such
          account
          in the name of the Master Servicer under this Agreement. On each Master
          Servicer
          Remittance Date, the entire amount on deposit in the Collection Account
          (subject
          to permitted withdrawals set forth in Section 4.02), other than amounts
          not
          included in the Total Distribution Amount for such Distribution Date shall
          be
          remitted to the Securities Administrator for deposit into the Securities
          Administration Account by wire transfer in immediately available funds.
          The
          Master Servicer, at its option, may choose to make daily remittances from
          the
          Collection Account to the Securities Administrator for deposit into the
          Securities Administration Account.

         

        (d) The
          Master Servicer shall deposit or cause to be deposited into the Collection
          Account, no later than the second Business Day following the Closing Date,
          any
          amounts received with respect to the Mortgage Loans representing Scheduled
          Payments (or in the case of Simple Interest Mortgage Loans, representing
          scheduled interest payments, but actual principal payments) on the Mortgage
          Loans due after the Cut-off Date and unscheduled payments received on or
          after
          the Cut-off Date and on or before the Closing Date. Thereafter, the Master
          Servicer shall deposit or cause to be deposited in the Collection Account
          on the
          earlier of the applicable Master Servicer Remittance Date and two Business
          Days
          following receipt thereof, the following amounts received or payments made
          by it
          (other than in respect of principal of and interest on the Mortgage Loans
          due on
          or before the Cut-off Date):

         

        (i) all
          payments on account of principal, including Principal Prepayments, any
          Subsequent Recovery and any Scheduled Payment attributable to principal
          received
          after its related Due Date on the Mortgage Loans;

         

        (ii) all
          payments on account of interest on the Mortgage Loans, including Prepayment
          Premiums, in all cases, net of the Servicing Fee, if any, with respect
          to each
          such Mortgage Loan, but only to the extent of the amount permitted to be
          withdrawn or withheld from the Collection Account in accordance with Sections
          5.04 and 9.21;

         

        (iii) any
          unscheduled payment or other recovery with respect to a Mortgage Loan not
          otherwise specified in this paragraph (d), including all Net Liquidation
          Proceeds with respect to the Mortgage Loans and REO Property, and all amounts
          received in connection with the operation of any REO Property, net of (x)
          any
          unpaid Servicing Fees with respect to such Mortgage Loans (but only to
          the
          extent of the amount permitted to be withdrawn or withheld from the Collection
          Account in accordance with Sections 5.04 and 9.21) and (y) any amounts
          reimbursable to the Servicer with respect to such Mortgage Loan under the
          Servicing Agreement and retained by the Servicer;

         

        (iv) all
          Insurance Proceeds;

         

        
          
            
            

          

          
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        (v) all
          Advances made by the Master Servicer or the Servicer pursuant to Section
          5.04 or
          the Servicing Agreement;

         

        (vi) all
          amounts paid by the Servicer with respect to Net Simple Interest Shortfalls
          and
          Prepayment Interest Shortfalls; and 

         

        (vii)
           the
          Purchase Price or FPD Purchase Price of any Mortgage Loan (including any
          FPD
          Premium) repurchased by the Depositor, the Seller, the Master Servicer,
          the
          Transferor or any other Person and any Substitution Amount related to any
          Qualifying Substitute Mortgage Loan and
          any
          purchase price paid by any NIMS Insurer for the purchase of any Distressed
          Mortgage Loan under Section 7.04.

         

        The
          Master Servicer shall also deposit from its own funds into the Collection
          Account (to the extent not already received from the Servicer), without
          right of
          reimbursement, except from Net Simple Interest Excess, an amount equal
          to any
          Net Simple Interest Shortfall (to the extent not offset by Net Simple Interest
          Excess) for the related Collection Period.

         

        (e) Funds
          in
          the Collection Account may be invested in Eligible Investments selected
          by and
          at the written direction of the Master Servicer, which shall mature not
          later
          than one Business Day prior to the Master Servicer Remittance Date (except
          that
          if such Eligible Investment is an obligation of the Securities Administrator,
          then such Eligible Investment shall mature not later than such applicable
          Master
          Servicer Remittance Date) and any such Eligible Investment shall not be
          sold or
          disposed of prior to its maturity. All such Eligible Investments shall
          be made
          in the name of the Master Servicer in trust for the benefit of the Trustee
          and
          Holders of the Structured Asset Securities Corporation Mortgage Loan Trust
          2007-WF2 Mortgage Pass-Through Certificates, Series 2007-WF2. All income
          and
          gain realized from any Eligible Investment shall be for the benefit of
          the
          Master Servicer and shall be subject to its withdrawal or order from time
          to
          time, subject to Section 5.05 hereof, and shall not be part of the Trust
          Fund.
          The amount of any losses incurred in respect of any such investments shall
          be
          deposited in such Collection Account by the Master Servicer out of its
          own
          funds, without any right of reimbursement therefor, immediately as realized.
          The
          foregoing requirements for deposit in the Collection Account are exclusive,
          it
          being understood and agreed that, without limiting the generality of the
          foregoing, payments of interest on funds in the Collection Account and
          payments
          in the nature of late payment charges, assumption fees and other incidental
          fees
          and charges relating to the Mortgage Loans (other than Prepayment Premiums)
          need
          not be deposited by the Master Servicer in the Collection Account and may
          be
          retained by the Master Servicer or the Servicer as additional servicing
          compensation. If the Master Servicer deposits in the Collection Account
          any
          amount not required to be deposited therein, it may at any time withdraw
          such
          amount from such Collection Account. 

         

        Section
          4.02. Application
          of Funds in the Collection Account. 

         

        The
          Master Servicer may, from time to time, make, or cause to be made, withdrawals
          from the Collection Account for the following purposes:

         

        (i) to
          reimburse itself or the Servicer for Advances or Servicing Advances made
          by it
          or by the Servicer pursuant to Section 5.04 or the Servicing Agreement;
          such
          right to reimbursement pursuant to this subclause (i) is limited to amounts
          received on or in respect of a particular Mortgage Loan (including, for
          this
          purpose, Liquidation Proceeds and amounts representing Insurance Proceeds
          with
          respect to the property subject to the related Mortgage) which represent
          late
          recoveries (net of the Servicing Fee) of payments of principal or interest
          respecting which any such Advance was made, it being understood, in the
          case of
          any such reimbursement, that the Master Servicer’s or Servicer’s right thereto
          shall be prior to the rights of the Certificateholders;

         

        
          
            
            

          

          
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        (ii) to
          reimburse itself or the Servicer following a final liquidation of a Mortgage
          Loan (except as otherwise provided in the Servicing Agreement) for any
          previously unreimbursed Advances or Servicing Advances made by it or by
          the
          Servicer (A) that it determines in good faith will not be recoverable from
          amounts representing late recoveries of payments of principal or interest
          respecting the particular Mortgage Loan as to which such Advance or Servicing
          Advance was made or from Liquidation Proceeds or Insurance Proceeds with
          respect
          to such Mortgage Loan and/or (B) to the extent that such unreimbursed Advances
          or Servicing Advances exceed the related Liquidation Proceeds or Insurance
          Proceeds, it being understood, in the case of each such reimbursement,
          that such
          Master Servicer’s or Servicer’s right thereto shall be prior to the rights of
          the Certificateholders;

         

        (iii) to
          reimburse itself or the Servicer from Liquidation Proceeds for Liquidation
          Expenses and for amounts expended by it pursuant to Section 9.22(c) or
          the
          Servicing Agreement in good faith in connection with the restoration of
          damaged
          property and, to the extent that Liquidation Proceeds after such reimbursement
          exceed the unpaid principal balance of the related Mortgage Loan, together
          with
          accrued and unpaid interest thereon at the applicable Mortgage Rate less
          the
          Servicing Fee Rate for such Mortgage Loan to the Due Date next succeeding
          the
          date of its receipt of such Liquidation Proceeds, to pay to itself out
          of such
          excess the amount of any unpaid assumption fees, late payment charges or
          other
          Mortgagor charges on the related Mortgage Loan and to retain any excess
          remaining thereafter as additional servicing compensation, it being understood,
          in the case of any such reimbursement or payment, that such Master Servicer’s or
          Servicer’s right thereto shall be prior to the rights of the
          Certificateholders;

         

        (iv) to
          the
          extent of any previous Advances made by the Master Servicer with respect
          to
          Simple Interest Mortgage Loans, to pay itself an amount equal to Net Simple
          Interest Excess for the related Collection Period to the extent not offset
          by
          Net Simple Interest Shortfalls;

         

        (v) to
          reimburse itself or the Servicer for expenses incurred by and recoverable
          by or
          reimbursable to it or the Servicer pursuant to this Agreement, including,
          without limitation, Sections 9.04, 9.05(b), 9.07(a), 9.30 or 11.15;

         

        (vi) to
          pay to
          the Depositor or the Seller, as applicable, with respect to each Mortgage
          Loan
          or REO Property acquired in respect thereof that has been purchased pursuant
          to
          this Agreement, all amounts received thereon and not distributed on the
          date on
          which the related repurchase was effected, and to pay to the applicable
          Person
          any Advances and Servicing Advances to the extent specified in the definition
          of
          Purchase Price (or FPD Purchase Price), any FPD Premium (in the case of
          a First
          Payment Default Mortgage Loan), or any amounts paid by LBH for shortfalls
          in the
          Purchase Price for repurchases of First Payment Default Mortgage Loans
          pursuant to Section 1.04(d) of the Mortgage Loan Sale Agreement relating
          to the
          Seller paying the difference if the FPD Purchase Price is less than the
          Purchase
          Price;

         

        
          
            
            

          

          
            88

            
              

            

          

          
            
            

          

        

        (vii) 
          subject
          to Section 5.05, to pay to itself income earned on the investment of funds
          deposited in the Collection Account;

         

        (viii) to
          make
          payments to the Securities Administrator for deposit into the Securities
          Administration Account in the amounts and in the manner provided
          herein;

         

        (ix) to
          make
          payment to itself, the Securities Administrator, the Trustee and others
          pursuant
          to any provision of this Agreement;

         

        (x) to
          withdraw funds deposited in error in the Collection Account;

         

        (xi) to
          clear
          and terminate the Collection Account pursuant to Section 7.02;

         

        (xii) to
          reimburse the Trustee, the Securities Administrator and a successor master
          servicer (solely in its capacity as successor master servicer), for any
          fee or
          advance occasioned by a termination of the Master Servicer, and the assumption
          of such duties by the Securities Administrator or a successor master servicer
          appointed by the Trustee pursuant to Section 6.14, in each case to the
          extent
          not reimbursed by the terminated Master Servicer, it being understood,
          in the
          case of any such reimbursement or payment, that the right of the Master
          Servicer, the Trustee or the Securities Administrator or other successor
          master
          servicer thereto shall be prior to the rights of the Certificateholders;
          and

         

        (xiii) to
          reimburse the Servicer for such amounts as are due thereto under the Servicing
          Agreement and have not been retained by or paid to the Servicer, to the
          extent
          provided in the Servicing Agreement.

         

        In
          the
          event that the Master Servicer fails on any Master Servicer Remittance
          Date to
          remit to the Securities Administrator any amounts required to be so remitted
          to
          the Securities Administrator pursuant to sub-clause (x) by such date, the
          Master
          Servicer shall pay the Securities Administrator, interest calculated at
          the
“prime rate” (as published in the “Money Rates” section of The
          Wall Street Journal)
          on such
          amounts not timely remitted for the period from and including that Master
          Servicer Remittance Date to but not including the related Deposit Date.
          The
          Master Servicer shall only be required to pay the Securities Administrator
          interest for the actual number of days such amounts are not timely remitted
          (e.g.,
          one
          day’s interest, if such amounts are remitted one day after the Master Servicer
          Remittance Date).

         

        In
          connection with withdrawals made pursuant to subclauses (i), (iii), (iv),
          (vi)
          and (vii) above, the Master Servicer’s, the Servicer’s or such other Person’s
          entitlement thereto is limited to collections or other recoveries on the
          related
          Mortgage Loan. The Master Servicer shall therefore keep and maintain a
          separate
          accounting for each Mortgage Loan it master services for the purpose of
          justifying any withdrawal made from the Collection Account it maintains
          pursuant
          to such subclause (i), (iii), (iv), (vi) or (vii).

         

        
          
            
            

          

          
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        Section
          4.03. Reports
          to Certificateholders. 

         

        
          (a) On
            each
            Distribution Date, the Securities Administrator shall have prepared (based
            solely on information provided by the Master Servicer, the Cap Counterparty
            and
            the Swap Counterparty or, in the case of clauses (xv) and (xix) below,
            solely as
            determined by the Securities Administrator) and shall make available
            to the
            Trustee, the Paying Agent, any NIMS Insurer, the Cap Counterparty, the
            Swap
            Counterparty, the Credit Risk Manager, the Seller and each Certificateholder
            a
            report (the “Distribution Date Statement”) setting forth the following
            information (on the basis of Mortgage Loan level information obtained
            from the
            Master Servicer):

           
(i) the
          aggregate amount of the distribution to be made on such Distribution Date
          to the
          Holders of each Class of Certificates, to the extent applicable, allocable
          to
          principal on the Mortgage Loans, including Liquidation Proceeds and Insurance
          Proceeds, stating separately the amount attributable to scheduled principal
          payments and unscheduled payments in the nature of principal;

         

        (ii) the
          aggregate amount of the distribution to be made on such Distribution Date
          to the
          Holders of each Class of Certificates allocable to interest and the calculation
          thereof;

         

        (iii) the
          amount, if any, of any distribution to the Holders of the Class P Certificate,
          the Class X Certificates, the Class LT-R Certificates and the Class R
          Certificate;

         

        (iv) (A) the
          aggregate amount of any Advances required to be made as of the end of the
          month
          immediately preceding the month in which the Distribution Date occurs by
          or on
          behalf of the Servicer (or the Master Servicer) with respect to such
          Distribution Date, (B) the aggregate amount of such Advances actually made,
          and (C) the amount, if any, by which (A) above exceeds (B)
          above;

         

        (v) by
          Mortgage Pool and in the aggregate, the total number of Mortgage Loans,
          the
          aggregate Scheduled Principal Balance of all the Mortgage Loans as of the
          close
          of business on the last day of the related Collection Period, after giving
          effect to payments allocated to principal reported under clause (i)
          above;

         

        (vi) the
          Class
          Principal Amount of each Class of Certificates, to the extent applicable,
          as of
          such Distribution Date after giving effect to payments allocated to principal
          reported under clause (i) above, separately identifying any reduction of
          any of
          the foregoing Certificate Principal Amounts due to Applied Loss
          Amounts;

         

        (vii) the
          amount of any Prepayment Premiums distributed to the Class P Certificates;
          

         

        
          
            
            

          

          
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        (viii) by
          Mortgage Pool and in the aggregate, the amount of any Realized Losses incurred
          with respect to the Mortgage Loans (x) in the applicable Prepayment Period
          and
          (y) in the aggregate since the Cut-off Date;

         

        (ix) the
          amount of the Servicing Fees and the Credit Risk Manager’s Fees paid during the
          Collection Period to which such distribution relates;

         

        (x) by
          Mortgage Pool and in the aggregate, the number and aggregate outstanding
          principal balance of Mortgage Loans, as reported to the Securities Administrator
          by the Master Servicer, (a) remaining outstanding (b) Delinquent 30 to
          59 days
          on a contractual basis, (c) Delinquent 60 to 89 days on a contractual basis,
          (d)
          Delinquent 90 or more days on a contractual basis, (e) as to which foreclosure
          proceedings have been commenced, all as of the close of business on the
          last
          Business Day of the calendar month immediately preceding the month in which
          such
          Distribution Date occurs, (f) in bankruptcy and (g) that are REO Properties
          (the
          information in this item (x) to be calculated utilizing the OTS delinquency
          method);

         

        (xi) outstanding
          principal balance of any Mortgage Loans with respect to which the related
          Mortgaged Property became a REO Property as of the close of business on
          the last
          Business Day of the calendar month immediately preceding the month in which
          such
          Distribution Date occurs;

         

        (xii) with
          respect to any modifications of Mortgage Loans within the 12 months prior
          to
          such Distribution Date, the information set for on Exhibit T
          hereto;

         

        (xiii) with
          respect to any repurchases of Mortgage Loans in the preceding calendar
          month,
          the Scheduled Principal Balance of each Deleted Mortgage Loan, and substitution
          of Mortgage Loans in the preceding calendar month, the Scheduled Principal
          Balance of each Deleted Mortgage Loan and of each Qualifying Substitute
          Mortgage
          Loan;

         

        (xiv) the
          aggregate outstanding Carryforward Interest, Net Prepayment Interest Shortfalls,
          Deferred Amounts, Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls,
          if
          any, for each Class of Certificates, after giving effect to the distribution
          made on such Distribution Date;

         

        (xv) the
          Certificate Interest Rate applicable to such Distribution Date with respect
          to
          each Class of Certificates;

         

        (xvi) with
          respect to each Mortgage Pool, the Interest Remittance Amount and the Principal
          Remittance Amount applicable to such Distribution Date;

         

        (xvii) if
          applicable, the amount of any shortfall (i.e.,
          the
          difference between the aggregate amounts of principal and interest which
          Certificateholders would have received if there were sufficient available
          amounts in the Certificate Account and the amounts actually distributed);
          

         

        
          
            
            

          

          
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        (xviii) the
          amount of any Overcollateralization Deficiency after giving effect to the
          distributions made on such Distribution Date;

         

        (xix) the
          level
          of LIBOR for such Distribution Date;

         

        (xx) the
          amount of any payments made by the Cap Counterparty to the Supplemental
          Interest
          Trust pursuant to Section 5.07(e);

         

        (xxi) the
          amount of any Net Swap Payment to the Supplemental Interest Trust made
          pursuant
          to Section 5.07, any Net Swap Payment to the Swap Counterparty made pursuant
          to
          Section 5.07, any Swap Termination Payment to the Supplemental Interest
          Trust
          made pursuant to Sections 5.07 and any Swap Termination Payment to the
          Swap
          Counterparty made pursuant to Section 5.07;

         

        
          (xxii) the
            aggregate amount of any insurance claim payments received with respect
            to any
            Primary Mortgage Insurance Policy during the related Collection
            Period;

           

          (xxiii) whether
            a
            Trigger Event is in effect for such Distribution Date; and

           

          (xxiv) the
            amount of any FPD Premiums, if any, for such Distribution Date.

           

        

        In
          addition to the information listed above, for every year in which the Depositor
          is subject to Exchange Act reporting with respect to the Certificates,
          such
          Distribution Date Statement shall also include such other information as
          is
          required by Item 1121 (§ 229.1121) of Regulation AB to the extent that the
          Securities Administrator shall have received any such information from
          the
          Depositor, the Sponsor, the Trustee, the Master Servicer, the Servicer,
          the
          Custodian, the Swap Counterparty or any Subservicer or Subcontractor therefor,
          as applicable, no later than four Business Days prior to the Distribution
          Date.

         

        In
          the
          case of information furnished pursuant to subclauses (i), (ii) and (vi)
          above,
          the amounts shall also (except in the case of the report delivered to the
          holder
          of the Class X Certificates) be expressed as a dollar amount per $1,000
          of
          original principal amount of Certificates.

         

        On
          any
          Distribution Date after the occurrence of a Section 7.01(c) Purchase Event,
          the
          information required by subclauses (i), (iii), (iv), (v), (vii), (viii),
          (ix),
          (x), (xi), (xii), (xv), (xvii), (xviii), (xix) and (xx) shall be made available
          to the Trustee, the NIMS Insurer, the Swap Counterparty, the Credit Risk
          Manager, the Seller, the holder of the Class LT-R Certificate and the
          LTURI-holder with regard to the Lower Tier REMIC 1 Uncertificated Regular
          Interests in lieu of the Certificates.

         

        The
          Securities Administrator shall make such report and any additional loan
          level
          information (and, at its option, any additional files containing the same
          information in an alternative format) available each month to the Trustee,
          any
          NIMS Insurer, Certificateholders and the Rating Agencies via the Securities
          Administrator’s internet website. The Securities Administrator’s internet
          website shall initially be located at “www.ctslink.com.”
          Assistance in using the website can be obtained by calling the Securities
          Administrator’s customer service desk at 866-846-4526. Such parties that are
          unable to use the website are entitled to have a paper copy mailed to them
          via
          first class mail by calling the customer service desk and indicating such.
          The
          Securities Administrator shall have the right to change the way such statements
          are distributed in order to make such distribution more convenient and/or
          more
          accessible to the above parties and the Securities Administrator shall
          provide
          timely and adequate notification to all above parties regarding any such
          changes.

         

        
          
            
            

          

          
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          The
            foregoing information and reports shall be prepared and determined by
            the
            Securities Administrator based solely on Mortgage Loan data provided
            to the
            Securities Administrator by the Master Servicer (in a format agreed to
            by the
            Securities Administrator and the Master Servicer) no later than 2:00
            p.m.
            Eastern Time four Business Days prior to the Distribution Date (or such
            other
            time period set forth in Section 9.23(b)), and on the information provided
            to
            the Securities Administrator by the Swap Counterparty and the Cap Counterparty.
            In preparing or furnishing the foregoing information to the Trustee,
            Certificateholders and any NIMS Insurer, the Securities Administrator
            shall be
            entitled to rely conclusively on the accuracy and completeness of the
            information or data (i) regarding the Mortgage Loans (including any First
            Payment Default Mortgage Loan) and the related REO Property, that has
            been
            provided to the Securities Administrator by the Master Servicer based
            upon
            information received by the Master Servicer from the Servicer, (ii) regarding
            the Swap Agreement, that has been provided to the Securities Administrator
            by
            the Swap Counterparty and the Securities Administrator and (iii) regarding
            the
            Interest Rate Cap Agreement, that has been provided to the Securities
            Administrator by the Cap Counterparty, and the Securities Administrator
            shall
            not be obligated to verify, recompute, reconcile or recalculate any such
            information or data. The Master Servicer shall be entitled to conclusively
            rely
            on the Mortgage Loan data provided by the Servicers and shall have no
            liability
            for any errors in such Mortgage Loan data. The Securities Administrator
            shall be
            entitled to conclusively rely on the Mortgage Loan data provided by the
            Master
            Servicer and shall have no liability for any errors or omissions in such
            Mortgage Loan data. The information and reports described in the first
            paragraph
            of this Section 4.03(a) shall be provided to the Trustee and the Paying
            Agent
            (if other than the Trustee) by the Securities Administrator no later
            than 12:00
            p.m. Eastern Time two Business Days prior to the Distribution Date.

           

        

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

         

        (c) Upon
          request of a Certificateholder and prior to a Section 7.01(c) Purchase
          Event,
          the Trustee shall have prepared and the Trustee shall make available to
          any NIMS
          Insurer and each Person who at any time during the calendar year was a
          Certificateholder of record, and make available to Certificate Owners
          (identified as such by the Clearing Agency) in accordance with applicable
          regulations, a report summarizing the items provided to any NIMS Insurer
          and the
          Certificateholders pursuant to Sections 4.03(a)(i) and 4.03(a)(ii) on an
          annual
          basis as may be required to enable any NIMS Insurer and such Holders to
          prepare
          their federal income tax returns; provided,
          however,
          that
          this Section 4.03(c) shall not be applicable where relevant reports or
          summaries
          are required elsewhere in this Agreement. Such information shall also include
          the amount of original issue discount accrued on each Class of Certificates
          and
          information regarding the expenses of the Trust Fund. The Trustee shall
          be
          deemed to have satisfied this requirement if it forwards such information
          in any
          other format permitted by the Code. The Securities Administrator shall
          provide
          the Trustee with such information as is necessary for the Trustee to prepare
          such reports (and the Trustee may rely solely upon such
          information).

         

        
          
            
            

          

          
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        (d) The
          Securities Administrator shall furnish, to the extent reasonably available,
          any
          other information that is required by the Code and regulations thereunder
          to be
          made available to Certificateholders. The Master Servicer shall provide
          the
          Securities Administrator, to the extent reasonably available, such information
          as is necessary for the Securities Administrator to prepare such reports
          (and
          the Securities Administrator may rely solely upon such
          information).

         

        (e) So
          long
          as not prohibited by applicable law, the Master Servicer shall provide
          to the
          Depositor or to any party designated by the Depositor, as promptly as
          practicable upon the Depositor's request, any and all loan-level information
          that the Depositor may request in any format reasonably requested by the
          Depositor. 

         

        Section
          4.04. Certificate
          Account. 

         

        (a) The
          Trustee shall establish and maintain in its name, as trustee, a trust account
          (the “Certificate Account”) entitled “Certificate Account, U.S. Bank National
          Association, as Trustee, in trust for the benefit of the Holders of Structured
          Asset Securities Corporation Mortgage Loan Trust 2007-WF2 Mortgage Pass-Through
          Certificates, Series 2007-WF2” until disbursed pursuant to the terms of this
          Agreement. The Certificate Account shall be an Eligible Account and shall
          be for
          the benefit of the Certificateholders, subject to the rights of the Trustee
          set
          forth herein. If the existing Certificate Account ceases to be an Eligible
          Account, the Trustee shall establish a new Certificate Account that is
          an
          Eligible Account within ten Business Days and transfer all funds and investment
          property on deposit in such existing Certificate Account into such new
          Certificate Account. The Certificate Account shall relate solely to the
          Certificates and the Lower Tier REMIC 1 Uncertificated Regular Interests
          issued
          hereunder and funds in the Certificate Account shall be held separate and
          apart
          from and shall not be commingled with any other monies including, without
          limitation, other monies of the Trustee held under this Agreement.

         

        (b) The
          Trustee shall deposit or cause to be deposited into the Certificate Account
          all
          monies remitted by the Securities Administrator to the Trustee on the same
          day
          on which such monies are remitted to the Trustee, or if such day is not
          a
          Business Day, the Business Day immediately following the day on which,
          any
          monies are remitted by the Securities Administrator to the Trustee. The
          Trustee
          shall make withdrawals from the Certificate Account only for the following
          purposes:

         

        
          
            
            

          

          
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        (i) to
          make
          payment to itself pursuant to any provision of this Agreement or to reimburse
          itself for any fees or expenses reimbursable to it pursuant to Section
          6.12;
provided,
          however,
          that
          any amounts in excess of the annual cap described in clause (b) of the
          definition of “Interest Remittance Amount” and clause (b) of the definition of
“Principal Remittance Amount” in any Anniversary Year, other than costs and
          expenses incurred by the Trustee pursuant to Section 6.14, in connection
          with
          any transfer of servicing, shall not be withdrawn from the Certificate
          Account
          during such Anniversary Year and paid to the Trustee and the Trustee’s
          reimbursement for such excess amounts shall be made pursuant to Section
          5.02
          only in one or more subsequent Anniversary Years;

         

        (ii) to
          withdraw amounts deposited in the Certificate Account in error;

         

        (iii) to
          make
          payments to itself or others pursuant to any provision of this
          Agreement;

         

        (iv) to
          make
          payments of any investment income or earnings on the Certificate Account
          to the
          Master Servicer pursuant to clause (c) of this Section 4.04;

         

        (v) to
          make
          distributions to Certificateholders pursuant to Article V; and

         

        (vi) to
          clear
          and terminate the Certificate Account pursuant to Section 7.02.

        

          (c) Funds
            in
            the Certificate Account may be invested by the Trustee at the direction
            of the
            Master Servicer in Eligible Investments (which may be obligations of
            the
            Trustee). All such investments must be payable on demand or mature no
            later than
            one Business Day prior to the next Distribution Date, and shall not be
            sold or
            disposed of prior to their maturity. All such Eligible Investments will
            be made
            in the name of the Trustee (in its capacity as such) or its nominee.
            All income
            and gain realized from any such investment for each Distribution Date
            shall be
            compensation (1) to the Trustee, in payment of its Trustee Fee to the
            extent not
            paid by the Securities Administrator when due pursuant to Section 4.05(f)
            and
            (2) to the Master Servicer, any income and gain remaining. Subject to
            the
            preceding sentence, all income and gain realized from any such investment
            for
            each Distribution Date shall be subject to withdrawal by the Master Servicer
            from time to time or, if not withdrawn by the Master Servicer, paid by
            the
            Trustee to the Master Servicer pursuant to clause (b)(iv) of this Section
            4.04
            by the end of the month in which such income and gain is realized. 

           

        

        Section
          4.05. Securities
          Administration Account.

         

        (a) On
          the
          Closing Date, the Securities Administrator shall open and shall thereafter
          maintain an account to be held in trust (the “Securities Administration
          Account”), entitled “Wells Fargo Bank, N.A., as Securities Administrator, in
          trust for the benefit of the Holders of Structured Asset Securities Corporation
          Mortgage Loan Trust 2007-WF2 Mortgage Pass-Through Certificates, Series
          2007-WF2.” The Securities Administration Account shall relate solely to the
          Certificates issued by the Trust Fund hereunder, and funds in such Securities
          Administration Account shall not be commingled with any other
          monies.

         

        
          
            
            

          

          
            95

            
              

            

          

          
            
            

          

        

        (b) The
          Securities Administration Account shall be an Eligible Account. If an existing
          Securities Administration Account ceases to be an Eligible Account, the
          Securities Administrator shall establish a new Securities Administration
          Account
          that is an Eligible Account within 10 Business Days of notice thereof to
          the
          Securities Administrator, and shall transfer all funds on deposit in such
          existing Securities Administration Account into such new Securities
          Administration Account.

         

        (c) The
          Securities Administrator shall make withdrawals from the Securities
          Administration Account only for the following purposes:

         

        (i) to
          withdraw amounts deposited in the Securities Administration Account in
          error;

         

        (ii) to
          make
          payments of any investment income or earnings on the Securities Administration
          Account to (A) the Trustee to pay the Trustee Fee, if due, (B) the Custodian
          to
          pay the Custodial Compensation, if due and (C) then any remaining amounts
          of
          investment income or earnings to itself;

         

        (iii) to
          reimburse itself for any amounts reimbursable under the terms of this
          Agreement;

         

        (iv) to
          make
          payments to the Trustee for deposit into the Certificate Account pursuant
          to
          Section 4.04; and

         

        (v) to
          clear
          and terminate the Securities Administration Account pursuant to Section
          7.02.

         

        (d) The
          Securities Administrator shall give to the Trustee prior written notice
          of the
          name and address of the depository institution at which the Securities
          Administration Account is maintained and the account number of such Securities
          Administration Account. On each Deposit Date, the entire amount on deposit
          in
          the Securities Administration Account (less any amounts withdrawn pursuant
          to
          Section 4.05(c)(i) and (ii)), shall be remitted to the Trustee for deposit
          into
          the Certificate Account by wire transfer in immediately available funds.
          The
          Securities Administrator, at its option, may choose to make daily remittances
          from the Securities Administration Account to the Trustee for deposit into
          the
          Certificate Account.

         

        (e) The
          Securities Administrator shall cause to be deposited into the Securities
          Administration Account on the Master Servicer Remittance Date, any monies
          remitted by the Master Servicer to the Securities Administrator on such
          date
          pursuant to the terms of this Agreement.

         

        (f) The
          Securities Administrator may invest, or cause to be invested, funds held
          in the
          Securities Administration Account, which funds, if invested, shall be invested
          in Eligible Investments (which may be obligations of the Securities
          Administrator or its Affiliate). All such investments must be payable on
          demand
          or mature no later than the next Deposit Date, and shall not be sold or
          disposed
          of prior to their maturity. All such Eligible Investments will be made
          in the
          name of the Trustee (in its capacity as such) or its nominee. All income
          and
          gain realized from any such investment for each Distribution Date shall
          be
          compensation (1) to the Trustee, in payment of its Trustee Fee, to the
          extent
          not paid when due in accordance with Section 6.12 and (2) to the Securities
          Administrator, any income and gain remaining. The Securities Administrator
          shall
          pay to the Trustee the Trustee Fee and all income and gain realized from
          any
          such investments shall be subject to its withdrawal on order from time
          to time.
          The amount of any losses incurred in respect of any such investments shall
          be
          paid by the Securities Administrator for deposit in the Securities
          Administration Account out of its own funds, without any right of reimbursement
          therefor, immediately as realized.

         

        
          
            
            

          

          
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        ARTICLE
          V

         

        DISTRIBUTIONS
          TO HOLDERS OF CERTIFICATES

         

        Section
          5.01. Distributions
          Generally. 

         

        (a) Subject
          to Section 7.01 respecting the final distribution on the Certificates or
          Lower
          Tier REMIC 1 Uncertificated Regular Interests, on each Distribution Date
          the
          Trustee or the Paying Agent shall make allocations and/or distributions
          in
          accordance with the Preliminary Statement and this Article V and based
          solely on
          the reports for such Distribution Date provided to it by the Securities
          Administrator pursuant to Section 4.03(a). Such distributions shall be
          made by
          wire transfer in immediately available funds to an account specified in
          writing
          to the Trustee at least five (5) Business Days prior to the first Distribution
          Date to such Certificateholder and at the expense of such
          Certificateholder.

         

        (b) The
          final
          distribution in respect of any Certificate shall be made only upon presentation
          and surrender of such Certificate at the Corporate Trust Office; provided,
          however,
          that
          the foregoing provisions shall not apply to any Class of Certificates as
          long as
          such Certificate remains a Book-Entry Certificate in which case all payments
          made shall be made through the Clearing Agency and its Clearing Agency
          Participants. Notwithstanding such final payment of principal of any of
          the
          Certificates, each Residual Certificate will remain outstanding until the
          termination of each REMIC and the payment in full of all other amounts
          due with
          respect to the Residual Certificates and at such time such final payment
          in
          retirement of any Residual Certificate will be made only upon presentation
          and
          surrender of such Certificate at the Corporate Trust Office. If any payment
          required to be made on the Certificates or Lower Tier REMIC 1 Uncertificated
          Regular Interests is to be made on a day that is not a Business Day, then
          such
          payment will be made on the next succeeding Business Day. 

         

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

         

        (d) The
          Trustee or the Paying Agent, as applicable, shall make payments to
          Certificateholders and to the Swap Counterparty and any other person pursuant
          to
          this Article V and make deposits to the Supplemental Interest Trust and
          accounts
          held by it hereunder based solely on the information set forth in the monthly
          report furnished by the Securities Administrator in accordance with Section
          4.03(a), and shall be entitled to conclusively rely on such information
          and
          reports, and on the calculations contained therein, when making distributions
          to
          Certificateholders, the Swap Counterparty and any other party hereunder.
          The
          Trustee shall have no liability for any errors in such reports or information,
          and shall not be required to verify, recompute, reconcile or recalculate
          any
          such information or data.

         

        
          
            
            

          

          
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        Section
          5.02. Distributions
          from the Certificate Account. 

         

        (a) On
          each
          Distribution Date on or prior to a Section 7.01(c) Purchase Event or a
          Trust
          Fund Termination Event, the Trustee (or the Paying Agent on behalf of the
          Trustee) shall withdraw from the Certificate Account the Total Distribution
          Amount (to the extent such amount is on deposit in the Certificate Account),
          and
          amounts that are available for payment to the Swap Counterparty, and shall
          allocate such amount to the interests issued in respect of each REMIC created
          pursuant to this Agreement and shall distribute such amount as specified
          in
          subparagraphs (b) through (g) of this Section 5.02; provided,
          that
          amounts that are available for payment to the Swap Counterparty shall be
          paid on
          the related Swap Payment Date. On each Distribution Date after a Section
          7.01(c)
          Purchase Event but on or prior to a Trust Fund Termination Event, the Trustee
          (or the Paying Agent acting on behalf of the Trustee) shall withdraw from
          the
          Certificate Account the Total Distribution Amount (to the extent such amount
          is
          on deposit in the Certificate Account), and amounts that are available
          for
          payment to the Swap Counterparty, and shall allocate such amount to the
          interests issued in respect of REMIC 1 created pursuant to this Agreement
          and
          shall distribute such amount as specified in subparagraphs (j) through
          (l) of
          this Section; provided,
          that
          amounts that are available for payment to the Swap Counterparty shall be
          paid on
          the related Swap Payment Date.

         

        (b) On
          each
          Distribution Date (or, with respect to clauses (i) and (ii) below, on the
          related Swap Payment Date), the Trustee shall distribute the Interest Remittance
          Amount for Pool 1 and for such date in the following order of
          priority:

         

        (i) for
          deposit into the Swap Account, an amount equal to the lesser of (x) the
          product
          of (A) the amount of any Net Swap Payment or Swap Termination Payment (not
          due
          to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on
          the
          related Swap Payment Date and (B) the Pool Percentage for Pool 1 for such
          Distribution Date and (y) the Interest Remittance Amount for Pool 1 for
          such
          Distribution Date;

         

        (ii) for
          deposit into the Swap Account, the amount of any Net Swap Payment or Swap
          Termination Payment (not due to a Swap Counterparty Trigger Event) owed
          to the
          Swap Counterparty on the related Swap Payment Date (after giving effect
          to
          distributions made pursuant to Section 5.02(b)(i) above and Section 5.02(c)(i)
          below for such Distribution Date);

         

        (iii) to
          the
          Class A1 Certificates, Current Interest and any Carryforward Interest for
          such
          Class and such Distribution Date; and

         

        (iv) for
          application pursuant to Section 5.02(d) below, any Interest Remittance
          Amount
          for Pool 1 remaining undistributed after application pursuant to clauses
          (i)
          through (iii) of this Section 5.02(b) for such Distribution Date.

         

        
          
            
            

          

          
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        (c) On
          each
          Distribution Date (or with respect to clauses (i) and (ii) below, on the
          related
          Swap Payment Date), the Trustee shall distribute the Interest Remittance
          Amount
          for Pool 2 and for such date in the following order of priority: 

         

        (i) for
          deposit into the Swap Account, an amount equal to the lesser of (x) the
          product
          of (A) the amount of any Net Swap Payment or Swap Termination Payment (not
          due
          to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on
          the
          related Swap Payment Date and (B) the Pool Percentage for Pool 2 for such
          Distribution Date and (y) the Interest Remittance Amount for Pool 2 for
          such
          Distribution Date;

         

        (ii) for
          deposit into the Swap Account, the amount of any Net Swap Payment or Swap
          Termination Payment (not due to a Swap Counterparty Trigger Event) owed
          to the
          Swap Counterparty on the related Swap Payment Date (after giving effect
          to
          distributions made pursuant to Sections 5.02(b)(i) and 5.02(c)(i) above
          for such
          Distribution Date);

         

        (iii) concurrently,
          on a pro
          rata
          basis,
          to Class A2, Class A3 and Class A4 Certificates, Current Interest and any
          Carryforward Interest for each such Class and such Distribution Date;
provided,
          however,
          that
          any shortfall in Current Interest and Carryforward Interest shall be allocated
          among such Classes in proportion to the amount of
          Current Interest and Carryforward Interest that would have otherwise been
          distributed thereon; and 

         

        (iv) for
          application pursuant to Section 5.02(d) below, any Interest Remittance
          Amount
          for Pool 2 remaining undistributed after application pursuant to clauses
          (i)
          through (iii) of this Section 5.02(c) for such Distribution Date.

         

        (d) On
          each
          Distribution Date, the Trustee shall distribute the aggregate of any remaining
          Interest Remittance Amounts from Sections 5.02(b)(iv) and 5.02(c)(iv) above
          in
          the following order of priority: 

         

        (i) concurrently, on
          a
          pro
          rata basis,
          to
          each Class of Senior Certificates, Current Interest and any Carryforward
          Interest (taking into account distributions pursuant to Sections 5.02(b)(iii)
          and 5.02(c)(iii) above) for each such Class and such Distribution Date;
          provided,
          however,
          that
          any shortfall in Current Interest and Carryforward Interest shall be allocated
          among such Classes in proportion to the amount of Current Interest and
          Carryforward Interest that would have otherwise been distributed
          thereon;

         

        (ii) to
          each
          Class of Subordinate Certificates, in accordance with the Subordinate Priority,
          Current Interest and any Carryforward Interest for each such Class and
          such
          Distribution Date;

         

        (iii) to
          the
          Credit Risk Manager, the Credit Risk Manager’s Fee;

         

        (iv) to
          the
          Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not
          previously reimbursed to the Trustee; and

         

        
          
            
            

          

          
            99

            
              

            

          

          
            
            

          

        

        (v) for
          application as part of Monthly Excess Cashflow for such Distribution Date,
          as
          provided in subsection (f) of this Section 5.02, any Interest Remittance
          Amount
          remaining undistributed for such Distribution Date.

         

        (e) On
          each
          Distribution Date or related Swap Payment Date, as applicable, the Trustee
          shall
          distribute the Principal Distribution Amount with respect to each Mortgage
          Pool
          for such date as follows:

         

        (i) On
          each
          Distribution Date (or, with respect to clauses (A)(1), (A)(2), (B)(1) and
          (B)(2)
          below of this Section 5.02(e), on the related Swap Payment Date) (a) prior
          to
          the Stepdown Date or (b) with respect to which a Trigger Event is in effect,
          until the aggregate Certificate Principal Amount of the LIBOR Certificates
          equals the Target Amount for such Distribution Date, the Trustee shall
          make the
          following distributions, concurrently: 

         

        (A) For
          Pool 1:
          The
          Principal Distribution Amount for Pool 1 will be distributed in the following
          order of priority:

         

        (1) for
          deposit into the Swap Account, an amount equal to the lesser of (x) the
          product
          of (A) the amount of any Net Swap Payment or Swap Termination Payment (not
          due
          to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on
          the
          related Swap Payment Date (to the extent not paid previously or from the
          Interest Remittance Amount for such Distribution Date) and (B) the Pool
          Percentage for Pool 1 for such Distribution Date and (y) the Principal
          Remittance Amount for Pool 1 for such Distribution Date;

         

        (2) for
          deposit into the Swap Account, the amount of any Net Swap Payment or Swap
          Termination Payment (not due to a Swap Counterparty Trigger Event) owed
          to the
          Swap Counterparty on the related Swap Payment Date (after giving effect
          to
          distributions made pursuant to Sections 5.02(e)(i)(A)(1) above and
          5.02(e)(i)(B)(1) below, and to the extent not paid previously or from the
          Interest Remittance Amount for such Distribution Date);

         

        (3) to
          the
          Class A1 Certificates, until the Class Principal Amount of each such Class
          has
          been reduced to zero; and

         

        (4) for
          application pursuant to Section 5.02(e)(ii) below, any such Principal
          Distribution Amount for Pool 1 remaining undistributed for such Distribution
          Date.

         

        (B) For
          Pool 2:
          The
          Principal Distribution Amount for Pool 2 will be distributed in the following
          order of priority: 

         

        (1) for
          deposit into the Swap Account, an amount equal to the lesser of (x) the
          product
          of (A) the amount of any Net Swap Payment or Swap Termination Payment (not
          due
          to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on
          the
          related Swap Payment Date (to the extent not paid previously or from the
          Interest Remittance Amount for such Distribution Date) and (B) the Pool
          Percentage for Pool 2 for such Distribution Date and (y) the Principal
          Remittance Amount for Pool 2 for such Distribution Date;

         

        
          
            
            

          

          
            100

            
              

            

          

          
            
            

          

        

        (2) for
          deposit into the Swap Account, the amount of any Net Swap Payment or Swap
          Termination Payment (not due to a Swap Counterparty Trigger Event) owed
          to the
          Swap Counterparty on the related Swap Payment Date (after giving effect
          to
          distributions made pursuant to Sections 5.02(e)(i)(A)(1) and 5.02(e)(i)(B)(1)
          above, and to the extent not paid previously or from the Interest Remittance
          Amount for such Distribution Date);

         

        (3) sequentially,
          to the Class A2, Class A3 and Class A4 Certificates, in that order, until
          the
          Class Principal Amount of each such Class has been reduced to zero;
          and

         

        (4) for
          application pursuant to Section 5.02(e)(ii) below, any such Principal
          Distribution Amount for Pool 2 remaining undistributed for such Distribution
          Date.

         

        (ii) On
          each
          Distribution Date, the Trustee shall distribute the aggregate of any remaining
          Principal Distribution Amounts from Sections 5.02(e)(i)(A)(4) and
          5.02(e)(i)(B)(4) above, in the following order of priority: 

         

        (A) concurrently,
          on a pro
          rata
          basis,
          in proportion to the aggregate Class Principal Amount of the Group 1 Senior
          Certificates and the Group 2 Senior Certificates related to each such Group,
          after giving effect to principal distributions on such Distribution Date
          pursuant to Sections 5.02(e)(i)(A)(3) and 5.02(e)(i)(B)(3) above, to the
          Group 1
          Senior Certificates and the Group 2 Senior Certificates, in each case in
          accordance with the Related Senior Priority, until the Class Principal
          Amount of
          each such Class has been reduced to zero; 

         

        (B) to
          each
          Class of Subordinate Certificates, in accordance with the Subordinate Priority,
          until the Class Principal Amount of each such Class has been reduced to
          zero;
          and

         

        (C) for
          application as part of Monthly Excess Cashflow for such Distribution Date,
          as
          provided in subsection (f) of
          this
          Section 5.02, any Principal Distribution Amount remaining after application
          pursuant to clauses (A) and (B) of this Section 5.02(e)(ii).

         

        (iii) Any
          Principal Distribution Amount remaining on any Distribution Date after
          the
          Target Amount is achieved will be applied as part of Monthly Excess Cashflow
          for
          such Distribution Date as provided in subsection (f) of this Section
          5.02.

         

        
          
            
            

          

          
            101

            
              

            

          

          
            
            

          

        

        (iv) On
          each
          Distribution Date (or, with respect to clauses (A) and (B) below, on the
          related
          Swap Payment Date) (a) on or after the Stepdown Date and (b) with respect
          to
          which a Trigger Event is not in effect, the Principal Distribution Amount
          for
          each Mortgage Pool for such date will be distributed in the following order
          of
          priority:

         

        (A) for
          deposit into the Swap Account, an amount equal to the lesser of (x) the
          product
          of (1) the amount of any Net Swap Payment or Swap Termination Payment (not
          due
          to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on
          the
          related Swap Payment Date (to the extent not paid previously or from the
          Interest Remittance Amount for such Distribution Date) and (2) the Pool
          Percentage for the related Mortgage Pool for such Distribution Date and
          (y) the
          Principal Remittance Amount for such Mortgage Pool for such Distribution
          Date;

         

        (B) for
          deposit into the Swap Account, the amount of any Net Swap Payment or Swap
          Termination Payment (not due to a Swap Counterparty Trigger Event) owed
          to the
          Swap Counterparty on the related Swap Payment Date (after giving effect
          to
          distributions made pursuant to Section 5.02(e)(iv)(A) above and to the
          extent
          not paid previously or from the Interest Remittance Amounts for such
          Distribution Date);

         

        (C) so
          long
          as any of the Subordinate Certificates are outstanding, to the Group 1
          Senior
          Certificates (from amounts generated by Pool 1, except as provided below)
          and to
          the Group 2 Senior Certificates (from amounts generated by Pool 2, except
          as
          provided below) in accordance with the Related Senior Priority in each
          case an
          amount equal to the lesser of (x) the excess of (a) the Principal Distribution
          Amount for the related Mortgage Pool for such Distribution Date over (b)
          the
          amount paid to the Supplemental Interest Trust for deposit into the Swap
          Account
          on the related Swap Payment Date pursuant to clauses (A) and (B) above
          and (y)
          the Related Senior Principal Distribution Amount for such Mortgage Pool
          for such
          Distribution Date, in each case, until the Class Principal Amount of each
          such
          Class has been reduced to zero; provided,
          however,
          to the
          extent that the Principal Distribution Amount for a Mortgage Pool exceeds
          the
          Related Senior Principal Distribution Amount for such Mortgage Pool, such
          excess
          shall be applied to the Senior Certificates related to the other Mortgage
          Pool
          (in accordance with the Related Senior Priority), but in an amount not
          to exceed
          the Senior Principal Distribution Amount for such Distribution Date (as
          reduced
          by any distributions pursuant to subclauses (x) or (y) of this clause (1)
          on
          such Distribution Date); or (2) if none of the Subordinate Certificates
          are
          outstanding, to the Group 1 Senior Certificates and the Group 2 Senior
          Certificates (in each case in accordance with the Related Senior Priority),
          the
          excess of (A) the Principal Distribution Amount for the related Mortgage
          Pool
          for such Distribution Date over (B) the amount paid to the Supplemental
          Interest
          Trust for deposit into the Swap Account for the related Mortgage Pool on
          the
          related Swap Payment Date pursuant to clauses (A) and (B) of this Section
          5.02(e)(iv) above, in each case until the Class Principal Amount of each
          such
          Class has been reduced to zero;

         

        
          
            
            

          

          
            102

            
              

            

          

          
            
            

          

        

        (D) to
          the
          Class M1 Certificates, an amount equal to the lesser of (x) the excess
          of (a)
          the aggregate of the Principal Distribution Amounts for Pool 1 and Pool
          2 for
          such Distribution Date over (b) the amount paid to the Supplemental Interest
          Trust for deposit into the Swap Account or distributed to the Senior
          Certificates on such date pursuant to clauses (A) through (C) of this Section
          5.02(e)(iv) above, and (y) the M1 Principal Distribution Amount for such
          date,
          until the Class Principal Amount of each such Class has been reduced to
          zero;

         

        (E) to
          the
          Class M2 Certificates, an amount equal to the lesser of (x) the excess
          of (a)
          the aggregate of the Principal Distribution Amounts for Pool 1 and Pool
          2 for
          such Distribution Date over (b) the amount paid to the Supplemental Interest
          Trust for deposit into the Swap Account or distributed to the Senior
          Certificates and the Class M1 Certificates on such date pursuant to clauses
          (A)
          through (D) of this Section 5.02(e)(iv) above, and (y) the M2 Principal
          Distribution Amount for such date, until the Class Principal Amount of
          such
          Class has been reduced to zero;

         

        (F) to
          the
          Class M3 Certificates, an amount equal to the lesser of (x) the excess
          of (a)
          the aggregate of the Principal Distribution Amounts for Pool 1 and Pool
          2 for
          such Distribution Date over (b) the amount paid to the Supplemental Interest
          Trust for deposit into the Swap Account or distributed to the Senior
          Certificates and the Class M1 and Class M2 Certificates on such date pursuant
          to
          clauses (A) through (E) of this Section 5.02(e)(iv) above, and (y) the
          M3
          Principal Distribution Amount for such date, until the Class Principal
          Amount of
          such Class has been reduced to zero;

         

        (G) to
          the
          Class M4 Certificates, an amount equal to the lesser of (x) the excess
          of (a)
          the aggregate of the Principal Distribution Amounts for Pool 1 and Pool
          2 for
          such Distribution Date over (b) the amount paid to the Supplemental Interest
          Trust for deposit into the Swap Account or distributed to the Senior
          Certificates and the Class M1, Class M2 and Class M3 Certificates on such
          date
          pursuant to clauses (A) through (F) of this Section 5.02(e)(iv) above,
          and (y)
          the M4 Principal Distribution Amount for such date, until the Class Principal
          Amount of such Class has been reduced to zero;

         

        (H) to
          the
          Class M5 Certificates, an amount equal to the lesser of (x) the excess of
          (a) the aggregate of the Principal Distribution Amounts for Pool 1 and
          Pool 2
          for such Distribution Date over (b) the amount paid to the Supplemental
          Interest
          Trust for deposit into the Swap Account or distributed to the Senior
          Certificates and the Class M1, Class M2, Class M3 and Class M4 Certificates
          on
          such date pursuant to clauses (A) through (G) of this Section 5.02(e)(iv)
          above,
          and (y) the M5 Principal Distribution Amount for such date, until the Class
          Principal Amount of such Class has been reduced to zero;

         

        (I) to
          the
          Class M6 Certificates, an amount equal to the lesser of (x) the excess
          of (a)
          the aggregate of the Principal Distribution Amounts for Pool 1 and Pool
          2 for
          such Distribution Date over (b) the amount paid to the Supplemental Interest
          Trust for deposit into the Swap Account or distributed to the Senior
          Certificates and the Class M1, Class M2, Class M3, Class M4 and Class M5
          Certificates on such date pursuant to clauses (A) through (H) of this Section
          5.02(e)(iv) above, and (y) the M6 Principal Distribution Amount for such
          date,
          until the Class Principal Amount of such Class has been reduced to zero;
          

         

        
          
            
            

          

          
            103

            
              

            

          

          
            
            

          

        

        (J) to
          the
          Class M7 Certificates, an amount equal to the lesser of (x) the excess
          of (a)
          the aggregate of the Principal Distribution Amounts for Pool 1 and Pool
          2 for
          such Distribution Date over (b) the amount paid to the Supplemental Interest
          Trust for deposit into the Swap Account or distributed to the Senior
          Certificates and the Class M1, Class M2, Class M3, Class M4, Class M5 and
          Class
          M6 Certificates on such date pursuant to clauses (A) through (I) of this
          Section
          5.02(e)(iv) above, and (y) the M7 Principal Distribution Amount for such
          date,
          until the Class Principal Amount of such Class has been reduced to
          zero;

         

        (K) to
          the
          Class M8 Certificates, an amount equal to the lesser of (x) the excess
          of (a)
          the aggregate of the Principal Distribution Amounts for Pool 1 and Pool
          2 for
          such Distribution Date over (b) the amount paid to the Supplemental Interest
          Trust for deposit into the Swap Account or distributed to the Senior
          Certificates and the Class M1, Class M2, Class M3, Class M4, Class M5,
          Class M6
          and Class M7 Certificates on such date pursuant to clauses (A) through
          (J) of
          this Section 5.02(e)(iv) above, and (y) the M8 Principal Distribution Amount
          for
          such date, until the Class Principal Amount of such Class has been reduced
          to
          zero; 

         

        (L) to
          the
          Class M9 Certificates, an amount equal to the lesser of (x) the excess
          of (a)
          the aggregate of the Principal Distribution Amounts for Pool 1 and Pool
          2 for
          such Distribution Date over (b) the amount paid to the Supplemental Interest
          Trust for deposit into the Swap Account or distributed to the Senior
          Certificates and the Class M1, Class M2, Class M3, Class M4, Class M5,
          Class M6,
          Class M7 and Class M8 Certificates on such date pursuant to clauses (A)
          through
          (K) of this Section 5.02(e)(iv) above, and (y) the M9 Principal Distribution
          Amount for such date, until the Class Principal Amount of such Class has
          been
          reduced to zero; 

         

        (M) to
          the
          Class B1 Certificates, an amount equal to the lesser of (x) the excess
          of (a)
          the aggregate of the Principal Distribution Amounts for Pool 1 and Pool
          2 for
          such Distribution Date over (b) the amount paid to the Supplemental Interest
          Trust for deposit into the Swap Account or distributed to the Senior
          Certificates and the Class M1, Class M2, Class M3, Class M4, Class M5,
          Class M6,
          Class M7, Class M8 and Class M9 Certificates on such date pursuant to clauses
          (A) through (L) of this Section 5.02(e)(iv) above, and (y) the B1 Principal
          Distribution Amount for such date, until the Class Principal Amount of such
          Class has been reduced to zero; 

         

        
          
            
            

          

          
            104

            
              

            

          

          
            
            

          

        

        (N) to
          the
          Class B2 Certificates, an amount equal to the lesser of (x) the excess
          of (a)
          the aggregate of the Principal Distribution Amounts for Pool 1 and Pool
          2 for
          such Distribution Date over (b) the amount paid to the Supplemental Interest
          Trust for deposit into the Swap Account or distributed to the Senior
          Certificates and the Class M1, Class M2, Class M3, Class M4, Class M5,
          Class M6,
          Class M7, Class M8, Class M9 and Class B1 Certificates on such date pursuant
          to
          clauses (A) through (M) of this Section 5.02(e)(iv) above, and (y) the
          B2
          Principal Distribution Amount for such date, until the Class Principal
          Amount of
          such Class has been reduced to zero; and

         

        (O) for
          application as part of Monthly Excess Cashflow for such Distribution Date,
          as
          provided in Section 5.02(f), any Principal Distribution Amount remaining
          after
          application pursuant to clauses (A) through (N) of this Section 5.02(e)(iv)
          above.

         

        (v) Any
          Principal Distribution Amount remaining on any Distribution Date after
          the
          Target Amount is achieved will be applied as part of Monthly Excess Cashflow
          for
          such Distribution Date as provided in subsection (f) of this Section
          5.02.

         

        (f) On
          each
          Distribution Date, the Trustee shall distribute the Monthly Excess Cashflow
          for
          such date in the following order of priority:

         

        (i) for
          each
          Distribution Date occurring (a) before the Stepdown Date or (b) on or after
          the Stepdown Date but for which a Trigger Event is in effect, then until
          the
          aggregate Certificate Principal Amount of the LIBOR Certificates equals
          the
          Target Amount for such Distribution Date, in the following order of
          priority:

         

        (A) concurrently,
          to the Group 1 Senior Certificates and the Group 2 Senior Certificates,
          in
          proportion to the aggregate Class Principal Amount of the Senior Certificates
          related to each Group, after giving effect to previous principal distributions
          on such Distribution Date pursuant to Section 5.02(e)(ii)(A) above, to
          the Group
          1 Senior Certificates and the Group 2 Senior Certificates, in each case
          in
          accordance with the Related Senior Priority, in reduction of their respective
          Class Principal Amounts, until the Class Principal Amount of each such
          Class has
          been reduced to zero; and

         

        (B) to
          each
          Class of Subordinate Certificates, in accordance with the Subordinate Priority,
          in reduction of their respective Class Principal Amounts, until the Class
          Principal Amount of each such Class has been reduced to zero.

         

        (ii) for
          each
          Distribution Date occurring on or after the Stepdown Date and for which
          a
          Trigger Event is not in effect, in the following order of priority:

         

        (A) concurrently,
          to the Group 1 Senior Certificates and the Group 2 Senior Certificates,
          in
          proportion to the aggregate Class Principal Amount of the Senior Certificates
          related to each such Group, after giving effect to previous principal
          distributions on such Distribution Date pursuant to Section 5.02(e)(iv)(C)
          above, to the Group 1 Senior Certificates and the Group 2 Senior Certificates,
          in each case in accordance with the Related Senior Priority, in reduction
          of
          their respective Class Principal Amounts, until the aggregate Class Principal
          Amount of each such Class, after giving effect to distributions on such
          Distribution Date, equals the Senior Target Amount;

         

        
          
            
            

          

          
            105

            
              

            

          

          
            
            

          

        

        (B) to
          the
          Class M1 Certificates, in reduction of their Class Principal Amount, until
          the
          aggregate Class Principal Amounts of the Senior Certificates and the Class
          M1
          Certificates, after giving effect to distributions on such Distribution
          Date,
          equals the M1 Target Amount;

         

        (C) to
          the
          Class M2 Certificates, in reduction of their Class Principal Amount, until
          the
          aggregate Class Principal Amount of the Senior Certificates and the Class
          M1 and
          Class M2 Certificates, after giving effect to distributions on such Distribution
          Date, equals the M2 Target Amount;

         

        (D) to
          the
          Class M3 Certificates, in reduction of their Class Principal Amount, until
          the
          aggregate Class Principal Amount of the Senior Certificates and the Class
          M1,
          Class M2 and Class M3 Certificates, after giving effect to distributions
          on such
          Distribution Date, equals the M3 Target Amount;

         

        (E) to
          the
          Class M4 Certificates, in reduction of their Class Principal Amount, until
          the
          aggregate Class Principal Amount of the Senior Certificates and the Class
          M1,
          Class M2, Class M3 and Class M4 Certificates, after giving effect to
          distributions on such Distribution Date, equals the M4 Target Amount;

         

        (F) to
          the
          Class M5 Certificates, in reduction of their Class Principal Amount, until
          the
          aggregate Class Principal Amount of the Senior Certificates and the Class
          M1,
          Class M2, Class M3, Class M4 and Class M5 Certificates, after giving effect
          to
          distributions on such Distribution Date, equals the M5 Target Amount;

         

        (G) to
          the
          Class M6 Certificates, in reduction of their Class Principal Amount, until
          the
          aggregate Class Principal Amount of the Senior Certificates and the Class
          M1,
          Class M2, Class M3, Class M4, Class M5 and Class M6 Certificates, after
          giving
          effect to distributions on such Distribution Date, equals the M6 Target
          Amount;

         

        (H) to
          the
          Class M7 Certificates, in reduction of their Class Principal Amount, until
          the
          aggregate Class Principal Amount of the Senior Certificates and the Class
          M1,
          Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates,
          after giving effect to distributions on such Distribution Date, equals
          the M7
          Target Amount; 

         

        (I) to
          the
          Class M8 Certificates, in reduction of their Class Principal Amount, until
          the
          aggregate Class Principal Amount of the Senior Certificates and the Class
          M1,
          Class M2, Class M3, Class M4, Class M5, Class M6, Class M7 and Class M8
          Certificates, after giving effect to distributions on such Distribution
          Date,
          equals the M8 Target Amount; 

         

        
          
            
            

          

          
            106

            
              

            

          

          
            
            

          

        

        (J) to
          the
          Class M9 Certificates, in reduction of their Class Principal Amount, until
          the
          aggregate Class Principal Amount of the Senior Certificates and the Class
          M1,
          Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class M8 and
          Class
          M9 Certificates, after giving effect to distributions on such Distribution
          Date,
          equals the M9 Target Amount; 

         

        (K) to
          the
          Class B1 Certificates, in reduction of their Class Principal Amount, until
          the
          aggregate Class Principal Amount of the Senior Certificates and the Class
          M1,
          Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class M8, Class
          M9
          and Class B1 Certificates, after giving effect to distributions on such
          Distribution Date, equals the B1 Target Amount; and

         

        (L) to
          the
          Class B2 Certificates, in reduction of their Class Principal Amount, until
          the
          aggregate Class Principal Amount of the Senior Certificates and the Class
          M1,
          Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class M8, Class
          M9,
          Class B1 and Class B2 Certificates, after giving effect to distributions
          on such
          Distribution Date, equals the B2 Target Amount;

         

        (iii) to
          each
          Class of Subordinate Certificates, in accordance with the Subordinate Priority,
          any Deferred Amount for each such Class and such Distribution Date;

         

        (iv) to
          the
          Basis Risk Reserve Fund, an amount equal to the Basis Risk Payment for
          such
          Distribution Date, and then from the Basis Risk Reserve Fund, in the following
          order of priority:

         

        (A) concurrently,
          in proportion to their respective Basis Risk Shortfalls and Unpaid Basis
          Risk
          Shortfalls, to each Class of Senior Certificates, any applicable Basis
          Risk
          Shortfall and Unpaid Basis Risk Shortfall for each such Class and such
          Distribution Date;

         

        (B) to
          each
          Class of Subordinate Certificates, in accordance with the Subordinate Priority,
          any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for
          each
          such Class and such Distribution Date; and

         

        (C) to
          the
          Swap Account, for application pursuant to Section 5.02(g)(xi), any amounts
          remaining in the Basis Risk Reserve Fund, after taking into account
          distributions pursuant to clauses (A) and (B) above, in excess of the
          Required Reserve Fund Deposit for such Distribution Date;

         

        (v) on
          the
          Distribution Date occurring in September 2010 (or the next succeeding
          Distribution Date on which sufficient funds are available in the Certificate
          Account to make such distributions to the Class P Certificates), $100 to
          the
          Class P Certificates in payment of its Class P Principal Amount; 

         

        (vi) to
          the
          Swap Account, the Class X Distributable Amount (less any Basis Risk Payment
          for
          such Distribution Date) for such Distribution Date, for application pursuant
          to
          Sections 5.02(g)(x) and 5.02(g)(xi) below, sequentially and in that order;
          and

         

        
          
            
            

          

          
            107

            
              

            

          

          
            
            

          

        

        (vii) to
          the
          Class LT-R Certificate, any amount remaining on such date after application
          pursuant to clauses (i) through (vi) above to the extent attributable to
          REMIC
          1, and otherwise to the Class R Certificates.

         

        (g) On
          each
          Distribution Date (or, with respect to clauses (i), (ii), (ix) and (x)
          below, on
          the related Swap Payment Date), the Trustee shall distribute the Swap Amount
          for
          such date in the following order of priority:

         

        (i) to
          the
          Swap Counterparty, any Net Swap Payment owed to the Swap Counterparty pursuant
          to the Swap Agreement for such Swap Payment Date;

         

        (ii) to
          the
          Swap Counterparty, any Swap Termination Payment (not due to a Swap Counterparty
          Trigger Event) owed to the Swap Counterparty pursuant to the Swap Agreement
          for
          such Swap Payment Date;

         

        (iii) concurrently,
          to the Senior Certificates, Current Interest and any Carryforward Interest
          for
          each such Class and such Distribution Date, to the extent unpaid (any shortfall
          in Current Interest and Carryforward Interest to be allocated among such
          Classes
          in proportion to the amount of Current Interest and Carryforward Interest
          that
          would have otherwise been distributable thereon);

         

        (iv) to
          the
          Subordinate Certificates, in accordance with the Subordinate Priority,
          Current
          Interest and any Carryforward Interest for each such Class and such Distribution
          Date to the extent unpaid; 

         

        (v) to
          the
          LIBOR Certificates, any amount necessary to maintain the Targeted
          Overcollateralization Amount as specified in Sections 5.02(f)(i) and 5.02(f)(ii)
          above for such Distribution Date, for application pursuant to the priorities
          set
          forth in such Sections, after giving effect to distributions pursuant to
          such
          Sections; provided,
          however,
          that the
          sum of all such amounts distributed pursuant to this Section 5.02(g)(v)
          and all
          amounts distributed pursuant to Sections 5.02(g)(vi), 5.02(h)(iii) and
          5.02(h)(iv) shall not exceed the aggregate amount of cumulative Realized
          Losses
          incurred from the Cut-off Date through the last day of the related Collection
          Period less any amounts previously distributed pursuant to this Section
          5.02(g)(v) and Section 5.02(g)(vi), together with any amounts previously
          distributed pursuant to Sections 5.02(h)(iii) and 5.02(h)(iv);

         

        (vi) to
          the
          Subordinate Certificates, in accordance with the Subordinate Priority,
          any
          Deferred Amount for each such Class and such Distribution Date, to the
          extent
          unpaid after giving effect to distributions pursuant to Section 5.02(f)(iii)
          above; provided,
          however,
          that the
          sum of all such amounts distributed pursuant to this Section 5.02(g)(vi)
          and all
          amounts distributed pursuant to Sections 5.02(g)(v), 5.02(h)(iii) and
          5.02(h)(iv) shall not exceed the aggregate amount of cumulative Realized
          Losses
          incurred from the Cut-off Date through the last day of the related Collection
          Period less any amounts previously distributed pursuant to this Section
          5.02(g)(vi) and Section 5.02(g)(v), together with any amounts previously
          distributed pursuant to Sections 5.02(h)(iii) and 5.02(h)(iv);

         

        
          
            
            

          

          
            108

            
              

            

          

          
            
            

          

        

        (vii) to
          the
          Senior Certificates, any Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls
          for each such Class for such Distribution Date, for application pursuant
          to the
          priorities set forth in Section 5.02(f)(iv)(A) above, to the extent unpaid
          after
          giving effect to distributions pursuant to such Section;

         

        (viii) to
          the
          Subordinate Certificates, any Basis Risk Shortfalls and Unpaid Basis Risk
          Shortfalls for each such Class and for such Distribution Date, for application
          pursuant to the priorities set forth Section 5.02(f)(iv)(B) above, to the
          extent
          unpaid after giving effect to distributions pursuant to such
          Section;

         

        (ix) to
          the
          Swap Termination Receipts Account for application to the purchase of a
          replacement swap agreement pursuant to Section 5.09(a) (if
          necessary);

         

        (x) to
          the
          Swap Counterparty, any unpaid Swap Termination Payment due to a Swap
          Counterparty Trigger Event owed to the Swap Counterparty pursuant to the
          Swap
          Agreement;

         

        (xi) to
          the
          Class X Certificates, any remaining amount deposited into the Swap Account
          pursuant to Sections 5.02(f)(iv)(C) or 5.02(f)(vi) and any remaining Swap
          Amount; and

         

        (xii) on
          the
          first Distribution Date on which the Class Principal Amount of each Class
          of
          Certificates has been reduced to zero, to the Class X Certificates, all
          amounts
          remaining in the Swap Account.

         

        (h) On
          each
          Distribution Date, the Trustee shall distribute the Interest Rate Cap Amount
          for
          such date after making all distributions under Section 5.02(g) above as
          follows:

         

        (i) concurrently,
          to the Senior Certificates, Current Interest and any Carryforward Interest
          for
          each such Class for such Distribution Date, to the extent unpaid pursuant
          to
          Section 5.02(g)(iii) above (any shortfall in Current Interest and Carryforward
          Interest to be allocated among such Classes in proportion to the amount
          of
          Current Interest and Carryforward Interest that would have otherwise been
          distributable thereon);

         

        (ii) to
          the
          Subordinate Certificates, in accordance with the Subordinate Priority,
          Current
          Interest and any Carryforward Interest for such Class and such Distribution
          Date
          to the extent unpaid;

         

        (iii) to
          the
          LIBOR Certificates, any amount necessary to maintain the Targeted
          Overcollateralization Amount specified in Sections 5.02(f)(i) and 5.02(f)(ii)
          above for such Distribution Date, for application pursuant to the priorities
          set
          forth in such Sections; provided,
          however,
          that
          the sum of all such amounts distributed pursuant to this Section 5.02(h)(iii)
          and all amounts distributed pursuant to Sections 5.02(h)(iv), 5.02(g)(v)
          and
          5.02(g)(vi) shall not exceed the aggregate amount of cumulative Realized
          Losses
          incurred from the Cut-off Date through the last day of the related Collection
          Period less any amounts previously distributed pursuant to this Section
          5.02(h)(iii) and Section 5.02(h)(iv), together with any amounts previously
          distributed pursuant to Sections 5.02(g)(v) and 5.02(g)(vi);

         

        
          
            
            

          

          
            109

            
              

            

          

          
            
            

          

        

        (iv) to
          the
          Subordinate Certificates, in accordance with the Subordinate Priority,
          any
          Deferred Amount for each such Class and such Distribution Date to the extent
          unpaid; provided,
          however,
          that the
          sum of all such amounts distributed pursuant to this Section 5.02(h)(iv)
          and all
          amounts distributed pursuant to Section 5.02(h)(iii) and Sections 5.02(g)(v)
          and
          5.02(g)(vi) shall not exceed the aggregate amount of cumulative Realized
          Losses
          incurred from the Cut-off Date through the last day of the related Collection
          Period less any amounts previously distributed pursuant to this Section
          5.02(h)(iv) and Section 5.02(h)(iii) together with any amounts previously
          distributed pursuant to Sections 5.02(g)(v) and 5.02(g)(vi);

         

        (v) to
          the
          Senior Certificates, any Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls
          for each such Class and for such Distribution Date, for application pursuant
          to
          the priorities set forth in Section 5.02(f)(iv)(A), to the extent
          unpaid;

         

        (vi) to
          the
          Subordinate Certificates, any Basis Risk Shortfalls and Unpaid Basis Risk
          Shortfalls for each such Class and for such Distribution Date, for application
          pursuant to the priorities set forth in Section 5.02(f)(iv)(B), to the
          extent
          unpaid; 

         

        (vii) to
          the
          Cap Termination Receipts Account for the purchase of a replacement cap
          agreement
          pursuant to Section 5.09(b) (if necessary); and

         

        (viii) to
          the
          Class X Certificates, any remaining Interest Rate Cap Amount.

         

        (i) On
          each
          Distribution Date, an amount equal to the aggregate of all Prepayment Premiums
          collected during the preceding Prepayment Period shall be distributed to
          the
          Class P Certificates.

         

        (j) On
          each
          Distribution Date occurring after a Section 7.01(c) Purchase Event but
          on or
          prior to a Trust Fund Termination Event, the Trustee (or the Paying Agent
          on
          behalf of the Trustee), shall withdraw from the Certificate Account the
          Total
          Distribution Amount (to the extent such amount is on deposit in the Certificate
          Account) and amounts available for payment to the Swap Counterparty, and
          shall
          allocate such amount to the interests issued in respect of the Lower Tier
          REMIC
          1 Uncertificated Regular Interests created pursuant to this Agreement and
          shall
          distribute such amount first,
          for
          deposit into the Swap Account, an amount equal to any Net Swap Payment
          or Swap
          Termination Payment owed to the Swap Counterparty on the related Swap Payment
          Date, second,
          to the
          Credit Risk Manager, the Credit Risk Manager’s Fee, third,
          to the
          Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not
          previously reimbursed to the Trustee and fourth,
          to the
          LTURI-holder, any remaining Total Distribution Amount to the extent payable
          on
          the Lower Tier REMIC 1 Uncertificated Regular Interests as provided in
          the
          Preliminary Statement, and fifth,
          to the
          Class LT-R Certificates.

         

        (k) On
          each
          Swap Payment Date occurring after a Section 7.01(c) Purchase Event but
          on or
          prior to a Trust Fund Termination Event, the Trustee shall distribute the
          Swap
          Amount for such date first,
          to the
          Swap Counterparty to pay any Net Swap Payment owed to the Swap Counterparty
          pursuant to the Swap Agreement for such Swap Payment Date; second,
          to the
          Swap Counterparty, to pay any Swap Termination Payment owed to the Swap
          Counterparty pursuant to the Swap Agreement for such Swap Payment Date,
          third,
          if
          applicable, to the Swap Termination Receipts Account, for application to
          the
          purchase of a replacement swap agreement pursuant to Section 5.09(a); and
          fourth,
          any
          remaining amount of Swap Amount, to the LTURI-holder.

         

        
          
            
            

          

          
            110

            
              

            

          

          
            
            

          

        

        (l) On
          each
          Distribution Date occurring after a Section 7.01(c) Purchase Event but
          on or
          prior to a Trust Fund Termination Event, the Trustee shall distribute any
          amounts received from the Cap Counterparty under the Interest Rate Cap
          Agreement
          for such Distribution Date first,
          to the
          Cap Termination Receipts Account, for application to the purchase of a
          replacement cap agreement pursuant to Section 5.09(b); and second,
          any
          remaining amount from the Cap Counterparty under the Interest Rate Cap
          Agreement, to the LTURI-holder.

         

        (m) On
          each
          Distribution Date, an amount equal to the aggregate FPD Premiums collected
          during the preceding Prepayment Period shall be distributed to the Class
          X
          Certificates.

        

        Section
          5.03. Allocation
          of Losses. 

         

        On
          each
          Distribution Date, the Class Principal Amounts of the Subordinate Certificates
          will be reduced by the amount of any Applied Loss Amount for such date,
          in the
          following order of priority:

         

        (i) to
          the
          Class B2 Certificates, until the Class Principal Amount thereof has been
          reduced
          to zero;

         

        (ii) to
          the
          Class B1 Certificates, until the Class Principal Amount thereof has been
          reduced
          to zero;

         

        (iii) to
          the
          Class M9 Certificates, until the Class Principal Amount thereof has been
          reduced
          to zero;

         

        (iv) to
          the
          Class M8 Certificates, until the Class Principal Amount thereof has been
          reduced
          to zero;

         

        (v) to
          the
          Class M7 Certificates, until the Class Principal Amount thereof has been
          reduced
          to zero;

         

        (vi) to
          the
          Class M6 Certificates, until the Class Principal Amount thereof has been
          reduced
          to zero;

         

        (vii) to
          the
          Class M5 Certificates, until the Class Principal Amount thereof has been
          reduced
          to zero; 

         

        (viii) to
          the
          Class M4 Certificates, until the Class Principal Amount thereof has been
          reduced
          to zero;

         

        (ix) to
          the
          Class M3 Certificates, until the Class Principal Amount thereof has been
          reduced
          to zero;

         

        
          
            
            

          

          
            111

            
              

            

          

          
            
            

          

        

        (x) to
          the
          Class M2 Certificates, until the Class Principal Amount thereof has been
          reduced
          to zero; and 

         

        (xi) to
          the
          Class M1 Certificates, until the Class Principal Amount thereof has been
          reduced
          to zero.

         

         

        Section
          5.04. Advances
          by Master Servicer, Servicer and Securities Administrator. 

         

        (a) Subject
          to Section 9.07, Advances shall be made in respect of each Master Servicer
          Remittance Date as provided herein. If, on any Determination Date, the
          Servicer
          determines that any Scheduled Payments (or in the case of Simple Interest
          Mortgage Loans, the amount of any scheduled interest payments) due during
          the
          related Collection Period (other than Balloon Payments) have not been received,
          the Servicer shall advance such amount to the extent provided in the Servicing
          Agreement. If the Servicer fails to remit Advances required to be made
          under the
          Servicing Agreement, the Master Servicer shall itself make, or shall cause
          the
          successor Servicer to make, such Advance on the Master Servicer Remittance
          Date
          immediately following such Determination Date. If the Master Servicer determines
          that an Advance is required, it shall on the Master Servicer Remittance
          Date
          immediately following such Determination Date either (i) remit to the Securities
          Administrator from its own funds (or funds advanced by the Servicer) for
          deposit
          in the Securities Administration Account immediately available funds in
          an
          amount equal to such Advance, (ii) cause to be made an appropriate entry
          in the
          records of the Collection Account that funds in such account being held
          for
          future distribution or withdrawal have been, as permitted by this Section
          5.04,
          used by the Master Servicer to make such Advance, and remit such immediately
          available funds to the Securities Administrator for deposit in the Securities
          Administration Account or (iii) make Advances in the form of any combination
          of
          clauses (i) and (ii) aggregating the amount of such Advance. Any funds
          being
          held in the Collection Account for future distribution to Certificateholders
          and
          so used shall be replaced by the Master Servicer from its own funds by
          remittance to the Securities Administrator for deposit in the Securities
          Administration Account on or before any future Master Servicer Remittance
          Date
          to the extent that funds in the Certificate Account on such Master Servicer
          Remittance Date shall be less than payments to Certificateholders required
          to be
          made on the related Distribution Date. The Master Servicer and the Servicer
          shall be entitled to be reimbursed from the Collection Account for all
          Advances
          made by it as provided in Section 4.02. Notwithstanding anything to the
          contrary
          herein, in the event the Master Servicer determines in its reasonable judgment
          that an Advance is non-recoverable, the Master Servicer shall be under
          no
          obligation to make such Advance.

         

        (b) In
          the
          event that the Master Servicer or the Servicer fails for any reason to
          make an
          Advance required to be made pursuant to this Section 5.04 on or before
          the
          Master Servicer Remittance Date, the Securities Administrator, as successor
          master servicer pursuant to Section 6.14, shall, on or before the related
          Distribution Date, deposit in the Certificate Account an amount equal to
          the
          excess of (a) Advances required to be made by the Master Servicer or the
          Servicer that would have been deposited in such Certificate Account over
          (b) the
          amount of any Advance made by the Master Servicer or the Servicer with
          respect
          to such Distribution Date; provided,
          however,
          that the
          Securities Administrator shall be required to make such Advance only if
          it is
          not prohibited by law from doing so and it has determined that such Advance
          would be recoverable from amounts to be received with respect to such Mortgage
          Loan, including late payments, Liquidation Proceeds, Insurance Proceeds,
          or
          otherwise. The Securities Administrator shall be entitled to be reimbursed
          from
          the Collection Account and/or the Certificate Account for Advances made
          by it
          pursuant to this Section 5.04 as if it were the Master Servicer.

         

        
          
            
            

          

          
            112

            
              

            

          

          
            
            

          

        

        Section
          5.05. Compensating
          Interest Payments. 

         

        The
          Master Servicer shall not be responsible for making any Compensating Interest
          Payments not made by the Servicer. Any Compensating Interest Payments made
          by
          the Servicer shall be a component of the Interest Remittance
          Amount.

         

        Section
          5.06. Basis
          Risk Reserve Fund. 

         

        (a) On
          the
          Closing Date, the Trustee shall establish and maintain in its name, in
          trust for
          the benefit of the Certificateholders, a Basis Risk Reserve Fund, into
          which
          Lehman Brothers Holdings Inc. (“LBH”) shall initially deposit $1,000. 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 monies, including, without limitation, other monies of the Trustee
          held
          pursuant to this Agreement.

         

        (b) The
          Trustee (or Paying Agent) shall make withdrawals from the Basis Risk Reserve
          Fund to make distributions pursuant to Section 5.02(f)(iv) hereof in accordance
          with the Distribution Date reports prepared by the Securities
          Administrator.

         

        (c) Funds
          in
          the Basis Risk Reserve Fund shall be invested in Eligible Investments.
          Any
          earnings on such amounts shall be distributed on each Distribution Date
          to the
          Holders of the Class X Certificates. The Class X Certificates shall evidence
          ownership of the Basis Risk Reserve Fund for federal income tax purposes
          and LBH
          on behalf of the Holder thereof shall direct the Trustee, in writing, as
          to
          investment of amounts on deposit therein. LBH shall be liable for any losses
          incurred on such investments. In the absence of written instructions from
          LBH as
          to investment of funds on deposit in the Basis Risk Reserve Fund, such
          funds
          shall be invested in the U.S. Bank First American Prime Obligation Fund,
          Class
          A. The Basis Risk Reserve Fund shall be terminated after the earlier of
          (A) a
          Section 7.01(c) Purchase Event or (B) a Trust Fund Termination Event, and
          any
          funds remaining in such fund upon such termination shall be released to
          Holders
          of the Class X Certificates.

         

        Section
          5.07. Supplemental
          Interest Trust. 

         

        (a) A
          separate trust is hereby established (the “Supplemental Interest Trust”), the
          corpus of which shall be held by the Trustee, in trust, for the benefit
          of the
          Certificateholders and the Swap Counterparty. The Trustee, as trustee of
          the
          Supplemental Interest Trust, shall establish an account (the “Swap Account”),
          into which LBH shall initially deposit $1,000. The Swap Account shall be
          an
          Eligible Account, and funds on deposit therein shall be held separate and
          apart
          from, and shall not be commingled with, any other monies, including, without
          limitation, other monies of the Trustee held pursuant to this
          Agreement.

         

        (b) In
          addition, the Trustee, as trustee of the Supplemental Interest Trust, shall
          establish an account (the “Interest Rate Cap Account”), into which LBH shall
          initially deposit $1,000. The Interest Rate Cap Account shall be an Eligible
          Account, and funds on deposit therein shall be held separate and apart
          from, and
          shall not be commingled with, any other monies, including, without limitation,
          other monies of the Trustee held pursuant to this Agreement.

         

        
          
            
            

          

          
            113

            
              

            

          

          
            
            

          

        

        (c) In
          addition, on the Closing Date, the Trustee, on behalf of the Supplemental
          Interest Trust, shall establish an account (the “Collateral
          Account”)
          into
          which funds shall be deposited pursuant to Section 5.07(h). The Collateral
          Account shall be an Eligible Account, and funds on deposit therein shall
          be held
          separate and apart from, and shall not be commingled with, any other monies,
          including, without limitation, other monies of the Trustee held pursuant
          to this
          Agreement.

         

        (d) The
          Trustee shall deposit into the Swap Account any Net Swap Payment required
          pursuant to Sections 5.02(b), (c), (e), (j) and (k), any Swap Termination
          Payment required pursuant to Sections 5.02(b), (c), (e) (j) and (k), any
          amounts
          received from the Swap Counterparty under the Swap Agreement and any amounts
          distributed from the Basis Risk Reserve Fund required pursuant to Sections
          5.02(f)(iv)(C) and (f)(vi), and shall distribute from the Swap Account
          any Net
          Swap Payment required pursuant to Sections 5.02(g)(i), 5.02(j) or 5.02(k),
          as
          applicable, or Swap Termination Payment required pursuant to Sections
          5.02(g)(ii), 5.02(g)(x), 5.02(j) or 5.02(k), as applicable. Notwithstanding
          the
          foregoing, the initial deposit of $1,000 made pursuant to subsection (a)
          above
          may be applied by the Trustee to make such distributions of any Net Swap
          Payment
          or any Swap Termination Payment.

         

        (e) The
          Trustee shall deposit into the Interest Rate Cap Account any amounts received
          from the Cap Counterparty under the Interest Rate Cap Agreement.

         

        (f) Funds
          in
          the Swap Account shall be invested in Eligible Investments. Any earnings
          on such
          amounts shall be distributed on each Distribution Date pursuant to Section
          5.02(g), (j) or (k), as applicable. The Class X Certificates shall evidence
          ownership of the Swap Account for federal income tax purposes and the Holder
          thereof shall direct the Trustee, in writing, as to investment of amounts
          on
          deposit therein. LBH shall be liable for any losses incurred on such
          investments. In the absence of written instructions from the Class X
          Certificateholders as to investment of funds on deposit in the Swap Account,
          such funds shall be invested in the U.S. Bank First American Prime Obligations
          Fund, Class A or comparable investment vehicle. Any amounts on deposit
          in the
          Swap Account in excess of the Swap Amount on any Distribution Date shall
          be held
          for distribution pursuant to Section 5.02(g), (j) or (k), as applicable,
          on the
          following Distribution Date.

         

        (g) Funds
          in
          the Interest Rate Cap Account shall be invested in Eligible Investments.
          Any
          earnings on such amounts shall be distributed on each Distribution Date
          pursuant
          to Section 5.02(h) or Section 5.02(l), as applicable. The Class X Certificates
          shall evidence ownership of the Interest Rate Cap Account for federal income
          tax
          purposes and the Holder thereof shall direct the Trustee, in writing, as
          to
          investment of amounts on deposit therein. LBH shall be liable for any losses
          incurred on such investments. In the absence of written instructions from
          the
          Class X Certificateholders as to investment of funds on deposit in the
          Interest
          Rate Cap Account, such funds shall be invested in the U.S. Bank First American
          Prime Obligations Fund, Class A or comparable investment vehicle. Any amounts
          on
          deposit in the Interest Rate Cap Account in excess of the Interest Rate
          Cap
          Amount on any Distribution Date shall be held for distribution pursuant
          to
          Section 5.02(h) or Section 5.02(l), as applicable, on the following Distribution
          Date.

         

        
          
            
            

          

          
            114

            
              

            

          

          
            
            

          

        

        (h) Funds
          or
          collateral required to be held pursuant to the Credit Support Annex shall
          be
          deposited into the Collateral Account. Funds posted by the Cap Counterparty
          (or
          its credit support provider, if applicable) and/or the Swap Counterparty
          (or its
          credit support provider, if applicable) in the Collateral Account shall
          be
          invested in Eligible Investments at the written direction of the Swap
          Counterparty. Any interest earnings on such amounts shall be remitted to
          the Cap
          Counterparty and/or the Swap Counterparty, as applicable, pursuant to the
          terms
          of the Credit Support Annex. For federal income tax purposes, the Swap
          Counterparty shall be considered owner of funds deposited in the Collateral
          Account. The Trustee shall not be liable for any losses incurred on such
          investments. In the absence of written instructions from the Cap Counterparty
          (or its credit support provider) and/or the Swap Counterparty (or its credit
          support provider) as to investment of funds on deposit in the Collateral
          Account, such funds shall be invested in the U.S. Bank First American Prime
          Obligations Fund, Class A or comparable investment vehicle. On the first
          Distribution Date immediately following any Swap Payment Date as to which
          a
          shortfall exists with respect to a Net Swap Payment or a Swap Termination
          Payment owed by the Swap Counterparty as a result of its failure to make
          payments pursuant to the Swap Agreement, amounts necessary to cover such
          shortfall shall be removed from the Collateral Account, remitted to the
          Swap
          Account and distributed as all or a portion of such Net Swap Payment or
          Swap
          Termination Payment pursuant to Section 5.02(g), (j) or (k), as applicable.
          On
          any Distribution Date as to which a shortfall exists with respect to Interest
          Rate Cap Amounts owed by the Cap Counterparty as a result of its failure
          to make
          payments pursuant to the Interest Rate Cap Agreement, amounts necessary
          to cover
          such shortfall shall be removed from the Collateral Account, remitted to
          the
          Interest Rate Cap Account and distributed as all or a portion of such Interest
          Rate Cap Amount pursuant to Section 5.02(h) or Section 5.02(l), as applicable.
          Any amounts on deposit in the Collateral Account required to be returned
          to the
          Cap Counterparty (or its credit support provider) and/or the Swap Counterparty
          (or its credit support provider), as applicable, as a result of (i) the
          termination of the Swap Agreement or the Interest Rate Cap Agreement, as
          applicable, (ii) the procurement of a guarantor, (iii) the reinstatement
          of
          required ratings or (iv) otherwise pursuant to the Swap Agreement, shall
          be
          released directly to the Swap Counterparty and/or the Cap Counterparty,
          as
          applicable, pursuant to the terms of the Credit Support Annex.

         

        (i) Upon
          termination of the Trust Fund, any amounts remaining in the Swap Account
          shall
          be distributed pursuant to the priorities set forth in Sections 5.02(g),
          (j) or
          (k), as applicable. 

         

        (j) Upon
          termination of the Trust Fund, any amounts remaining in the Interest Rate
          Cap
          Account shall be distributed pursuant to the priorities set forth in Sections
          5.02(h) or 5.02(l), as applicable.

         

        (k) Upon
          termination of the Trust Fund, any amounts remaining in the Collateral
          Account
          shall be distributed as required pursuant to the terms of the Credit Support
          Annex. 

         

        (l) It
          is the
          intention of the parties hereto that, for federal and state income and
          state and
          local franchise tax purposes, the Supplemental Interest Trust be disregarded
          as
          an entity separate from the holder of the Class X Certificates unless and
          until
          the date when either (a) there is more than one Class X Certificateholder
          or (b)
          any Class of Certificates in addition to the Class X Certificates is
          recharacterized as an equity interest in the Supplemental Interest Trust
          for
          federal income tax purposes. Neither the Securities Administrator nor the
          Trustee shall be responsible for any entity level tax reporting for the
          Supplemental Interest Trust.

         

        
          
            
            

          

          
            115

            
              

            

          

          
            
            

          

        

        (m) To
          the
          extent that the Supplemental Interest Trust is determined to be a separate
          legal
          entity from the Trustee, any obligation of the Trustee under the Swap Agreement
          or the Interest Rate Cap Agreement shall be deemed to be an obligation
          of the
          Supplemental Interest Trust.

         

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

         

        Section
          5.08. Rights
          of Swap Counterparty. 

         

        The
          Swap
          Counterparty shall be deemed a third-party beneficiary of this Agreement
          to the
          same extent as if it were a party hereto and shall have the right to enforce
          its
          rights under this Agreement, which rights include but are not limited to
          the
          obligation of the Trustee (A) to deposit any Net Swap Payment required
          pursuant
          to Sections 5.02(b), (c), (e), (j) and (k) and any Swap Termination Payment
          required pursuant to Sections 5.02(b), (c), (e), (j) and (k), into the
          Swap
          Account, (B) to deposit any amounts from the Basis Risk Reserve Fund required
          pursuant to Sections 5.02(f)(iv)(C) and 5.02(f)(vi) into the Swap Account,
          (C)
          to pay any Net Swap Payment required pursuant to Sections 5.02(g)(i), 5.02(j)
          or
          5.02(k), as applicable, or Swap Termination Payment required pursuant to
          Sections 5.02(g)(ii), 5.02(g)(x), 5.02(j) or 5.02(k), as applicable, to the
          Swap Counterparty and (D) to establish and maintain the Swap Account, to
          make
          such deposits thereto, investments therein and distributions therefrom
          as are
          required pursuant to Section 5.07. For the protection and enforcement of
          the
          provisions of this Section the Swap Counterparty shall be entitled to such
          relief as can be given either at law or in equity.

         

        
          
            
            

          

          
            116

            
              

            

          

          
            
            

          

        

        Section
          5.09. Termination
          Receipts. 

         

        (a) In
          the
          event of an “Early Termination Event” as defined under the Swap Agreement, (i)
          any Swap Termination Payment made by the Swap Counterparty to the Supplemental
          Interest Trust and paid pursuant to Section 5.02(g)(x), Section 5.02(j) or
          5.02(k), as applicable (“Termination Receipts”) will be deposited in a
          segregated non-interest bearing account which shall be an Eligible Account
          established by the Trustee (the “Swap Termination Receipts Account”) and (ii)
          any amounts received from a replacement Swap Counterparty (“Swap Replacement
          Receipts”) will be deposited in a segregated non-interest bearing account which
          shall be an Eligible Account established by the Trustee (the “Swap Replacement
          Receipts Account”). The Trustee shall invest, or cause to be invested, funds
          held in the Swap Termination Receipts Account and the Swap Replacement
          Receipts
          Account in time deposits of the Trustee as permitted by clause (ii) of
          the
          definition of Eligible Investments or as otherwise directed in writing
          by a
          majority of the Certificateholders. All such investments must be payable
          on
          demand or mature on a Swap Payment Date, a Distribution Date or such other
          date
          as directed by the Certificateholders. All such Eligible Investments will
          be
          made in the name of the Trustee of the Supplemental Interest Trust (in
          its
          capacity as such) or its nominee. All income and gain realized from any
          such
          investment shall be deposited in the Swap Termination Receipts Account
          or the
          Swap Replacement Receipts Account, as applicable, and all losses, if any,
          shall
          be borne by the related account. 

         

        Unless
          otherwise permitted by the Rating Agencies as evidenced in a written
          confirmation, the Depositor shall arrange for replacement Swap Agreement(s)
          or
          procure a replacement guarantor, if applicable, and the Trustee shall upon
          receipt of written direction of, and with the assistance and cooperation
          of the
          Depositor, use amounts on deposit in the Swap Termination Receipts Account,
          if
          necessary, to enter into replacement Swap Agreement(s) or to execute any
          other
          agreements with respect to such replacement guarantor, if applicable, which
          shall be executed and delivered by the Trustee on behalf of the Supplemental
          Interest Trust upon receipt of written confirmation from each Rating Agency
          (if
          required pursuant to the terms of the Swap Agreement) that such replacement
          Swap
          Agreement(s) will not result in the reduction or withdrawal of the rating
          of any
          outstanding Class of Certificates with respect to which it is a Rating
          Agency.

         

        Amounts
          on deposit in the Swap Replacement Receipts Account shall be held for the
          benefit of the related Swap Counterparty and paid to such Swap Counterparty
          if
          the Supplemental Interest Trust is required to make a payment to such Swap
          Counterparty following an event of default or termination event with respect
          to
          the Supplemental Interest Trust under the related Swap Agreement. Any amounts
          not so applied shall, following the termination or expiration of such
          replacement swap agreement, be paid to the Class X Certificates.

         

        (b) In
          the
          event of an “Early
          Termination Event”
          as
          defined under the Interest Rate Cap Agreement, (i) any Cap Termination
          Payment
          made by the Cap Counterparty to the Interest Rate Cap Account and paid
          pursuant
          to Section 5.02(h)(vii) or Section 5.02(l) (“Cap
          Termination Receipts”)
          shall
          be deposited in a segregated non-interest bearing account which shall be
          an
          Eligible Account established by the Trustee (the “Cap
          Termination Receipts Account”)
          and
          (ii) any amounts received from a replacement Cap Counterparty (“Cap
          Replacement Receipts”)
          will be
          deposited in a segregated non-interest bearing account which shall be an
          Eligible Account established by the Trustee (the “Cap
          Replacement Receipts Account”).
          The
          Trustee shall invest, or cause to be invested, funds held in the Cap Termination
          Receipts Account in time deposits of the Trustee as permitted by clause
          (ii) of
          the definition of Eligible Investments or as otherwise directed in writing
          by a
          majority of the Certificateholders. All such investments must be payable
          on
          demand or mature on a Interest Rate Cap Payment Date, a Distribution Date
          or
          such other date as directed by the Certificateholders. All such Eligible
          Investments shall be made in the name of the Trustee of the Supplemental
          Interest Trust (in its capacity as such) or its nominee. All income and
          gain
          realized from any such investment shall be deposited in the Cap Termination
          Receipts Account and all losses, if any, shall be borne by such account.
          

         

        
          
            
            

          

          
            117

            
              

            

          

          
            
            

          

        

        Unless
          otherwise permitted by the Rating Agencies as evidenced in a written
          confirmation, the Depositor shall arrange for replacement Interest Rate
          Cap
          Agreement(s) and the Trustee shall promptly, upon receipt of written direction
          and with the assistance and cooperation of the Depositor, use amounts on
          deposit
          in the Cap Termination Receipts Account, if necessary, to enter into replacement
          Interest Rate Cap Agreement(s) which shall be executed and delivered by
          the
          Trustee on behalf of the Supplemental Interest Trust upon receipt of written
          confirmation from each Rating Agency that such replacement Interest Rate
          Cap
          Agreement(s) will not result in the reduction or withdrawal of the rating
          of any
          outstanding Class of Certificates with respect to which it is a Rating
          Agency.

         

        
          
            
            

          

          
            118

            
              

            

          

          
            
            

          

        

        

         

        ARTICLE
          VI

         

        CONCERNING
          THE TRUSTEE AND THE SECURITIES ADMINISTRATOR; EVENTS OF DEFAULT

         

        Section
          6.01. Duties
          of Trustee and Securities Administrator. 

         

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

         

        (b) Each
          of
          the Trustee and the Securities Administrator, upon receipt of all resolutions,
          certificates, statements, opinions, reports, documents, orders or other
          instruments furnished to the Trustee or the Securities Administrator, as
          applicable, which are specifically required to be furnished pursuant to
          any
          provision of this Agreement, shall examine them to determine whether they
          are on
          their face in the form required by this Agreement; provided,
          however,
          that
          neither the Trustee nor the Securities Administrator shall be responsible
          for
          the accuracy or content of any such resolution, certificate, statement,
          opinion,
          report, document, order or other instrument furnished by the Master Servicer,
          the Servicer, the Swap Counterparty, the Cap Counterparty or the Credit
          Risk
          Manager to the Trustee or the Securities Administrator pursuant to this
          Agreement, and shall not be required to recalculate or verify any numerical
          information furnished to the Trustee or the Securities Administrator pursuant
          to
          this Agreement. Subject to the immediately preceding sentence, if any such
          resolution, certificate, statement, opinion, report, document, order or
          other
          instrument is found not to conform on its face to the form required by
          this
          Agreement in a material manner the Trustee or Securities Administrator,
          as
          applicable, shall notify the Person providing such resolutions, certificates,
          statements, opinions, reports or other documents of the non-conformity,
          and if
          the instrument is not corrected to the Trustee’s or Securities Administrator’s,
          as applicable, satisfaction, the Trustee or Securities Administrator, as
          applicable, will provide notice thereof to the Certificateholders and any
          NIMS
          Insurer and will, at the expense of the Trust Fund, which expense shall
          be
          reasonable given the scope and nature of the required action, take such
          further
          action as directed by the Certificateholders and any NIMS Insurer.

         

        (c) Neither
          the Trustee nor the Securities Administrator shall have any liability arising
          out of or in connection with this Agreement, except for its negligence
          or
          willful misconduct. No provision of this Agreement shall be construed to
          relieve
          the Trustee or the Securities Administrator from liability for its own
          negligent
          action, its own negligent failure to act or its own willful misconduct;
          provided,
          however,
          that:

         

        
          
            
            

          

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

         

        (ii) For
          all
          purposes under this Agreement, the Trustee shall not be deemed to have
          notice of
          any Event of Default unless a Responsible Officer of the Trustee has actual
          knowledge thereof or unless written notice of any event which is in fact
          such a
          default is received by the Trustee at the Corporate Trust Office, and such
          notice references the Holders of the Certificates and this
          Agreement;

         

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

         

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

         

        (v) Neither
          the Trustee nor the Securities Administrator shall be responsible for any
          act or
          omission of the Master Servicer, the Servicer, the Credit Risk Manager,
          the
          Depositor, the Seller, the Custodian, the Swap Counterparty or the Cap
          Counterparty and neither the Securities Administrator nor the Trustee shall
          be
          responsible for any act or omission of the other.

         

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

         

        
          
            
            

          

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

         

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

         

        (g) The
          Trustee shall not be held liable by reason of any insufficiency in the
          Collection Account or any other account established under this Agreement
          resulting from any investment loss on any Eligible Investment included
          therein
          (except to the extent that the Trustee is the obligor and has defaulted
          thereon).

         

        (h) The
          Trustee shall not and, except as otherwise provided herein, the Securities
          Administrator shall not have any duty (A) to see to any recording, filing,
          or
          depositing of this Agreement or any agreement referred to herein or any
          financing statement or continuation statement evidencing a security interest,
          or
          to see to the maintenance of any such recording or filing or depositing
          or to
          any rerecording, refiling or redepositing of any thereof, (B) to see to
          any
          insurance or claim under any Insurance Policy, and (C) to see to the payment
          or
          discharge of any tax, assessment, or other governmental charge or any lien
          or
          encumbrance of any kind owing with respect to, assessed or levied against,
          any
          part of the Trust Fund or the Supplemental Interest Trust other than from
          funds
          available in the Collection Account, the Securities Administration Account
          or
          the Certificate Account, as applicable. Except as otherwise provided herein,
          neither the Trustee nor the Securities Administrator shall have any duty to
          confirm or verify the contents of any reports or certificates of the Master
          Servicer, the Servicer, the Swap Counterparty, the Cap Counterparty or
          the
          Credit Risk Manager delivered to the Trustee or the Securities Administrator
          pursuant to this Agreement believed by the Trustee or the Securities
          Administrator, as applicable, to be genuine and to have been signed or
          presented
          by the proper party or parties.

         

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

         

        
          
            
            

          

          
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        (j) Notwithstanding
          anything in this Agreement to the contrary, none of the Securities
          Administrator, any Paying Agent or the Trustee shall be liable for special,
          indirect or consequential losses or damages of any kind whatsoever (including,
          but not limited to, lost profits), even if the Securities Administrator,
          the
          Paying Agent or the Trustee, as applicable, has been advised of the likelihood
          of such loss or damage and regardless of the form of action, provided,
          however,
          that
          this Subsection 6.01(j) shall not apply in connection with any failure
          by the
          Securities Administrator to comply with the provisions of Subsections 6.01(l)
          hereof and Subsections 9.25(a) and (b) hereof.

         

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

         

        (l) For
          so
          long as the Depositor is subject to Exchange Act reporting requirements
          for the
          Structured Asset Securities Corporation Mortgage Loan Trust 2007-WF2
          transaction, the Securities Administrator shall give prior written notice
          to the
          Sponsor, the Master Servicer, the NIMS Insurer and the Depositor of the
          appointment of any Subcontractor by it and a written description (in form
          and
          substance satisfactory to the Sponsor and the Depositor) of the role and
          function of each Subcontractor utilized by the Securities Administrator
          specifying (A) the identity of each such Subcontractor and (B) which elements
          of
          the servicing criteria set forth under Item 1122(d) of Regulation AB will
          be
          addressed in assessments of compliance provided by each such
          Subcontractor.

         

        (m) The
          Paying Agent and Certificate Registrar shall have the same rights, protections,
          immunities and indemnities as are afforded to the Trustee pursuant to this
          Article VI.

         

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

         

        Except
          as
          otherwise provided in Section 6.01:

         

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

         

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

         

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

         

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

         

        
          
            
            

          

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

         

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

         

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

         

        (h) Neither
          the Trustee nor the Securities Administrator shall be required to give
          any bond
          or surety in respect of the execution of the Trust Fund or Supplemental
          Interest
          Trust created hereby or the powers granted hereunder.

         

        Section
          6.03. Trustee
          and Securities Administrator Not Liable for Certificates. 

         

        The
          Trustee and the Securities Administrator make no representations as to
          the
          validity or sufficiency of this Agreement, the Swap Agreement, the Interest
          Rate
          Cap Agreement, the Certificates (other than the certificate of authentication
          on
          the Certificates) or the Lower Tier REMIC 1 Uncertificated Regular Interests,
          or
          of any Mortgage Loan, or related document save that the Trustee and the
          Securities Administrator represent that, assuming due execution and delivery
          by
          the other parties hereto, this Agreement has been duly authorized, executed
          and
          delivered by it and constitutes its valid and binding obligation, enforceable
          against it in accordance with its terms except that such enforceability
          may be
          subject to (A) applicable bankruptcy and insolvency laws and other similar
          laws
          affecting the enforcement of the rights of creditors generally, and (B)
          general
          principles of equity regardless of whether such enforcement is considered
          in a
          proceeding in equity or at law. The Trustee and the Securities Administrator
          shall not be accountable for the use or application by the Depositor of
          funds
          paid to the Depositor in consideration of the assignment of the Mortgage
          Loans
          to the Trust Fund by the Depositor or for the use or application of any
          funds
          deposited into the Collection Account, the Certificate Account, the Securities
          Administration Account, any Escrow Account or any other fund or account
          maintained with respect to the Certificates. The Trustee and the Securities
          Administrator shall not be responsible for the legality or validity of
          this
          Agreement, the Swap Agreement, the Interest Rate Cap Agreement, the Mortgage
          Loan Sale Agreement or the validity, priority, perfection or sufficiency
          of the
          security for the Certificates or the Lower Tier REMIC 1 Uncertificated
          Regular
          Interests issued or intended to be issued hereunder. The Trustee shall
          not, and
          except as otherwise provided herein, the Securities Administrator shall
          have no
          responsibility for filing any financing or continuation statement in any
          public
          office at any time or to otherwise perfect or maintain the perfection of
          any
          security interest or lien granted to it hereunder or to record this
          Agreement.

         

        
          
            
            

          

          
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        Section
          6.04. Trustee
          and the Securities Administrator May Own Certificates. 

         

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

         

        Section
          6.05. Eligibility
          Requirements for Trustee and Securities Administrator. 

         

        The
          Trustee and the Securities Administrator hereunder shall at all times be
          (i) an
          institution whose accounts are insured by the FDIC, (ii) a corporation
          or
          national banking association, organized and doing business under the laws
          of any
          State or the United States of America, authorized under such laws to exercise
          corporate trust powers, having a combined capital and surplus of not less
          than
          $50,000,000 and subject to supervision or examination by federal or state
          authority and (iii) not an Affiliate of the Master Servicer or the Servicer
          (except in the case of the Securities Administrator). If such corporation
          or
          national banking association publishes reports of condition at least annually,
          pursuant to law or to the requirements of the aforesaid supervising or
          examining
          authority, then, for the purposes of this Section, the combined capital
          and
          surplus of such corporation or national banking association shall be deemed
          to
          be its combined capital and surplus as set forth in its most recent report
          of
          condition so published. In addition, the Securities Administrator (i) may
          not be
          an originator of Mortgage Loans, the Master Servicer, a Servicer, the Depositor
          or an affiliate of the Depositor unless the Securities Administrator is
          in an
          institutional trust department of the Securities Administrator, (ii) must
          be
          authorized to exercise corporate trust powers under the laws of its jurisdiction
          of organization and (iii) must be rated at least “A/F1” by Fitch, if Fitch is a
          Rating Agency that has rated the Securities Administrator, or the equivalent
          rating by DBRS, Moody’s or S&P. In case at any time the Trustee or the
          Securities Administrator shall cease to be eligible in accordance with
          provisions of this Section, the Trustee or the Securities Administrator,
          as
          applicable, shall resign immediately in the manner and with the effect
          specified
          in Section 6.06.

         

        
          
            
            

          

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

         

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

         

        (b) If
          at any
          time (i) the Trustee or the Securities Administrator shall cease to be
          eligible
          in accordance with the provisions of Section 6.05 and shall fail to resign
          after
          written request therefor by the Depositor or any NIMS Insurer, (ii) the
          Trustee
          or the Securities Administrator shall become incapable of acting, or shall
          be
          adjudged a bankrupt or insolvent, or a receiver of the Trustee or the Securities
          Administrator of its property shall be appointed, or any public officer
          shall
          take charge or control of the Trustee or the Securities Administrator or
          of
          either of their property or affairs for the purpose of rehabilitation,
          conservation or liquidation, (iii) the Securities Administrator shall fail
          to
          observe or perform in any material respect any of the covenants or agreements
          of
          the Securities Administrator contained in this Agreement, including (A)
          any
          failure to remit payment to the Trustee on the Deposit Date which failure
          continues unremedied for a period of one Business Day (unless such failure
          to
          remit payment is directly caused by a failure by the Master Servicer to
          remit
          payments to the Securities Administrator and the Trustee has not terminated
          the
          Master Servicer as a result of such failure to remit, in which case the
          Securities Administrator shall remit payment as promptly as possible, but
          in no
          case later than one Business Day after recovering payment from the Master
          Servicer) and (B) any failure to provide the information, reports, assessments
          or attestations required pursuant to Subsection 9.25(a) or 9.25(b) hereof,
          (iv)
          a tax is imposed or threatened with respect to the Trust Fund by any state
          in
          which the Trustee or the Trust Fund held by the Trustee is located, (v)
          the
          continued use of the Trustee or Securities Administrator would result in
          a
          downgrading of the rating by any Rating Agency of any Class of Certificates
          with
          a rating, (vi) the Paying Agent shall fail to provide the information required
          pursuant to Subsection 3.08(b) hereof or (vii) the Depositor desires to
          replace
          the Securities Administrator with a successor Securities Administrator,
          then the
          Depositor, the Master Servicer, the Trustee (with regard to clause (iii)
          only)
          or any NIMS Insurer shall remove the Trustee, the Paying Agent or the Securities
          Administrator, as applicable, and the Depositor shall appoint a successor
          trustee or successor securities administrator, as applicable, acceptable
          to any
          NIMS Insurer and the Master Servicer by written instrument, one copy of
          which
          instrument shall be delivered to the Trustee or Securities Administrator
          so
          removed, one copy each to the successor trustee or successor securities
          administrator, as applicable, and one copy to each of the Master Servicer
          and
          any NIMS Insurer.

         

        
          
            
            

          

          
            125

            
              

            

          

          
            
            

          

        

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

         

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

         

        Section
          6.07. Successor
          Trustee and Successor Securities Administrator. 

         

        (a) Any
          successor trustee or successor securities administrator appointed as provided
          in
          Section 6.06 shall execute, acknowledge and deliver to the Depositor, the
          Master
          Servicer, any NIMS Insurer, the Swap Counterparty and to its predecessor
          trustee
          or predecessor securities administrator, as applicable, an instrument accepting
          such appointment hereunder, and thereupon the resignation or removal of
          the
          predecessor trustee or predecessor securities administrator, as applicable,
          shall become effective and such successor trustee or successor securities
          administrator, as applicable, without any further act, deed or conveyance,
          shall
          become fully vested with all the rights, powers, duties and obligations
          of its
          predecessor hereunder, with like effect as if originally named as trustee
          or
          securities administrator, as applicable, herein. A predecessor trustee
          (or its
          custodian) shall deliver to the Trustee or any successor trustee (or assign
          to
          the Trustee its interest under the Custodial Agreement, to the extent permitted
          thereunder), all Mortgage Files and documents and statements related to
          each
          Mortgage File held by it hereunder, and shall duly assign, transfer, deliver
          and
          pay over to the successor trustee the entire Trust Fund, together with
          all
          necessary instruments of transfer and assignment or other documents properly
          executed necessary to effect such transfer and such of the records or copies
          thereof maintained by the predecessor trustee in the administration hereof
          as
          may be requested by the successor trustee and shall thereupon be discharged
          from
          all duties and responsibilities under this Agreement. In addition, the
          Master
          Servicer and the predecessor trustee or predecessor securities administrator,
          as
          applicable, shall execute and deliver such other instruments and do such
          other
          things as may reasonably be required to more fully and certainly vest and
          confirm in the successor trustee or successor securities administrator,
          as
          applicable, all such rights, powers, duties and obligations. 

         

        
          
            
            

          

          
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        (b) No
          successor trustee or successor securities administrator shall accept appointment
          as provided in this Section 6.07 unless at the time of such appointment
          such
          successor trustee or successor securities administrator shall be eligible
          under
          the provisions of Section 6.05.

         

        (c) Upon
          acceptance of appointment by a successor trustee or successor securities
          administrator, as applicable, as provided in this Section 6.07, the predecessor
          trustee or predecessor securities administrator, as applicable, shall mail
          notice of the succession of such trustee or securities administrator, as
          applicable, to all Holders of Certificates at their addresses as shown
          in the
          Certificate Register and to any Rating Agency. The expenses of such mailing
          shall be borne by the predecessor trustee or predecessor securities
          administrator, as applicable.

         

        (d) Upon
          the
          resignation or removal of the Trustee pursuant to Section 6.06, the Trustee
          shall deliver the amounts held in its possession for the benefit of the
          Certificateholders to the successor trustee upon the appointment of the
          successor trustee.

         

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

         

        Any
          Person into which the Trustee or Securities Administrator may be merged
          or with
          which it may be consolidated, or any Person resulting from any merger,
          conversion or consolidation to which the Trustee or Securities Administrator
          shall be a party, or any Persons succeeding to the corporate trust business
          of
          the Trustee or Securities Administrator, shall be the successor to the
          Trustee
          or Securities Administrator hereunder, without the execution or filing
          of any
          paper or any further act on the part of any of the parties hereto, anything
          herein to the contrary notwithstanding, provided
          that, in
          the case of the Trustee, such Person shall be eligible under the provisions
          of
          Section 6.05. Unless and until a Form 15 suspension notice shall have been
          filed, as a condition to a succession to the Trustee or the Securities
          Administrator under this Agreement by any Person (i) into which the Trustee
          or
          the Securities Administrator may be merged or consolidated, or (ii) which
          may be
          appointed as a successor to the Trustee or the Securities Administrator,
          the
          Trustee or the Securities Administrator shall notify the Sponsor, the Master
          Servicer and the Depositor, at least 15 calendar days prior to the effective
          date of such succession or appointment, of such succession or appointment
          and
          shall furnish to the Sponsor, the Master Servicer and the Depositor in
          writing
          and in form and substance reasonably satisfactory to the Sponsor, the Master
          Servicer and the Depositor, all information reasonably necessary for the
          Securities Administrator to accurately and timely report, pursuant to Section
          6.20, the event under Item 6.02 of Form 8-K pursuant to the Exchange Act
          (if
          such reports under the Exchange Act are required to be filed under the
          Exchange
          Act).

         

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

         

        (a) Notwithstanding
          any other provisions hereof, at any time, the Trustee, the Depositor or
          the
          Certificateholders evidencing more than 50% of the Class Principal Amount
          (or
          Percentage Interest) of every Class of Certificates shall
          have the power from time to time to appoint one or more Persons, approved
          by the
          Trustee and any NIMS Insurer, to act either as co-trustees jointly with
          the
          Trustee, or as separate trustees, or as custodians, for the purpose of
          holding
          title to, foreclosing or otherwise taking action with respect to any Mortgage
          Loan outside the state where the Trustee has its principal place of business
          where such separate trustee or co-trustee is necessary or advisable (or
          the
          Trustee has been advised by the Master Servicer that such separate trustee
          or
          co-trustee is necessary or advisable) under the laws of any state in which
          a
          property securing a Mortgage Loan is located or for the purpose of otherwise
          conforming to any legal requirement, restriction or condition in any state
          in
          which a property securing a Mortgage Loan is located or in any state in
          which
          any portion of the Trust Fund is located. The separate Trustees, co-trustees,
          or
          custodians so appointed shall be trustees or custodians for the benefit
          of all
          the Certificateholders and shall have such powers, rights and remedies
          as shall
          be specified in the instrument of appointment; provided,
          however,
          that no
          such appointment shall, or shall be deemed to, constitute the appointee
          an agent
          of the Trustee. The obligation of the Securities Administrator to make
          Advances
          pursuant to Sections 5.04 and 6.14 hereof shall not be affected or assigned
          by
          the appointment of a co-trustee. Notwithstanding the foregoing, if such
          co-custodian or co-trustee is determined to be a Servicing Function Participant,
          no such co-custodian or co-trustee shall be vested with any powers, rights
          and
          remedies under this Agreement unless such party has agreed to comply with
          all
          Regulation AB requirements set forth under this Agreement or the related
          Custodial Agreement, as applicable.

         

        
          
            
            

          

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

         

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

         

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

         

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

         

        (iv) the
          Trustee or the Certificateholders evidencing more than 50% of the Aggregate
          Voting Interests of the Certificates may at any time accept the resignation
          of
          or remove any separate trustee, co-trustee or custodian, so appointed by
          it or
          them, if such resignation or removal does not violate the other terms of
          this
          Agreement.

         

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

         

        
          
            
            

          

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

         

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

         

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

         

        (g) The
          Trustee shall pay the reasonable compensation of the co-trustees requested
          by
          the Trustee to be so appointed (which compensation shall not reduce any
          compensation payable to the Trustee ) and, if paid by the Trustee, shall
          be a
          reimbursable expense pursuant to Section 6.12.

         

        Section
          6.10. Authenticating
          Agents. 

         

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

         

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

         

        (c) Any
          Authenticating Agent may at any time resign by giving at least 30 days’ advance
          written notice of resignation to the Trustee, any NIMS Insurer and the
          Depositor. The Trustee may at any time terminate the agency of any
          Authenticating Agent by giving written notice of termination to such
          Authenticating Agent, any NIMS Insurer and the Depositor. Upon receiving
          a
          notice of resignation or upon such a termination, or in case at any time
          any
          Authenticating Agent shall cease to be eligible in accordance with the
          provisions of this Section 6.10, the Trustee may appoint a successor
          Authenticating Agent, shall give written notice of such appointment to
          the
          Depositor and any NIMS Insurer and shall mail notice of such appointment
          to all
          Holders of Certificates. Any successor Authenticating Agent upon acceptance
          of
          its appointment hereunder shall become vested with all the rights, powers,
          duties and responsibilities of its predecessor hereunder, with like effect
          as if
          originally named as Authenticating Agent. No successor Authenticating Agent
          shall be appointed unless eligible under the provisions of this Section
          6.10. No
          Authenticating Agent shall have responsibility or liability for any action
          taken
          by it as such at the direction of the Trustee. Any Authenticating Agent
          shall be
          entitled to reasonable compensation for its services and, if paid by the
          Trustee, it shall be a reimbursable expense pursuant to Section
          6.12.

         

        
          
            
            

          

          
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        Section
          6.11. Indemnification
          of Trustee and Securities Administrator. 

         

        Each
          of
          the Trustee and the Securities Administrator and their respective directors,
          officers, employees and agents shall be entitled to indemnification from
          the
          Trust Fund for any loss, liability or expense incurred in connection with
          any
          legal proceeding or incurred without negligence or willful misconduct on
          its
          part (it being understood that the negligence or willful misconduct of
          the
          Custodian shall not constitute negligence or willful misconduct on the
          part of
          the Trustee or the Securities Administrator or any of their respective
          directors, officers, employees or agents for such purpose), arising out
          of, or
          in connection with, the acceptance or administration of the trusts created
          hereunder or in connection with the performance of their duties hereunder
          or
          under the Swap Agreement, the Interest Rate Cap Agreement, the Mortgage
          Loan
          Sale Agreement, the Transfer Agreement, the Servicing Agreement or the
          Custodial
          Agreement, including any applicable fees and expenses payable pursuant
          to
          Section 6.12 and the costs and expenses of defending themselves against
          any
          claim in connection with the exercise or performance of any of their powers
          or
          duties hereunder, provided that:

         

        (i) with
          respect to any such claim, the Trustee or the Securities Administrator,
          as
          applicable, shall have given the Depositor, the Master Servicer, any NIMS
          Insurer and the Holders written notice thereof promptly after a Responsible
          Officer of the Trustee or the Securities Administrator, as applicable,
          shall
          have knowledge thereof provided
          that the
          failure to provide such prompt written notice shall not affect the Trustee’s or
          Securities Administrator’s right to indemnification hereunder;

         

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

         

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

         

        
          
            
            

          

          
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        The
          Trustee shall be further indemnified by the Seller for and held harmless
          against, any loss, liability or expense arising out of, or in connection
          with,
          the provisions set forth in the fifth paragraph of Section 2.01(a) hereof,
          including, without limitation, all costs, liabilities and expenses (including
          reasonable legal fees and expenses) of investigating and defending itself
          against any claim, action or proceeding, pending or threatened, relating
          to the
          provisions of such paragraph.

         

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

         

        Section
          6.12. Fees
          and Expenses of Securities Administrator, Trustee and Custodian.

         

        
          The
            Trustee shall be entitled, annually, to the Trustee Fee, which shall
            be paid by
            the Securities Administrator on the first Distribution Date of each Anniversary
            Year. The Custodian shall be entitled to the Custodial Compensation which
            shall
            be paid by the Seller as invoiced by the Custodian. The Securities Administrator
            shall be entitled to any investment income and earnings on the Securities
            Administration Account (other than any amounts required to be deducted
            in
            respect of the Trustee Fee as provided in Section 4.05(f)). The Trustee
            and the
            Securities Administrator shall be entitled to reimbursement of all reasonable
            expenses, disbursements and advances incurred or made by the Securities
            Administrator or Trustee, as applicable, in accordance with this Agreement
            (including fees and expenses of its counsel and all persons not regularly
            in its
            employment and any amounts described in Section 10.01 to which such party
            is
            entitled as provided therein), except for expenses, disbursements and
            advances
            that either (i) do not constitute “unanticipated expenses” within the meaning of
            Treasury Regulation Section 1.860G-1(b)(3)(ii) or (ii) arise from its
            negligence, bad faith or willful misconduct. If the Trustee Fee is not
            fully
            paid from (i) the Securities Administrator’s own funds or (ii) investment income
            and earnings on amounts on deposit in the Securities Administration Account
            or
            the Certificate Account, as applicable, then prior to any distribution
            to
            Certificateholders pursuant to Section 5.02 hereof, the Trust Fund shall
            immediately reimburse the Trustee, upon demand for any such shortfall
            from
            amounts on deposit in the Certificate Account. The Custodian shall receive
            compensation and reimbursement or payment of its expenses under the Custodial
            Agreement as provided therein; provided
            that,
            to the
            extent required under Section 6 or Section 20 of the Custodial Agreement,
            the
            Trustee is hereby authorized to pay such compensation or indemnity amounts
            from
            amounts on deposit in the Certificate Account prior to any distributions
            to
            Certificateholders pursuant to Section 5.02 hereof.

           

        

        Section
          6.13. Collection
          of Monies. 

         

        Except
          as
          otherwise expressly provided in this Agreement, the Securities Administrator
          and
          the Trustee, as applicable, may demand payment or delivery of, and shall
          receive
          and collect, all money and other property payable to or receivable by it
          pursuant to this Agreement. The Securities Administrator and the Trustee
          shall
          hold all such money and property received by it as part of the Trust Fund
          and
          shall distribute it as provided in this Agreement. If the Securities
          Administrator shall not have timely received amounts to be remitted with
          respect
          to the Mortgage Loans from the Master Servicer, the Securities Administrator
          shall request the Master Servicer to make such distribution as promptly
          as
          practicable or legally permitted. If the Trustee shall not have timely
          received
          amounts to be remitted with respect to the Mortgage Loans from the Securities
          Administrator, the Trustee shall request the Securities Administrator to
          make
          such distribution as promptly as practicable or legally permitted. If the
          Securities Administrator or the Trustee shall subsequently receive any
          such
          amounts, each may withdraw such request, respectively.

         

        
          
            
            

          

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

         

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

         

        (i) Any
          failure by the Master Servicer to furnish to the Securities Administrator
          the
          Mortgage Loan data sufficient to prepare the reports described in Section
          4.03(a) (other than with respect to the information referred to in clauses
          (xix), (xx) and (xxi) of such Section 4.03(a)) which continues unremedied
          for a
          period of two (2) Business Days after the date upon which written notice
          of such
          failure shall have been given to such Master Servicer by the Trustee or
          the
          Securities Administrator or to such Master Servicer, the Securities
          Administrator and the Trustee by the Holders of not less than 25% of the
          Class
          Principal Amount of each Class of Certificates affected thereby; or

         

        (ii) Any
          failure by the Master Servicer to duly perform, within the required time
          period
          and without notice, its obligations to provide any certifications required
          pursuant to Sections 9.25 and 9.26; or

         

        (iii) Except
          with respect to those items listed in clause (ii) above, any failure by
          the
          Master Servicer to duly perform, within the required time period, without
          notice
          or grace period, its obligations to provide any information, data or materials
          required to be provided hereunder pursuant to Sections 9.23 and 9.29(b),
          including any items required to be included in any Exchange Act report;
          or

         

        (iv) Any
          failure on the part of the Master Servicer duly to observe or perform in
          any
          material respect any other of the covenants or agreements on the part of
          the
          Master Servicer contained in this Agreement which continues unremedied
          for a
          period of 30 days after the date on which written notice of such failure,
          requiring the same to be remedied, shall have been given to the Master
          Servicer
          by the Trustee or the Securities Administrator, or to the Master Servicer,
          the
          Securities Administrator and the Trustee by the Holders of more than 50%
          of the
          Aggregate Voting Interests of the Certificates or by any NIMS Insurer;
          or

         

        (v) A
          decree
          or order of a court or agency or supervisory authority having jurisdiction
          for
          the appointment of a conservator or receiver or liquidator in any insolvency,
          readjustment of debt, marshalling of assets and liabilities or similar
          proceedings, or for the winding-up or liquidation of its affairs, shall
          have
          been entered against the Master Servicer, and such decree or order shall
          have
          remained in force undischarged or unstayed for a period of 60 days or any
          Rating
          Agency reduces or withdraws or threatens to reduce or withdraw the rating
          of the
          Certificates because of the financial condition or loan servicing capability
          of
          such Master Servicer; or

         

        
          
            
            

          

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

         

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

         

        (viii) The
          Master Servicer shall be dissolved, or shall dispose of all or substantially
          all
          of its assets, or consolidate with or merge into another entity or shall
          permit
          another entity to consolidate or merge into it, such that the resulting
          entity
          does not meet the criteria for a successor servicer as specified in Section
          9.27
          hereof; or

         

        (ix) If
          a
          representation or warranty set forth in Section 9.14 hereof shall prove
          to be
          incorrect as of the time made in any respect that materially and adversely
          affects the interests of the Certificateholders, and the circumstance or
          condition in respect of which such representation or warranty was incorrect
          shall not have been eliminated or cured within 30 days after the date on
          which
          written notice of such incorrect representation or warranty shall have
          been
          given to the Master Servicer by the Trustee or the Securities Administrator,
          or
          to the Master Servicer, the Securities Administrator and the Trustee by
          the
          Holders of more than 50% of the Aggregate Voting Interests of the Certificates
          or by any NIMS Insurer; or

         

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

         

        (xi) The
          Master Servicer has notice or actual knowledge that the Servicer at any
          time is
          not either a Fannie Mae- or Freddie Mac- approved Seller/Servicer, and
          the
          Master Servicer has not terminated the rights and obligations of such Servicer
          under the Servicing Agreement and replaced such Servicer with a Fannie
          Mae- or
          Freddie Mac -approved servicer within 60 days of the date the Master Servicer
          receives such notice or acquires such actual knowledge; or

         

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

         

        
          
            
            

          

          
            133

            
              

            

          

          
            
            

          

        

        If
          an
          Event of Default described in clauses (i) through (xii) of this Section
          shall
          occur, then, in each and every case, subject to applicable law, so long
          as any
          such Event of Default shall not have been remedied within any period of
          time
          prescribed by this Section, the Trustee, by notice in writing to the Master
          Servicer (with a copy to the Securities Administrator) may, and shall,
          if so
          directed by the Certificateholders evidencing more than 50% of the Class
          Principal Amount of each Class of Certificates, terminate all of the rights
          and
          obligations of the Master Servicer hereunder and in and to the Mortgage
          Loans
          and the proceeds thereof. If an Event of Default described in clause (xii)
          of
          this Section shall occur, then, in each and every case, subject to applicable
          law, so long as such Event of Default shall not have been remedied within
          the
          time period prescribed by clause (xii) of this Section 6.14, the Trustee,
          by
          notice in writing to the Master Servicer (with a copy to the Securities
          Administrator), shall promptly terminate all of the rights and obligations
          of
          the Master Servicer hereunder and in and to the Mortgage Loans and the
          proceeds
          thereof. On or after the receipt by the Master Servicer of such written
          notice,
          all authority and power of the Master Servicer, and only in its capacity
          as
          Master Servicer under this Agreement, whether with respect to the Mortgage
          Loans
          or otherwise, shall pass to and be vested in the Securities Administrator
          and
          upon receipt of written notice by the Securities Administrator from the
          Trustee
          pursuant to and under the terms of this Agreement; provided,
          however,
          the
          parties acknowledge that notwithstanding the preceding sentence there may
          be a
          transition period, not to exceed 90 days, in order to effect the transfer
          of the
          Master Servicing obligations to the Securities Administrator; provided,
          further, the
          obligation to make Advances by the Securities Administrator shall be effective
          upon the Trustee providing notice to the Securities Administrator of the
          termination of the Master Servicer pursuant to this Section 6.14. The Securities
          Administrator is hereby authorized and empowered to execute and deliver,
          on
          behalf of the defaulting Master Servicer as attorney-in-fact or otherwise,
          any
          and all documents and other instruments, and to do or accomplish all other
          acts
          or things necessary or appropriate to effect the purposes of such notice
          of
          termination, whether to complete the transfer and endorsement or assignment
          of
          the Mortgage Loans and related documents or otherwise. The defaulting Master
          Servicer agrees to cooperate with the Trustee and the Securities Administrator
          in effecting the termination of the defaulting Master Servicer’s
          responsibilities and rights hereunder as Master Servicer including, without
          limitation, notifying Servicers of the assignment of the master servicing
          function and providing the Securities Administrator or its designee all
          documents and records in electronic or other form reasonably requested
          by it to
          enable the Securities Administrator or its designee to assume the defaulting
          Master Servicer’s functions hereunder and the transfer to the Securities
          Administrator for administration by it of all amounts which shall at the
          time be
          or should have been deposited by the defaulting Master Servicer in the
          Collection Account maintained by such defaulting Master Servicer and any
          other
          account or fund maintained with respect to the Certificates or thereafter
          received with respect to the Mortgage Loans. The Master Servicer being
          terminated (or the Trust Fund, if the Master Servicer is unable to fulfill
          its
          obligations hereunder) as a result of an Event of Default shall bear all
          costs
          of a master servicing transfer, including but not limited to those of the
          Trustee or the Securities Administrator reasonably allocable to specific
          employees and overhead, legal fees and expenses, accounting and financial
          consulting fees and expenses, and costs of amending the Agreement, if
          necessary.

         

        
          
            
            

          

          
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        The
          Securities Administrator and the Trustee shall be entitled to be reimbursed
          from
          the Master Servicer (or by the Trust Fund, if the Master Servicer is unable
          to
          fulfill its obligations hereunder) for all costs associated with the transfer
          of
          master servicing from the predecessor Master Servicer, including, without
          limitation, any costs or expenses associated with the complete transfer
          of all
          master servicing data and the completion, correction or manipulation of
          such
          servicing data as may be required by the Securities Administrator to correct
          any
          errors or insufficiencies in the master servicing data or otherwise to
          enable
          the Securities Administrator to master service the Mortgage Loans properly
          and
          effectively. If the terminated Master Servicer does not pay such reimbursement
          within thirty (30) days of its receipt of an invoice therefor, such
          reimbursement shall be an expense of the Trust, and the Securities Administrator
          and the Trustee, as applicable, shall be entitled to withdraw such reimbursement
          from amounts on deposit in the Certificate Account pursuant to Section
          4.04(b);
          provided that the terminated Master Servicer shall reimburse the Trust
          for any
          such expense incurred by the Trust; and provided,
          further,
          that
          the Securities Administrator shall decide whether and to what extent it
          is in
          the best interest of the Trust Fund to pursue any remedy against any party
          obligated to make such reimbursement.

         

        Notwithstanding
          the termination of its activities as Master Servicer, each terminated Master
          Servicer shall continue to be entitled to reimbursement to the extent provided
          in Section 4.02 to the extent such reimbursement relates to the period
          prior to
          such Master Servicer’s termination.

         

        If
          any
          Event of Default shall occur, the Securities Administrator or Trustee,
          upon a
          Responsible Officer of such party becoming aware of the occurrence thereof,
          shall promptly notify the Securities Administrator, the Trustee, any NIMS
          Insurer, the Swap Counterparty, the Cap Counterparty and each Rating Agency
          of
          the nature and extent of such Event of Default. The Securities Administrator
          shall immediately give written notice to the Master Servicer, the Trustee,
          the
          Swap Counterparty and the Cap Counterparty upon the Master Servicer’s failure to
          remit funds to the Securities Administrator on the Master Servicer Remittance
          Date.

         

        (b) On
          and
          after the time the Master Servicer receives a notice of termination from
          the
          Trustee pursuant to Section 6.14(a) or the Trustee receives the resignation
          of
          the Master Servicer evidenced by an Opinion of Counsel pursuant to Section
          9.28
          and within a period of time not to exceed 90 days after the Securities
          Administrator receives written notice from the Trustee pursuant to Section
          6.14(a) or Section 9.28, the Securities Administrator, unless another master
          servicer shall have been appointed, shall be the successor in all respects
          to
          the Master Servicer in its capacity as such under this Agreement and the
          transactions set forth or provided for herein and shall have all the rights
          and
          powers and be subject to all the responsibilities, duties and liabilities
          relating thereto and arising thereafter placed on the Master Servicer hereunder,
          including the obligation to make Advances; provided,
          however,
          that
          any failure to perform such duties or responsibilities caused by the Master
          Servicer’s or the Trustee’s failure to provide information required by this
          Agreement shall not be considered a default by the Securities Administrator
          or
          the Trustee hereunder. In addition, the Securities Administrator shall
          have no
          responsibility for any act or omission of the Master Servicer prior to
          the
          issuance of any notice of termination and within a period of time not to
          exceed
          90 days after the Securities Administrator receives written notice from
          the
          Trustee pursuant to Section 6.14(a) or Section 9.28, as applicable. The
          Securities Administrator shall have no liability relating to the representations
          and warranties of the Master Servicer set forth in Section 9.14. In the
          Securities Administrator’s capacity as such successor, the Securities
          Administrator shall have the same limitations on liability herein granted
          to the
          Master Servicer. As compensation therefor, the Securities Administrator
          shall be
          entitled to receive all compensation payable to the Master Servicer under
          this
          Agreement, including the Master Servicing Fee.

         

        
          
            
            

          

          
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        (c) Notwithstanding
          the above, the Securities Administrator may, if it shall be unwilling to
          continue to so act, or shall, if it is unable to so act, request the Trustee
          to
          appoint, petition a court of competent jurisdiction to appoint, or appoint
          on
          its own behalf any established housing and home finance institution servicer,
          master servicer, servicing or mortgage servicing institution having a net
          worth
          of not less than $15,000,000 and meeting such other standards for a successor
          master servicer as are set forth in this Agreement, as the successor to
          such
          Master Servicer in the assumption of all of the responsibilities, duties
          or
          liabilities of the Master Servicer hereunder. Such successor master servicer
          shall have no responsibility for any act or omission of the Master Servicer
          prior to such successor’s assumption of the Master Servicer’s rights and
          obligations hereunder and such successor master servicer shall also have
          no
          liability relating to the representations and warranties of the Master
          Servicer
          set forth in Section 9.14. Any entity designated by the Trustee or the
          Securities Administrator as a successor master servicer may be an Affiliate
          of
          the Trustee or the Securities Administrator; provided,
          however,
          that,
          unless such Affiliate meets the net worth requirements and other standards
          set
          forth herein for a successor master servicer, the Trustee or the Securities
          Administrator, in its individual capacity shall agree, at the time of such
          designation, to be and remain liable to the Trust Fund for such Affiliate’s
          actions and omissions in performing its duties hereunder. In connection
          with
          such appointment and assumption, the Trustee or the Securities Administrator
          may
          make such arrangements for the compensation of such successor out of payments
          on
          Mortgage Loans as it and such successor shall agree; provided,
          however,
          that no
          such compensation shall be in excess of that permitted to the Master Servicer
          hereunder. The Trustee, the Securities Administrator and such successor
          shall
          take such actions, consistent with this Agreement, as shall be necessary
          to
          effectuate any such succession and may make other arrangements with respect
          to
          the servicing to be conducted hereunder which are not inconsistent herewith.
          The
          Master Servicer shall cooperate with the Trustee, the Securities Administrator
          and any successor master servicer in effecting the termination of the Master
          Servicer’s responsibilities and rights hereunder including, without limitation,
          notifying Mortgagors of the assignment of the master servicing functions
          and
          providing the Trustee, the Securities Administrator and successor master
          servicer, as applicable, all documents and records in electronic or other
          form
          reasonably requested by it to enable it to assume the Master Servicer’s
          functions hereunder and the transfer to the Trustee, the Securities
          Administrator or such successor master servicer, as applicable, all amounts
          which shall at the time be or should have been deposited by the Master
          Servicer
          in the Collection Account and any other account or fund maintained with
          respect
          to the Certificates or the Lower Tier REMIC 1 Uncertificated Regular Interests
          or thereafter be received with respect to the Mortgage Loans. Neither the
          Trustee, the Securities Administrator nor any other successor master servicer
          shall be deemed to be in default hereunder by reason of any failure to
          make, or
          any delay in making, any distribution hereunder or any portion thereof
          caused by
          (i) the failure of the Master Servicer to deliver, or any delay in delivering,
          cash, documents or records to it in its possession, (ii) the failure of
          the
          Master Servicer to cooperate as required by this Agreement, (iii) the failure
          of
          the Master Servicer to deliver the Mortgage Loan data to the Securities
          Administrator as required by this Agreement or (iv) restrictions imposed
          by any
          regulatory authority having jurisdiction over the Master Servicer. Neither
          the
          Securities Administrator nor any other successor master servicer shall
          be deemed
          to be in default hereunder by reason of any failure to make, or any delay
          in
          making, any distribution hereunder or any portion thereof caused by (i)
          the
          failure of the Trustee to deliver, or any delay in delivering cash, documents
          or
          records to it, or (ii) the failure of Trustee to cooperate as required
          by this
          Agreement.

         

        
          
            
            

          

          
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        Section
          6.15. Additional
          Remedies of Trustee Upon Event of Default. 

         

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

         

        Section
          6.16. Waiver
          of Defaults. 

         

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

         

        Section
          6.17. Notification
          to Holders. 

         

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

         

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

         

        
          
            
            

          

          
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        Subject
          to the provisions of Section 8.01 hereof, during the continuance of any
          Event of
          Default, Holders of Certificates evidencing not less than 25% of the Class
          Principal Amount (or Percentage Interest) of each Class of Certificates
          affected
          thereby may, with the consent of any NIMS Insurer, direct the time, method
          and
          place of conducting any proceeding for any remedy available to the Trustee,
          or
          exercising any trust or power conferred upon the Trustee, under this Agreement;
          provided,
          however,
          that the
          Trustee shall be under no obligation to pursue any such remedy, or to exercise
          any of the trusts or powers vested in it by this Agreement (including,
          without
          limitation, (i) the conducting or defending of any administrative action
          or
          litigation hereunder or in relation hereto and (ii) the terminating of
          the
          Master Servicer or any successor master servicer from its rights and duties
          as
          master servicer hereunder) at the request, order or direction of any of
          the
          Certificateholders or any NIMS Insurer, unless such Certificateholders
          or any
          NIMS Insurer shall have offered to the Trustee reasonable security or indemnity
          against the cost, expenses and liabilities which may be incurred therein
          or
          thereby; and, provided further, that, subject to the provisions of Section
          8.01,
          the Trustee shall have the right to decline to follow any such direction
          if the
          Trustee, in accordance with an Opinion of Counsel acceptable to any NIMS
          Insurer, determines that the action or proceeding so directed may not lawfully
          be taken or if the Trustee in good faith determines that the action or
          proceeding so directed would involve it in personal liability for which
          it is
          not indemnified to its satisfaction or be unjustly prejudicial to the
          non-assenting Certificateholders.

         

        Section
          6.19. Action
          Upon Certain Failures of the Master Servicer and Upon Event of Default.
          

         

        In
          the
          event that a Responsible Officer of the Trustee or the Securities Administrator
          shall have actual knowledge of any action or inaction of the Master Servicer
          that would become an Event of Default upon the Master Servicer’s failure to
          remedy the same after notice, the Trustee or the Securities Administrator,
          as
          applicable, shall give notice thereof to the Master Servicer, any NIMS
          Insurer,
          the Trustee, the Securities Administrator, the Swap Counterparty and the
          Cap
          Counterparty, as applicable.

         

        Section
          6.20. Preparation
          of Tax Returns and Other Reports. 

         

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

         

        
          
            
            

          

          
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        (b) The
          Securities Administrator shall prepare and file with the Internal Revenue
          Service (“IRS”), on behalf of the Trust Fund and each of the REMICs specified in
          the Preliminary Statement, an application for an employer identification
          number
          on IRS Form SS-4 or by any other acceptable method. The Securities Administrator
          shall also file a Form 8811 as required. The Securities Administrator,
          upon
          receipt from the IRS of the Notice of Taxpayer Identification Number Assigned,
          shall upon request promptly forward a copy of such notice to the Trustee
          and the
          Depositor. The Trustee shall have no obligation to verify the information
          in any
          Form 8811 or Form SS-4 filing.

         

        (c) The
          Depositor shall prepare or cause to be prepared the initial current report
          on
          Form 8-K. Thereafter, the Securities Administrator shall, in accordance
          with
          industry standards and the rules of the Commission as in effect from time
          to
          time (the “Rules”), prepare and file with the Commission via the Electronic Data
          Gathering and Retrieval System (“EDGAR”), the reports listed in subsections (d)
          through (g) of this Section 6.20 in respect of the Trust Fund as and to
          the
          extent required under the Exchange Act.

         

        (d) Reports
          Filed on Form 10-D. 

         

        (i) Within
          15
          days after each Distribution Date (subject to permitted extensions under
          the
          Exchange Act), the Securities Administrator shall prepare and file on behalf
          of
          the Trust Fund any Form 10-D required by the Exchange Act, in form and
          substance
          as required by the Exchange Act. The Securities Administrator shall file
          each
          Form 10-D with a copy of the related Distribution Date Statement and a
          copy of
          each report made available by the Credit Risk Manager pursuant to Section
          9.34
          (provided
          each
          such report is made available to the Securities Administrator in a format
          compatible with EDGAR filing requirements) attached thereto. Any disclosure
          in
          addition to the Distribution Date Statement that is required to be included
          on
          Form 10-D (“Additional Form 10-D Disclosure”) shall be determined and prepared
          by and at the direction of the Depositor pursuant to the following paragraph
          and
          the Securities Administrator will have no duty or liability for any failure
          hereunder to determine or prepare any Additional Form 10-D Disclosure,
          except as
          set forth in the next paragraph.

        

        (ii) As
          set
          forth on Exhibit P-1 hereto, within five calendar days after the related
          Distribution Date, (A) certain parties to the Structured Asset Securities
          Corporation Mortgage Loan Trust 2007-WF2 transaction shall be required
          to
          provide to the Securities Administrator and the Depositor, to the extent
          known
          by a responsible officer thereof, in EDGAR-compatible form (which may be
          Word or
          Excel documents easily convertible to EDGAR format), or in such other form
          as
          otherwise agreed upon by the Securities Administrator and such party, the
          form
          and substance of any Additional Form 10-D Disclosure, if applicable, and
          include
          with such Additional Form 10-D Disclosure an Additional Disclosure Notification
          in the form attached hereto as Exhibit P-4 and (B) the Depositor will approve,
          as to form and substance, or disapprove, as the case may be, the inclusion
          of
          the Additional Form 10-D Disclosure on Form 10-D. The Sponsor will be
          responsible for any reasonable fees and expenses assessed or incurred by
          the
          Securities Administrator in connection with including any Additional Form
          10-D
          Disclosure on Form 10-D pursuant to this paragraph.

        
          
            
            

          

          
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        (iii) After
          preparing the Form 10-D, the Securities Administrator shall forward
          electronically a copy of the Form 10-D to the Exchange Act Signing Party
          for
          review and approval. If the Master Servicer is the Exchange Act Signing
          Party
          and the Form 10-D includes Additional Form 10-D Disclosure, then the Form
          10-D
          shall also be electronically distributed to the Depositor for review and
          approval. No later than two Business Days prior to the 15th
          calendar
          day after the related Distribution Date, a duly authorized representative
          of the
          Exchange Act Signing Party shall sign the Form 10-D and return an electronic
          or
          fax copy of such signed Form 10-D (with an original executed hard copy
          to follow
          by overnight mail) to the Securities Administrator. If a Form 10-D cannot
          be
          filed on time or if a previously filed Form 10-D needs to be amended, the
          Securities Administrator will follow the procedures set forth in subsection
          (g)(ii) of this Section 6.20. Promptly (but no later than one Business
          Day)
          after the deadline for filing such report with the Commission, the Securities
          Administrator will make available on its internet website a final executed
          copy
          of each Form 10-D prepared and filed by the Securities Administrator. Each
          party
          to this Agreement acknowledges that the performance by the Securities
          Administrator of its duties under this Section 6.20(d) related to the timely
          preparation and filing of Form 10-D is contingent upon such parties strictly
          observing all applicable deadlines in the performance of their duties under
          this
          Section 6.20(d). The Securities Administrator shall have no liability for
          any
          loss, expense, damage, claim arising out of or with respect to any failure
          to
          properly prepare and/or timely file such Form 10-D, where such failure
          results
          from the Securities Administrator’s inability or failure to obtain or receive,
          on a timely basis, any information from any other party hereto needed to
          prepare, arrange for execution or file such Form 10-D, not resulting from
          its
          own negligence, bad faith or willful misconduct.

         

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

        

        (e) Reports
          Filed on Form 10-K.

         

        (i) Unless
          and until a Form 15 suspension notice shall have been filed, within 90
          days
          after the end of each fiscal year of the Trust Fund or such earlier date
          as may
          be required by the Exchange Act (the “10-K Filing Deadline”) (it being
          understood that the fiscal year for the Trust Fund ends on December
          31st
          of each
          year), commencing in March 2008, the Securities Administrator shall prepare
          and
          file on behalf of the Trust Fund a Form 10-K, in form and substance as
          required
          by the Exchange Act. Each such Form 10-K shall include the following items,
          in
          each case to the extent they have been delivered to the Securities Administrator
          within the applicable time frames set forth in this Agreement, the Servicing
          Agreement and the Custodial Agreement, (A) an annual compliance statement
          for
          the Servicer, each Additional Servicer and the Master Servicer, as described
          under Section 9.26 hereof and in the Servicing Agreement, (B)(I) the annual
          reports on assessment of compliance with servicing criteria for each Servicer,
          the Custodian, each Additional Servicer, the Master Servicer, the Credit
          Risk
          Manager, any Servicing Function Participant, the Paying Agent and the Securities
          Administrator (each, a “Reporting Servicer”), as described under Section 9.25(a)
          hereof and in the Servicing Agreement and Custodial Agreement, and (II)
          if any
          Reporting Servicer’s report on assessment of compliance with servicing criteria
          described under Section 9.25(a) hereof or in the Servicing Agreement or
          Custodial Agreement identifies any material instance of noncompliance,
          disclosure identifying such instance of noncompliance, or if any Reporting
          Servicer’s report on assessment of compliance with servicing criteria described
          under Section 9.25(a) hereof or in the Servicing Agreement or the Custodial
          Agreement is not included as an exhibit to such Form 10-K, disclosure that
          such
          report is not included and an explanation why such report is not included,
          (C)(I) the registered public accounting firm attestation report for each
          Reporting Servicer, as described under Section 9.25(b) hereof and in the
          Servicing Agreement and the Custodial Agreement and (II) if any registered
          public accounting firm attestation report described under Section 9.25(b)
          hereof
          or in the Servicing Agreement or Custodial Agreement identifies any material
          instance of noncompliance, disclosure identifying such instance of
          noncompliance, or if any such registered public accounting firm attestation
          report is not included as an exhibit to such Form 10-K, disclosure that
          such
          report is not included and an explanation why such report is not included,
          and
          (D) a Sarbanes-Oxley Certification. Any disclosure or information in addition
          to
          (A) through (D) above that is required to be included on Form 10-K (“Additional
          Form 10-K Disclosure”) shall be determined and prepared by and at the direction
          of the Depositor pursuant to the following paragraph and the Securities
          Administrator will have no duty or liability for any failure hereunder
          to
          determine or prepare any Additional Form 10-K Disclosure, except as set
          forth in
          the next paragraph. 

        
          
            
            

          

          
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        (ii) As
          set
          forth on Exhibit P-2 hereto, no later than March 15 of each year that the
          Trust
          Fund is subject to the Exchange Act reporting requirements, commencing
          in 2008,
          (A) certain parties to the Structured Asset Securities Corporation Mortgage
          Loan
          Trust 2007-WF2 transaction, as identified on Exhibit P-2, shall provide
          to the
          Depositor and the Securities Administrator, to the extent known by a responsible
          officer thereof, in EDGAR-compatible form (which may be Word or Excel documents
          easily convertible to EDGAR format), or in such other form as otherwise
          agreed
          upon by the Securities Administrator and such party, the form and substance
          of
          any Additional Form 10-K Disclosure, if applicable, and include with such
          Additional Form 10-K Disclosure, an Additional Disclosure Notification
          in the
          form attached hereto as Exhibit P-4 and (B) the Depositor will approve,
          as to
          form and substance, or disapprove, as the case may be, the inclusion of
          the
          Additional Form 10-K Disclosure on Form 10-K. The Securities Administrator
          has
          no duty under this Agreement to monitor or enforce the performance by the
          parties listed on Exhibit P-2 of their duties under this paragraph or
          proactively solicit or procure from such parties any Form 10-K Disclosure
          Information. The Sponsor will be responsible for any reasonable fees and
          expenses assessed or incurred by the Securities Administrator in connection
          with
          including any Additional Form 10-K Disclosure on Form 10-K pursuant to
          this
          paragraph. 

        
          
            
            

          

          
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        (iii) After
          preparing the Form 10-K, the Securities Administrator shall forward
          electronically a copy of the Form 10-K to the Exchange Act Signing Party
          for
          review and approval. If the Master Servicer is the Exchange Act Signing
          Party
          and the Form 10-K includes Additional Form 10-K Disclosure, then the Form
          10-K
          shall also be electronically distributed to the Depositor for review and
          approval. No later than the close of business New York City time on the
          fourth
          Business Day prior to the 10-K Filing Deadline, a senior officer of the
          Exchange
          Act Signing Party shall sign the Form 10-K and return an electronic or
          fax copy
          of such signed Form 10-K (with an original executed hard copy to follow
          by
          overnight mail) to the Securities Administrator. If a Form 10-K cannot
          be filed
          on time or if a previously filed Form 10-K needs to be amended, the Securities
          Administrator will follow the procedures set forth in subsection (g) of
          this
          Section 6.20. Promptly (but no later than one Business Day) after the deadline
          for filing with the Commission, the Securities Administrator will make
          available
          on its internet website a final executed copy of each Form 10-K prepared
          and
          filed by the Securities Administrator. The parties to this Agreement acknowledge
          that the performance by the Securities Administrator of its duties under
          this
          Section 6.20(e) related to the timely preparation and filing of Form 10-K
          is
          contingent upon such parties (and any Additional Servicer or Servicing
          Function
          Participant) strictly observing all applicable deadlines in the performance
          of
          their duties under this Section 6.20(e), Section 9.25(a), Section 9.25(b)
          and
          Section 9.26. The Securities Administrator shall have no liability for
          any loss,
          expense, damage, claim arising out of or with respect to any failure to
          properly
          prepare and/or timely file such Form 10-K, where such failure results from
          the
          Securities Administrator’s inability or failure to obtain or receive, on a
          timely basis, any information from any other party hereto needed to prepare,
          arrange for execution or file such Form 10-K, not resulting from its own
          negligence, bad faith or willful misconduct.

        

        (iv) Each
          Form
          10-K shall include the Sarbanes-Oxley Certification. The Securities
          Administrator, the Paying Agent (if other than the Trustee) and the Trustee
          and,
          if the Depositor is the Exchange Act Signing Party, the Master Servicer,
          shall,
          and the Securities Administrator, the Paying Agent, the Trustee and the
          Master
          Servicer (if applicable) shall cause any Servicing Function Participant
          engaged
          by it to, provide to the Person who signs the Sarbanes-Oxley Certification
          (the
“Certifying Person”), by March 15 of each year in which the Trust Fund is
          subject to the reporting requirements of the Exchange Act (each, a “Back-Up
          Certification”), (x) in the case of the Master Servicer, in the form attached
          hereto as Exhibit Q-1, (y) in the case of the Securities Administrator,
          the form
          attached hereto as Exhibit Q-2, and (z) in the case of the Paying Agent
          (other
          than the Trustee) or the Trustee, including in its capacity as Paying Agent,
          in
          the form attached hereto as Exhibit Q-3, upon which the Certifying Person,
          the
          entity for which the Certifying Person acts as an officer, and such entity’s
          officers, directors and Affiliates (collectively with the Certifying Person,
          “Certification Parties”) can reasonably rely. The senior officer of the Exchange
          Act Signing Party shall serve as the Certifying Person on behalf of the
          Trust
          Fund. In the event the Master Servicer, the Securities Administrator, the
          Trustee, the Paying Agent or any Servicing Function Participant engaged
          by such
          parties is terminated or resigns pursuant to the terms of this Agreement,
          such
          party or Servicing Function Participant shall provide a Back-Up Certification
          to
          the Certifying Person pursuant to this Section 6.20(e)(iv) with respect
          to the
          period of time it was subject to this Agreement.

        
          
            
            

          

          
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        (v) Each
          person (including their officers or directors) that signs any Form 10-K
          Certification shall be entitled to indemnification from the Trust Fund
          for any
          liability or expense incurred by it in connection with such certification,
          other
          than any liability or expense attributable to such Person’s own bad faith,
          negligence or willful misconduct. The provisions of this subsection shall
          survive any termination of this Agreement and the resignation or removal
          of such
          Person.

        

        (vi) Form
          10-K
          requires the registrant to indicate (by checking "yes" or "no") that it
“(1) has
          filed all reports required to be filed by Section 13 or 15(d) of the Exchange
          Act during the preceding 12 months (or for such shorter period that the
          registrant was required to file such reports), and (2) has been subject
          to such
          filing requirements for the past 90 days.” Unless the Depositor has given the
          Securities Administrator prior notice as provided below, at the date of
          filing
          of each report on Form 10-K, the Depositor shall be deemed to represent
          to the
          Securities Administrator that, as of such date, the Depositor has filed
          all such
          required reports during the preceding 12 months and that it has been subject
          to
          such filing requirement for the past 90 days. The Depositor shall notify
          the
          Securities Administrator in writing, no later than March 15th
          with
          respect to the filing of a report on Form 10-K, if the answer to the questions
          should be “no.” The Securities Administrator shall be entitled to rely on such
          representations in preparing, executing and/or filing any such
          report.

        

        (f) Reports
          Filed on Form 8-K.

         

        (i) During
          any year in which the Trust Fund is subject to Exchange Act reporting,
          within
          four Business Days after the occurrence of an event requiring disclosure
          on Form
          8-K (each such event, a “Reportable Event”) or such later date as may be
          required by the Commission, and if requested by the Depositor, the Securities
          Administrator shall prepare and file on behalf of the Trust Fund any Form
          8-K,
          as required by the Exchange Act; provided
          that the
          Depositor shall file the initial Form 8-K in connection with the issuance
          of the
          Certificates. Any disclosure or information related to a Reportable Event
          or
          that is otherwise required to be included on Form 8-K (“Form 8-K Disclosure
          Information”) shall be determined and prepared by and at the direction of the
          Depositor pursuant to the following paragraph and the Securities Administrator
          will have no duty or liability for any failure hereunder to determine or
          prepare
          any Form 8-K Disclosure Information or any Form 8-K, except as set forth
          in the
          next paragraph. 

        

        
          
            
            

          

          
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        (ii) As
          set
          forth on Exhibit P-3 hereto, for so long as the Trust Fund is subject to
          the
          Exchange Act reporting requirements, no later than Noon New York City time
          on
          the second Business Day after the occurrence of a Reportable Event (A)
          certain
          parties to the Structured Asset Securities Corporation Mortgage Loan Trust
          2007-WF2 transaction, as identified on Exhibit P-3, shall be required to
          provide
          to the Depositor and the Securities Administrator, to the extent known
          by a
          responsible officer thereof, in EDGAR-compatible form (which may be Word
          or
          Excel documents easily convertible to EDGAR format), or in such other form
          as
          otherwise agreed upon by the Securities Administrator and such party, the
          form
          and substance of any Form 8-K Disclosure Information, if applicable, and
          include
          with such Form 8-K Disclosure Information, an Additional Disclosure Notification
          in the form attached hereto as Exhibit P-4 and (B) the Depositor will approve,
          as to form and substance, or disapprove, as the case may be, the inclusion
          of
          the Form 8-K Disclosure Information. The Securities Administrator has no
          duty
          under this Agreement to monitor or enforce the performance by the parties
          listed
          on Exhibit P-3 of their duties under this paragraph or proactively solicit
          or
          procure from such parties any Form 8-K Disclosure Information. The Sponsor
          will
          be responsible for any reasonable fees and expenses assessed or incurred
          by the
          Securities Administrator in connection with including any Form 8-K Disclosure
          Information on Form 8-K pursuant to this paragraph. 

        

        (iii) After
          preparing the Form 8-K, the Securities Administrator shall forward
          electronically, no later than Noon New York City time on the third Business
          Day
          after the Reportable Event, a copy of the Form 8-K to the Exchange Act
          Signing
          Party for review and approval. If the Master Servicer is the Exchange Act
          Signing Party, then the Form 8-K shall also be electronically distributed
          to the
          Depositor for review and approval. No later than Noon New York City time
          on the
          fourth Business Day after the Reportable Event, a senior officer of the
          Exchange
          Act Signing Party shall sign the Form 8-K and return an electronic or fax
          copy
          of such signed Form 8-K (with an original executed hard copy to follow
          by
          overnight mail) to the Securities Administrator. If a Form 8-K cannot be
          filed
          on time or if a previously filed Form 8-K needs to be amended, the Securities
          Administrator will follow the procedures set forth in subsection (g) of
          this
          Section 6.20. Promptly (but no later than one Business Day) after the deadline
          for filing such Form 8-K with the Commission, the Securities Administrator
          will
          make available on its internet website a final executed copy of each Form
          8-K
          prepared and filed by it pursuant to this Section 6.20(f). The parties
          to this
          Agreement acknowledge that the performance by the Securities Administrator
          of
          its duties under this Section 6.20(f) related to the timely preparation
          and
          filing of Form 8-K is contingent upon such parties strictly observing all
          applicable deadlines in the performance of their duties under this Section
          6.20(f). The Securities Administrator shall have no liability for any loss,
          expense, damage or claim arising out of or with respect to any failure
          to
          properly prepare and/or timely file such Form 8-K, where such failure results
          from the Securities Administrator’s inability or failure to obtain or receive,
          on a timely basis, any information from any other party hereto needed to
          prepare, arrange for execution or file such Form 8-K, not resulting from
          its own
          negligence, bad faith or willful misconduct. 

        

        (g) Suspension
          of Reporting Obligations; Amendments; Late Filings.

         

        
          
            
            

          

          
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        (i) On
          or
          before January 30th of the first year in which the Securities Administrator
          is
          able to do so under applicable law, unless otherwise directed by the Depositor,
          the Securities Administrator shall prepare and file a Form 15 relating
          to the
          automatic suspension of reporting in respect of the Trust Fund under the
          Exchange Act. The Paying Agent is entitled to assume that a Form 15 will
          be
          filed for such year unless the Securities Administrator notifies the Paying
          Agent that a Form 15 will not be filed.

        

        (ii) In
          the
          event that the Securities Administrator becomes aware that it will be unable
          to
          timely file with the Commission all or any required portion of any Form
          8-K,
          10-D or 10-K required to be filed by this Agreement because required disclosure
          information was either not delivered to it or delivered to it after the
          delivery
          deadlines set forth in this Agreement or for any other reason, the Securities
          Administrator will promptly notify the Depositor. In the case of Form 10-D
          and
          10-K, the parties to this Agreement and each Servicer will cooperate to
          prepare
          and file a Form 12b-25 and a 10-D/A and 10-K/A as applicable, pursuant
          to Rule
          12b-25 of the Exchange Act. In the case of Form 8-K, the Securities
          Administrator will, upon receipt of all required Form 8-K Disclosure Information
          and upon the approval and direction of the Depositor, include such disclosure
          information on the next Form 10-D. In the event that any previously filed
          Form
          8-K, 10-D or 10-K needs to be amended with respect to an additional disclosure
          item, the Securities Administrator will notify the Depositor and any applicable
          party affected thereby and such parties will cooperate to prepare any necessary
          8-K/A, 10-D/A or 10-K/A. Any Form 15, Form 12b-25 or any amendment to Form
          8-K,
          10-D or 10-K shall be signed by a senior officer or a duly authorized
          representative, as applicable, of the Exchange Act Signing Party. The parties
          to
          this Agreement acknowledge that the performance by the Securities Administrator
          of its duties under this Section 6.20(g) related to the timely preparation
          and
          filing of Form 15, a Form 12b-25 or any amendment to Form 8-K, 10-D or
          10-K is
          contingent upon each such party performing its duties under this Section.
          The
          Securities Administrator shall have no liability for any loss, expense,
          damage,
          claim arising out of or with respect to any failure to properly prepare
          and/or
          timely file any such Form 15, Form 12b-25 or any amendments to Forms 8-K,
          10-D
          or 10-K, where such failure results from the Securities Administrator’s
          inability or failure to obtain or receive, on a timely basis, any information
          from any other party hereto needed to prepare, arrange for execution or
          file
          such Form 15, Form 12b-25 or any amendments to Forms 8-K, 10-D or 10-K,
          not
          resulting from its own negligence, bad faith or willful misconduct.

        

        (h) Any
          party
          that signs any Exchange Act report that the Securities Administrator is
          required
          to file shall provide to the Securities Administrator prompt notice of
          the
          execution of such Exchange Act report along with the name and contact
          information for the person signing such report and shall promptly deliver
          to the
          Securities Administrator the original executed signature page for such
          report.
          In addition, each of the parties agrees to provide to the Securities
          Administrator such additional information related to such party as the
          Securities Administrator may reasonably request, including evidence of
          the
          authorization of the person signing any certification or statement, financial
          information and reports, and such other information related to such party
          or its
          performance hereunder. 

        

        
          
            
            

          

          
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        (i) The
          Depositor and the Master Servicer, by mutual agreement, shall determine
          which of
          the Depositor or the Master Servicer shall be the initial Exchange Act
          Signing
          Party. Upon such determination, the Depositor shall timely notify the Securities
          Administrator, and such notice shall provide contact information for the
          Exchange Act Signing Party. If the Depositor and Master Servicer, at any
          time,
          mutually agree to change the identity of the Exchange Act Signing Party,
          the
          Depositor shall provide timely notice to the Securities Administrator of
          any
          such change. Any notice delivered pursuant to this Section 6.20 may be
          by fax or
          electronic copy, notwithstanding the notice provisions of Section
          11.07.

        

        Section
          6.21. Reporting
          Requirements of the Commission

         

        Each
          of
          the parties hereto acknowledges and agrees that the purpose of Sections
          6.01 and
          6.20 of this Agreement is to facilitate compliance by the Sponsor, the
          Master
          Servicer and the Depositor with the provisions of Regulation AB, as such
          may be
          amended or clarified 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 compliance with Regulation AB, (b) the parties’
obligations hereunder will be supplemented and modified as necessary to
          be
          consistent with any such amendments, interpretive advice or guidance, convention
          or consensus among active participants in the asset-backed securities markets,
          advice of counsel, or otherwise in respect of the requirements of Regulation
          AB
          and (c) the parties shall comply with reasonable requests made by the Sponsor,
          the Master Servicer, the Depositor or the Securities Administrator for
          delivery
          of additional or different information, to the extent that such information
          is
          available or reasonably attainable within such time frame as may be requested,
          as the Sponsor, the Master Servicer, the Depositor or the Securities
          Administrator may determine in good faith is necessary to comply with the
          provisions of Regulation AB.

         

        Section
          6.22. No
          Merger. 

         

        The
          Trustee shall not cause or otherwise knowingly permit the assets of the
          Trust
          Fund to be merged or consolidated with any other entity, except as a result
          of a
          final judicial determination.

         

        Section
          6.23. Indemnification
          by the Securities Administrator. 

         

        The
          Securities Administrator agrees to indemnify the Depositor, the Trustee
          and the
          Master Servicer, and each of their respective directors, officers, employees
          and
          agents and the Trust Fund and hold each of them harmless from and against
          any
          losses, damages, penalties, fines, forfeitures, legal fees and expenses
          and
          related costs, judgments, and any other costs, fees and expenses that any
          of
          them may sustain arising out of or based upon the engagement of any
          Subcontractor in violation of Section 6.01(l) or any failure by the Securities
          Administrator to deliver any information, report, certification, accountants’
letter or other material when and as required under this Agreement, including
          any report under Sections 6.20, 9.25(a) or 9.25(b).

        
          
            
            

          

          
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          ARTICLE
            VII

           

        

        PURCHASE
          OF MORTGAGE LOANS AND

        TERMINATION
          OF THE TRUST FUND

         

        Section
          7.01. Purchase
          of Mortgage Loans; Termination of Trust Fund Upon Purchase or Liquidation
          of All
          Mortgage Loans; Purchase of Lower Tier REMIC 1 Uncertificated Regular Interests.
          

         

        (a) The
          respective obligations and responsibilities of the Trustee, the Securities
          Administrator and the Master Servicer created hereby (other than the obligation
          of the Trustee to make payments to Certificateholders and the Swap Counterparty
          as set forth in Section 7.02, the obligation of the Master Servicer to
          make a
          final remittance to the Securities Administrator pursuant to Section 4.01,
          the
          obligation of the Securities Administrator to make a final remittance to
          the
          Trustee pursuant to Section 4.05 and the obligations of the Master Servicer
          to
          the Securities Administrator pursuant to Section 9.10 and to the Securities
          Administrator and the Trustee pursuant to Sections 9.14 and 9.31) shall
          terminate on the earliest of (i) the final payment or other liquidation
          of the
          last Mortgage Loan remaining in the Trust Fund and the disposition of all
          REO
          Property, (ii) the sale of the property held by the Trust Fund in accordance
          with Section 7.01(b) and (iii) the Latest Possible Maturity Date (each,
          a “Trust
          Fund Termination Event”); provided,
          however,
          that in
          no event shall the Trust Fund created hereby continue beyond the expiration
          of
          21 years from the death of the last survivor of the descendants of Joseph
          P.
          Kennedy, the late Ambassador of the United States to the Court of St. James,
          living on the date hereof. Upon the occurrence of a Trust Fund Termination
          Event, each REMIC shall be terminated in a manner that shall qualify as
          a
“qualified liquidation” under the REMIC Provisions.

         

        (b) On
          any
          Distribution Date occurring on or after the Initial Optional Termination
          Date,
          the Master Servicer or LTURI-holder, as applicable, with the prior written
          consent of any NIMS Insurer and the Seller, which consent shall not be
          unreasonably withheld, has the option to cause the Trust Fund to adopt
          a plan of
          complete liquidation pursuant to Section 7.03(a)(i) hereof to sell all
          of its
          property (each such option, a “Call Option”); provided,
          however,
          that
          any purchase of the Trust Fund’s property on or before the Distribution Date
          that is one year after the Initial Optional Termination Date shall be made
          by
          the Bid Holder pursuant to Section 7.01(d) below. Upon exercise of such
          option,
          the property of the Trust Fund shall be sold to the Master Servicer at
          a price
          (the “Termination Price”) equal to the sum of (i) 100% of the unpaid principal
          balance of each Mortgage Loan on the day of such purchase plus interest
          accrued
          thereon at the applicable Mortgage Rate with respect to any Mortgage Loan
          to the
          Due Date in the Collection Period immediately preceding the related Distribution
          Date to the date of such repurchase, (ii) the fair market value of any
          REO
          Property and any other property held by any REMIC, such fair market value
          to be
          determined by an independent appraiser or appraisers mutually agreed upon
          by the
          Master Servicer, any NIMS Insurer and the Trustee (reduced, in the case
          of REO
          Property, by (1) reasonably anticipated disposition costs and (2) any amount
          by
          which the fair market value as so reduced exceeds the outstanding principal
          balance of the related Mortgage Loan plus interest accrued thereon at the
          applicable Net Mortgage Rate to the date of such purchase), (iii) any
          unreimbursed Servicing Advances and (iv) any Net Swap Payment remaining
          unpaid
          and any Swap Termination Payment payable to the Swap Counterparty as a
          result of
          a termination pursuant to this Section 7.01; provided,
          however, if
          there
          are any NIM Securities outstanding, the Master Servicer may only exercise
          its
          option after receiving the prior written consent of the holders of such
          NIM
          Securities and, if such consent is given, the Termination Price shall also
          include an amount equal to the sum of (1) any accrued interest on the NIM
          Securities, (2) the unpaid principal balance of any such NIM Securities
          and (3)
          any other reimbursable expenses owed by the issuer of the NIM Securities
          (the
“NIM Redemption Amount”). The Master Servicer, the Servicer, the Trustee, the
          Securities Administrator and the Custodian shall be reimbursed from the
          Termination Price for any Mortgage Loan or related REO Property for any
          Advances
          made or other amounts advanced with respect to the Mortgage Loans that
          are
          reimbursable to any such entity under this Agreement, the Servicing Agreement
          or
          the Custodial Agreement, together with any accrued and unpaid compensation
          and
          any other amounts due to the Master Servicer, the Securities Administrator
          or
          the Trustee hereunder or the Servicer or the Custodian. If the Master Servicer
          fails to exercise such option, the NIMS Insurer will have the right to
          cause the
          Master Servicer to exercise such option, to the extent provided in the
          insurance
          agreement related to the NIM Securities among the Master Servicer, the
          Trustee
          and the NIMS Insurer, so long as such NIMS Insurer is insuring the NIM
          Securities or is owed any amounts in connection with such guaranty of the
          NIM
          Securities. If any NIMS Insurer directs the Master Servicer to exercise
          its
          right to cause the Trust Fund to adopt a plan of complete liquidation as
          described above, then (i) the Master Servicer shall cause the Trust Fund
          to
          adopt a plan of complete liquidation as described above, (ii) the NIMS
          Insurer
          shall remit the Termination Price in immediately available funds to the
          Master
          Servicer at least three Business Days prior to the applicable Distribution
          Date
          and, upon receipt of such funds from the NIMS Insurer, the Master Servicer
          shall
          promptly deposit such funds in the Collection Account and (iii) upon termination
          of the Trust Fund, the Trustee will transfer the property of the Trust
          Fund to
          the NIMS Insurer. The NIMS Insurer shall be obligated to reimburse the
          Master
          Servicer and the Trustee for its reasonable out-of-pocket expenses incurred
          in
          connection with its termination of the Trust Fund at the direction of the
          NIMS
          Insurer and shall indemnify and hold harmless the Master Servicer and the
          Trustee for any losses, liabilities or expenses resulting from any claims
          arising out of or relating to the Master Servicer’s termination of the Trust
          Fund at the direction of the NIMS Insurer, except to the extent such losses,
          liabilities or expenses arise out of or result from the Master Servicer’s
          negligence, bad faith or willful misconduct.

         

        
          
            
            

          

          
            147

            
              

            

          

          
            
            

          

        

        (c) On
          any
          Distribution Date occurring on or after the Initial Optional Termination
          Date
          and provided there are no NIM Securities outstanding, the Master Servicer,
          with
          the prior written consent of the Seller, which consent shall not be unreasonably
          withheld, has the option to purchase all of the Lower Tier REMIC 1
          Uncertificated Regular Interests. Upon exercise of such option, the Lower
          Tier
          REMIC 1 Uncertificated Regular Interests shall be sold to the Master Servicer
          at
          a price (the “Lower Tier REMIC 1 Uncertificated Regular Interests Purchase
          Price”) equal to the sum of (i) 100% of the unpaid principal balance of each
          Mortgage Loan on the day of such purchase plus interest accrued thereon
          at the
          applicable Mortgage Rate with respect to any Mortgage Loan to the Due Date
          in
          the Collection Period immediately preceding the related Distribution Date
          to the
          date of such repurchase and (ii) the fair market value of any REO Property
          and
          any other property held by any REMIC, such fair market value to be determined
          by
          an independent appraiser or appraisers mutually agreed upon by the Master
          Servicer, any NIMS Insurer and the Trustee (reduced, in the case of REO
          Property, by (1) reasonably anticipated disposition costs and (2) any amount
          by
          which the fair market value as so reduced exceeds the outstanding principal
          balance of the related Mortgage Loan plus interest accrued thereon at the
          applicable Net Mortgage Rate to the date of such purchase). If the Master
          Servicer elects to exercise such option, each REMIC created pursuant to
          this
          Agreement (other than REMIC 1) shall be terminated in such a manner so
          that the
          termination of each such REMIC shall qualify as a “qualified liquidation” under
          the REMIC Provisions and the Lower Tier REMIC 1 Uncertificated Regular
          Interests
          and the Class LT-R Certificates will evidence the entire beneficial interest
          in
          the property of the Trust Fund. Following a purchase of the Lower Tier
          REMIC 1
          Uncertificated Regular Interests pursuant to this subsection, the Trust
          Fund
          (and REMIC 1) will remain outstanding and final payment on the Certificates
          (other than the Class LT-R Certificates) will be made in accordance with
          Sections 7.03(a)(iii) and 5.02. The Trust Fund will terminate upon the
          occurrence of a Trust Fund Termination Event, in accordance with Section
          7.01(a).

         

        
          
            
            

          

          
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        (d) (i)
          Prior
          to exercising the Call Option pursuant to Section 7.01(b) or the Regular
          Interests Purchase Option pursuant to Section 7.01(c), the Master Servicer
          shall
          on the first Business Day of the month of the occurrence of the Initial
          Optional
          Termination Date, and for so long as the Master Servicer shall not have
          exercised the Call Option or the Regular Interests Purchase Option, on
          the first
          Business Day of each succeeding month (each, a “Bid Month”), the Master Servicer
          shall give written notice in the form attached hereto as Exhibit Y (the
“Call
          Option Notice”) to each Call Option Holder.

         

        (ii) Not
          later
          than three (3) Business Days prior to the related Bid Due Date, the Master
          Servicer shall give written notice to each Call Option Holder of the Termination
          Price for the related Distribution Date. 

         

        (iii) Not
          later
          than the 15th day (or if such date is not a Business Day, the immediately
          succeeding Business Day) of each Bid Month (the “Bid Due Date”), if any Call
          Option Holder desires that the Master Servicer exercise the option to purchase
          the Mortgage Loans and certain other property of the Trust Fund, such Call
          Option Holder shall give written notice in the form attached hereto as
          Exhibit Z
          (the “Purchaser Call Option Notice”) to the Master Servicer, requesting that the
          Master Servicer exercise such option on behalf of such Call Option Holder.
          The
          Purchaser Call Option Notice shall include the amount to be paid by a Call
          Option Holder with respect to the proceeds or assets to be received by
          the
          Master Servicer for the Mortgage Loans and certain other property of the
          Trust
          Fund (the “Bid Price”); provided,
          that
          the Bid Price must be equal to or greater than the Termination
          Price.

         

        (iv) One
          (1)
          Business Day after the related Bid Due Date, the Master Servicer shall
          notify
          the Call Option Holder, if any, that has submitted the highest Bid Price
          (the
“Bid Holder”) that such Bid Holder has the right to direct the Master Servicer
          to exercise the option to purchase the Mortgage Loans and certain other
          property
          of the Trust Fund. The Master Servicer shall thereafter notify any Call
          Option
          Holder that did not submit the highest Bid Price (or did not submit a Purchaser
          Call Option Notice) of the amount of the highest Bid Price. If two or more
          Call
          Option Holder shall have bid the same Bid Price, the Bid Holder shall be
          the
          Call Option Holder with the greater Percentage Interest in the NIM Residual
          Securities or Class X Certificates, as applicable. If the Master Servicer
          does
          not receive any Purchaser Call Option Notices by such Bid Due Date, or
          if no
          Purchaser Call Option Notice specifies a Bid Price equal to or greater
          than the
          Termination Price, then the Master Servicer shall not exercise the option
          to
          purchase the Mortgage Loans and certain other property of the Trust Fund
          on such
          Distribution Date (other than in accordance with clause (vii)
          below).

         

        
          
            
            

          

          
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        (v) Not
          later
          than three (3) Business Days immediately preceding the Distribution Date
          in the
          related Bid Month, the Bid Holder shall remit the Bid Price as specified
          in the
          Purchaser Call Option Notice to the Master Servicer, in immediately available
          funds. Upon receipt of such funds from the Bid Holder, the Master Servicer
          shall
          promptly deposit the Termination Price in the Collection Account for subsequent
          deposit in the Certificate Account in accordance with this Trust Agreement.
          Any
          amounts received by the Master Servicer from the Bid Holder in excess of
          the
          Termination Price shall be remitted to the Trustee for distribution to
          the Call
          Option Holders. In no event shall any such excess be treated as being paid
          by
          any REMIC created hereby. 

         

        (vi) If
          the
          Bid Holder directs the Master Servicer to exercise the option to purchase
          the
          Mortgage Loans and certain other property of the Trust Fund, then the Master
          Servicer shall (i) cause the Trust Fund to adopt a plan of complete liquidation
          pursuant to Section 7.03(a)(i) hereof to sell all of its property and (ii)
          instruct the Trustee upon termination of the Trust Fund to transfer the
          property
          of the Trust Fund to the Bid Holder. The Bid Holder shall be obligated
          to
          reimburse the Master Servicer for its reasonable out-of-pocket expenses
          incurred
          in connection with its exercise of the option to purchase the Mortgage
          Loans and
          certain other property of the Trust Fund and to indemnify and hold harmless
          the
          Master Servicer for any losses, liabilities or expenses resulting from
          any
          claims directly resulting from or relating to the Master Servicer’s exercise of
          such option, except to the extent such losses, liabilities or expenses
          arise out
          of or result from the Master Servicer’s negligence, bad faith or willful
          misconduct. The terms of such expense reimbursement and the extent of such
          indemnity may be amended accordant to an agreement between the Master Servicer
          and the Bid Holder. 

         

        (vii) Commencing
          on the Distribution Date of the one year anniversary of the Initial Optional
          Termination Date, and on each Distribution Date thereafter, the Master
          Servicer
          shall have the right to exercise the Call Option or the Regular Interests
          Purchase Option. If the Master Servicer desires to exercise the Call Option
          or
          the Regular Interests Purchase Option, the Master Servicer shall notify
          the Call
          Option Holders pursuant to a Call Option Notice that it desires to exercise
          such
          Call Option or such Regular Interest Purchase Option, as applicable, on
          the
          immediately succeeding Distribution Date. If one or more Call Option Holders
          submit a Purchaser Call Option Notice on or before the immediately succeeding
          Bid Due Date, then, the Master Servicer shall follow the procedures set
          forth in
          clauses (iv) through (vi) above. However, if no Call Option Holder submits
          a
          Purchaser Call Option Notice on or before the immediately succeeding Bid
          Due
          Date, then, on the immediately succeeding Distribution Date, the Master
          Servicer
          may exercise the its right to purchase the Mortgage Loans and other property
          of
          the Trust Fund pursuant to Section 7.01(b) or the Lower Tier REMIC 1
          Uncertificated Regular Interests pursuant to Section 7.01(c).

         

        
          
            
            

          

          
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        Section
          7.02. Procedure
          Upon Termination of Trust Fund or Purchase of Lower Tier REMIC 1 Uncertificated
          Regular Interests. 

         

        (a) Notice
          of
          any Trust Fund Termination Event and notice of the purchase of the Lower
          Tier
          REMIC 1 Uncertificated Regular Interests, specifying the Distribution Date
          upon
          which the final distribution to the Certificates (other than the Class
          LT-R
          Certificates, in the case of a purchase of the Lower Tier REMIC 1 Uncertificated
          Regular Interests) shall be made, shall be given by the Trustee by first
          class
          mail to Certificateholders mailed promptly (and in no event later than
          five
          Business Days) (x) after the Trustee has received notice from the Master
          Servicer or the LTURI-holder, as applicable, of its election to cause (1)
          the
          sale of all of the property of the Trust Fund pursuant to Section 7.01(b)
          or (2)
          the purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests
          pursuant
          to Section 7.01(c), or (y) upon the final payment or other liquidation
          of the
          last Mortgage Loan or REO Property in the Trust Fund. In the case of a
          Trust
          Fund Termination Event, the Trustee shall also give notice to the Master
          Servicer, the Swap Counterparty, the Cap Counterparty, the Securities
          Administrator and the Certificate Registrar at the time notice is given
          to
          Holders.

         

        In
          the
          case of a Trust Fund Termination Event, such notice shall specify (A) the
          Distribution Date upon which final distribution on the Certificates or
          Lower
          Tier REMIC 1 Uncertificated Regular Interests of all amounts required to
          be
          distributed to Certificateholders pursuant to Section 5.02 will be made
          upon
          presentation and surrender of the Certificates at the Corporate Trust Office,
          and (B) that the Record Date otherwise applicable to such Distribution
          Date is
          not applicable, distribution being made only upon presentation and surrender
          of
          the Certificates at the office or agency of the Trustee therein specified.
          Upon
          any such Trust Fund Termination Event, the duties of the Certificate Registrar
          with respect to the Certificates or Lower Tier REMIC 1 Uncertificated Regular
          Interests shall terminate and the Trustee shall terminate or request the
          Master
          Servicer to terminate, the Collection Account it maintains, the Certificate
          Account and any other account or fund maintained with respect to the
          Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests, subject
          to
          the Trustee’s obligation hereunder to hold all amounts payable to
          Certificateholders in trust without interest pending such payment. 

        

        In
          the
          case of a purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests,
          such notice shall specify (A) the Distribution Date upon which final
          distribution on the Certificates (other than the Class LT-R Certificates)
          of all
          amounts required to be distributed to Certificateholders pursuant to Section
          5.02 (other than any distributions to the Class LT-R Certificates in respect
          of
          REMIC 1) will be made upon presentation and surrender of the Certificates
          (other
          than the Class LT-R Certificates) at the Corporate Trust Office, and (B)
          that
          the Record Date otherwise applicable to such Distribution Date is not
          applicable, distribution being made only upon presentation and surrender
          of the
          Certificates (other than the Class LT-R Certificates) at the office or
          agency of
          the Trustee therein specified. Upon any such purchase of the Lower Tier
          REMIC 1
          Uncertificated Regular Interests, the duties of the Certificate Registrar
          with
          respect to the Certificates other than the Class LT-R Certificate shall
          terminate but the Trustee shall not terminate or request the Master Servicer
          to
          terminate, the Collection Account it maintains, the Certificate Account
          and any
          other account or fund maintained with respect to the Certificates, subject
          to
          the Trustee’s obligation hereunder to hold all amounts payable to
          Certificateholders in trust without interest pending such payment. For
          all
          Distribution Dates following the Distribution Date on which the Master
          Servicer
          purchases the Lower Tier REMIC 1 Uncertificated Regular Interests, all
          amounts
          that would be distributed on the Certificates (other than the Class LT-R
          Certificate and exclusive of amounts payable from any fund held outside
          of REMIC
          1) absent such purchase shall be payable to the LTURI-holder.

        
          
            
            

          

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

         

        (c) Any
          reasonable expenses incurred by the Trustee in connection with any Trust
          Fund
          Termination Event or any purchase of the Lower Tier REMIC 1 Uncertificated
          Regular Interests shall be reimbursed from proceeds received from such
          termination or purchase.

         

        Section
          7.03. Additional
          Trust Fund Termination Event or Purchase of the Lower Tier REMIC 1
          Uncertificated Regular Interests. 

         

        (a) Any
          termination of the Trust Fund pursuant to Section 7.01(a) or any termination
          of
          a REMIC pursuant to Section 7.01(c) shall be effected in accordance with
          the
          following additional requirements, unless the Trustee seeks (at the request
          of
          the party exercising the option to purchase all of the Mortgage Loans or
          Lower
          Tier REMIC 1 Uncertificated Regular Interests pursuant to Section 7.01(b)
          or
          Section 7.01(c), respectively), and subsequently receives, an Opinion of
          Counsel
          (at the expense of such requesting party), addressed to the Trustee and
          any NIMS
          Insurer to the effect that the failure to comply with the requirements
          of this
          Section 7.03 will not result in an Adverse REMIC Event:

         

        (i) Within
          89
          days prior to the time of the making of the final payment on the Certificates
          (other than the Class LT-R Certificates, in the case of a purchase of the
          Lower
          Tier REMIC 1 Uncertificated Regular Interests), upon notification by the
          Master
          Servicer, the Securities Administrator, any NIMS Insurer or an Affiliate
          of the
          Seller that it intends to exercise its option to cause the termination
          of the
          Trust Fund or purchase the Lower Tier REMIC 1 Uncertificated Regular Interests,
          the Trustee shall adopt a plan of complete liquidation on behalf of each
          REMIC
          (other than REMIC 1, in the case of a purchase of the Lower Tier REMIC
          1
          Uncertificated Regular Interests), meeting the requirements of a qualified
          liquidation under the REMIC Provisions;

         

        (ii) Any
          sale
          of the assets of the Trust Fund or the Lower Tier REMIC 1 Uncertificated
          Regular
          Interests pursuant to Section 7.02 shall be a sale for cash and shall occur
          at
          or after the time of adoption of such a plan of complete liquidation and
          prior
          to the time of making of the final payment on the Certificates (other than
          the
          Class LT-R Certificates, in the case of a purchase of the Lower Tier REMIC
          1
          Uncertificated Regular Interests);

         

        
          
            
            

          

          
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        (iii) On
          the
          date specified for final payment of the Certificates (other than the Class
          LT-R
          Certificates, in the case of a purchase of the Lower Tier REMIC 1 Uncertificated
          Regular Interests), the Trustee shall make final distributions of principal
          and
          interest on such Certificates and shall pay, in the case of a Trust Fund
          Termination Event, any Net Swap Termination Payment then remaining unpaid
          and
          any Swap Termination Payment owed to the Swap Counterparty on the related
          Swap
          Payment Date (in each case to the extent not paid on previous Swap Payment
          Dates) in accordance with Sections 5.01 and 5.02. In the case of a Trust
          Fund
          Termination Event, and, after payment of, or provision for any outstanding
          expenses, the Trustee shall distribute or credit, or cause to be distributed
          or
          credited, to the Holders of the Residual Certificates all cash on hand
          after
          such final payment (other than cash retained to meet claims), and the Trust
          Fund
          (and each REMIC) shall terminate at that time; and

         

        (iv) In
          no
          event may the final payment on the Certificates or the final distribution
          or
          credit to the Holders of the Residual Certificates in respect of the residual
          interest in any liquidated REMIC be made after the 89th day from the date
          on
          which the plan of complete liquidation for such REMIC is adopted.

         

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

         

        (c) In
          connection with the termination of the Trust Fund, or a Section 7.01(c)
          Purchase
          Event, the Trustee may request an Opinion of Counsel addressed to the Trustee
          (at the expense of the Depositor) to the effect that all the requirements
          of a
          qualified liquidation under the REMIC Provisions have been met.

         

        Section
          7.04. Optional
          Repurchase Right.

         

        The
          NIMS
          Insurer, if any, may repurchase any Distressed Mortgage Loan for a purchase
          price equal to the outstanding principal balance of such Mortgage Loan,
          plus
          accrued interest thereon to the date of repurchase plus any unreimbursed
          Advances, Servicing Advances or Servicing Fees allocable to such Distressed
          Mortgage Loan. Any such repurchase shall be accomplished by the NIMS Insurer’s
          remittance of the purchase price for the Distressed Mortgage Loan to the
          Master
          Servicer for deposit into the Collection Account. The NIMS Insurer shall
          not use
          any procedure in selecting Distressed Mortgage Loans to be repurchased
          which
          would be materially adverse to Certificateholders.

         

        
          
            
            

          

          
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        ARTICLE
          VIII

         

        RIGHTS
          OF
          CERTIFICATEHOLDERS

         

        Section
          8.01. Limitation
          on Rights of Holders. 

         

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

         

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

         

        
          
            
            

          

          
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        Section
          8.02. Access
          to List of Holders. 

         

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

         

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

         

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

         

        Section
          8.03. Acts
          of Holders of Certificates. 

         

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

         

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

         

        
          
            
            

          

          
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        (c) The
          ownership of Certificates or Lower Tier REMIC 1 Uncertificated Regular
          Interests
          (whether or not such Certificates or Lower Tier REMIC 1 Uncertificated
          Regular
          Interests shall be overdue and notwithstanding any notation of ownership
          or
          other writing thereon made by anyone other than the Trustee) shall be proved
          by
          the Certificate Register, and none of the Trustee, the Master Servicer,
          the
          Securities Administrator, any NIMS Insurer, or the Depositor shall be affected
          by any notice to the contrary.

         

        (d) Any
          request, demand, authorization, direction, notice, consent, waiver or other
          action by the Holder of any Certificate or Lower Tier REMIC 1 Uncertificated
          Regular Interest shall bind every future Holder of the same Certificate
          or Lower
          Tier REMIC 1 Uncertificated Regular Interest and the Holder of every Certificate
          or Lower Tier REMIC 1 Uncertificated Regular Interest issued upon the
          registration of transfer thereof or in exchange therefor or in lieu thereof,
          in
          respect of anything done, omitted or suffered to be done by the Trustee
          or the
          Master Servicer in reliance thereon, whether or not notation of such action
          is
          made upon such Certificate or Lower Tier REMIC 1 Uncertificated Regular
          Interest.

         

        

         

        
          
            
            

          

          
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        ARTICLE
          IX

         

        ADMINISTRATION
          AND SERVICING OF MORTGAGE LOANS BY THE MASTER SERVICER; CREDIT RISK
          MANAGER

         

        Section
          9.01. Duties
          of the Master Servicer. 

         

        The
          Certificateholders, by their purchase and acceptance of the Certificates
          or
          Lower Tier REMIC 1 Uncertificated Regular Interests, appoint Aurora Loan
          Services LLC, as Master Servicer. For and on behalf of the Depositor, the
          Trustee and the Certificateholders, the Master Servicer shall master service
          the
          Mortgage Loans in accordance with the provisions of this Agreement and
          the
          provisions of each Servicing Agreement. Notwithstanding anything in this
          Agreement, the Servicing Agreement or the Credit Risk Management Agreement
          to
          the contrary, the Master Servicer shall have no duty or obligation to enforce
          the Credit Risk Management Agreement, or to supervise, monitor or oversee
          the
          activities of the Servicer under its Credit Risk Management Agreement with
          respect to any action taken or not taken by the Servicer at the direction
          of the
          Seller or pursuant to a recommendation of the Credit Risk Manager.

         

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

         

        (a) The
          Master Servicer, at its expense, shall maintain in effect a Master Servicer
          Fidelity Bond and a Master Servicer Errors and Omissions Insurance Policy,
          affording coverage with respect to all directors, officers, employees and
          other
          Persons acting on such Master Servicer’s behalf, and covering errors and
          omissions in the performance of the Master Servicer’s obligations hereunder. The
          Master Servicer Errors and Omissions Insurance Policy and the Master Servicer
          Fidelity Bond shall be in such form and amount that would be consistent
          with
          coverage customarily maintained by master servicers of mortgage loans similar
          to
          the Mortgage Loans and the Master Servicer shall provide the Trustee and
          any
          NIMS Insurer upon request, with a copy of such policy and fidelity bond.
          The
          Master Servicer shall (i) require the Servicer to maintain an Errors and
          Omissions Insurance Policy and the Servicer Fidelity Bond in accordance
          with the
          provisions of the Servicing Agreement, (ii) cause the Servicer to provide
          to the
          Master Servicer certificates evidencing that such policy and bond is in
          effect
          and to furnish to the Master Servicer any notice of cancellation, non-renewal
          or
          modification of the policy or bond received by it, as and to the extent
          provided
          in the Servicing Agreement, and (iii) furnish copies of such policies and
          of the
          certificates and notices referred to in clause (ii) to the Trustee upon
          request.

         

        (b) The
          Master Servicer shall promptly report to the Trustee and any NIMS Insurer
          any
          material changes that may occur in the Master Servicer Fidelity Bond or
          the
          Master Servicer Errors and Omissions Insurance Policy and shall furnish
          to the
          Trustee and any NIMS Insurer, on request, certificates evidencing that
          such bond
          and insurance policy are in full force and effect. The Master Servicer
          shall
          promptly report to the Trustee and any NIMS Insurer all cases of embezzlement
          or
          fraud, if such events involve funds relating to the Mortgage Loans. The
          total
          losses, regardless of whether claims are filed with the applicable insurer
          or
          surety, shall be disclosed in such reports together with the amount of
          such
          losses covered by insurance. If a bond or insurance claim report is filed
          with
          any of such bonding companies or insurers, the Master Servicer shall promptly
          furnish a copy of such report to the Trustee and any NIMS Insurer. Any
          amounts
          relating to the Mortgage Loans collected by the Master Servicer under any
          such
          bond or policy shall be promptly remitted by the Master Servicer to the
          Trustee
          for deposit into the Certificate Account. Any amounts relating to the Mortgage
          Loans collected by the Servicer under any such bond or policy shall be
          remitted
          to the Master Servicer to the extent provided in the Servicing
          Agreement.

         

        
          
            
            

          

          
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        Section
          9.03. Master
          Servicer’s Financial Statements and Related Information. 

         

        
          For
            each
            year this Agreement is in effect, the Master Servicer shall submit to
            the
            Trustee, each Rating Agency and the Depositor a copy of the annual audited
            financial statements of its corporate parent on or prior to March 31st
            of each
            year commencing on March 31, 2008.  Such financial statements shall include
            comparative balance sheets, income statements, statement of changes in
            shareholder's equity, statements of cash flows, a consolidating schedule
            showing
            consolidated subsidiaries and any related notes required pursuant to
            generally
            accepted accounting principles, certified by a nationally recognized
            firm of
            Independent Accountants to the effect that such financial statements
            were
            examined and prepared in accordance with generally accepted accounting
            principles applied on a basis consistent with that of the preceding
            year.

        

        Section
          9.04. Power
          to Act; Procedures.

         
          

        (a) The
          Master Servicer shall master service the Mortgage Loans and shall have
          full
          power and authority, subject to the REMIC Provisions and the provisions
          of
          Article X hereof, and the Servicer shall have full power and authority
          (to the
          extent provided in the Servicing Agreement) to do any and all things that
          it may
          deem necessary or desirable in connection with the servicing and administration
          of the Mortgage Loans, including but not limited to the power and authority
          (i)
          to execute and deliver, on behalf of the Certificateholders and the Trustee,
          customary consents or waivers and other instruments and documents, (ii)
          to
          consent to transfers of any Mortgaged Property and assumptions of the Mortgage
          Notes and related Mortgages, (iii) to collect any Insurance Proceeds and
          Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion
          of
          the ownership of the Mortgaged Property securing any Mortgage Loan, in
          each
          case, in accordance with the provisions of this Agreement and the Servicing
          Agreement, as applicable; provided that the Master Servicer shall not take,
          or
          knowingly permit the Servicer to take, any action that is inconsistent
          with or
          prejudices the interests of the Trust Fund or the Certificateholders in
          any
          Mortgage Loan or the rights and interests of the Depositor, the Trustee,
          the
          Certificateholders under this Agreement. The Master Servicer shall represent
          and
          protect the interests of the Trust Fund in the same manner as it protects
          its
          own interests in mortgage loans in its own portfolio in any claim, proceeding
          or
          litigation regarding a Mortgage Loan and shall not make or knowingly permit
          the
          Servicer to make any modification, waiver or amendment of any term of any
          Mortgage Loan that would cause an Adverse REMIC Event. Without limiting
          the
          generality of the foregoing, the Master Servicer in its own name or in
          the name
          of the Servicer, and the Servicer, to the extent such authority is delegated
          to
          the Servicer under the Servicing Agreement, is hereby authorized and empowered
          by the Trustee when the Master Servicer or the Servicer, as the case may
          be,
          believes it appropriate in its best judgment and in accordance with Accepted
          Servicing Practices and the Servicing Agreement, to execute and deliver,
          on
          behalf of itself and the Certificateholders, the Trustee or any of them,
          any and
          all instruments of satisfaction or cancellation, or of partial or full
          release
          or discharge and all other comparable instruments, with respect to the
          Mortgage
          Loans and with respect to the Mortgaged Properties. The Trustee shall furnish
          to
          the Master Servicer, upon request, with any powers of attorney empowering
          the
          Master Servicer or the Servicer to execute and deliver instruments of
          satisfaction or cancellation, or of partial or full release or discharge,
          and to
          foreclose upon or otherwise liquidate Mortgaged Property, and to appeal,
          prosecute or defend in any court action relating to the Mortgage Loans
          or the
          Mortgaged Property, in accordance with the Servicing Agreement and this
          Agreement, and the Trustee shall execute and deliver such other documents,
          as
          the Master Servicer may request, necessary or appropriate to enable the
          Master
          Servicer to master service the Mortgage Loans and carry out its duties
          hereunder
          and to allow the Servicer to service the Mortgage Loans, in each case in
          accordance with Accepted Servicing Practices (and the Trustee shall have
          no
          liability for misuse of any such powers of attorney by the Master Servicer
          or
          the Servicer). If the Master Servicer or the Trustee has been advised that
          it is
          likely that the laws of the state in which action is to be taken prohibit
          such
          action if taken in the name of the Trustee or that the Trustee would be
          adversely affected under the “doing business” or tax laws of such state if such
          action is taken in its name, then upon request of the Trustee the Master
          Servicer shall join with the Trustee in the appointment of a co-trustee
          pursuant
          to Section 6.09 hereof. In no event shall the Master Servicer, without
          the
          Trustee’s written consent: (i) initiate any action, suit or proceeding solely
          under the Trustee’s name without indicating the Master Servicer in its
          applicable, representative capacity, so long as the jurisdictional and
          procedural rules will allow for this insertion to occur, (ii) initiate
          any
          action, suit or proceeding not directly relating to the servicing of a
          Mortgage
          Loan (including but not limited to actions, suits or proceedings against
          Certificateholders, or against the Depositor or the Transferor for breaches
          of
          representations and warranties) solely under the Trustee’s name, (iii) engage
          counsel to represent the Trustee in any action, suit or proceeding not
          directly
          relating to the servicing of a Mortgage Loan (including but not limited
          to
          actions, suits or proceedings against Certificateholders, or against the
          Depositor or the Transferor for breaches of representations and warranties),
          or
          (iv) prepare, execute or deliver any government filings, forms, permits,
          registrations or other documents or take any action with the intent to
          cause,
          and that actually causes, the Trustee to be registered to do business in
          any
          state. The Master Servicer shall indemnify the Trustee for any and all
          costs,
          liabilities and expenses incurred by the Trustee in connection with the
          negligent or willful misuse of such powers of attorney by the Master Servicer.
          In the performance of its duties hereunder, the Master Servicer shall be
          an
          independent contractor and shall not, except in those instances where it
          is
          taking action in the name of the Trustee on behalf of the Trust Fund, be
          deemed
          to be the agent of the Trustee.

         

        
          
            
            

          

          
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          (b) In
            master
            servicing and administering the Mortgage Loans, the Master Servicer shall
            employ
            procedures and exercise the same care that it customarily employs and
            exercises
            in master servicing and administering loans for its own account, giving
            due
            consideration to Accepted Servicing Practices where such practices do
            not
            conflict with this Agreement. Consistent with the foregoing, the Master
            Servicer
            may, and may permit any Servicer to, in its discretion (i) waive any
            late
            payment charge (but not any Prepayment Premium, except as set forth below)
            and
            (ii) extend the due dates for payments due on a Mortgage Note; provided,
            however, that
            the
            maturity of any Mortgage Loan shall not be extended past the Final Scheduled
            Distribution Date. In the event of any such modification, the Servicer
            or the
            Master Servicer shall calculate the Scheduled Payment for such Mortgage
            Loan
            based on the modified terms of the Mortgage Loan and shall only be required
            to
            make Advances pursuant to Section 5.04 to the extent of the new Scheduled
            Payments. Notwithstanding anything to the contrary in this Agreement,
            the Master
            Servicer shall not make or knowingly permit any modification, waiver
            or
            amendment of any material term of any Mortgage Loan, unless: (1) such
            Mortgage
            Loan is in default or default by the related Mortgagor is, in the reasonable
            judgment of the Master Servicer or the related Servicer, reasonably foreseeable,
            (2) in the case of a waiver of a Prepayment Premium, if (a) such waiver
            would
            maximize recovery of total proceeds taking into account the value of
            such
            Prepayment Premium and the related Mortgage Loan or (b) if the prepayment
            is not
            a result of a refinancing by the Servicer or any of its affiliates (i)
            collection of the Prepayment Premium would be in violation of applicable
            law or
            (ii) the collection of such Prepayment Premium would be considered “predatory”
pursuant to written guidance published or issued by any applicable federal,
            state or local regulatory authority acting in its official capacity and
            having
            jurisdiction over such matters and (3) such modification, waiver or amendment
            would not cause an Adverse REMIC Event.

           

        

        
          
            
            

          

          
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        (c) As
          an
          alternative to permitting a modification or effectuating a foreclosure
          or other
          conversion of the ownership of a Mortgaged Property, the Master Servicer
          may, at
          its option, purchase any Mortgage Loan that has become one hundred and
          twenty
          (120) days or more delinquent in payment (including, for the avoidance
          of doubt,
          any Mortgage Loan with respect to which the related borrower is in Bankruptcy);
          provided,
          however,
          that
          (i) the Master Servicer promptly notifies the Servicer of its intention
          to
          purchase any such delinquent Mortgage Loan prior to its purchase and (ii)
          the
          Master Servicer shall exercise any such option to purchase a Mortgage Loan
          within sixty (60) days after any such Mortgage Loan has become one hundred
          and
          twenty (120) days delinquent. The price at which the Master Servicer shall
          purchase any such delinquent Mortgage Loan shall equal the Purchase Price
          and
          such amount shall be deposited into the Collection Account on the date
          of
          purchase pursuant to Section 4.01(d)(viii). Upon receipt by the Trustee
          of a
          written certification from the Master Servicer that the Master Servicer
          has
          exercised such option and deposited the full amount of the Purchase Price
          of the
          related Mortgage Loan in the Collection Account and delivery of a Request
          for
          Release of Documents (on the form attached hereto as Exhibit C or in the
          form
          attached to the Custodial Agreement), the Custodian shall release the related
          Mortgage File to or upon the order of the Master Servicer, and at the written
          request of the Master Servicer the Trustee shall execute and deliver such
          instruments of transfer or assignment, in each case without recourse,
          representation or warranty, as shall be necessary to vest title to such
          Mortgage
          Loan in the Master Servicer or its designee, which instruments shall be
          prepared
          by the Master Servicer. 

         

        Section
          9.05. Enforcement
          of Servicer’s and Master Servicer’s Obligations. 

         

        (a) The
          Servicing Agreement requires the Servicer to service the Mortgage Loans
          in
          accordance with the provisions thereof. References in this Agreement to
          actions
          taken or to be taken by the Master Servicer include actions taken or to
          be taken
          by the Servicer on behalf of the Master Servicer. Any fees and other amounts
          payable to the Servicer shall be deducted from amounts remitted to the
          Master
          Servicer by the Servicer (to the extent permitted by the Servicing Agreement)
          and shall not be an obligation of the Trust Fund, the Trustee or the Master
          Servicer.

         

        
          
            
            

          

          
            160

            
              

            

          

          
            
            

          

        

        (b) The
          Master Servicer shall not be required to (i) take any action with respect
          to the
          servicing of any Mortgage Loan that the Servicer is not required to take
          under
          the Servicing Agreement and (ii) cause the Servicer to take any action
          or
          refrain from taking any action if the Servicing Agreement does not require
          the
          Servicer to take such action or refrain from taking such action; in both
          cases
          notwithstanding any provision of this Agreement that requires the Master
          Servicer to take such action or cause the Servicer to take such
          action.

         

        (c) The
          Master Servicer, for the benefit of the Trustee, any NIMS Insurer and the
          Certificateholders, shall enforce the obligations of the Servicer under
          the
          Servicing Agreement, and shall, in the event that the Servicer fails to
          perform
          its obligations in accordance therewith, terminate the rights and obligations
          of
          the Servicer thereunder and either act as servicer of the related Mortgage
          Loans
          or cause the other parties hereto to enter into a Servicing Agreement (and
          such
          parties hereby agree to execute and deliver any such successor Servicing
          Agreement), with a successor Servicer. Such enforcement, including, without
          limitation, the legal prosecution of claims, termination of the Servicing
          Agreement and the pursuit of other appropriate remedies, shall be in such
          form
          and carried out to such an extent and at such time as the Master Servicer,
          in
          its good faith business judgment, would require were it the owner of the
          related
          Mortgage Loans. The Master Servicer shall pay the costs of such enforcement
          at
          its own expense, and shall be reimbursed therefor initially (i) from a
          general
          recovery resulting from such enforcement only to the extent, if any, that
          such
          recovery exceeds all amounts due in respect of the related Mortgage Loans,
          (ii)
          from a specific recovery of costs, expenses or attorneys’ fees against the party
          against whom such enforcement is directed, and then, (iii) to the extent
          that
          such amounts are insufficient to reimburse the Master Servicer for the
          costs of
          such enforcement, from the Collection Account.

         

        (d) The
          Master Servicer shall be entitled to conclusively rely on any certifications
          or
          other information provided by the Servicer under the terms of the Servicing
          Agreement, in its preparation of any certifications, filings or reports,
          in
          accordance with the terms hereof or as may be required by applicable law
          or
          regulation.

         

        Section
          9.06. Collection
          of Taxes, Assessments and Similar Items. 

         

        (a) To
          the
          extent provided in the Servicing Agreement, the Master Servicer shall cause
          the
          Servicer to establish and maintain one or more custodial accounts at a
          depository institution (which may be a depository institution with which
          the
          Master Servicer or the Servicer establishes accounts in the ordinary course
          of
          its servicing activities), the accounts of which are insured to the maximum
          extent permitted by the FDIC (each, an “Escrow Account”) and to deposit therein
          any collections of amounts received with respect to amounts due for taxes,
          assessments, water rates, standard hazard insurance policy premiums, Payaheads,
          if applicable, or any comparable items for the account of the Mortgagors.
          Withdrawals from any Escrow Account may be made (to the extent amounts
          have been
          escrowed for such purpose) only in accordance with the Servicing Agreement.
          The
          Servicer shall be entitled to all investment income not required to be
          paid to
          Mortgagors on any Escrow Account maintained by the Servicer. The Master
          Servicer
          shall make (or cause to be made) to the extent provided in the Servicing
          Agreement advances to the extent necessary in order to effect timely payment
          of
          taxes, water rates, assessments, standard hazard insurance policy premiums
          or
          comparable items in connection with the related Mortgage Loan (to the extent
          that the Mortgagor is required, but fails, to pay such items), provided
          that it
          or the Servicer has determined that the funds so advanced are recoverable
          from
          escrow payments, reimbursement pursuant to Section 4.02 or
          otherwise.

         

        
          
            
            

          

          
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        (b) Costs
          incurred by the Master Servicer or by the Servicer in effecting the timely
          payment of taxes and assessments on the properties subject to the Mortgage
          Loans
          may be added to the amount owing under the related Mortgage Note where
          the terms
          of the Mortgage Note so permit; provided,
          however,
          that the
          addition of any such cost shall not be taken into account for purposes
          of
          calculating the distributions to be made to Certificateholders. Such costs,
          to
          the extent that they are unanticipated, extraordinary costs, and not ordinary
          or
          routine costs shall be recoverable as a Servicing Advance by the Master
          Servicer
          pursuant to Section 4.02.

         

        Section
          9.07. Termination
          of Servicing Agreement; Successor Servicers. 

         

        (a) The
          Master Servicer shall be entitled to terminate the rights and obligations
          of the
          Servicer under the Servicing Agreement in accordance with the terms and
          conditions of the Servicing Agreement and without any limitation by virtue
          of
          this Agreement; provided,
          however,
          that in
          the event of termination of the Servicing Agreement by the Master Servicer,
          the
          Master Servicer shall provide for the servicing of the Mortgage Loans by
          a
          successor Servicer to be appointed as provided in the Servicing
          Agreement.

         

        The
          parties acknowledge that notwithstanding the preceding sentence, there
          may be a
          transition period, not to exceed 90 days, in order to effect the transfer
          of
          servicing to a successor Servicer. The Master Servicer shall be entitled
          to be
          reimbursed from the Servicer (or by the Trust Fund, if the Servicer is
          unable to
          fulfill its obligations hereunder) for all costs associated with the transfer
          of
          servicing from the predecessor servicer, including without limitation,
          any costs
          or expenses associated with the complete transfer of all servicing data
          and the
          completion, correction or manipulation of such servicing data, as may be
          required by the Master Servicer to correct any errors or insufficiencies
          in the
          servicing data or otherwise to enable the Master Servicer to service the
          Mortgage Loans properly and effectively.

         

        (b) If
          the
          Master Servicer acts as a successor Servicer, it will not assume liability
          for
          the representations and warranties of the Servicer, if any, that it replaces.
          The Master Servicer shall use reasonable efforts to have the successor
          Servicer
          assume liability for the representations and warranties made by the terminated
          Servicer in the Servicing Agreement, and in the event of any such assumption
          by
          the successor Servicer, the Trustee or the Master Servicer, as applicable,
          may,
          in the exercise of its business judgment, release the terminated Servicer
          from
          liability for such representations and warranties.

         

        (c) If
          the
          Master Servicer acts as a successor Servicer, it will have the same obligations
          to make Advances as the Servicer under the Servicing Agreement and to reimburse
          itself for unreimbursed Advances if required by the Servicing Agreement
          but will
          have no obligation to make an Advance if it determines in its reasonable
          judgment that such Advance is non-recoverable. To the extent that the Master
          Servicer is unable to find a successor Servicer that is willing to service
          the
          Mortgage Loans for the Servicing Fee because of the obligation of the Servicer
          to make Advances regardless of whether such Advance is recoverable, the
          Servicing Agreement may be amended to provide that the successor Servicer
          shall
          have no obligation to make an Advance if it determines in its reasonable
          judgment that such Advance is non-recoverable and provides an Officer’s
          Certificate to such effect to the Master Servicer, the Trustee and any
          NIMS
          Insurer.

         

        
          
            
            

          

          
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        Section
          9.08. Master
          Servicer Liable for Enforcement. 

         

        Notwithstanding
          anything contained in the Servicing Agreement to the contrary, the Master
          Servicer shall remain obligated and liable to the Trustee, any NIMS Insurer
          and
          the Certificateholders in accordance with the provisions of this Agreement,
          to
          the extent of its obligations hereunder, without diminution of such obligation
          or liability by virtue of the Servicing Agreement. The Master Servicer
          shall use
          commercially reasonable efforts to ensure that the Mortgage Loans are serviced
          in accordance with the provisions of this Agreement and shall use commercially
          reasonable efforts to enforce the provisions of the Servicing Agreement
          for the
          benefit of the Certificateholders and any NIMS Insurer. The Master Servicer
          shall be entitled to enter into any agreement with the Servicer for
          indemnification of the Master Servicer and nothing contained in this Agreement
          shall be deemed to limit or modify such indemnification. Except as expressly
          set
          forth herein, the Master Servicer shall have no liability for the acts
          or
          omissions of the Servicer in the performance by the Servicer of its obligations
          under the Servicing Agreement.

         

        Section
          9.09. No
          Contractual Relationship Between the Servicer and Trustee or Depositor.
          

         

        The
          Servicing Agreement that may be entered into and any other transactions
          or
          services relating to the Mortgage Loans involving the Servicer in its capacity
          as such and not as an originator shall be deemed to be between the Servicer,
          the
          Seller and the Master Servicer, and the Trustee, any NIMS Insurer and the
          Depositor shall not be deemed parties thereto and shall have no obligations,
          duties or liabilities with respect to the Servicer except as set forth
          in
          Section 9.10 hereof, but shall have rights thereunder as third party
          beneficiaries. It is furthermore understood and agreed by the parties hereto
          that the obligations of the Servicer are set forth in their entirety in
          the
          Servicing Agreement and the Servicer has no obligations under and is not
          otherwise bound by the terms of this Agreement.

         

        Section
          9.10. Assumption
          of Servicing Agreement by Securities Administrator. 

         

        (a) In
          the
          event the Master Servicer shall for any reason no longer be the Master
          Servicer
          (including by reason of any Event of Default under this Agreement), after
          a
          period not to exceed ninety days after the Securities Administrator receives
          written notice from the Trustee pursuant to Section 6.14 or Section 9.28,
          as
          applicable, the Securities Administrator shall thereupon assume all of
          the
          rights and obligations of such Master Servicer hereunder and under the
          Servicing
          Agreement entered into with respect to the Mortgage Loans. The Securities
          Administrator, its designee or any successor master servicer appointed
          by the
          Securities Administrator shall be deemed to have assumed all of the Master
          Servicer’s interest herein and therein to the same extent as if the Servicing
          Agreement had been assigned to the assuming party, except that the Master
          Servicer shall not thereby be relieved of any liability or obligations
          of the
          Master Servicer under the Servicing Agreement accruing prior to its replacement
          as Master Servicer, and shall be liable to the Securities Administrator,
          the
          Trustee and any NIMS Insurer, and hereby agrees to indemnify and hold harmless
          the Securities Administrator, the Trustee and any NIMS Insurer from and
          against
          all costs, damages, expenses and liabilities (including reasonable attorneys’
fees) incurred by the Securities Administrator, the Trustee or any NIMS
          Insurer
          as a result of such liability or obligations of the Master Servicer and
          in
          connection with the Securities Administrator’s (or other successor master
          servicer’s) assumption (but not its performance, except to the extent that costs
          or liability of the Securities Administrator (or other successor master
          servicer’s) are created or increased as a result of negligent or wrongful acts
          or omissions of the Master Servicer prior to its replacement as Master
          Servicer)
          of the Master Servicer’s obligations, duties or responsibilities
          thereunder.

         

        
          
            
            

          

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

         

        Section
          9.11. Due-on-Sale
          Clauses; Assumption Agreements. 

         

        To
          the
          extent provided in the Servicing Agreement, to the extent Mortgage Loans
          contain
          enforceable due-on-sale clauses, the Master Servicer shall cause the Servicer
          to
          enforce such clauses in accordance with the Servicing Agreement. If applicable
          law prohibits the enforcement of a due-on-sale clause or such clause is
          otherwise not enforced in accordance with the Servicing Agreement, and,
          as a
          consequence, a Mortgage Loan is assumed, the original Mortgagor may be
          released
          from liability in accordance with the Servicing Agreement.

         

        Section
          9.12. Release
          of Mortgage Files. 

         

        (a) Upon
          (i)
          becoming aware of the payment in full of any Mortgage Loan or (ii) the
          receipt
          by the Master Servicer of a notification that payment in full has been
          or will
          be escrowed in a manner customary for such purposes, the Master Servicer
          will,
          or will cause the Servicer to, promptly notify the Trustee (or the Custodian)
          and the Securities Administrator by a certification (which certification
          shall
          include a statement to the effect that all amounts received in connection
          with
          such payment that are required to be deposited in the Collection Account
          maintained by the Master Servicer pursuant to Section 4.01 have been or
          will be
          so deposited) of a Servicing Officer and shall request (on the form attached
          hereto as Exhibit C or on the form attached to the Custodial Agreement)
          the
          Trustee or the Custodian, to deliver to the Servicer the related Mortgage
          File.
          Upon receipt of such certification and request, the Trustee or the Custodian
          (with the consent, and at the direction of the Trustee), shall promptly
          release
          the related Mortgage File to the Servicer and the Trustee shall have no
          further
          responsibility with regard to such Mortgage File. Upon any such payment
          in full,
          the Master Servicer is authorized, and the Servicer, to the extent such
          authority is provided for under the Servicing Agreement, is authorized,
          to give,
          as agent for the Trustee, as the mortgagee under the Mortgage that secured
          the
          Mortgage Loan, an instrument of satisfaction (or assignment of mortgage
          without
          recourse) regarding the Mortgaged Property subject to the Mortgage, which
          instrument of satisfaction or assignment, as the case may be, shall be
          delivered
          to the Person or Persons entitled thereto against receipt therefor of such
          payment, it being understood and agreed that no expenses incurred in connection
          with such instrument of satisfaction or assignment, as the case may be,
          shall be
          chargeable to the Collection Account.

         

        
          
            
            

          

          
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        (b) From
          time
          to time and as appropriate for the servicing or foreclosure of any Mortgage
          Loan
          and in accordance with Accepted Servicing Practices and the Servicing Agreement,
          the Trustee shall execute such documents as shall be prepared and furnished
          to
          the Trustee by the Master Servicer, or by the Servicer (in form reasonably
          acceptable to the Trustee) and as are necessary to the prosecution of any
          such
          proceedings. The Trustee or the Custodian, shall, upon request of the Master
          Servicer, or of the Servicer, and delivery to the Trustee or the Custodian,
          of a
          request for release of documents and a receipt signed by a Servicing Officer
          substantially in the form of Exhibit C, release the related Mortgage File
          held
          in its possession or control to the Master Servicer (or the Servicer).
          Such
          receipt shall obligate the Master Servicer or Servicer to return the Mortgage
          File to the Trustee or the Custodian, as applicable, when the need therefor
          by
          the Master Servicer or Servicer no longer exists unless the Mortgage Loan
          shall
          be liquidated, in which case, upon receipt of a certificate of a Servicing
          Officer similar to that hereinabove specified, the receipt shall be released
          by
          the Trustee or the Custodian, as applicable, to the Master Servicer (or
          the
          Servicer).

         

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

         

        (a) The
          Master Servicer shall transmit, or cause the Servicer to transmit, to the
          Trustee such documents and instruments coming into the possession of the
          Master
          Servicer or the Servicer from time to time as are required by the terms
          hereof
          or of the Servicing Agreement to be delivered to the Trustee or the Custodian.
          Any funds received by the Master Servicer or by the Servicer in respect
          of any
          Mortgage Loan or which otherwise are collected by the Master Servicer or
          the
          Servicer as Liquidation Proceeds or Insurance Proceeds in respect of any
          Mortgage Loan shall be held for the benefit of the Trustee and the
          Certificateholders subject to the Master Servicer’s right to retain or withdraw
          from the Collection Account the Master Servicing Fee and other amounts
          provided
          in this Agreement and to the right of the Servicer to retain its Servicing
          Fee
          and other amounts as provided in the Servicing Agreement. The Master Servicer
          shall, and shall (to the extent provided in the Servicing Agreement) cause
          the
          Servicer to, provide access to information and documentation regarding
          the
          Mortgage Loans (i) to the Trustee, any NIMS Insurer, their respective agents
          and
          accountants at any time upon reasonable request and during normal business
          hours
          and (ii) to Certificateholders that are savings and loan associations,
          banks or
          insurance companies, the Office of Thrift Supervision, the FDIC and the
          supervisory agents and examiners of such Office and Corporation or examiners
          of
          any other federal or state banking or insurance regulatory authority, in
          each
          case to the extent so required by applicable regulations of the Office
          of Thrift
          Supervision or such other regulatory authority, such access to be afforded
          without charge but only upon reasonable request in writing and during normal
          business hours at the offices of the Master Servicer designated by it.
          In
          fulfilling such a request the Master Servicer shall not be responsible
          for
          determining the sufficiency of such information.

         

        (b) All
          Mortgage Files and funds collected or held by, or under the control of,
          the
          Master Servicer, or the Servicer, in respect of any Mortgage Loans, whether
          from
          the collection of principal and interest payments or from Liquidation Proceeds
          or Insurance Proceeds, shall be held by the Master Servicer, or by the
          Servicer,
          for and on behalf of the Trustee and the Certificateholders and shall be
          and
          remain the sole and exclusive property of the Trustee; provided,
          however,
          that the
          Master Servicer and the Servicer shall be entitled to setoff against, and
          deduct
          from, any such funds any amounts that are properly due and payable to the
          Master
          Servicer or the Servicer under this Agreement or the Servicing Agreement
          and
          shall be authorized to remit such funds to the Securities Administrator
          in
          accordance with this Agreement.

         

        
          
            
            

          

          
            165

            
              

            

          

          
            
            

          

        

        (c) The
          Master Servicer hereby acknowledges that concurrently with the execution
          of this
          Agreement, the Trustee shall own or, to the extent that a court of competent
          jurisdiction shall deem the conveyance of the Mortgage Loans from the Seller
          to
          the Depositor not to constitute a sale, the Trustee shall have a security
          interest in the Mortgage Loans and in all Mortgage Files representing such
          Mortgage Loans and in all funds and investment property now or hereafter
          held
          by, or under the control of, the Servicer or the Master Servicer that are
          collected by the Servicer or the Master Servicer in connection with the
          Mortgage
          Loans, whether as scheduled installments of principal and interest or as
          full or
          partial prepayments of principal or interest or as Liquidation Proceeds
          or
          Insurance Proceeds or otherwise, and in all proceeds of the foregoing and
          proceeds of proceeds (but excluding any fee or other amounts to which the
          Servicer is entitled under the Servicing Agreement, or the Master Servicer
          or
          the Depositor is entitled to hereunder); and the Master Servicer agrees
          that so
          long as the Mortgage Loans are assigned to and held by the Trustee or the
          Custodian, all documents or instruments constituting part of the Mortgage
          Files,
          and such funds relating to the Mortgage Loans which come into the possession
          or
          custody of, or which are subject to the control of, the Master Servicer
          or the
          Servicer shall be held by the Master Servicer or the Servicer for and on
          behalf
          of the Trustee as the Trustee’s agent and bailee for purposes of perfecting the
          Trustee’s security interest therein as provided by the applicable Uniform
          Commercial Code or other applicable laws.

         

        (d) The
          Master Servicer agrees that it shall not, and shall not authorize the Servicer
          to, create, incur or subject any Mortgage Loans, or any funds that are
          deposited
          in any Custodial Account, Escrow Account or the Collection Account, or
          any funds
          that otherwise are or may become due or payable to the Trustee, to any
          claim,
          lien, security interest, judgment, levy, writ of attachment or other
          encumbrance, nor assert by legal action or otherwise any claim or right
          of
          setoff against any Mortgage Loan or any funds collected on, or in connection
          with, a Mortgage Loan.

         

        Section
          9.14. Representations
          and Warranties of the Master Servicer. 

         

        (a) The
          Master Servicer hereby represents and warrants to the Depositor, any NIMS
          Insurer, the Securities Administrator and the Trustee, for the benefit
          of the
          Certificateholders, as of the Closing Date that:

         

        
          (i) it
            is
            validly existing and in good standing under the laws of the state of
            its
            organization, and as Master Servicer has full power and authority to
            transact
            any and all business contemplated by this Agreement and to execute, deliver
            and
            comply with its obligations under the terms of this Agreement, the execution,
            delivery and performance of which have been duly authorized by all necessary
            company action on the part of the Master Servicer;

           

        

        
          
            
            

          

          
            166

            
              

            

          

          
            
            

          

        

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

         

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

         

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

         

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

         

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

         

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

         

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

         

        
          
            
            

          

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

         

        (x) the
          Master Servicer has obtained an Errors and Omissions Insurance Policy and
          a
          Fidelity Bond in accordance with Section 9.02 each of which is in full
          force and
          effect, and each of which provides at least such coverage as is required
          hereunder; and

         

        (xi) the
          information about the Master Servicer under the heading “The Master Servicer” in
          the Offering Documents relating to the Master Servicer does not include
          an
          untrue statement of a material fact and does not omit to state a material
          fact,
          with respect to the statements made, necessary in order to make the statements
          in light of the circumstances under which they were made not
          misleading.

         

        (b) It
          is
          understood and agreed that the representations and warranties set forth
          in this
          Section 9.14 shall survive the execution and delivery of this Agreement.
          The
          Master Servicer shall indemnify the Depositor, the Securities Administrator,
          the
          Trustee and any NIMS Insurer and hold them harmless against any loss, damages,
          penalties, fines, forfeitures, legal fees and related costs, judgments,
          and
          other costs and expenses arising out of or related to any claim, demand,
          defense
          or assertion based on or grounded upon, or resulting from, a breach of
          the
          Master Servicer’s representations and warranties contained in Section 9.14(a).
          It is understood and agreed that the enforcement of the obligation of the
          Master
          Servicer set forth in this Section to indemnify the Depositor, the Trustee,
          the
          Securities Administrator and any NIMS Insurer as provided in this Section
          constitutes the sole remedy (other than as set forth in Section 6.14) of
          the
          Depositor, the Trustee, the Securities Administrator and any NIMS Insurer,
          respecting a breach of the foregoing representations and warranties. Such
          indemnification shall survive any termination of the Master Servicer as
          Master
          Servicer hereunder, and any termination of this Agreement.

         

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

         

        (c) It
          is
          understood and agreed that the representations and warranties of the Depositor
          set forth in Sections 2.03(a)(i) through (vi) shall survive the execution
          and
          delivery of this Agreement. The Depositor shall indemnify the Master Servicer
          and hold it harmless against any loss, damages, penalties, fines, forfeitures,
          legal fees and related costs, judgments, and other costs and expenses resulting
          from any claim, demand, defense or assertion based on or grounded upon,
          or
          resulting from, a breach of the Depositor’s representations and warranties
          contained in Sections 2.03(a)(i) through (vi) hereof. It is understood
          and
          agreed that the enforcement of the obligation of the Depositor set forth
          in this
          Section to indemnify the Master Servicer as provided in this Section constitutes
          the sole remedy hereunder of the Master Servicer respecting a breach by
          the
          Depositor of the representations and warranties in Sections 2.03(a)(i)
          through
          (vi) hereof.

         

        (d) Any
          cause
          of action against the Master Servicer relating to or arising out of the
          breach
          of any representations and warranties made in this Section shall accrue
          upon
          discovery of such breach by either the Depositor, the Master Servicer,
          the
          Securities Administrator, the Trustee or any NIMS Insurer or notice thereof
          by
          any one of such parties to the other parties. Notwithstanding anything
          in this
          Agreement to the contrary, the Master Servicer shall not be liable for
          special,
          indirect or consequential losses or damages of any kind whatsoever (including,
          but not limited to, lost profits).

         

        
          
            
            

          

          
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        Section
          9.15. Opinion.
          

         

        On
          or
          before the Closing Date, the Master Servicer shall cause to be delivered
          to the
          Depositor, the Seller, the Trustee, the Swap Counterparty and any NIMS
          Insurer
          one or more Opinions of Counsel, dated the Closing Date, in form and substance
          reasonably satisfactory to the Depositor and Lehman Brothers Inc., as to
          the due
          authorization, execution and delivery of this Agreement by the Master Servicer
          and the enforceability thereof. 

         

        Section
          9.16. Standard
          Hazard and Flood Insurance Policies. 

         

        For
          each
          Mortgage Loan (other than a Cooperative Loan), the Master Servicer shall
          maintain, or cause to be maintained by the Servicer, standard fire and
          casualty
          insurance and, where applicable, flood insurance, all in accordance with
          the
          provisions of this Agreement and the Servicing Agreement, as applicable.
          It is
          understood and agreed that such insurance shall be with insurers meeting
          the
          eligibility requirements set forth in the Servicing Agreement and that
          no
          earthquake or other additional insurance is to be required of any Mortgagor
          or
          to be maintained on property acquired in respect of a defaulted loan, other
          than
          pursuant to such applicable laws and regulations as shall at any time be
          in
          force and as shall require such additional insurance.

         

        Pursuant
          to Section 4.01, any amounts collected by the Master Servicer, or by the
          Servicer, under any insurance policies maintained pursuant to this Section
          9.16
          or the Servicing Agreement (other than amounts to be applied to the restoration
          or repair of the property subject to the related Mortgage or released to
          the
          Mortgagor in accordance with the Servicing Agreement) shall be deposited
          into
          the Collection Account, subject to withdrawal pursuant to Section 4.02.
          Any cost
          incurred by the Master Servicer or the Servicer in maintaining any such
          insurance if the Mortgagor defaults in its obligation to do so shall be
          added to
          the amount owing under the Mortgage Loan where the terms of the Mortgage
          Loan so
          permit; provided,
          however,
          that the
          addition of any such cost shall not be taken into account for purposes
          of
          calculating the distributions to be made to Certificateholders and shall
          be
          recoverable by the Master Servicer or the Servicer pursuant to Section
          4.02.

         

        Section
          9.17. Presentment
          of Claims and Collection of Proceeds. 

         

        The
          Master Servicer shall cause the Servicer (to the extent provided in the
          Servicing Agreement) to, prepare and present on behalf of the Trustee and
          the
          Certificateholders all claims under the Insurance Policies with respect
          to the
          Mortgage Loans, and take such actions (including the negotiation, settlement,
          compromise or enforcement of the insured’s claim) as shall be necessary to
          realize recovery under such policies. Any proceeds disbursed to the Master
          Servicer (or disbursed to the Servicer and remitted to the Master Servicer)
          in
          respect of such policies or bonds shall be promptly deposited in the Collection
          Account or the Custodial Account upon receipt, except that any amounts
          realized
          that are to be applied to the repair or restoration of the related Mortgaged
          Property as a condition requisite to the presentation of claims on the
          related
          Mortgage Loan to the insurer under any applicable Insurance Policy need
          not be
          so deposited (or remitted).

         

        
          
            
            

          

          
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        Section
          9.18. Maintenance
          of the Primary Mortgage Insurance Policies. 

         

        (a) The
          Master Servicer shall cause Wells Fargo Bank, N.A. to remit insurance premiums
          relating to existing lender-paid Primary Mortgage Insurance Policies acquired
          by
          Wells Fargo Bank, N.A. prior to the Closing Date. The Master Servicer shall
          not
          take, or knowingly permit the Servicer (consistent with the Servicing Agreement)
          to take, any action that would result in noncoverage under any applicable
          Primary Mortgage Insurance Policy of any loss which, but for the actions
          of such
          Master Servicer or the Servicer, would have been covered thereunder. The
          Master
          Servicer shall not, and shall not knowingly permit the Servicer to, cancel
          or
          refuse to renew any such Primary Mortgage Insurance Policy that is in effect
          at
          the date of the initial issuance of the Certificates and is required to
          be kept
          in force hereunder except in accordance with the provisions of this Agreement
          and the Servicing Agreement, as applicable.

         

        (b) The
          Master Servicer agrees, to the extent provided in the Servicing Agreement,
          to
          cause the Servicer to present, on behalf of the Trustee and the
          Certificateholders, claims to the insurer under any Primary Mortgage Insurance
          Policies and, in this regard, to take such reasonable action as shall be
          necessary to permit recovery under any Primary Mortgage Insurance Policies
          respecting defaulted Mortgage Loans. Pursuant to Section 4.01, any amounts
          collected by the Master Servicer or the Servicer under any Primary Mortgage
          Insurance Policies shall be deposited in the Collection Account, subject
          to
          withdrawal pursuant to Section 4.02.

         

        Section
          9.19. Trustee
          To Retain Possession of Certain Insurance Policies and Documents.

         

        The
          Trustee (or the Custodian on behalf of the Trustee) shall retain possession
          and
          custody of the originals of the Primary Mortgage Insurance Policies or
          certificate of insurance if applicable and any certificates of renewal
          as to the
          foregoing as may be issued from time to time as contemplated by this Agreement.
          Until all amounts distributable in respect of the Certificates have been
          distributed in full and the Master Servicer otherwise has fulfilled its
          obligations under this Agreement, the Trustee (or the Custodian) shall
          also
          retain possession and custody of each Mortgage File in accordance with
          and
          subject to the terms and conditions of this Agreement. The Master Servicer
          shall
          promptly deliver or cause the Servicer to deliver to the Trustee (or the
          Custodian), upon the execution or receipt thereof the originals of the
          Primary
          Mortgage Insurance Policies and any certificates of renewal thereof, and
          such
          other documents or instruments that constitute portions of the Mortgage
          File
          that come into the possession of the Master Servicer or the Servicer from
          time
          to time.

         

        Section
          9.20. [Reserved]
          

         

        Section
          9.21. Compensation
          to the Master Servicer. 

         

        The
          Master Servicer shall be entitled to withdraw from the Collection Account,
          subject to Section 5.05, the Master Servicing Fee to the extent permitted
          by
          Section 4.02. Servicing compensation in the form of assumption fees, if
          any,
          late payment charges, as collected, if any, or otherwise (but not including
          any
          Prepayment Premiums) shall be retained by the Master Servicer (or the Servicer)
          and shall not be deposited in the Collection Account. If the Master Servicer
          does not retain or withdraw the Master Servicing Fee from the Collection
          Account
          as provided herein, the Master Servicer shall be entitled to direct the
          Trustee
          to pay the Master Servicing Fee to such Master Servicer by withdrawal from
          the
          Certificate Account to the extent that payments have been received with
          respect
          to the applicable Mortgage Loan. The Master Servicer shall be required
          to pay
          all expenses incurred by it in connection with its activities hereunder
          and
          shall not be entitled to reimbursement therefor except as provided in this
          Agreement. Pursuant to Sections 4.01(e) and 4.04(c), all income and gain
          realized from any investment of funds in the Collection Account and Certificate
          Account shall be for the benefit of the Master Servicer as additional
          compensation. The provisions of this Section 9.21 are subject to the provisions
          of Section 6.14.

         

        
          
            
            

          

          
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        Section
          9.22. REO
          Property. 

         

        (a) In
          the
          event the Trust Fund acquires ownership of any REO Property in respect
          of any
          Mortgage Loan, the deed or certificate of sale shall be issued to the Trustee,
          or to its nominee, on behalf of the Certificateholders. The Master Servicer
          shall use its reasonable best efforts to sell, or cause the Servicer, to
          the
          extent provided in the Servicing Agreement any REO Property as expeditiously
          as
          possible and in accordance with the provisions of this Agreement and the
          Servicing Agreement, as applicable, but in all events within the time period,
          and subject to the conditions set forth in Article X hereof. Pursuant to
          its
          efforts to sell such REO Property, the Master Servicer shall protect and
          conserve, or cause the Servicer to protect and conserve, such REO Property
          in
          the manner and to such extent required by the Servicing Agreement, subject
          to
          Article X hereof.

         

        (b) The
          Master Servicer shall deposit or cause to be deposited all funds collected
          and
          received by it, or recovered from the Servicer, in connection with the
          operation
          of any REO Property in the Collection Account.

         

        (c) The
          Master Servicer and the Servicer, upon the final disposition of any REO
          Property, shall be entitled to reimbursement for any related unreimbursed
          Advances and other unreimbursed advances as well as any unpaid Master Servicing
          Fees or Servicing Fees from Liquidation Proceeds received in connection
          with the
          final disposition of such REO Property; provided,
          that
          (without
          limitation of any other right of reimbursement that the Master Servicer
          or the
          Servicer shall have hereunder) any such unreimbursed Advances as well as
          any
          unpaid Net Master Servicing Fees or Servicing Fees may be reimbursed or
          paid, as
          the case may be, prior to final disposition, out of any net rental income
          or
          other net amounts derived from such REO Property.

         

        (d) The
          Liquidation Proceeds from the final disposition of the REO Property, net
          of any
          payment to the Master Servicer and the Servicer as provided above, shall
          be
          deposited in the Collection Account on or prior to the Determination Date
          in the
          month following receipt thereof and be remitted by wire transfer in immediately
          available funds on the next succeeding Master Servicer Remittance Date
          to the
          Securities Administrator for
          deposit into the Securities Administration Account.

         

        
          
            
            

          

          
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        Section
          9.23. Notices
          to the Depositor and the Securities Administrator 

         

        (a) The
          Master Servicer shall promptly notify the Securities Administrator, the
          Sponsor
          and the Depositor (i) of any legal proceedings pending against the Master
          Servicer of the type described in Item 1117 (§ 229.1117) of Regulation AB and
          (ii) if the Master Servicer shall become (but only to the extent not previously
          disclosed to the Master Servicer and the Depositor) at any time an affiliate
          of
          any of the parties listed on Exhibit V to this Agreement. On or before
          March
          1st
          of each
          year, the Depositor shall distribute the information in Exhibit V hereto
          to the
          Master Servicer.

         

        (b) Not
          later
          than four Business Days prior to the Distribution Date of each month, the
          Master
          Servicer shall provide to the Securities Administrator, the Sponsor and
          the
          Depositor notice of the occurrence of any material modifications, extensions
          or
          waivers of terms, fees, penalties or payments relating to the Mortgage
          Loans
          during the related Collection Period or that have cumulatively become material
          over time (Item 1121(a)(11) of Regulation AB) along with all information,
          data,
          and materials related thereto as may be required to be included in the
          related
          Distribution Report on Form 10-D. The parties to this Agreement acknowledge
          that
          the performance by the Master Servicer of its duties under this Section
          9.23(b)
          related to the timely preparation and delivery of such information is contingent
          upon the Servicer strictly observing all requirements and deadlines in
          the
          performance of their duties under the Servicing Agreement. The Master Servicer
          shall have no liability for any loss, expense, damage or claim arising
          out of or
          with respect to any failure to properly prepare and/or timely deliver all
          such
          information where such failure results from the Master Servicer’s inability or
          failure to obtain or receive, on a timely basis, any information from the
          Servicer needed to prepare or deliver such information, which failure does
          not
          result from the Master Servicer’s own negligence, bad faith or willful
          misconduct.

         

        Section
          9.24. Reports
          to the Trustee. 

         

        (a) Not
          later
          than 30 days after each Distribution Date, the Master Servicer shall, upon
          request, forward to the Trustee and the Securities Administrator a statement,
          deemed to have been certified by a Servicing Officer, setting forth the
          status
          of the Collection Account maintained by the Master Servicer as of the close
          of
          business on the related Distribution Date, indicating that all distributions
          required by this Agreement to be made by the Master Servicer have been
          made (or
          if any required distribution has not been made by the Master Servicer,
          specifying the nature and status thereof) and showing, for the period covered
          by
          such statement, the aggregate of deposits into and withdrawals from the
          Collection Account maintained by the Master Servicer. Copies of such statement
          shall be provided by the Master Servicer, upon request, to the Depositor,
          Attention: Contract Finance, any NIMS Insurer and any Certificateholders
          (or by
          the Trustee at the Master Servicer’s expense if the Master Servicer shall fail
          to provide such copies to the Certificateholders (unless (i) the Master
          Servicer
          shall have failed to provide the Trustee with such statement or (ii) the
          Trustee
          shall be unaware of the Master Servicer’s failure to provide such
          statement)).

         

        (b) Not
          later
          than two Business Days following each Distribution Date, the Master Servicer
          shall deliver to one Person designated by the Depositor, in a format consistent
          with other electronic loan level reporting supplied by the Master Servicer
          in
          connection with similar transactions, “loan level” information with respect to
          the Mortgage Loans as of the related Determination Date, to the extent
          that such
          information has been provided to the Master Servicer by the Servicer or
          by the
          Depositor.

         

        
          
            
            

          

          
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        (c) All
          information, reports and statements prepared by the Master Servicer under
          this
          Agreement shall be based on information supplied to the Master Servicer
          by the
          Servicer without independent verification thereof and the Master Servicer
          shall
          be entitled to rely on such information. 

         

        Section
          9.25. Assessment
          of Compliance and Attestation Reports.

         

        (a)  Assessment
          of Compliance

         

        (i) By
          March
          15 of each year, commencing in March 2008, the Master Servicer, the Credit
          Risk
          Manager, the Paying Agent (if other than the Trustee), the Trustee (if
          it has
          been a Servicing Function Participant at any time during the fiscal year
          covered
          by the Form 10-K) and the Securities Administrator, each at its own expense,
          shall furnish, and each such party shall cause any Servicing Function
          Participant engaged by it to furnish, each at its own expense, to the Sponsor,
          the Depositor, the Master Servicer and the Securities Administrator, a
          report on
          an assessment of compliance with the Relevant Servicing Criteria that contains
          (A) a statement by such party of its responsibility for assessing compliance
          with the Relevant Servicing Criteria, (B) a statement that such party used
          the
          Servicing Criteria to assess compliance with the Relevant Servicing Criteria,
          (C) such party’s assessment of compliance with the Relevant Servicing Criteria
          as of and for the fiscal year covered by the Form 10-K required to be filed
          pursuant to Section 6.20(e), including, if there has been any material
          instance
          of noncompliance with the Relevant Servicing Criteria, a discussion of
          each such
          failure and the nature and status thereof, and (D) a statement that a registered
          public accounting firm has issued an attestation report on such party’s
          assessment of compliance with the Relevant Servicing Criteria as of and
          for such
          period. 

         

        (ii) When
          the
          Master Servicer, the Credit Risk Manager, the Paying Agent, the Trustee
          and the
          Securities Administrator (or any Servicing Function Participant engaged
          by such
          party) submit their assessments to the Securities Administrator, such parties
          will also at such time include the assessment (and attestation pursuant
          to
          subsection (b) of this Section 9.25) of each Servicing Function Participant
          engaged by it and shall indicate to the Securities Administrator what Relevant
          Servicing Criteria will be addressed in any such reports prepared by any
          such
          Servicing Function Participant.

         

        (iii) Promptly
          after receipt of each report on assessment of compliance, the Securities
          Administrator shall confirm that the assessments, taken as a whole, address
          all
          applicable Servicing Criteria and taken individually address the Relevant
          Servicing Criteria (and disclose the inapplicability of the Servicing Criteria
          not determined to be Relevant Criteria) for each party as set forth on
          Exhibit S
          and on any similar exhibit set forth in the Servicing Agreement in respect
          of
          the Servicer, and the Custodial Agreement in respect of the Custodian,
          and shall
          notify the Depositor of any exceptions.

         

        
          
            
            

          

          
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        (b)  Attestation
          Reports

         

        (i) By
          March
          15 of each year, commencing in March 2008, the Master Servicer, the Credit
          Risk
          Manager, the Paying Agent (if other than the Trustee), the Trustee (if
          it has
          been a Servicing Function Participant at any time during the fiscal year
          covered
          by the Form 10-K) and the Securities Administrator, each at its own expense,
          shall cause, and each such party shall cause any Servicing Function Participant
          engaged by it to cause, each at its own expense, a registered public accounting
          firm (which may also render other services to the Master Servicer, the
          Credit
          Risk Manager, the Paying Agent, the Trustee and the Securities Administrator,
          as
          the case may be) that is a member of the American Institute of Certified
          Public
          Accountants to furnish a report to the Sponsor, the Depositor, the Master
          Servicer and the Securities Administrator, to the effect that (A) it has
          obtained a representation regarding certain matters from the management
          of such
          party, which includes an assertion that such party has complied with the
          Relevant Servicing Criteria, and (B) on the basis of an examination conducted
          by
          such firm in accordance with standards for attestation engagements issued
          or
          adopted by the PCAOB, it is expressing an opinion as to whether such party’s
          compliance with the Relevant Servicing Criteria was fairly stated in all
          material respects, or it cannot express an overall opinion regarding such
          party’s assessment of compliance with the Relevant Servicing Criteria. In the
          event that an overall opinion cannot be expressed, such registered public
          accounting firm shall state in such report why it was unable to express
          such an
          opinion. Such report must be available for general use and not contain
          restricted use language.

         

        (ii) Promptly
          after receipt of such report from the Master Servicer, the Credit Risk
          Manager,
          the Paying Agent (if other than the Trustee), the Trustee, the Securities
          Administrator or any Servicing Function Participant engaged by such parties,
          the
          Securities Administrator shall confirm that each assessment submitted pursuant
          subsection (a) of this Section 9.25 is coupled with an attestation meeting
          the
          requirements of this Section and notify the Depositor of any
          exceptions.

         

        (iii) The
          Master Servicer’s, Trustee’s and Paying Agent’s obligation to provide
          assessments of compliance and attestations under this Section 9.25 shall
          terminate upon the filing of a Form 15 suspension notice on behalf of the
          Trust
          Fund.

         

        Section
          9.26. Annual
          Statement of Compliance with Applicable Servicing Criteria. 

         

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

         

        
          
            
            

          

          
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        Section
          9.27. Merger
          or Consolidation. 

         

        Any
          Person into which the Master Servicer may be merged or consolidated, or
          any
          Person resulting from any merger, conversion, other change in form or
          consolidation to which the Master Servicer shall be a party, or any Person
          succeeding to the business of the Master Servicer, shall be the successor
          to the
          Master Servicer hereunder, without the execution or filing of any paper
          or any
          further act on the part of any of the parties hereto, anything herein to
          the
          contrary notwithstanding; provided,
          however,
          that the
          successor or resulting Person to the Master Servicer shall be a Person
          that
          shall be qualified and approved to service mortgage loans for Fannie Mae
          or
          Freddie Mac and shall have a net worth of not less than
          $15,000,000.

         

        Section
          9.28. Resignation
          of Master Servicer. 

         

        Except
          as
          otherwise provided in Sections 9.27 and 9.29 hereof, the Master Servicer
          shall
          not resign from the obligations and duties hereby imposed on it unless
          it
          determines that the Master Servicer’s duties hereunder are no longer permissible
          under applicable law or are in material conflict by reason of applicable
          law
          with any other activities carried on by it and cannot be cured. Any such
          determination permitting the resignation of the Master Servicer shall be
          evidenced by an Opinion of Counsel that shall be Independent to such effect
          delivered to the Trustee and any NIMS Insurer. No such resignation shall
          become
          effective until the Securities Administrator shall have assumed, or a successor
          master servicer acceptable to any NIMS Insurer and the Securities Administrator
          shall have been appointed by the Trustee and until such successor shall
          have
          assumed, the Master Servicer’s responsibilities and obligations under this
          Agreement. Notice of such resignation shall be given promptly by the Master
          Servicer and the Depositor to the Trustee, the Securities Administrator
          and any
          NIMS Insurer.

         

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

         

        (a) Except
          as
          expressly provided herein, the Master Servicer shall not assign or transfer
          any
          of its rights, benefits or privileges hereunder to any other Person, or
          delegate
          to or subcontract with, or authorize or appoint any Subservicer, Subcontractor
          or other Person to perform any of the duties, covenants or obligations
          to be
          performed by the Master Servicer hereunder; provided,
          however,
          that the
          Master Servicer shall have the right without the prior written consent
          of the
          Trustee, the Securities Administrator, any NIMS Insurer or the Depositor
          to
          delegate or assign to or subcontract with or authorize or appoint an Affiliate
          of the Master Servicer to perform and carry out any duties, covenants or
          obligations to be performed and carried out by the Master Servicer hereunder.
          In
          no case, however, shall any such delegation, subcontracting or assignment
          to an
          Affiliate of the Master Servicer relieve the Master Servicer of any liability
          hereunder. Notice of such permitted assignment, and the name of any such
          affiliated Subcontractor or Subservicer shall be given promptly by the
          Master
          Servicer to the Depositor, the Trustee, the Securities Administrator and
          any
          NIMS Insurer. If, pursuant to any provision hereof, the duties of the Master
          Servicer are transferred to a successor master servicer, the entire amount
          of
          the Master Servicing Fees and other compensation payable to the Master
          Servicer
          pursuant hereto, including amounts payable to or permitted to be retained
          or
          withdrawn by the Master Servicer pursuant to Section 9.21 hereof, shall
          thereafter be payable to such successor master servicer.

         

        
          
            
            

          

          
            175

            
              

            

          

          
            
            

          

        

        (b) Notwithstanding
          the foregoing, for so long as reports are required to be filed with the
          Commission under the Exchange Act with respect to the Trust, the Master
          Servicer
          shall not utilize any Subcontractor for the performance of its duties hereunder
          if such Subcontractor would be “participating in the servicing function” within
          the meaning of Item 1122 of Regulation AB without (i) giving notice to
          the
          Securities Administrator and the Depositor and (ii) requiring any such
          Subcontractor to provide to the Master Servicer an attestation report as
          provided for in Section 9.25(b) and an assessment report as provided in
          Section
          9.25(a), which reports the Master Servicer shall include in its attestation
          and
          assessment reports.

         

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

         

        (a) The
          Master Servicer undertakes to perform such duties and only such duties
          as are
          specifically set forth in this Agreement. 

         

        (b) No
          provision of this Agreement shall be construed to relieve the Master Servicer
          from liability for its own negligent action, its own negligent failure
          to act or
          its own willful misconduct; provided,
          however,
          that
          the duties and obligations of the Master Servicer shall be determined solely
          by
          the express provisions of this Agreement, the Master Servicer shall not
          be
          liable except for the performance of such duties and obligations as are
          specifically set forth in this Agreement; no implied covenants or obligations
          shall be read into this Agreement against the Master Servicer and, in absence
          of
          bad faith on the part of the Master Servicer, the Master Servicer may
          conclusively rely, as to the truth of the statements and the correctness
          of the
          opinions expressed therein, upon any certificates or opinions furnished
          to the
          Master Servicer and conforming to the requirements of this
          Agreement.

         

        (c) None
          of
          the Master Servicer, the Seller or the Depositor or any of the directors,
          officers, employees or agents of any of them shall be under any liability
          to the
          Trustee or the Certificateholders for any action taken or for refraining
          from
          the taking of any action in good faith pursuant to this Agreement, or for
          errors
          in judgment; provided,
          however,
          that
          this provision shall not protect the Master Servicer, the Seller or the
          Depositor or any such person against any liability that would otherwise
          be
          imposed by reason of willful misfeasance, bad faith or negligence in its
          performance of its duties or by reason of reckless disregard for its obligations
          and duties under this Agreement. The Master Servicer and any director,
          officer,
          employee or agent of any of them shall be entitled to indemnification by
          the
          Trust Fund and will be held harmless against any loss, liability or expense
          incurred in connection with any legal action relating to this Agreement
          or the
          Certificates other than any loss, liability or expense incurred by reason
          of
          willful misfeasance, bad faith or negligence in the performance of its
          duties
          hereunder or by reason of reckless disregard of his or its obligations
          and
          duties hereunder. The Master Servicer, the Seller and the Depositor and
          any
          director, officer, employee or agent of any of them may rely in good faith
          on
          any document of any kind prima facie properly executed and submitted by
          any
          Person respecting any matters arising hereunder. The Master Servicer, the
          Seller
          and the Depositor shall be under no obligation to appear in, prosecute
          or defend
          any legal action that is not incidental to its duties to master service
          the
          Mortgage Loans in accordance with this Agreement and that in its opinion
          may
          involve it in any expenses or liability; provided,
          however,
          that the
          Master Servicer may in its sole discretion undertake any such action that
          it may
          deem necessary or desirable in respect to this Agreement and the rights
          and
          duties of the parties hereto and the interests of the Certificateholders
          hereunder. In such event, the legal expenses and costs of such action and
          any
          liability resulting therefrom shall be expenses, costs and liabilities
          of the
          Trust Fund and the Master Servicer shall be entitled to be reimbursed therefor
          out of the Collection Account it maintains as provided by Section
          4.02.

         

        
          
            
            

          

          
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        The
          Master Servicer shall not be liable for any acts or omissions of the Servicer.
          In particular, the Master Servicer shall not be liable for any course of
          action
          taken by the Servicer with respect to loss mitigation of defaulted Mortgage
          Loans at the direction of the Credit Risk Manager or the Seller pursuant
          to the
          Credit Risk Management Agreement. Further, the Master Servicer shall not
          be
          liable for performance by the Servicer under the Credit Risk Management
          Agreement.

         

        Section
          9.31. Indemnification;
          Third-Party Claims. 

         

        The
          Master Servicer agrees to indemnify the Depositor, the Sponsor, the Securities
          Administrator, the Trustee and any NIMS Insurer and their respective officers,
          directors, agents and affiliates, and hold each of them harmless against
          any and
          all claims, losses, penalties, fines, forfeitures, reasonable legal fees
          and
          related costs, judgments, and any other costs, liability, fees and expenses
          that
          the Depositor, the Sponsor, the Trustee, the Securities Administrator or
          any
          NIMS Insurer may sustain arising out of or based upon (a) any material
          breach by
          the Master Servicer of any if its obligations hereunder, including particularly
          its obligations to provide any reports under Sections 9.25(a), 9.25(b)
          or 9.26
          or any information, data or materials required to be included in any Exchange
          Act report, (b) any material misstatement or omission in any information,
          data
          or materials provided by the Master Servicer, or (c) the negligence, bad
          faith
          or willful misconduct of the Master Servicer in connection with its performance
          hereunder. The Depositor, the Sponsor, the Trustee, the Securities Administrator
          and any NIMS Insurer shall immediately notify the Master Servicer if a
          claim is
          made by a third party with respect to this Agreement or the Mortgage Loans
          entitling the Depositor, the Sponsor, the Trustee, the Securities Administrator
          or any NIMS Insurer to indemnification hereunder, whereupon the Master
          Servicer
          shall assume the defense of any such claim and pay all expenses in connection
          therewith, including counsel fees, and promptly pay, discharge and satisfy
          any
          judgment or decree which may be entered against it or them in respect of
          such
          claim. This indemnification shall survive the termination of this Agreement
          or
          the termination of the Master Servicer as a party to this
          Agreement.

         

        Section
          9.32. Special
          Servicing of Delinquent Mortgage Loans. 

         

        If
          permitted under the terms of the Servicing Agreement, the Seller may appoint,
          pursuant to the terms of the Servicing Agreement and with the written consent
          of
          the Depositor, the Master Servicer, the Trustee, the Securities Administrator
          and any NIMS Insurer, a special servicer to special service any Distressed
          Mortgage Loans. Any applicable termination fee related to the termination
          of the
          Servicer and the appointment of any special servicer shall be paid by the
          Seller
          from its own funds, without right of reimbursement from the Trust Fund.
          Any fees
          paid to any such special servicer shall not exceed the Servicing Fee
          Rate.

         

        
          
            
            

          

          
            177

            
              

            

          

          
            
            

          

        

        Section
          9.33. Alternative
          Index. 

         

        In
          the
          event that the Index for any Mortgage Loan, as specified in the related
          Mortgage
          Note, becomes unavailable for any reason, the Master Servicer shall select
          an
          alternative index, which in all cases shall be an index that constitutes
          a
          qualified rate on a regular interest under the REMIC Provisions, in accordance
          with the terms of such Mortgage Note or, if such Mortgage Note does not
          make
          provision for the selection of an alternative index in such event, the
          Master
          Servicer shall, subject to applicable law, select an alternative index
          based on
          information comparable to that used in connection with the original Index
          and,
          in either case, such alternative index shall thereafter be the Index for
          such
          Mortgage Loan.

         

        Section
          9.34. Duties
          of the Credit Risk Manager. 

         

        (a) The
          Certificateholders, by their purchase and acceptance of the Certificates,
          appoint Clayton Fixed Income Services Inc., as Credit Risk Manager. For
          and on
          behalf of the Depositor, the Credit Risk Manager will provide reports and
          recommendations concerning certain delinquent and defaulted Mortgage Loans,
          and
          as to the collection of any Prepayment Premiums with respect to the Mortgage
          Loans. Such reports and recommendations will be based upon information
          provided
          pursuant to Credit Risk Management Agreements to the Credit Risk Manager
          by the
          Servicers. The Credit Risk Manager shall look solely to the Servicers and/or
          the
          Master Servicer for all information and data (including loss and delinquency
          information and data) and loan level information and data relating to the
          servicing of the Mortgage Loans and neither the Securities Administrator
          nor the
          Trustee shall have any obligation to provide any such information to the
          Credit
          Risk Manager and shall not otherwise have any responsibility under the
          Credit
          Risk Management Agreement.

         

        (b) On
          or
          about the 15th
          calendar
          day of each month, commencing on or about October 15, 2007, the Credit
          Risk
          Manager shall have prepared and shall make available to any NIMS Insurer,
          the
          Trustee, the Securities Administrator, the Swap Counterparty and each
          Certificateholder, the following reports (each such report to be made in
          a
          format compatible with EDGAR filing requirements):

         

        (i) Watchlist
          Report:
          A
          listing of individual Mortgage Loans that are of concern to the Credit
          Risk
          Manager. Each Watchlist Report shall contain a listing of Mortgage Loans
          in any
          delinquency status, including current and paid-off loans, and may contain
          the
          comments of the Credit Risk Manager in its sole discretion. The Watchlist
          Report
          shall be presented in substantially the same format attached hereto as
          Exhibit
          R-1;

         

        (ii) Loss
          Severity Report:
          A
          compilation and summary of all losses, indicating the loan loss severity
          for
          each Mortgage Pool. Each Loss Severity Report shall include detail of all
          losses
          reported by a Servicer or the Master Servicer as Realized Losses, except
          those
          for which a Servicer or the Master Servicer has not provided detail adequate
          for
          reporting purposes. The Loss Severity Report shall be presented in substantially
          the same format attached hereto as Exhibit R-2;

         

        
          
            
            

          

          
            178

            
              

            

          

          
            
            

          

        

        (iii) Prepayment
          Premiums Report:
          A
          summary of Prepayment Premiums assessed or waived by each Servicer. The
          Prepayment Premiums Report shall be presented in substantially the same
          format
          attached hereto as Exhibit R-4; and

         

        (iv) Analytics
          Report:
          Analytics Reports shall include statistical and/or graphical portrayals
          of:

         

        (A)  Delinquency
          Trend:
          The
          delinquency trend, over time, of the Mortgage Loans;

         

        (B)  Prepayment
          Analysis:
          The
          constant prepayment rate “CPR” experience of the Mortgage Loans;
          and

         

        (C)  Standard
          Default Assumption:
          The
          Standard Default Assumption experience of the Mortgage Loans.

         

        The
          Analytics Report shall be presented in substantially the same format attached
          hereto as Exhibit R-5.

         

        The
          Credit Risk Manager shall make such reports and any additional information
          reasonably requested by the Depositor available each month to
          Certificateholders, the Trustee, the Securities Administrator, any NIMS
          Insurer
          and the Rating Agencies via the Credit Risk Manager’s internet website. The
          Credit Risk Manager’s internet website shall initially be located at
https://reports.clayton.com.
          The
          user name for access to the website shall be the Certificateholder’s e-mail
          address and the password shall be “SASCO 2007-WF2.” Neither the Trustee nor the
          Securities Administrator shall have any obligation to review such reports
          or
          otherwise monitor or supervise the activities of the Credit Risk
          Manager.

         

        (c) [Reserved]

         

        (d) The
          Credit Risk Manager shall reasonably cooperate with the Depositor, the
          Trustee
          and the Securities Administrator in connection with the Trust Fund’s satisfying
          the reporting requirements under the Exchange Act with respect to reports
          prepared by the Credit Risk Manager.

         

        (e) The
          Credit Risk Manager has not and shall not engage any Subcontractor without
          (a)
          giving notice to the Sponsor, the Trustee, the Securities Administrator,
          the
          Master Servicer and the Depositor and (b) requiring any such Subcontractor
          to
          provide to the Credit Risk Manager an assessment report as provided for
          in
          Section 9.25(a) above and an attestation report as provided in Section
          9.25(b)
          above, which reports the Credit Risk Manager shall include in its assessment
          and
          attestation reports.

         

        (f) By
          March
          15 of each year (or if such day is not a Business Day, the immediately
          preceding
          Business Day), the Credit Risk Manager shall deliver a signed certification,
          in
          the form attached hereto as Exhibit U (the “Credit Risk Manager Certification”),
          for the benefit of the Depositor, the Sponsor, the Master Servicer, the
          Securities Administrator and the Trustee and for the benefit of the Person(s)
          signing the Form 10-K Certification; provided
          (i) that
          the Credit Risk Manager Certification shall be so provided by March 15
          of such
          year only to the extent that the Depositor delivers a draft (without exhibits)
          of the applicable Annual Report on Form 10-K to the Credit Risk Manager
          by the
          fifth Business Day in March of such year and (ii) in the event that the
          Depositor delivers the draft Form 10-K referred to in clause (i) after
          the fifth
          Business Day in March of such year, the Credit Risk Manager shall deliver
          the
          Credit Risk Manager Certification as soon as practicable but no later than
          five
          calendar days of delivery to the Credit Risk Manager of such draft Form
          10-K.

         

        
          
            
            

          

          
            179

            
              

            

          

          
            
            

          

        

        (g) In
          the
          event that prior to the filing date of the Form 10-K in March of each year,
          the
          Credit Risk Manager has knowledge or information material to the Credit
          Risk
          Manager Certification, the Credit Risk Manager shall promptly notify the
          Depositor, the Trustee and the Securities Administrator, in writing.

         

        Section
          9.35. Limitation
          Upon Liability of the Credit Risk Manager. 

         

        Except
          as
          provided pursuant to Section 9.36 of this Agreement, neither the Credit
          Risk
          Manager, nor any of the directors, officers, employees or agents of the
          Credit
          Risk Manager, shall be under any liability to the Trustee, the Securities
          Administrator, the Certificateholders or the Depositor for any action taken
          or
          for refraining from the taking of any action in good faith pursuant to
          this
          Agreement, in reliance upon information provided by the Servicer under
          the
          Credit Risk Management Agreement or for errors in judgment; provided, however,
          that
          this provision shall not protect the Credit Risk Manager or any such person
          against liability that would otherwise be imposed by reason of willful
          malfeasance, bad faith or gross negligence in its performance of its duties
          or
          by reason of reckless disregard for its obligations and duties under this
          Agreement or the Credit Risk Management Agreement. The Credit Risk Manager
          and
          any director, officer, employee or agent of the Credit Risk Manager may
          rely in
          good faith on any document of any kind prima facie properly executed and
          submitted by any Person respecting any matters arising hereunder, and may
          rely
          in good faith upon the accuracy of information furnished by the Servicer
          pursuant to the Credit Risk Management Agreement in the performance of
          its
          duties thereunder and hereunder.

         

        Section
          9.36. Indemnification
          by the Credit Risk Manager.

         

        The
          Credit Risk Manager agrees to indemnify the Depositor, the Master Servicer,
          the
          Trustee and the Securities Administrator, and each of their respective
          directors, officers, employees and agents and the Trust Fund and hold each
          of
          them harmless from and against any losses, damages, penalties, fines,
          forfeitures, legal fees and expenses and related costs, judgments, and
          any other
          costs, fees and expenses that any of them may sustain arising out of or
          based
          upon the engagement of any Subcontractor in violation of Section 9.34(e)
          or any
          failure by the Credit Risk Manager to deliver any information, report,
          certification, accountants’ letter or other material when and as required under
          this Agreement, including any report under Sections 9.25(a) or (b).

         

        Section
          9.37. Removal
          of Credit Risk Manager.

         

        
          
            
            

          

          
            180

            
              

            

          

          
            
            

          

        

        The
          Credit Risk Manager may be removed as Credit Risk Manager by Certificateholders
          holding not less than a 66-2/3% Voting Interests in the Trust, in the exercise
          of its or their sole discretion, at any time, without cause, upon ten (10)
          days
          prior written notice. The Certificateholders shall provide such written
          notice
          to the Trustee and upon receipt of such notice, the Trustee shall provide
          written notice to the Credit Risk Manager of its removal, effective upon
          receipt
          of such notice.

         

        
          
            
            

          

          
            181

            
              

            

          

          
            
            

          

        

        ARTICLE
          X

         

        REMIC
          ADMINISTRATION

         

        Section
          10.01. REMIC
          Administration. 

         

        (a) REMIC
          elections as set forth in the Preliminary Statement shall be made on Forms
          1066
          or other appropriate federal tax or information return for the taxable
          year
          ending on the last day of the calendar year in which the Certificates are
          issued. The regular interests and residual interest in each REMIC shall
          be as
          designated in the Preliminary Statement. For purposes of such designations,
          the
          interest rate of any regular interest that is computed by taking into account
          the weighted average of the Net Mortgage Rates of the Mortgage Loans shall
          be
          reduced by the amount of any expense paid by the Trust to the extent that
          (i)
          such expense was not taken into account in computing the Net Mortgage Rate
          of
          any Mortgage Loan, (ii) such expense does not constitute an “unanticipated
          expense” of a REMIC within the meaning of Treasury Regulation Section
          1.860G-1(b)(3)(ii) and (iii) the amount of such expense was not taken into
          account in computing the interest rate of a more junior Class of regular
          interests.

         

        (b) The
          Closing Date is hereby designated as the “Startup Day” of each REMIC within the
          meaning of section 860G(a)(9) of the Code. The latest possible maturity
          date for
          purposes of Treasury Regulation 1.860G-1(a)(4) will be the Latest Possible
          Maturity Date.

         

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

         

        (d) The
          Securities Administrator shall prepare, the Trustee shall sign and the
          Securities Administrator shall file, all of each REMIC’s federal and appropriate
          state tax and information returns as such REMIC’s direct representative. The
          expenses of preparing and filing such returns shall be borne by the Securities
          Administrator.

         

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

         

        
          
            
            

          

          
            182

            
              

            

          

          
            
            

          

        

        The
          Securities Administrator shall be entitled to receive reasonable compensation
          from the Trust for the performance of its duties under this subsection
          (e);
provided,
          however,
          that
          such compensation shall not exceed $5,000 per year.

         

        (f) The
          Trustee, the Securities Administrator, the Master Servicer and the Holders
          of
          Certificates shall take any action or cause any REMIC to take any action
          necessary to create or maintain the status of any REMIC as a REMIC under
          the
          REMIC Provisions and shall assist each other as necessary to create or
          maintain
          such status. Neither the Trustee, the Securities Administrator, the Master
          Servicer nor the Holder of any Residual Certificate shall knowingly take
          any
          action, cause any REMIC to take any action or fail to take (or fail to
          cause to
          be taken) any action that, under the REMIC Provisions, if taken or not
          taken, as
          the case may be, could result in an Adverse REMIC Event unless the Trustee,
          the
          Securities Administrator, any NIMS Insurer and the Master Servicer have
          received
          an Opinion of Counsel addressed to the Trustee and the Securities Administrator
          (at the expense of the party seeking to take such action) to the effect
          that the
          contemplated action will not result in an Adverse REMIC Event. In addition,
          prior to taking any action with respect to any REMIC or the assets therein,
          or
          causing any REMIC to take any action, which is not expressly permitted
          under the
          terms of this Agreement, any Holder of a Residual Certificate will consult
          with
          the Trustee, the Securities Administrator, the Master Servicer, any NIMS
          Insurer
          or their respective designees, in writing, with respect to whether such
          action
          could cause an Adverse REMIC Event to occur with respect to any REMIC,
          and no
          such Person shall take any such action or cause any REMIC to take any such
          action as to which the Trustee, the Securities Administrator, the Master
          Servicer or any NIMS Insurer has advised it in writing that an Adverse
          REMIC
          Event could occur.

         

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

         

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

         

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

         

        
          
            
            

          

          
            183

            
              

            

          

          
            
            

          

        

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

         

        (k) 
          On or
          before October 15 of each calendar year beginning in 2008, the Securities
          Administrator shall deliver to the Trustee and any NIMS Insurer an Officer’s
          Certificate stating, without regard to any actions taken by any party other
          than
          the Securities Administrator, the Securities Administrator’s compliance with
          provisions of this Section 10.01. 

         

        (l) 
          The
          Securities Administrator shall treat each of the Basis Risk Reserve Fund
          and the
          Supplemental Interest Trust as an outside reserve fund within the meaning
          of
          Treasury Regulation Section 1.860G-2(h) that is owned by the Holders of
          the
          Class X Certificates and that is not an asset of any REMIC and all amounts
          deposited into the Basis Risk Reserve Fund or the Supplemental Interest
          Trust
          shall be treated as amounts distributed to the Class X
          Certificateholders.

         

        (m) 
          For
          federal income tax purposes, upon any sale of the property held by the
          Trust
          Fund pursuant to Section 7.01(b), any NIM Redemption Amount paid by the
          Master
          Servicer shall not be treated as a portion of the purchase price paid for
          such
          property but shall instead be treated as an amount paid by the Master Servicer
          to the Holder of the Class X Certificates in exchange for an interest in
          the
          Class X Certificates immediately before the purchase of the property held
          by the
          Trust Fund.

         

        (n) The
          Securities Administrator shall treat the beneficial owners of Certificates
          (other than the Class P, Class X, Class LT-R and Class R Certificates)
          as having
          entered into a notional principal contract with respect to the beneficial
          owners
          of the Class X Certificates. Pursuant to each such notional principal contract,
          all beneficial owners of LIBOR Certificates shall be treated as having
          agreed to
          pay, on each Distribution Date, to the beneficial owners of the Class X
          Certificates an aggregate amount equal to the excess, if any, of (i) the
          amount
          payable on such Distribution Date on the interest in the Upper Tier REMIC
          corresponding to such Class of Certificates over
          (ii)
          the
          amount payable on such Class of Certificates on such Distribution Date
          (such
          excess, a “Class I Shortfall”). A Class I Shortfall payable from interest
          collections shall be allocated to each Class of Certificates to the extent
          that
          interest accrued on such Class for the related Accrual Period at the Certificate
          Interest Rate for a Class, computed by substituting “REMIC 3 Net Funds Cap” for
          the applicable “Net Funds Cap” in the definition thereof, exceeds the amount of
          interest accrued for the related Accrual Period based on the applicable
          Net
          Funds Cap, and a Class I Shortfall payable from principal collections shall
          be
          allocated to the most subordinate Class of Certificates with an outstanding
          principal balance to the extent of such balance. In addition, pursuant
          to such
          notional principal contract, the beneficial owner of the Class X Certificates
          shall be treated as having agreed to pay Basis Risk Shortfalls and Unpaid
          Basis
          Risk Shortfalls to the Owners of the LIBOR Certificates in accordance with
          the
          terms of this Agreement. Any payments to the Certificates in light of the
          foregoing shall not be payments with respect to a “regular interest” in a REMIC
          within the meaning of Code Section 860G(a)(1). However, any payment from
          the
          Certificates of a Class I Shortfall shall be treated for tax purposes as
          having
          been received by the beneficial owners of such Certificates in respect
          of their
          Interests in the Upper Tier REMIC and as having been paid by such beneficial
          owners to the Supplemental Interest Trust pursuant to the notional principal
          contract. Thus, each Certificate (other than a Class P, Class R and Class
          LT-R
          Certificates) shall be treated as representing not only ownership of regular
          interests in the Upper Tier REMIC, but also ownership of an interest in
          (and
          obligations with respect to) a notional principal contract. For tax purposes,
          the notional principal contract shall be deemed to have a value in favor
          of the
          Certificates entitled to receive Basis Risk Shortfalls and Unpaid Basis
          Risk
          Shortfalls of $22,736.92 as of the Closing Date.

         

        
          
            
            

          

          
            184

            
              

            

          

          
            
            

          

        

        (o) Notwithstanding
          the priority and sources of payments set forth in Article V hereof or otherwise,
          the Securities Administrator shall account for all distributions on the
          Certificates as set forth in this Section 10.01. In no event shall any
          payments
          of Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls provided for in
          this
          Section 10.01 be treated as payments with respect to a “regular interest” in a
          REMIC within the meaning of Code Section 860G(a)(1).

         

        Section
          10.02. Prohibited
          Transactions and Activities. 

         

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

         

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

         

        Upon
          the
          occurrence of an Adverse REMIC Event due to the negligent performance by
          the
          Trustee or the Securities Administrator, as applicable, of its duties and
          obligations set forth herein, the Trustee or the Securities Administrator,
          as
          applicable, shall indemnify any NIMS Insurer, the Holder of the related
          Residual
          Certificate or the Trust Fund, as applicable, against any and all losses,
          claims, damages, liabilities or expenses (“Losses”) resulting from such
          negligence; provided,
          however,
          that
          neither the Trustee nor the Securities Administrator shall be liable for
          any
          such Losses attributable to the action or inaction of the Master Servicer,
          the
          Depositor, the Class X Certificateholders, the Holder of such Residual
          Certificate or the Securities Administrator (with regard to the Trustee),
          as
          applicable, nor for any such Losses resulting from misinformation provided
          by
          the Holder of such Residual Certificate on which the Securities Administrator
          has relied. The foregoing shall not be deemed to limit or restrict the
          rights
          and remedies of the Holder of such Residual Certificate now or hereafter
          existing at law or in equity. Notwithstanding the foregoing, however, in
          no
          event shall the Trustee or the Securities Administrator, as applicable,
          have any
          liability (1) for any action or omission that is taken in accordance with
          and in
          compliance with the express terms of, or which is expressly permitted by
          the
          terms of, this Agreement or the Servicing Agreement, (2) for any Losses
          other
          than arising out of a negligent performance by the Trustee or the Securities
          Administrator, as applicable, of its duties and obligations set forth herein,
          and (3) for any special or consequential damages to Certificateholders
          (in
          addition to payment of principal and interest on the Certificates); provided,
          however,
          that
          this sentence shall not apply in connection with any failure by the Securities
          Administrator to comply with the provisions of Subsections 6.01(l) hereof
          and
          Subsections 9.25(a) or (b) hereof. In addition, neither the Trustee nor
          the
          Securities Administrator shall have any liability for the actions or failure
          to
          act of any other party hereto.

         

        
          
            
            

          

          
            185

            
              

            

          

          
            
            

          

        

        Section
          10.04. REO
          Property. 

         

        (a) Notwithstanding
          any other provision of this Agreement, the Master Servicer, acting on behalf
          of
          the Trustee hereunder, shall not, except to the extent provided in the
          Servicing
          Agreement, knowingly permit the Servicer to, rent, lease, or otherwise
          earn
          income on behalf of any REMIC with respect to any REO Property which might
          cause
          an Adverse REMIC Event unless the Master Servicer has advised, or has caused
          the
          Servicer to advise, the Trustee and any NIMS Insurer in writing to the
          effect
          that, under the REMIC Provisions, such action would not result in an Adverse
          REMIC Event.

         

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

         

         

        
          
            
            

          

          
            186

            
              

            

          

          
            
            

          

        

        ARTICLE
          XI

         

        MISCELLANEOUS
          PROVISIONS

         

        Section
          11.01. Binding
          Nature of Agreement; Assignment. 

         

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

         

        Section
          11.02. Entire
          Agreement. 

         

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

         

        Section
          11.03. Amendment.
          

         

        (a) On
          or
          prior to a Section 7.01(c) Purchase Event, this Agreement may be amended
          from
          time to time by the Depositor, the Master Servicer, the Securities Administrator
          and the Trustee, with the consent of any NIMS Insurer, but without the
          consent
          of (but with notice to) the Credit Risk Manager or the Swap Counterparty
          (except
          to the extent that the rights or obligations of (1) the Credit Risk Manager
          or
          the Swap Counterparty hereunder or (2) the Swap Counterparty under the
          Swap
          Agreement are affected thereby, and except to the extent that the ability
          of the
          Trustee on behalf of the Supplemental Interest Trust and the Trust Fund
          to
          perform fully and timely its obligations under the Swap Agreement is adversely
          affected, in which case prior written consent of the Swap Counterparty
          is
          required) and without notice to or the consent of any of the Holders, (i)
          to
          cure any ambiguity, (ii) to cause the provisions herein to conform to or
          be
          consistent with or in furtherance of the statements made with respect to
          the
          Certificates, the Trust Fund or this Agreement in any Offering Document,
          or to
          correct or supplement any provision herein which may be inconsistent with
          any
          other provisions herein or with the provisions of the Servicing Agreement,
          (iii)
          to make any other provisions with respect to matters or questions arising
          under
          this Agreement or (iv) to add, delete, or amend any provisions to the extent
          necessary or desirable to comply with any requirements imposed by the Code
          and
          the REMIC Provisions as evidenced by an Opinion of Counsel. No such amendment
          effected pursuant to the preceding sentence shall, as evidenced by an Opinion
          of
          Counsel, result in an Adverse REMIC Event, nor shall such amendment effected
          pursuant to clause (iii) of such sentence adversely affect in any material
          respect the interests of any Holder. Prior to entering into any amendment
          without the consent of Holders pursuant to this paragraph, the Trustee,
          any NIMS
          Insurer and the Swap Counterparty shall be provided with notice and an
          Opinion
          of Counsel addressed to the Trustee, any NIMS Insurer and the Swap Counterparty
          (at the expense of the party requesting such amendment) to the effect that
          such
          amendment is permitted under this Section. Any such amendment shall be
          deemed
          not to adversely affect in any material respect any Holder, if the Trustee
          receives written confirmation from each Rating Agency that such amendment
          will
          not cause such Rating Agency to reduce the then current rating assigned
          to the
          Certificates.

         

        
          
            
            

          

          
            187

            
              

            

          

          
            
            

          

        

        (b) On
          or
          prior to a Section 7.01(c) Purchase Event, this Agreement may also be amended
          from time to time by the Depositor, the Master Servicer, the Securities
          Administrator and the Trustee, with the consent of any NIMS Insurer, but
          without
          the consent of (but with notice to) the Credit Risk Manager or the Swap
          Counterparty (except to the extent that the rights or obligations of (1)
          the
          Credit Risk Manager or the Swap Counterparty hereunder or (2) the Swap
          Counterparty under the Swap Agreement are affected thereby, or the ability
          of
          the Trustee on behalf of the Supplemental Interest Trust and the Trust
          Fund to
          perform fully and timely its obligations under the Swap Agreement is adversely
          affected, in which case prior written consent of the Swap Counterparty
          is
          required) and with the consent of the Holders of not less than 66-2/3%
          of the
          Class Principal Amount (or Percentage Interest) of each Class of Certificates
          affected thereby for the purpose of adding any provisions to or changing
          in any
          manner or eliminating any of the provisions of this Agreement or of modifying
          in
          any manner the rights of the Holders; provided,
          however,
          that no
          such amendment shall be made unless the Trustee, the Securities Administrator,
          any NIMS Insurer and the Swap Counterparty receives notice and an Opinion
          of
          Counsel addressed to the Trustee, the NIMS Insurer and the Swap Counterparty,
          at
          the expense of the party requesting the change, that such change will not
          cause
          an Adverse REMIC Event and is permitted hereunder; and provided further,
          that no
          such amendment may (i) reduce in any manner the amount of, or delay the
          timing
          of, payments received on Mortgage Loans which are required to be distributed
          on
          any Certificate, without the consent of the Holder of such Certificate
          or (ii)
          reduce the aforesaid percentages of Class Principal Amount (or Percentage
          Interest) of Certificates of each Class, the Holders of which are required
          to
          consent to any such amendment without the consent of the Holders of 100%
          of the
          Class Principal Amount (or Percentage Interest) of each Class of Certificates
          affected thereby. For purposes of this paragraph, references to “Holder” or
“Holders” shall be deemed to include, in the case of any Class of Book-Entry
          Certificates, the related Certificate Owners.

         

        (c) After
          a
          Section 7.01(c) Purchase Event but on or prior to a Trust Fund Termination
          Event, this Agreement may be amended from time to time by the Depositor,
          the
          Securities Administrator, the Master Servicer, the LTURI-holder and the
          Trustee,
          but without the consent of the Credit Risk Manager or the Swap Counterparty
          (except to the extent that the rights or obligations of (1) the Credit
          Risk
          Manager or the Swap Counterparty hereunder or (2) the Swap Counterparty
          under
          the Swap Agreement are affected thereby, and except to the extent the ability
          of
          the Trustee on behalf of the Supplemental Interest Trust and the Trust
          Fund to
          perform fully and timely its obligations under the Swap Agreement is adversely
          affected, in which case prior written consent of Credit Risk Manager or
          the Swap
          Counterparty, as applicable, is required). Prior to entering into any amendment
          pursuant to this paragraph, the Trustee and the Swap Counterparty shall
          be
          provided with notice and an Opinion of Counsel addressed to the Trustee,
          any
          NIMS Insurer and the Swap Counterparty (at the expense of the party requesting
          such amendment) to the effect that such amendment is permitted under this
          Section and will not result in an Adverse REMIC Event.

         

        
          
            
            

          

          
            188

            
              

            

          

          
            
            

          

        

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

         

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

         

        (f) Notwithstanding
          anything to the contrary in the Servicing Agreement, the Trustee shall
          not
          consent to any amendment of the Servicing Agreement unless (i) such amendment
          is
          effected pursuant to the standards provided in Section 11.03(a) or 11.03(b)
          with
          respect to amendment of this Agreement and (ii) except for a Permitted
          Servicing
          Amendment, any such amendment pursuant to Section 11.03(a)(iii) shall not
          be
          materially inconsistent with the provisions of such Servicing
          Agreement.

         

        (g) Notwithstanding
          anything to the contrary in this Section 11.03, this Agreement may be amended
          from time to time by the Depositor, the Master Servicer, the Securities
          Administrator and the Trustee to the extent necessary, in the judgment
          of the
          Depositor and its counsel, to comply with the Rules.

         

        Section
          11.04. Voting
          Rights. 

         

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

         

        Section
          11.05. Provision
          of Information. 

         

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

         

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

         

        
          
            
            

          

          
            189

            
              

            

          

          
            
            

          

        

        (c) On
          each
          Distribution Date, the Securities Administrator shall deliver or cause
          to be
          delivered by first class mail or make available on its website to the Depositor,
          Attention: Contract Finance, a copy of the report delivered to
          Certificateholders pursuant to Section 4.03.

         

        Section
          11.06. Governing
          Law. 

         

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

         

        Section
          11.07. Notices.
          

         

        All
          demands, notices and communications hereunder shall be in writing and shall
          be
          deemed to have been duly given when received by (a) in the case of the
          Depositor, Structured Asset Securities Corporation, 745 Seventh Avenue,
          13th
          Floor, New York, NY 10019, Attention: Mortgage Finance SASCO 2007-WF2,
          (b) in the case of the Seller, Lehman Brothers Holdings Inc., 745 Seventh
          Avenue, 13th Floor, New York, NY 10019, Attention: Mortgage Finance SASCO
          2007-WF2,(c) in the case of the Trustee, the Corporate Trust Office, (d)
          in the
          case of the Master Servicer, Aurora Loan Services LLC, 10350 Park Meadows
          Drive,
          Littleton, Colorado 80124; Attention: Master Servicing, SASCO 2007-WF2,
          (e) in
          the case of the Securities Administrator, Wells Fargo Bank, N.A., P.O.
          Box 98,
          Columbia, Maryland 21046, Attention: Client Manager SASCO 2007-WF2, telecopy
          number 410-715-2380, and for overnight deliveries 9062 Old Annapolis Rd.,
          Columbia, Maryland 21045, Attention: Client Manager SASCO 2007-WF2, telecopy
          number 410-715-2380 (f) in the case of the Swap Counterparty, at the address
          therefore set forth in the Swap Agreement, (g) in the case of the Cap
          Counterparty, at the address therefore set forth in the Interest Rate Cap
          Agreement and (h) in the case of the Credit Risk Manager, Clayton Fixed
          Income
          Services Inc., 1700 Lincoln Street, Suite 1600, Denver, Colorado 80203,
          Attention: General Counsel, or, as to each party such other address as
          may
          hereafter be furnished by such party to the other parties in writing. All
          demands, notices and communications to a party hereunder shall be in writing
          and
          shall be deemed to have been duly given when delivered to such party at
          the
          relevant address, facsimile number or electronic mail address set forth
          above or
          at such other address, facsimile number or electronic mail address as such
          party
          may designate from time to time by written notice in accordance with this
          Section 11.07.

         

        Section
          11.08. Severability
          of Provisions. 

         

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

         

        
          
            
            

          

          
            190

            
              

            

          

          
            
            

          

        

        Section
          11.09. Indulgences;
          No Waivers. 

         

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

         

        Section
          11.10. Headings
          Not To Affect Interpretation. 

         

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

         

        Section
          11.11. Benefits
          of Agreement.

         

        The
          Depositor shall promptly notify the Custodian and the Trustee in writing
          of the
          issuance of any Class of NIMS Securities insured by a NIMS Insurer and
          the
          identity of such NIMS Insurer. Thereafter, any such NIMS Insurer shall
          be deemed
          a third-party beneficiary of this Agreement to the same extent as if it
          were a
          party hereto, and shall be subject to and have the right to enforce the
          provisions of this Agreement so long as the NIMS Securities remaining
          outstanding or such NIMS Insurer is owed amounts in respect of its guarantee
          of
          payment of such NIMS Securities. Nothing in this Agreement or in the
          Certificates, express or implied, shall give to any Person, other than
          the
          parties to this Agreement and their successors hereunder, the Swap Counterparty
          and its successors and assignees under the Swap Agreement, the Holders
          of the
          Certificates and the NIMS Insurer, any benefit or any legal or equitable
          right,
          power, remedy or claim under this Agreement, except to the extent specified
          in
          Sections 5.08 and 11.15, as applicable.

         

        Section
          11.12. Special
          Notices to the Rating Agencies and any NIMS Insurer. 

         

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

         

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

         

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

         

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

         

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

         

        
          
            
            

          

          
            191

            
              

            

          

          
            
            

          

        

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

         

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

         

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

         

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

         

        If
          to
          DBRS, to:

         

        DBRS,
          Inc.

        55
          Broadway

        New
          York,
          New York 10006

        Attention:
          Residential Mortgages

         

        If
          to
          Fitch, to:

         

        Fitch,
          Inc.

        One
          State
          Street Plaza

        New
          York,
          New York 10004

        Attention:
          Residential Mortgages

         

        If
          to
          Moody’s, to:

         

        Moody’s
          Investors Service, Inc.

        99
          Church
          Street

        New
          York,
          New York 10007

        Attention:
          Residential Mortgages

         

        If
          to
          S&P, to:

        

        Standard
          & Poor’s Ratings Services

        55
          Water
          Street

        New
          York,
          New York 10041

        Attention:
          Residential Mortgages

        

        (c) The
          Securities Administrator shall provide or make available to the Rating
          Agencies
          reports prepared pursuant to Section 4.03. In addition, the Securities
          Administrator shall, at the expense of the Trust Fund, make available to
          each
          Rating Agency such information as such Rating Agency, may reasonably request
          regarding the Certificates or the Trust Fund, to the extent that such
          information is reasonably available to the Securities
          Administrator.

         

        
          
            
            

          

          
            192

            
              

            

          

          
            
            

          

        

        Section
          11.13. Conflicts.
          

         

        To
          the
          extent that the terms of this Agreement conflict with the terms of the
          Servicing
          Agreement, the Servicing Agreement shall govern, unless such provisions
          shall
          adversely affect the Trustee or the Trust Fund.

         

        Section
          11.14. Counterparts.
          

         

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

         

        Section
          11.15. Transfer
          of Servicing. 

         

        The
          Seller agrees that it shall provide written notice to the Master Servicer,
          the
          Securities Administrator, the Swap Counterparty, any NIMS Insurer and the
          Trustee thirty days prior to any proposed transfer or assignment by such
          Seller
          of its rights under the Servicing Agreement or of the servicing thereunder
          or
          delegation of its rights or duties thereunder or any portion thereof to
          any
          other Person other than the initial Servicer under the Servicing Agreement;
          provided that the Seller shall not be required to provide prior notice
          of any
          assignment of any Servicing rights from the Seller to an affiliate of the
          Seller. In addition, the ability of the Seller to transfer or assign its
          rights
          and delegate its duties under the Servicing Agreement or to transfer the
          servicing thereunder to a successor servicer shall be subject to the following
          conditions:

         

        (i) Satisfaction
          of the conditions to such transfer as set forth in the Servicing Agreement
          including, without limitation, receipt of written consent of any NIMS Insurer
          and the Master Servicer to such transfer;

         

        (ii) Such
          successor servicer must be qualified to service loans for Fannie Mae or
          Freddie
          Mac, and must be a member in good standing of MERS;

         

        (iii) Such
          successor servicer must satisfy the seller/servicer eligibility standards
          in the
          Servicing Agreement, exclusive of any experience in mortgage loan
          origination;

         

        (iv) Such
          successor servicer must execute and deliver to the Trustee and the Master
          Servicer an agreement, in form and substance reasonably satisfactory to
          the
          Trustee and the Master Servicer, that contains an assumption by such successor
          servicer of the due and punctual performance and observance of each covenant
          and
          condition to be performed and observed by the Servicer under the Servicing
          Agreement;

         

        (v) There
          must be delivered to the Trustee, the Master Servicer and any NIMS Insurer
          a
          letter from each Rating Agency to the effect that such transfer of servicing
          will not result in a qualification, withdrawal or downgrade of the then-current
          rating of any of the Certificates; and

         

        
          
            
            

          

          
            193

            
              

            

          

          
            
            

          

        

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

         

        

        

        
          
            
            

          

          
            194

            
              

            

          

          
            
            

          

        

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

         

        STRUCTURED
          ASSET SECURITIES

        CORPORATION,
          as Depositor

         

        By: 
          /s/ Ellen V. Kiernan        

        Name:
          Ellen V. Kiernan

        Title:
          Senior Vice President

         

        U.S.
          BANK
          NATIONAL ASSOCIATION, 

        as
          Trustee

        

        By:  
          /s/ James H. Byrnes         

        Name:
          James H. Byrnes 

        Title:  
          Vice President

         

        AURORA
          LOAN SERVICES LLC, as Master Servicer

        

        By: 
          /s/ Michele Olds           

        Name:
          Michele Olds

        Title:
          Vice President

         

        WELLS
          FARGO BANK, N.A., as Securities Administrator

         

        By: 
          /s/ Michael Pinzon          

        Name:
          Michael Pinzon

        Title:  
          Vice President

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        CLAYTON
          FIXED INCOME SERVICES INC., as 

        Credit
          Risk Manager

         

        By: 
          /s/ Kevin J. Kanouff             

        Name:
          Kevin J. Kanouff 

        Title:  
          President and General Counsel

         

         

        
 

        Solely
          for purposes of Sections 5.07(b), 6.11 and 11.15, 

        accepted
          and agreed to by:

         

        LEHMAN
          BROTHERS HOLDINGS INC.

         

        By: 
          /s/ Michael C. Hitzmann        

        Name:
          Michael C. Hitzmann

        Title:
          Authorized Signatory

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          A

         

        FORMS
          OF
          CERTIFICATES

        

        

        
          
            
            

          

          
            A-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          B-1

         

        FORM
          OF
          INITIAL CERTIFICATION

         

                                        

        Date

         

        U.S.
          Bank
          National Association

        One
          Federal Street, 3rd
          Floor

        Boston,
          Massachusetts 02110

        

        Structured
          Asset Securities Corporation

        745
          Seventh Avenue, 13th
          Floor

        New
          York,
          New York 10019

         

        [SERVICER]

         

        
          	 	
                  Re:

                	
                  Trust
                    Agreement dated as of August 1, 2007 (the “Trust Agreement”), by and among
                    Structured Asset Securities Corporation, as Depositor, U.S. Bank
                    National
                    Association, as Trustee, Aurora Loan Services LLC, as Master
                    Servicer,
                    Wells Fargo Bank, N.A., as Securities Administrator, and Clayton
                    Fixed
                    Income Services Inc., as Credit Risk Manager, with respect to
                    Structured
                    Asset Securities Corporation Mortgage Loan Trust 2007-WF2 Mortgage
                    Pass-Through Certificates,
                    Series 2007-WF2

                

        

         

        Ladies
          and Gentlemen:

         

        In
          accordance with Section 2.02(a) of the Trust Agreement, subject to review
          of the
          contents thereof, the undersigned, as Custodian, hereby certifies that
          it has
          received the documents listed in Section 2.01(b) of the Trust Agreement
          for each
          Mortgage File pertaining to each Mortgage Loan listed on Schedule A, to
          the
          Trust Agreement, subject to any exceptions noted on Schedule I
          hereto.

         

        Capitalized
          words and phrases used herein and not otherwise defined herein shall have
          the
          respective meanings assigned to them in the Trust Agreement. This Certificate
          is
          subject in all respects to the terms of Section 2.02 of the Trust Agreement
          and
          the Trust Agreement sections cross-referenced therein.

         

        [Custodian]

        

        By:_____________________________________

        Name:
          

        Title:

        

        
          
            
            

          

          
            B-1-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          B-2

         

         

        FORM
          OF
          INTERIM CERTIFICATION

         

                                       

        Date

        U.S.
          Bank
          National Association

        One
          Federal Street, 3rd
          Floor

        Boston,
          Massachusetts 02110

        

        Structured
          Asset Securities Corporation

        745
          Seventh Avenue, 13th
          Floor

        New
          York,
          New York 10019

         

        [SERVICER]

         

        
          	 	
                  Re:

                	
                  Trust
                    Agreement dated as of August 1, 2007 (the “Trust Agreement”), by and among
                    Structured Asset Securities Corporation, as Depositor, U.S. Bank
                    National
                    Association, as Trustee, Aurora Loan Services LLC, as Master
                    Servicer,
                    Wells Fargo Bank, N.A., as Securities Administrator, and Clayton
                    Fixed
                    Income Services Inc., as Credit Risk Manager, with respect to
                    Structured
                    Asset Securities Corporation Mortgage Loan Trust 2007-WF2 Mortgage
                    Pass-Through Certificates,
                    Series 2007-WF2

                

        

         

        Ladies
          and Gentlemen:

         

        In
          accordance with Section 2.02(b) of the Trust Agreement, the undersigned,
          as
          Custodian, hereby certifies that as to each Mortgage Loan listed in the
          Mortgage
          Loan Schedule (other than any Mortgage Loan paid in full or listed on Schedule
          I
          hereto) it has received the applicable documents listed in Section 2.01(b)
          of
          the Trust Agreement.

         

        The
          undersigned hereby certifies that as to each Mortgage Loan identified on
          the
          Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule
          I
          hereto, it has reviewed the documents listed in Section 2.01(b) of the
          Trust
          Agreement and has determined that each such document appears regular on
          its face
          and appears to relate to the Mortgage Loan identified in such
          document.

         

        Capitalized
          words and phrases used herein shall have the respective meanings assigned
          to
          them in the Trust Agreement. This Certificate is qualified in all respects
          by
          the terms of said Trust Agreement including, but not limited to, Section
          2.02(b).

         

        [Custodian]

        

        By:_____________________________________

        Name:
          

        Title:

        
          
            
            

          

          
            B-2-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          B-3

         

        FORM
          OF
          FINAL CERTIFICATION

         

                                       

        Date

        U.S.
          Bank
          National Association

        One
          Federal Street, 3rd
          Floor

        Boston,
          Massachusetts 02110

        

        Structured
          Asset Securities Corporation

        745
          Seventh Avenue, 13th
          Floor

        New
          York,
          New York 10019

         

        [SERVICER]

         

        
          	 	
                  Re:

                	
                  Trust
                    Agreement dated as of August 1, 2007 (the “Trust Agreement”), by and among
                    Structured Asset Securities Corporation, as Depositor, U.S. Bank
                    National
                    Association, as Trustee, Aurora Loan Services LLC, as Master
                    Servicer,
                    Wells Fargo Bank, N.A., as Securities Administrator, and Clayton
                    Fixed
                    Income Services Inc., as Credit Risk Manager, with respect to
                    Structured
                    Asset Securities Corporation Mortgage Loan Trust 2007-WF2 Mortgage
                    Pass-Through Certificates,
                    Series 2007-WF2

                

        

         

        Ladies
          and Gentlemen:

         

        In
          accordance with Section 2.02(d) of the Trust Agreement, the undersigned,
          as
          Custodian on behalf of the Trustee, hereby certifies that as to each Mortgage
          Loan listed in the Mortgage Loan Schedule (other than any Mortgage Loan
          paid in
          full or listed on Schedule I hereto) it has received the applicable documents
          listed in Section 2.01(b) of the Trust Agreement.

         

        The
          undersigned hereby certifies that as to each Mortgage Loan identified in
          the
          Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule
          I
          hereto, it has reviewed the documents listed in Section 2.01(b) of the
          Trust
          Agreement and has determined that each such document appears to be complete
          and,
          based on an examination of such documents, the information set forth in
          items
          (i) through (vi) of the definition of Mortgage Loan Schedule is correct.
          

         

        Capitalized
          words and phrases used herein shall have the respective meanings assigned
          to
          them in the Trust Agreement. This Certificate is qualified in all respects
          by
          the terms of said Trust Agreement.

         

        [Custodian]

        

        By:_____________________________________

        Name:

        Title:
          

        
          
            
            

          

          
            B-3-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          B-4

         

        FORM
          OF
          ENDORSEMENT

         

        Pay
          to
          the order of U.S. Bank National Association, as trustee (the “Trustee”) under
          the Trust Agreement dated as of August 1, 2007 by and among Structured
          Asset
          Securities Corporation, as Depositor, the Trustee, Aurora Loan Services
          LLC, as
          Master Servicer, Wells Fargo Bank, N.A., as Securities Administrator, and
          Clayton Fixed Income Services Inc., as Credit Risk Manager, relating to
          Structured Asset Securities Corporation Mortgage Loan Trust 2007-WF2 Mortgage
          Pass-Through Certificates, Series 2007-WF2, without recourse.

         

         

        __________________________________

        [current
          signatory on note]

         

        By:_______________________________

        Name:

        Title:

        
          
            
            

          

          
            B-4-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          C

        

        REQUEST
          FOR RELEASE OF DOCUMENTS AND RECEIPT

         

                                       

        Date

         

        [Addressed
          to Trustee

        or,
          if
          applicable, the Custodian]

         

        In
          connection with the administration of the mortgages held by you as Trustee
          under
          a certain Trust Agreement dated as of August 1, 2007 by and among Structured
          Asset Securities Corporation, as Depositor, you, as Trustee, Aurora Loan
          Services LLC, as Master Servicer, Wells Fargo Bank, N.A., as Securities
          Administrator, and Clayton Fixed Income Services Inc., as Credit Risk Manager
          (the “Trust Agreement”), the undersigned [Servicer] [Master Servicer] hereby
          requests a release of the Mortgage File held by you as Trustee with respect
          to
          the following described Mortgage Loan for the reason indicated
          below.

         

        Mortgagor’s
          Name:

         

        Address:

         

        Loan
          No.:

         

        Reason
          for requesting file:

         

        1. Mortgage
          Loan paid in full. (The Servicer hereby certifies that all amounts received
          in
          connection with the loan have been or will be credited to the Certificate
          Account pursuant to the Trust Agreement.)

         

        2. The
          Mortgage Loan is being foreclosed.

         

        3. Mortgage
          Loan substituted. (The [Servicer] [Master Servicer] hereby certifies that
          a
          Qualifying Substitute Mortgage Loan has been assigned and delivered to
          you along
          with the related Mortgage File pursuant to the Trust Agreement.)

         

        4. Mortgage
          Loan repurchased. (The [Servicer] [Master Servicer] hereby certifies that
          the
          Purchase Price or the FPD Purchase Price (in the case of a First Payment
          Default
          Mortgage Loan) has been credited to the Certificate Account or Collection
          Account, as applicable, pursuant to the Trust Agreement.)

         

        5. Other.
          (Describe)

         

        
          
            
            

          

          
            C-1

            
              

            

          

          
            
            

          

        

        The
          undersigned acknowledges that the above Mortgage File will be held by the
          undersigned in accordance with the provisions of the Trust Agreement and
          will be
          returned to you within ten (10) days of our receipt of the Mortgage File,
          except
          if the Mortgage Loan has been paid in full, or repurchased or substituted
          for a
          Qualifying Substitute Mortgage Loan (in which case the Mortgage File will
          be
          retained by us permanently) and except if the Mortgage Loan is being foreclosed
          (in which case the Mortgage File will be returned when no longer required
          by us
          for such purpose).

         

        Capitalized
          terms used herein shall have the meanings ascribed to them in the Trust
          Agreement.

         

        _____________________________________

        [Name
          of
          Servicer]

         

        By:__________________________________

        Name:

        Title:
          Servicing Officer

         

        
          
            
            

          

          
            C-2

            
              

            

          

          
            
            

          

        

        EXHIBIT
          D-1

         

        FORM
          OF
          RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEREE)

         

        
          	
                  STATE
                    OF

                	
                  )

                
	 	
                  )
                    ss.:

                
	
                  COUNTY
                    OF

                	
                  )

                
	 	 

        

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

         

        
          	 	
                  1.

                	
                  That
                    he [she] is [title of officer] ________________________ of [name
                    of
                    Purchaser] _________________________________________ (the “Purchaser”), a
                    _______________________ [description of type of entity] duly
                    organized and
                    existing under the laws of the [State of __________] [United
                    States], on
                    behalf of which he [she] makes this
                    affidavit.

                

        

         

        
          	 	
                  2.

                	
                  That
                    the Purchaser’s Taxpayer Identification Number is
                               .

                

        

         

        
          	 	
                  3.

                	
                  That
                    the Purchaser is not a “disqualified organization” within the meaning of
                    Section 860E(e)(5) of the Internal Revenue Code of 1986, as amended
                    (the
                    “Code”) and will not be a “disqualified organization” as of [date of
                    transfer], and that the Purchaser is not acquiring a Residual
                    Certificate
                    (as defined in the Agreement) for the account of, or as agent
                    (including a
                    broker, nominee, or other middleman) for, any person or entity
                    from which
                    it has not received an affidavit substantially in the form of
                    this
                    affidavit. For these purposes, a “disqualified organization” means the
                    United States, any state or political subdivision thereof, any
                    foreign
                    government, any international organization, any agency or instrumentality
                    of any of the foregoing (other than an instrumentality if all
                    of its
                    activities are subject to tax and a majority of its board of
                    directors is
                    not selected by such governmental entity), any cooperative organization
                    furnishing electric energy or providing telephone service to
                    persons in
                    rural areas as described in Code Section 1381(a)(2)(C), any “electing
                    large partnership” within the meaning of Section 775 of the Code, or any
                    organization (other than a farmers’ cooperative described in Code Section
                    521) that is exempt from federal income tax unless such organization
                    is
                    subject to the tax on unrelated business income imposed by Code
                    Section
                    511.

                

        

         

        
          	 	
                  4.

                	
                  That
                    the Purchaser either (x) is not, and on __________________ [date
                    of
                    transfer] will not be, an employee benefit plan or other retirement
                    arrangement subject to Section 406 of the Employee Retirement
                    Income
                    Security Act of 1974, as amended (“ERISA”), or Section 4975 of the Code
                    (“Code”), (collectively, a “Plan”) or a person acting on behalf of any
                    such Plan or investing the assets of any such Plan to acquire
                    a Residual
                    Certificate; (y) if the Residual Certificate has been the subject
                    of an
                    ERISA-Qualifying Underwriting, is an insurance company that is
                    purchasing
                    the Residual Certificate with funds contained in an “insurance company
                    general account” as defined in Section V(e) of Prohibited Transaction
                    Class Exemption (“PTCE”) 95-60 and the purchase and holding of the
                    Residual Certificate are covered under Sections I and III of
                    PTCE 95-60;
                    or (z) herewith delivers to the Trustee an opinion of counsel
                    (a “Benefit
                    Plan Opinion”) satisfactory to the Trustee, and upon which the Trustee,
                    the Master Servicer, the Servicer, the Securities Administrator,
                    the
                    Depositor and any NIMS Insurer shall be entitled to rely, to
                    the effect
                    that the purchase or holding of such Residual Certificate by
                    the Investor
                    will not result in any non-exempt prohibited transactions under
                    Title I of
                    ERISA or Section 4975 of the Code and will not subject the Trustee,
                    the
                    Depositor, the Master Servicer, the Servicer, the Securities
                    Administrator
                    or any NIMS Insurer to any obligation in addition to those undertaken
                    by
                    such entities in the Trust Agreement, which opinion of counsel
                    shall not
                    be an expense of the Trust Fund or any of the above
                    parties.

                

        

         

        
          
            
            

          

          
            D-1-1

            
              

            

          

          
            
            

          

        

        
          	 	
                  5.

                	
                  That
                    the Purchaser hereby acknowledges that under the terms of the
                    Trust
                    Agreement (the “Agreement”) by and among Structured Asset Securities
                    Corporation, as Depositor, U.S. Bank National Association, as
                    Trustee,
                    Aurora Loan Services LLC, as Master Servicer, Wells Fargo Bank,
                    N.A., as
                    Securities Administrator, and Clayton Fixed Income Services Inc.,
                    as
                    Credit Risk Manager, dated as of August 1, 2007, no transfer
                    of the
                    Residual Certificate shall be permitted to be made to any person
                    unless
                    the Depositor and Trustee have received a certificate from such
                    transferee
                    containing the representations in paragraphs 3 and 4
                    hereof.

                

        

         

        
          	 	
                  6.

                	
                  That
                    the Purchaser does not hold REMIC residual securities as nominee
                    to
                    facilitate the clearance and settlement of such securities through
                    electronic book-entry changes in accounts of participating organizations
                    (such entity, a “Book-Entry
                    Nominee”).

                

        

         

        
          	 	
                  7.

                	
                  That
                    the Purchaser does not have the intention to impede the assessment
                    or
                    collection of any federal, state or local taxes legally required
                    to be
                    paid with respect to such Residual
                    Certificate.

                

        

         

        
          	 	
                  8.

                	
                  That
                    the Purchaser will not transfer a Residual Certificate to any
                    person or
                    entity (i) as to which the Purchaser has actual knowledge that
                    the
                    requirements set forth in paragraph 3, paragraph 6 or paragraph
                    10 hereof
                    are not satisfied or that the Purchaser has reason to believe
                    does not
                    satisfy the requirements set forth in paragraph 7 hereof, and
                    (ii) without
                    obtaining from the prospective Purchaser an affidavit substantially
                    in
                    this form and providing to the Trustee a written statement substantially
                    in the form of Exhibit D-2 to the
                    Agreement.

                

        

         

        
          	 	
                  9.

                	
                  That
                    the Purchaser understands that, as the holder of a Residual Certificate,
                    the Purchaser may incur tax liabilities in excess of any cash
                    flows
                    generated by the interest and that it intends to pay taxes associated
                    with
                    holding such Residual Certificate as they become
                    due.

                

        

         

        
          	 	
                  10.

                	
                  That
                    the Purchaser (i) is not a Non-U.S. Person or (ii) is a Non-U.S.
                    Person
                    that holds a Residual Certificate in connection with the conduct
                    of a
                    trade or business within the United States and has furnished
                    the
                    transferor and the Trustee with an effective Internal Revenue
                    Service Form
                    W-8ECI (Certificate of Foreign Person’s Claim for Exemption From
                    Withholding on Income Effectively Connected With the Conduct
                    of a Trade or
                    Business in the United States) or successor form at the time
                    and in the
                    manner required by the Code or (iii) is a Non-U.S. Person that
                    has
                    delivered to both the transferor and the Trustee an opinion of
                    a
                    nationally recognized tax counsel to the effect that the transfer
                    of such
                    Residual Certificate to it is in accordance with the requirements
                    of the
                    Code and the regulations promulgated thereunder and that such
                    transfer of
                    a Residual Certificate will not be disregarded for federal income
                    tax
                    purposes. “Non-U.S. Person” means an individual, corporation, partnership
                    or other person other than (i) a citizen or resident of the United
                    States;
                    (ii) a corporation, partnership or other entity created or organized
                    in or
                    under the laws of the United States or any state thereof, including
                    for
                    this purpose, the District of Columbia; (iii) an estate that
                    is subject to
                    U.S. federal income tax regardless of the source of its income;
                    (iv) a
                    trust if a court within the United States is able to exercise
                    primary
                    supervision over the administration of the trust and one or more
                    United
                    States trustees have authority to control all substantial decisions
                    of the
                    trust; and, (v) to the extent provided in Treasury regulations,
                    certain
                    trusts in existence on August 20, 1996 that are treated as United
                    States
                    persons prior to such date and elect to continue to be treated
                    as United
                    States persons.

                

        

         

        
          
            
            

          

          
            D-1-2

            
              

            

          

          
            
            

          

        

        
          	 	
                  11.

                	
                  That
                    the Purchaser agrees to such amendments of the Trust Agreement
                    as may be
                    required to further effectuate the restrictions on transfer of
                    any
                    Residual Certificate to such a “disqualified organization,” an agent
                    thereof, a Book-Entry Nominee, or a person that does not satisfy
                    the
                    requirements of paragraph 7 and paragraph 10
                    hereof.

                

        

         

        
          	 	
                  12.

                	
                  That
                    the Purchaser consents to the designation of the Securities Administrator
                    as its agent to act as “tax matters person” of the Trust Fund pursuant to
                    the Trust Agreement.

                

        

         

        
          
            
            

          

          
            D-1-3

            
              

            

          

          
            
            

          

        

        IN
          WITNESS WHEREOF, the Purchaser has caused this instrument to be executed
          on its
          behalf, pursuant to authority of its Board of Directors, by its [title
          of
          officer] this _____ day of __________, 20__.

         

        _________________________________

        [Name
          of
          Purchaser]

         

        By:______________________________

        Name:
          

        Title:
          

         

        Personally
          appeared before me the above-named [name of officer] ________________,
          known or
          proved to me to be the same person who executed the foregoing instrument
          and to
          be the [title of officer] _________________ of the Purchaser, and acknowledged
          to me that he [she] executed the same as his [her] free act and deed and
          the
          free act and deed of the Purchaser.

         

        Subscribed
          and sworn before me this _____ day of __________, 20__.

         

        NOTARY
          PUBLIC

         

        ______________________________

         

        COUNTY
          OF_____________________

         

        STATE
          OF______________________

         

        My
          commission expires the _____ day of __________, 20__.

         

        

        
          
            
            

          

          
            D-1-4

            
              

            

          

          
            
            

          

        

        EXHIBIT
          D-2

         

        FORM
          OF
          RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEROR)

         

        ____________________________

        Date

         

        
          	 	
                  Re:

                	
                  Structured
                    Asset Securities Corporation Mortgage Loan Trust Mortgage

                  Pass-Through
                    Certificates, Series 2007-WF2

                

        

        

        _______________________
          (the “Transferor”) has reviewed the attached affidavit of
          _____________________________ (the “Transferee”), and has no actual knowledge
          that such affidavit is not true and has no reason to believe that the
          information contained in paragraph 7 thereof is not true, and has no reason
          to
          believe that the Transferee has the intention to impede the assessment
          or
          collection of any federal, state or local taxes legally required to be
          paid with
          respect to a Residual Certificate. In addition, the Transferor has conducted
          a
          reasonable investigation at the time of the transfer and found that the
          Transferee had historically paid its debts as they came due and found no
          significant evidence to indicate that the Transferee will not continue
          to pay
          its debts as they become due.

         

        Very
          truly yours,

         

        _______________________________

        Name:

        Title:

        
          
            
            

          

          
            D-2-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          E

         

        NAME
          OF
          SERVICING AGREEMENT

        

        
          	
                  1.

                	
                  The
                    Reconstituted Servicing Agreement dated as of August 1, 2007,
                    among the
                    Seller and the Servicer and acknowledged by the Master Servicer
                    and the
                    Trustee.

                

        

        

        
          
            
            

          

          
            E-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          F

         

        FORM
          OF
          RULE 144A TRANSFER CERTIFICATE

         

        
          	
                  Re:

                	
                  Structured
                    Asset Securities Corporation Mortgage Loan Trust
                    2007-WF2

                

        

        
          	 	
                  Mortgage
                    Pass-Through Certificates, Series
                    2007-WF2

                

        

        

        Reference
          is hereby made to the Trust Agreement dated as of August 1, 2007 (the “Trust
          Agreement”) by and among Structured Asset Securities Corporation, as Depositor,
          U.S. Bank National Association, as Trustee, Aurora Loan Services LLC, as
          Master
          Servicer, Wells Fargo Bank, N.A., as Securities Administrator, and Clayton
          Fixed
          Income Services Inc., as Credit Risk Manager. Capitalized terms used but
          not
          defined herein shall have the meanings given to them in the Trust
          Agreement.

         

        This
          letter relates to $__________ initial Certificate Balance of Class     
          Certificates
          which are held in the form of Definitive Certificates registered in the
          name of
                                
          (the
“Transferor”). The Transferor has requested a transfer of such Definitive
          Certificates for Definitive Certificates of such Class registered in the
          name of
          [insert name of transferee].

         

        In
          connection with such request, and in respect of such Certificates, the
          Transferor hereby certifies that such Certificates are being transferred
          in
          accordance with (i) the transfer restrictions set forth in the Trust Agreement
          and the Certificates and (ii) Rule 144A under the Securities Act to a purchaser
          that the Transferor reasonably believes is a “qualified institutional buyer”
within the meaning of Rule 144A purchasing for its own account or for the
          account of a “qualified institutional buyer,” which purchaser is aware that the
          sale to it is being made in reliance upon Rule 144A, in a transaction meeting
          the requirements of Rule 144A and in accordance with any applicable securities
          laws of any state of the United States or any other applicable
          jurisdiction.

         

        This
          certificate and the statements contained herein are made for your benefit
          and
          the benefit of the Placement Agent and the Depositor.

         

        _____________________________________

        [Name
          of
          Transferor]

         

        By:__________________________________

        Name:

        Title:

         

        Dated:
          ___________, ____

        

        

        
          
            
            

          

          
            F-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          G

        

        FORM
          OF
          PURCHASER’S LETTER FOR 

        INSTITUTIONAL
          ACCREDITED INVESTORS

         

                                       

        Date

         

        Dear
          Sirs:

         

        In
          connection with our proposed purchase of $______________ principal amount
          of
          Structured Asset Securities Corporation Mortgage Loan Trust 2007-WF2 Mortgage
          Pass-Through Certificates, Series 2007-WF2, Class ____ Certificates (the
          “Privately Offered Certificates”) of the Structured Asset Securities Corporation
          (the “Depositor”), we confirm that:

         

        
          	
                  (1)

                	
                  We
                    understand that the Privately Offered Certificates have not been,
                    and will
                    not be, registered under the Securities Act of 1933, as amended
                    (the
                    “Securities Act”), and may not be sold except as permitted in the
                    following sentence. We agree, on our own behalf and on behalf
                    of any
                    accounts for which we are acting as hereinafter stated, that
                    if we should
                    sell any Privately Offered Certificates within two years of the
                    later of
                    the date of original issuance of the Privately Offered Certificates
                    or the
                    last day on which such Privately Offered Certificates are owned
                    by the
                    Depositor or any affiliate of the Depositor (which includes the
                    Placement
                    Agent) we will do so only (A) to the Depositor, (B) to “qualified
                    institutional buyers” (within the meaning of Rule 144A under the
                    Securities Act) in accordance with Rule 144A under the Securities
                    Act
                    (“QIBs”), (C) pursuant to the exemption from registration provided by
                    Rule
                    144 under the Securities Act, or (D) to an institutional “accredited
                    investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) of
                    Regulation D under the Securities Act that is not a QIB (an “Institutional
                    Accredited Investor”) which, prior to such transfer, delivers to the
                    Trustee under the Trust Agreement dated as of August 1, 2007
                    by and among
                    the Depositor, Aurora Loan Services LLC, as Master Servicer,
                    U.S. Bank
                    National Association, as Trustee (the “Trustee”), Wells Fargo Bank, N.A.,
                    as Securities Administrator, and Clayton Fixed Income Services
                    Inc., as
                    Credit Risk Manager, a signed letter in the form of this letter;
                    and we
                    further agree, in the capacities stated above, to provide to
                    any person
                    purchasing any of the Privately Offered Certificates from us
                    a notice
                    advising such purchaser that resales of the Privately Offered
                    Certificates
                    are restricted as stated herein.

                

        

         

        
          	
                  (2)

                	
                  We
                    understand that, in connection with any proposed resale of any
                    Privately
                    Offered Certificates to an Institutional Accredited Investor,
                    we will be
                    required to furnish to the Trustee and the Depositor a certification
                    from
                    such transferee in the form hereof to confirm that the proposed
                    sale is
                    being made pursuant to an exemption from, or in a transaction
                    not subject
                    to, the registration requirements of the Securities Act. We further
                    understand that the Privately Offered Certificates purchased
                    by us will
                    bear a legend to the foregoing
                    effect.

                

        

         

        
          
            
            

          

          
            G-1

            
              

            

          

          
            
            

          

        

        

         

        
          	
                  (3)

                	
                  We
                    are acquiring the Privately Offered Certificates for investment
                    purposes
                    and not with a view to, or for offer or sale in connection with,
                    any
                    distribution in violation of the Securities Act. We have such
                    knowledge
                    and experience in financial and business matters as to be capable
                    of
                    evaluating the merits and risks of our investment in the Privately
                    Offered
                    Certificates, and we and any account for which we are acting
                    are each able
                    to bear the economic risk of such
                    investment.

                

        

         

        
          	
                  (4)

                	
                  We
                    are an Institutional Accredited Investor and we are acquiring
                    the
                    Privately Offered Certificates purchased by us for our own account
                    or for
                    one or more accounts (each of which is an Institutional Accredited
                    Investor) as to each of which we exercise sole investment
                    discretion.

                

        

         

        
          	
                  (5)

                	
                  We
                    have received such information as we deem necessary in order
                    to make our
                    investment decision.

                

        

         

        
          	
                  (6)

                	
                  If
                    we are acquiring ERISA-Restricted Certificates, we understand
                    that in
                    accordance with ERISA, the Code and the Exemption, no Plan and
                    no person
                    acting on behalf of such a Plan may acquire such Certificate
                    except in
                    accordance with Section 3.03(d) of the Trust
                    Agreement.

                

        

         

        Terms
          used in this letter which are not otherwise defined herein have the respective
          meanings assigned thereto in the Trust Agreement.

        
          
            
            

          

          
            G-2

            
              

            

          

          
            
            

          

        

        You
          and
          the Depositor are entitled to rely upon this letter and are irrevocably
          authorized to produce this letter or a copy hereof to any interested party
          in
          any administrative or legal proceeding or official inquiry with respect
          to the
          matters covered hereby.

         

        Very
          truly yours,

         

        __________________________________

        [Purchaser]

         

        By:
          ________________________________

        Name:
          

        Title:

        
          
            
            

          

          
            G-3

            
              

            

          

          
            
            

          

        

        EXHIBIT
          H

         

        FORM
          OF
          ERISA TRANSFER AFFIDAVIT

         

        
          	
                  STATE
                    OF NEW YORK 

                	
                  )

                
	 	
                  )
                    ss.: 

                
	
                  COUNTY
                    OF NEW YORK 

                	
                  )

                
	 	 

        

        The
          undersigned, being first duly sworn, deposes and says as follows:

         

        1. The
          undersigned is the ______________________ of (the “Investor”), a [corporation
          duly organized] and existing under the laws of __________, on behalf of
          which he
          makes this affidavit.

         

        2. In
          the
          case of an ERISA-Restricted Certificate, the Investor either (x) is not,
          and on
          __________________ [date of transfer] will not be, an employee benefit
          plan or
          other retirement arrangement subject to Section 406 of the Employee Retirement
          Income Security Act of 1974, as amended (“ERISA”), or Section 4975 of the
          Internal Revenue Code of 1986, as amended (the “Code”), (collectively, a “Plan”)
          or a person acting on behalf of any such Plan or investing the assets of
          any
          such Plan to acquire a Certificate; (y) if the Certificate has been the
          subject
          of an ERISA-Qualifying Underwriting, is an insurance company that is purchasing
          the Certificate with funds contained in an “insurance company general account”
as defined in Section V(e) of Prohibited Transaction Class Exemption (“PTCE”)
          95-60 and the purchase and holding of the Certificate are covered under
          Sections
          I and III of PTCE 95-60; or (z) herewith delivers to the Trustee an opinion
          of
          counsel (a “Benefit Plan Opinion”) satisfactory to the Trustee, and upon which
          the Trustee, the Master Servicer, the Servicer, the Securities Administrator,
          the Depositor and any NIMS Insurer shall be entitled to rely, to the effect
          that
          the purchase or holding of such Certificate by the Investor will not result
          in
          any non-exempt prohibited transactions under Title I of ERISA or Section
          4975 of
          the Code and will not subject the Trustee, the Depositor, the Master Servicer,
          the Servicer, the Securities Administrator or any NIMS Insurer to any obligation
          in addition to those undertaken by such entities in the Trust Agreement,
          which
          opinion of counsel shall not be an expense of the Trust Fund or any of
          the above
          parties.

         

        3. In
          the
          case of an ERISA-Restricted Trust Certificate, prior to the termination
          of the
          Swap Agreement and the Interest Rate Cap Agreement either (i) the Investor
          is
          neither a Plan nor a person acting on behalf of any such Plan or using
          the
          assets of any such Plan to effect such transfer or (ii) the acquisition
          and
          holding of the ERISA-Restricted Trust Certificate are eligible for exemptive
          relief under the statutory exemption for nonfiduciary service providers
          under
          Section 408(b)(17) of ERISA and Section 4975(d)(20) of the Code, PTCE 84-14,
          PTCE 90-1, PTCE 91-38, PTCE 95-60 or PTCE 96-23 or some other applicable
          exemption.

         

        
          
            
            

          

          
            H-1

            
              

            

          

          
            
            

          

        

        4. The
          Investor hereby acknowledges that under the terms of the Trust Agreement
          (the
“Agreement”) by and among Structured Asset Securities Corporation, as Depositor,
          U.S. Bank National Association, as Trustee, Aurora Loan Services LLC, as
          Master
          Servicer, Wells Fargo Bank, N.A., as Securities Administrator, and Clayton
          Fixed
          Income Services Inc., as Credit Risk Manager, dated as of August 1, 2007,
          no
          transfer of the ERISA-Restricted Certificates or the ERISA-Restricted Trust
          Certificates shall be permitted to be made to any person unless the Trustee
          has
          received a certificate from such transferee in the form hereof.

         

        
          
            
            

          

          
            H-2

            
              

            

          

          
            
            

          

        

        IN
          WITNESS WHEREOF, the Investor has caused this instrument to be executed
          on its
          behalf, pursuant to proper authority, by its duly authorized officer, duly
          attested, this ____ day of _______________, 20___.

         

        _________________________________

        [Investor]

         

        By:______________________________

        Name:

        Title:

         

        ATTEST:

         

        

         

        _____________________________

         

        
          	
                  STATE
                    OF 

                	
                  )

                
	 	
                  )
                    ss:

                
	
                  COUNTY
                    OF

                	
                  )

                
	 	 

        

        Personally
          appeared before me the above-named ________________, known or proved to
          me to be
          the same person who executed the foregoing instrument and to be the
          ____________________ of the Investor, and acknowledged that he executed
          the same
          as his free act and deed and the free act and deed of the Investor.

         

        Subscribed
          and sworn before me this _____ day of _________ 20___.

         

        ______________________________

        NOTARY
          PUBLIC

         

        My
          commission expires the

        _____
          day
          of __________, 20___.

         

        

         

        
          
            
            

          

          
            H-3

            
              

            

          

          
            
            

          

        

        EXHIBIT
          I

         

        [Reserved]

         

        
          
            
            

          

          
            I-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          J

         

        [Reserved]

         

        
          
            
            

          

          
            J-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          K

         

        NAME
          OF
          CUSTODIAL AGREEMENT

         

        
          	
                  1.

                	
                  Custodial
                    Agreement dated as of August 1, 2007 between Wells Fargo Bank,
                    N.A., as
                    Custodian, and U.S. Bank National Association, as
                    Trustee.

                

        

         

        

         

        
          
            
            

          

          
            K-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          L

         

        NAME
          OF
          CREDIT RISK MANAGEMENT AGREEMENT

         

        
          	
                  1.

                	
                  The
                    Credit Risk Management Agreement dated August 30, 2007 between
                    Clayton
                    Fixed Income Services Inc. and Wells Fargo Bank,
                    N.A.

                

        

         

        

         

        
          
            
            

          

          
            L-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          M-1

         

        FORM
          OF
          TRANSFER CERTIFICATE

        FOR
          TRANSFER FROM RESTRICTED GLOBAL SECURITY

        TO
          REGULATION S GLOBAL SECURITY

        (Transfers
          pursuant to § 3.03(h)(B)

                              
          of the
          Agreement)                            

         

        
          	 	
                  Re:

                	
                  Structured
                    Asset Securities Corporation Mortgage Loan Trust
                    2007-WF2

                

        

        
          	 	 	
                  Mortgage
                    Pass-Through Certificates, Series
                    2007-WF2

                

        

         

        Reference
          is hereby made to the Trust Agreement (the “Agreement”) by and among Structured
          Asset Securities Corporation, as Depositor, Aurora Loan Services LLC, as
          Master
          Servicer, Clayton Fixed Income Services Inc., as Credit Risk Manager, U.S.
          Bank
          National Association, as Trustee, and Wells Fargo Bank, N.A., as Securities
          Administrator, dated as of August 1, 2007. Capitalized terms used but not
          defined herein shall have the meanings given to them in the
          Agreement.

         

        This
          letter relates to U.S. $                            
          aggregate
          principal amount of Securities which are held in the form of a Restricted
          Global
          Security with DTC in the name of [name of transferor]                                                       
          (the
“Transferor”) to effect the transfer of the Securities in exchange for an
          equivalent beneficial interest in a Regulation S Global Security.

         

        In
          connection with such request, the Transferor does hereby certify that such
          transfer has been effected in accordance with the transfer restrictions
          set
          forth in the Agreement and the Securities and in accordance with Rule 904
          of
          Regulation S, and that:

         

        a. the
          offer
          of the Securities was not made to a person in the United States; 

         

        b. at
          the
          time the buy order was originated, the transferee was outside the United
          States
          or the Transferor and any person acting on its behalf reasonably believed
          that
          the transferee was outside the United States;

         

        c. no
          directed selling efforts have been made in contravention of the requirements
          of
          Rule 903 or 904 of Regulation S, as applicable;

         

        d. the
          transaction is not part of a plan or scheme to evade the registration
          requirements of the United States Securities Act of 1933, as amended;
          and

        e.
          the
          transferee is not a U.S. person (as defined in Regulation S).

        
          
            
            

          

          
            M-1-1

            
              

            

          

          
            
            

          

        

        You
          are
          entitled to rely upon this letter and are irrevocably authorized to produce
          this
          letter or a copy hereof to any interested party in any administrative or
          legal
          proceedings or official inquiry with respect to the matters covered hereby.
          Terms used in this certificate have the meanings set forth in Regulation
          S.

         

        

        

        

                                                                    
          

        [Name
          of
          Transferor]

        

        

        By:                                                         

        Name:

        Title:

         

        Date:             
            ,
                 

        

        

        

        

        
          
            
            

          

          
            M-1-2

            
              

            

          

          
            
            

          

        

        

        EXHIBIT
          M-2

        

        FORM
          OF
          TRANSFER CERTIFICATE FOR TRANSFER 

        FROM
          REGULATION S GLOBAL SECURITY

        TO
          RESTRICTED GLOBAL SECURITY

        (Transfers
          pursuant to § 3.03(h)(C)

                                  of
          the
          Agreement)                          

         

        
          	 	
                  Re:

                	
                  Structured
                    Asset Securities Corporation Mortgage Loan Trust
                    2007-WF2

                

        

        
          	 	 	
                  Mortgage
                    Pass-Through Certificates, Series
                    2007-WF2

                

        

         

        Reference
          is hereby made to the Trust Agreement (the “Agreement”) by and among Structured
          Asset Securities Corporation, as Depositor, Aurora Loan Services LLC, as
          Master
          Servicer, Clayton Fixed Income Services Inc., as Credit Risk Manager, U.S.
          Bank
          National Association, as Trustee, and Wells Fargo Bank, N.A., as Securities
          Administrator, dated as of August 1, 2007. Capitalized terms used but not
          defined herein shall have the meanings given to them in the
          Agreement.

         

        This
          letter relates to U.S. $                            
          aggregate
          principal amount of Securities which are held in the form of a Regulations
          S
          Global Security in the name of [name of transferor]                                                       
          (the
          “Transferor”) to effect the transfer of the Securities in exchange for an
          equivalent beneficial interest in a Restricted Global Security.

         

        In
          connection with such request, and in respect of such Securities, the Transferor
          does hereby certify that such Securities are being transferred in accordance
          with (i) the transfer restrictions set forth in the Agreement and the Securities
          and (ii) Rule 144A under the United States Securities Act of 1933, as amended,
          to a transferee that the Transferor reasonably believes is purchasing the
          Securities for its own account or an account with respect to which the
          transferee exercises sole investment discretion, the transferee and any
          such
          account is a qualified institutional buyer within the meaning of Rule 144A,
          in a
          transaction meeting the requirements of Rule 144A and in accordance with
          any
          applicable securities laws of any state of the United States or any other
          jurisdiction.

         

                                                                    
          

        [Name
          of
          Transferor]

        

        By:                                                        

        Name:

        Title:

         

        Date:             
            ,
                 

         

        

        

         

        
          
            
            

          

          
            M-2-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          N

        

        INTEREST
          RATE CAP AGREEMENT

        

        

        
          
            
            

          

          
            N-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          O

        

        SWAP
          AGREEMENT

        

        
          
            
            

          

          
            O-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          P-1

        

        
          	
                  ADDITIONAL
                    FORM 10-D DISCLOSURE

                
	
                  Item
                    on Form 10-D

                	
                  Party
                    Responsible 

                
	
                  Item
                    1: Distribution and Pool Performance Information

                   

                	 
	
                  Information
                    included in the Distribution Date Statement

                	
                  Servicer(1)

                  Master
                    Servicer

                  Securities
                    Administrator

                
	
                  Any
                    information required by 1121 which is NOT included on the Distribution
                    Date Statement

                	
                  Depositor

                
	
                  Item
                    2: Legal Proceedings

                   

                  Any
                    legal proceeding pending against the following entities or their
                    respective property, that is material to Certificateholders,
                    including any
                    proceedings known to be contemplated by governmental
                    authorities:

                	 
	
                  ▪
                    Issuing Entity (Trust Fund)

                	
                  Trustee,
                    Master Servicer, Securities Administrator and Depositor

                
	
                  ▪
                    Sponsor (Seller)

                	
                  Seller
                    (if a party to the Trust Agreement) or Depositor

                
	
                  ▪
                    Depositor

                	
                  Depositor

                
	
                  ▪
                    Trustee

                	
                  Trustee

                
	
                  ▪
                    Securities Administrator

                	
                  Securities
                    Administrator

                
	
                  ▪
                    Master Servicer

                	
                  Master
                    Servicer

                
	
                  ▪
                    Custodian

                	
                  Custodian(2)

                
	
                  ▪
                    1110(b) Originator

                	
                  Depositor

                
	
                  ▪
                    Any 1108(a)(2) Servicer (other than the Master Servicer or Securities
                    Administrator)

                	
                  Servicer(1)

                
	
                  ▪
                    Any other party contemplated by 1100(d)(1)

                	
                  Depositor

                
	
                  Item
                    3: Sale of Securities and Use of Proceeds

                  Information
                    from Item 2(a) of Part II of Form 10-Q:

                   

                  With
                    respect to any sale of securities by the sponsor, depositor or
                    issuing
                    entity, that are backed by the same asset pool or are otherwise
                    issued by
                    the issuing entity, whether or not registered, provide the sales
                    and use
                    of proceeds information in Item 701 of Regulation S-K. Pricing
                    information
                    can be omitted if securities were not registered.

                	
                  Depositor

                

        

        
          
            
            

          

          
            P-1-1

            
              

            

          

          
            
            

          

        

        

        
          	
                  ADDITIONAL
                    FORM 10-D DISCLOSURE

                
	
                  Item
                    on Form 10-D

                	
                  Party
                    Responsible 

                

        

        
          	
                  Item
                    4: Defaults Upon Senior Securities

                   

                  Information
                    from Item 3 of Part II of Form 10-Q:

                   

                  Report
                    the occurrence of any Event of Default (after expiration of any
                    grace
                    period and provision of any required notice)

                	
                  Securities
                    Administrator

                  Trustee

                
	
                  Item
                    5: Submission of Matters to a Vote of Security
                    Holders

                   

                  Information
                    from Item 4 of Part II of Form 10-Q

                	
                  Trustee

                
	
                  Item
                    6: Significant Obligors of Pool Assets

                   

                  Item
                    1112(b) - Significant
                    Obligor Financial Information*

                	
                  Depositor

                
	
                  *This
                    information need only be reported on the Form 10-D for the distribution
                    period in which updated information is required pursuant to the
                    Item.

                	 
	
                  Item
                    7: Significant Enhancement Provider Information

                   

                  Item
                    1114(b)(2) - Credit Enhancement Provider Financial
                    Information*

                	 
	
                  ▪
                    Determining applicable disclosure threshold

                	
                  Depositor

                
	
                  ▪
                    Requesting required financial information (including any required
                    accountants’ consent to the use thereof) or effecting incorporation by
                    reference

                	
                  Depositor

                
	
                  Item
                    1115(b) - Derivative Counterparty Financial
                    Information*

                	 
	
                  ▪
                    Determining current maximum probable exposure

                	
                  Depositor

                
	
                  ▪
                    Determining current significance percentage

                	
                  Depositor

                
	
                  ▪
                    Requesting required financial information (including any required
                    accountants’ consent to the use thereof) or effecting incorporation by
                    reference

                	
                  Depositor

                
	
                  *This
                    information need only be reported on the Form 10-D for the distribution
                    period in which updated information is required pursuant to the
                    Items.

                	 

        

         

         

         

        
          
            
            

          

          
            P-1-2

            
              

            

          

          
            
            

          

        

         

         

          

          
            	
                    ADDITIONAL
                      FORM 10-D DISCLOSURE

                  
	
                    Item
                      on Form 10-D

                  	
                    Party
                      Responsible 

                  

          

        

        
          	
                  Item
                    8: Other Information

                   

                  Disclose
                    any information required to be reported on Form 8-K during the
                    period
                    covered by the Form 10-D but not reported

                	
                  Any
                    party responsible for the applicable Form 8-K Disclosure
                    item

                
	
                  Item
                    9: Exhibits

                	 
	
                  Monthly
                    Statement to Certificateholders

                	
                  Securities
                    Administrator

                
	
                  Exhibits
                    required by Item 601 of Regulation S-K, such as material
                    agreements

                	
                  Depositor

                

        

        

        _______________________

        (1) This
          information to be provided pursuant to the Servicing Agreement.

        (2) This
          information to be provided pursuant to the Custodial Agreement.

        

        

        
          
            
            

          

          
            P-1-3

            
              

            

          

          
            
            

          

        

        EXHIBIT
          P-2

        

        
          	
                  ADDITIONAL
                    FORM 10-K DISCLOSURE

                
	
                  Item
                    on Form 10-K

                	
                  Party
                    Responsible 

                
	
                  Item
                    1B: Unresolved Staff Comments

                   

                	
                  Depositor

                
	
                  Item
                    9B: Other Information

                  Disclose
                    any information required to be reported on Form 8-K during the
                    fourth
                    quarter covered by the Form 10-K but not reported

                	
                  Any
                    party responsible for disclosure items on Form 8-K

                
	
                  Item
                    15: Exhibits, Financial Statement Schedules

                	
                  Securities
                    Administrator

                  Depositor

                
	
                  Regulation
                    AB Item 1112(b): Significant Obligors of Pool
                    Assets

                	 
	
                  Significant
                    Obligor Financial Information*

                	
                  Depositor

                
	
                  *This
                    information need only be reported on the Form 10-D for the distribution
                    period in which updated information is required pursuant to the
                    Item.

                	 
	
                  Regulation
                    AB Item 1114(b)(2): Credit Enhancement Provider Financial
                    Information

                	 
	
                  ▪
                    Determining applicable disclosure threshold

                	
                  Depositor

                
	
                  ▪
                    Requesting required financial information (including any required
                    accountants’ consent to the use thereof) or effecting incorporation by
                    reference

                	
                  Depositor

                
	
                  *This
                    information need only be reported on the Form 10-D for the distribution
                    period in which updated information is required pursuant to the
                    Items.

                	 
	
                  Regulation
                    AB Item 1115(b): Derivative Counterparty Financial
                    Information

                	 
	
                  ▪
                    Determining current maximum probable exposure

                	
                  Depositor

                
	
                  ▪
                    Determining current significance percentage

                	
                  Depositor

                
	
                  ▪
                    Requesting required financial information (including any required
                    accountants’ consent to the use thereof) or effecting incorporation by
                    reference

                	
                  Depositor

                
	
                  *This
                    information need only be reported on the Form 10-D for the distribution
                    period in which updated information is required pursuant to the
                    Items.

                	 

        

        
          
            
            

          

          
            P-2-1

            
              

            

          

          
            
            

          

        

        

        
          	
                  ADDITIONAL
                    FORM 10-K DISCLOSURE

                
	
                  Item
                    on Form 10-K

                	
                  Party
                    Responsible 

                
	
                  Regulation
                    AB Item 1117: Legal Proceedings

                   

                  Any
                    legal proceeding pending against the following entities or their
                    respective property, that is material to Certificateholders,
                    including any
                    proceedings known to be contemplated by governmental
                    authorities:

                	 
	
                  ▪
                    Issuing Entity (Trust Fund)

                	
                  Trustee,
                    Master Servicer, Securities Administrator and Depositor

                
	
                  ▪
                    Sponsor (Seller)

                	
                  Seller
                    (if a party to the Trust Agreement) or Depositor

                
	
                  ▪
                    Depositor

                	
                  Depositor

                
	
                  ▪
                    Trustee

                	
                  Trustee

                
	
                  ▪
                    Securities Administrator

                	
                  Securities
                    Administrator

                
	
                  ▪
                    Master Servicer

                	
                  Master
                    Servicer

                
	
                  ▪
                    Custodian

                	
                  Custodian(1)

                
	
                  ▪
                    1110(b) Originator

                	
                  Depositor

                
	
                  ▪
                    Any 1108(a)(2) Servicer (other than the Master Servicer or Securities
                    Administrator)

                	
                  Servicer(2)

                
	
                  ▪
                    Any other party contemplated by 1100(d)(1)

                	
                  Depositor

                
	
                  Regulation
                    AB Item 1119: Affiliations and Relationships

                	 
	
                  Whether
                    (a) the Sponsor (Seller), Depositor or Issuing Entity is an affiliate
                    of
                    the following parties, and (b) to the extent known and material,
                    any of
                    the following parties are affiliated with one another:

                	
                  Depositor
                    as to (a) 

                
	
                  ▪
                    Master Servicer

                	
                  Master
                    Servicer 

                
	
                  ▪
                    Securities Administrator

                	
                  Securities
                    Administrator

                
	
                  ▪
                    Trustee

                	
                  Trustee

                
	
                  ▪
                    Any other 1108(a)(3) servicer

                	
                  Servicer(2)

                
	
                  ▪
                    Any 1110 Originator

                	
                  Depositor

                
	
                  ▪
                    Any 1112(b) Significant Obligor

                	
                  Depositor

                
	
                  ▪
                    Any 1114 Credit Enhancement Provider

                	
                  Depositor

                
	
                  ▪
                    Any 1115 Derivate Counterparty Provider

                	
                  Depositor

                
	
                  ▪
                    Any other 1101(d)(1) material party

                	
                  Depositor

                
	
                  Whether
                    there are any “outside the ordinary course business arrangements” other
                    than would be obtained in an arm’s length transaction between (a) the
                    Sponsor (Seller), Depositor or Issuing Entity on the one hand,
                    and (b) any
                    of the following parties (or their affiliates) on the other hand,
                    that
                    exist currently or within the past two years and that are material
                    to a
                    Certificateholder’s understanding of the Certificates:

                	
                  Depositor
                    as to (a) 

                
	
                  ▪
                    Master Servicer

                	
                  Master
                    Servicer 

                

        

        
          
            
            

          

          
            P-2-2

            
              

            

          

          
            
            

          

        

        

        
          	
                  ADDITIONAL
                    FORM 10-K DISCLOSURE

                
	
                  Item
                    on Form 10-K

                	
                  Party
                    Responsible 

                
	
                  ▪
                    Securities Administrator

                	
                  Securities
                    Administrator

                
	
                  ▪
                    Trustee

                	
                  Trustee

                
	
                  ▪
                    Any other 1108(a)(3) servicer

                	
                  Servicer(2)

                
	
                  ▪
                    Any 1110 Originator

                	
                  Depositor

                
	
                  ▪
                    Any 1112(b) Significant Obligor

                	
                  Depositor

                
	
                  ▪
                    Any 1114 Credit Enhancement Provider

                	
                  Depositor

                
	
                  ▪
                    Any 1115 Derivate Counterparty Provider

                	
                  Depositor

                
	
                  ▪
                    Any other 1101(d)(1) material party

                	
                  Depositor

                
	
                  Whether
                    there are any specific relationships involving the transaction
                    or the pool
                    assets between (a) the Sponsor (Seller), Depositor or Issuing
                    Entity on
                    the one hand, and (b) any of the following parties (or their
                    affiliates)
                    on the other hand, that exist currently or within the past two
                    years and
                    that are material:

                	
                  Depositor
                    as to (a) 

                
	
                  ▪
                    Master Servicer

                	
                  Master
                    Servicer 

                
	
                  ▪
                    Securities Administrator

                	
                  Securities
                    Administrator

                
	
                  ▪
                    Trustee

                	
                  Trustee

                
	
                  ▪
                    Any other 1108(a)(3) servicer

                	
                  Servicer(2)

                
	
                  ▪
                    Any 1110 Originator

                	
                  Depositor

                
	
                  ▪
                    Any 1112(b) Significant Obligor

                	
                  Depositor

                
	
                  ▪
                    Any 1114 Credit Enhancement Provider

                	
                  Depositor

                
	
                  ▪
                    Any 1115 Derivate Counterparty Provider

                	
                  Depositor

                
	
                  ▪
                    Any other 1101(d)(1) material party

                	
                  Depositor

                

        

         

        (1) This
          information to be provided pursuant to the Custodial Agreement.

        (2) This
          information to be provided pursuant to the Servicing Agreement.

        

        

        
          
            
            

          

          
            P-2-3

            
              

            

          

          
            
            

          

        

        EXHIBIT
          P-3

        

        
          	
                  ADDITIONAL
                    FORM 8-K DISCLOSURE INFORMATION

                
	
                  Item
                    on Form 8-K

                	
                  Party
                    Responsible 

                
	
                  Item
                    1.01- Entry into a Material Definitive Agreement

                   

                  Disclosure
                    is required regarding entry into or amendment of any definitive
                    agreement
                    that is material to the securitization, even if depositor is
                    not a party.
                    

                   

                  Examples:
                    servicing agreement, custodial agreement.

                   

                  Note:
                    disclosure not required as to definitive agreements that are
                    fully
                    disclosed in the prospectus

                	
                  All
                    parties (with respect to any agreement entered into by such
                    party)

                
	
                  Item
                    1.02- Termination of a Material Definitive Agreement

                   

                  Disclosure
                    is required regarding termination of any definitive agreement
                    that is
                    material to the securitization (other than expiration in accordance
                    with
                    its terms), even if depositor is not a party. 

                   

                  Examples:
                    servicing agreement, custodial agreement.

                	
                  All
                    parties (with respect to any agreement entered into by such
                    party)

                
	
                  Item
                    1.03- Bankruptcy or Receivership

                   

                  Disclosure
                    is required regarding the bankruptcy or receivership, with respect
                    to any
                    of the following: 

                	
                  Depositor

                
	
                  ▪
                    Sponsor (Seller)

                	
                  Depositor/Sponsor
                    (Seller)

                
	
                  ▪
                    Depositor

                	
                  Depositor

                
	
                  ▪
                    Master Servicer

                	
                  Master
                    Servicer

                
	
                  ▪
                    Affiliated Servicer

                	
                  Servicer(1)

                
	
                  ▪
                    Other Servicer servicing 20% or more of the pool assets at the
                    time of the
                    report

                	
                  Servicer(1)

                
	
                  ▪
                    Other material servicers

                	
                  Servicer(1)

                
	
                  ▪
                    Trustee

                	
                  Trustee

                
	
                  ▪
                    Securities Administrator

                	
                  Securities
                    Administrator

                
	
                  ▪
                    Significant Obligor

                	
                  Depositor

                
	
                  ▪
                    Credit Enhancer (10% or more)

                	
                  Depositor

                
	
                  ▪
                    Derivative Counterparty

                	
                  Depositor

                
	
                  ▪
                    Custodian

                	
                  Custodian(2)

                

        

        
          
            
            

          

          
            P-3-1

            
              

            

          

          
            
            

          

        

        

        
          	
                  ADDITIONAL
                    FORM 8-K DISCLOSURE INFORMATION

                
	
                  Item
                    on Form 8-K

                	
                  Party
                    Responsible 

                

        

        
          	
                  Item
                    2.04- Triggering Events that Accelerate or Increase a Direct
                    Financial
                    Obligation or an Obligation under an Off-Balance Sheet
                    Arrangement

                   

                  Includes
                    an early amortization, performance trigger or other event, including
                    event
                    of default, that would materially alter the payment priority/distribution
                    of cash flows/amortization schedule.

                   

                  Disclosure
                    will be made of events other than waterfall triggers which are
                    disclosed
                    in the monthly statements to the Certificateholders.

                	
                  Depositor

                  Master
                    Servicer

                  Securities
                    Administrator

                
	
                  Item
                    3.03- Material Modification to Rights of Security
                    Holders

                   

                  Disclosure
                    is required of any material modification to documents defining
                    the rights
                    of Certificateholders, including the Trust Agreement.

                	
                  Securities
                    Administrator

                  Trustee
                    (with respect to each, only to the extent it is a party to any
                    such
                    documents)

                  Depositor

                
	
                  Item
                    5.03- Amendments of Articles of Incorporation or Bylaws; Change
                    of Fiscal
                    Year

                  Disclosure
                    is required of any amendment “to the governing documents of the issuing
                    entity”.

                	
                  Depositor

                
	
                  Item
                    6.01- ABS Informational and Computational
                    Material

                	
                  Depositor

                
	
                  Item
                    6.02- Change of Servicer or Securities Administrator

                   

                  Requires
                    disclosure of any removal, replacement, substitution or addition
                    of any
                    master servicer, affiliated servicer, other servicer servicing
                    10% or more
                    of pool assets at time of report, other material servicers or
                    trustee.

                	
                  Master
                    Servicer/Securities Administrator/Depositor/

                  Servicer(1)/Trustee
                    (as to itself)

                
	
                  Regulation
                    AB disclosure about any new servicer or master servicer is also
                    required.

                	
                  Servicer(1)/Master
                    Servicer/Depositor

                
	
                  Regulation
                    AB disclosure about any new Trustee is also required.

                	
                  New
                    Trustee

                
	
                  Item
                    6.03- Change in Credit Enhancement or External
                    Support

                  Covers
                    termination of any enhancement in manner other than by its terms,
                    the
                    addition of an enhancement, or a material change in the enhancement
                    provided. Applies to external credit enhancements as well as
                    derivatives.
                    

                	
                  Depositor/Securities
                    Administrator/Trustee

                

        

         

         

         

        
          
            
            

          

          
            P-3-2

            
              

            

          

          
            
            

          

        

         

         

        
          

          
            	
                    ADDITIONAL
                      FORM 8-K DISCLOSURE INFORMATION

                  
	
                    Item
                      on Form 8-K

                  	
                    Party
                      Responsible 

                  

          

        

        
          	
                  Regulation
                    AB disclosure about any new enhancement provider is also
                    required.

                	
                  Depositor

                
	
                  Item
                    6.04- Failure to Make a Required Distribution

                	
                  Securities
                    Administrator

                  Trustee
                    (so long as the Trustee is the Paying Agent)

                
	
                  Item
                    6.05- Securities Act Updating Disclosure

                   

                  If
                    any material pool characteristic differs by 5% or more at the
                    time of
                    issuance of the securities from the description in the final
                    prospectus,
                    provide updated Regulation AB disclosure about the actual asset
                    pool.

                	
                  Depositor

                
	
                  If
                    there are any new servicers or originators required to be disclosed
                    under
                    Regulation AB as a result of the foregoing, provide the information
                    called
                    for in Items 1108 and 1110 respectively.

                	
                  Depositor

                
	
                  Item
                    7.01- Regulation FD Disclosure

                	
                  All
                    parties

                
	
                  Item
                    8.01- Other Events

                   

                  Any
                    event, with respect to which information is not otherwise called
                    for in
                    Form 8-K, that the registrant deems of importance to
                    Certificateholders.

                	
                  Depositor

                
	
                  Item
                    9.01- Financial Statements and Exhibits

                	
                  Responsible
                    party for reporting/disclosing the financial statement or
                    exhibit

                

        

         

        (1) This
          information to be provided pursuant to the Servicing Agreement.

        (2) This
          information to be provided pursuant to the Custodial Agreement.

        

        

        
          
            
            

          

          
            P-3-3

            
              

            

          

          
            
            

          

        

        EXHIBIT
          P-4

         

        ADDITIONAL
          DISCLOSURE NOTIFICATION

        

        

        Wells
          Fargo Bank, N.A., as Securities Administrator

        9062
          Old
          Annapolis Road

        Columbia,
          Maryland 21045

        Attn:
          Corporate Trust Services - SASCO 2007-WF2 - SEC Report Processing

        

        RE:
          **Additional Form [10-D][10-K][8-K] Disclosure** Required

        

        Ladies
          and Gentlemen:

         

        In
          accordance with Section [ ] of the Trust Agreement, dated as of August
          1, 2007,
          by and among Structured Asset Securities Corporation, as Depositor, Wells
          Fargo
          Bank, N.A., as Securities Administrator, Aurora Loan Services LLC, as Master
          Servicer, Clayton Fixed Income Services Inc., as Credit Risk Manager, and
          U.S.
          Bank National Association, as Trustee, the undersigned, as [ ], hereby
          notifies
          you that certain events have come to our attention that [will] [may] need
          to be
          disclosed on Form [10-D][10-K][8-K].

         

        Description
          of Additional Form [10-D][10-K][8-K] Disclosure:

         

        

         

        List
          of any Attachments hereto to be included in the Additional Form
          [10-D][10-K][8-K] Disclosure:

         

        

         

        

         

        
          
            
            

          

          
            P-4-1

            
              

            

          

          
            
            

          

        

        

         

        Any
          inquiries related to this notification should be directed to [     ], phone
          number: [     ]; email address:
          [     ].

         

        [NAME
          OF
          PARTY],

        as
          [role]

         

        By:                    

        Name:

        Title:

        
          	 	 

          	
                  cc:

                	
                  U.S.
                    Bank National Association

                

        

        
          	 	
                  One
                    Federal Street, 3rd
                    Floor

                

        

        
          	 	
                  Boston,
                    Massachusetts 02110

                

        

        

        
          	 	
                  Structured
                    Asset Securities Corporation

                

        

        
          	 	
                  745
                    Seventh Avenue, 13th
                    Floor

                

        

        
          	 	
                  New
                    York, New York 10019

                

        

        

        

        

        

        
          
            
            

          

          
            P-4-2

            
              

            

          

          
            
            

          

        

        EXHIBIT
          Q-1

        

        FORM
          OF
          BACK-UP SARBANES-OXLEY CERTIFICATION

        

        [  ]

        [  ]

        [  ]

         

        
          	 	
                  Re:

                	
                  Structure
                    Asset Securities Corporation Mortgage Loan Trust 2007-WF2 

                  Mortgage
                    Pass-Through Certificates,
                    Series 2007-WF2

                

        

         

        [_______],
          the [_______] of [_______] (the “Company”) hereby certifies to the Depositor,
          the Master Servicer, the Securities Administrator, the Credit Risk Manager
          and
          the Trustee, and each of their officers, directors and affiliates
          that:

         

        (1) I
          have
          reviewed [the servicer compliance statement of the Company provided in
          accordance with Item 1123 of Regulation AB (the “Compliance Statement”),] the
          report on assessment of the Company’s compliance with the Servicing Criteria set
          forth in Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided in
          accordance with Rules 13a-18 and 15d-18 under the Securities Exchange Act
          of
          1934, as amended (the “Exchange Act”) and Item 1122 of Regulation AB (the
“Servicing Assessment”), the registered public accounting firm’s attestation
          report provided in accordance with Rules 13a-18 and 15d-18 under the Exchange
          Act and Section 1122(b) of Regulation AB (the “Attestation Report”), and all
          servicing reports, officer’s certificates and other information relating to the
          servicing of the Mortgage Loans by the Company during 200[ ] that were
          delivered
          by the Company to any of the Depositor, the Master Servicer and the Securities
          Administrator pursuant to the Agreement (collectively, the “Company Servicing
          Information”);

         

        (2) Based
          on
          my knowledge, the Company Servicing Information, taken as a whole, does
          not
          contain any untrue statement of a material fact or omit to state a material
          fact
          necessary to make the statements made, in the light of the circumstances
          under
          which such statements were made, not misleading with respect to the period
          of
          time covered by the Company Servicing Information;

         

        (3) Based
          on
          my knowledge, all of the Company Servicing Information required to be provided
          by the Company under the Agreement has been provided to the Depositor,
          the
          Master Servicer and the Securities Administrator;

         

        (4) I
          am
          responsible for reviewing the activities performed by [_______] as [_______]
          under the [_______] (the “Agreement”), and based on my knowledge [and the
          compliance review conducted in preparing the Compliance Statement] and
          except as
          disclosed in [the Compliance Statement,] the Servicing Assessment or the
          Attestation Report, the Company has fulfilled its obligations under the
          Agreement in all material respects; and

        
          
            
            

          

          
            Q-1-1

            
              

            

          

          
            
            

          

        

         

        (5) [The
          Compliance Statement required to be delivered by the Company pursuant to
          the
          Agreement, and] [The] [the] Servicing Assessment and Attestation Report
          required
          to be provided by the Company and [by any Subservicer or Subcontractor]
          pursuant
          to the Agreement, have been provided to the Depositor, the Master Servicer
          and
          the Securities Administrator. Any material instances of noncompliance described
          in such reports have been disclosed to the Depositor, the Master Servicer
          and
          the Securities Administrator. Any material instance of noncompliance with
          the
          Servicing Criteria has been disclosed in such reports.

         

        Capitalized
          terms used but not defined herein have the meanings ascribed to them in
          the
          Trust Agreement, dated as of August 1, 2007 (the “Trust Agreement”) by and among
          Structured Asset Securities Corporation, as Depositor, U.S. Bank National
          Association, as Trustee, Aurora Loan Services LLC, as Master Servicer,
          Clayton
          Fixed Income Services Inc., as Credit Risk Manager, and Wells Fargo Bank,
          N.A.,
          as Securities Administrator. Capitalized terms used but not defined herein
          shall
          have the meanings given to them in the Trust Agreement.

         

        

         

        [_______]

        as
          [_______]

        By:  

        Name:

        Title:

        Date:

        

        
          
            
            

          

          
            Q-1-2

            
              

            

          

          
            
            

          

        

        EXHIBIT
          Q-2

        

        FORM
          OF
          BACK-UP SARBANES-OXLEY CERTIFICATION

        TO
          BE
          PROVIDED BY THE SECURITIES ADMINISTRATOR

         

        
          	
                  Re:

                	
                  Structured
                    Asset Securities Corporation Mortgage Loan Trust 2007-WF2 (the
                    “Trust”)
                    Mortgage Pass-Through Certificates, Series 2007-WF2, issued pursuant
                    to
                    the Trust Agreement, dated as of August 1, 2007, among Structured
                    Asset
                    Securities Corporation, as Depositor, Aurora Loan Services, LLC,
                    as Master
                    Servicer, Wells Fargo Bank, N.A., as Securities Administrator,
                    Clayton
                    Fixed Income Services Inc., as Credit Risk Manager,and
                    U.S. Bank National Association, as
                    Trustee

                

        

          

        The
          Securities Administrator hereby certifies to the Depositor and the Master
          Servicer, and their respective officers, directors and affiliates, and
          with the
          knowledge and intent that they will rely upon this certification,
          that:

         

        (1) I
          have
          reviewed the annual report on Form 10-K for the fiscal year [____] (the
“Annual
          Report”), and all reports on Form 10-D required to be filed in respect of period
          covered by the Annual Report (collectively with the Annual Report, the
          “Reports”), of the Trust;

         

        (2) To
          my
          knowledge, (a) the Reports, taken as a whole, do not contain any untrue
          statement of a material fact or omit to state a material fact necessary
          to make
          the statements made, in light of the circumstances under which such statements
          were made, not misleading with respect to the period covered by the Annual
          Report, and (b) the Securities Administrator’s assessment of compliance and
          related attestation report referred to below, taken as a whole, do not
          contain
          any untrue statement of a material fact or omit to state a material fact
          necessary to make the statements made, in light of the circumstances under
          which
          such statements were made, not misleading with respect to the period covered
          by
          such assessment of compliance and attestation report;

         

        (3) To
          my
          knowledge, the distribution information required to be provided by the
          Securities Administrator under the Trust Agreement for inclusion in the
          Reports
          is included in the Reports;

         

        (4) I
          am
          responsible for reviewing the activities performed by the Securities
          Administrator under the Trust Agreement, and based on my knowledge and
          the
          compliance review conducted in preparing the assessment of compliance of
          the
          Securities Administrator required by the Trust Agreement, and except as
          disclosed in the Reports, the Securities Administrator has fulfilled its
          obligations under the Trust Agreement in all material respects; and

         

        (5) The
          report on assessment of compliance with servicing criteria applicable to
          the
          Securities Administrator for asset-backed securities of the Securities
          Administrator and each Subcontractor utilized by the Securities Administrator
          and related attestation report on assessment of compliance with servicing
          criteria applicable to it required to be included in the Annual Report
          in
          accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18
          and
          15d-18 has been included as an exhibit to the Annual Report. Any material
          instances of non-compliance are described in such report and have been
          disclosed
          in the Annual Report.

         

         

        
          
            
            

          

          
            Q-2-1

            
              

            

          

          
            
            

          

        

         

        In
          giving
          the certifications above, the Securities Administrator has reasonably relied
          on
          information provided to it by the following unaffiliated parties: [names
          of
          servicer(s), master servicer, subservicer(s), depositor, trustee,
          custodian(s)]

         

        Date:                    

        

        

        WELLS
          FARGO BANK, N.A.,

        solely
          in
          its capacity as Securities Administrator

        

                            

        [Signature]

        [Title]

        

        
          
            
            

          

          
            Q-2-2

            
              

            

          

          
            
            

          

        

        EXHIBIT
          Q-3

         

        FORM
          OF
          BACK-UP SARBANES-OXLEY CERTIFICATION TO BE PROVIDED BY [THE TRUSTEE AND
          THE
          PAYING AGENT]

         

        Re:         
          Structured
          Asset Securities Corporation Mortgage Loan Trust 2007-WF2 (the “Trust”),
          Mortgage Pass-Through Certificates, Series 2007-WF2, issued pursuant to
          the
          Trust Agreement (the “Agreement”), dated as of August 1, 2007, among Structured
          Asset Securities Corporation, as Depositor, Aurora Loan
          Services, LLC, as Master Servicer, Wells Fargo Bank, N.A. as Securities
          Administrator, Clayton Fixed Income Services Inc., as Credit Risk Manager
          and
          U.S. Bank National Association, as Trustee 

         

        U.S.
          Bank
          National Association, solely in its capacity as [Trustee and Paying Agent]
          under
          the Agreement, hereby certifies to the Depositor and the Master Servicer,
          and
          their respective officers, directors and affiliates, and with the knowledge
          and
          intent that they will rely upon this certification, that: 

         

        (1) The
          report on assessment of compliance with servicing criteria applicable to
          the
          [Trustee and Paying Agent] for asset-backed securities of the [Trustee
          and
          Paying Agent] and its related attestation report on assessment of compliance
          with servicing criteria applicable to it for inclusion in the Trust’s annual
          report on Form 10-K for the fiscal year [ ] in accordance with Item 1122
          of
          Regulation AB and Exchange Act Rules 13a-18 and 15d-18 has been delivered
          to the
          Securities Administrator, Depositor [and the Master Servicer] pursuant
          to
          Section 6.20 of the Trust Agreement. Any material instances of non-compliance
          by
          the [Trustee and Paying Agent] with the applicable servicing criteria are
          described in such report.

         

        (2) The
          assessment of compliance and related attestation reported referred to above,
          taken as a whole, do not contain any untrue statement of a material fact
          or omit
          to state a material fact necessary to make the statements made, in light
          of the
          circumstances under which such statements were made, not misleading with
          respect
          to the period covered by such assessment of compliance and attestation
          report;
          and

         

        (3) Any
          information required to be delivered pursuant to Section 3.08(b) of the
          Agreement has been provided to the Sponsor, the Depositor, the Master Servicer
          and the Securities Administrator.

         

        [In
          giving the certifications above, the [Trustee and Paying Agent] [has/have]
          reasonably relied on the accuracy and completeness of the information provided
          to it by the following unaffiliated parties: [names of servicer(s), master
          servicer, subservicer(s), depositor, trustee, custodian(s)].]

         

        
          
            
            

          

          
            Q-3-1

            
              

            

          

          
            
            

          

        

        

        U.S.
          Bank National Association, as [Trustee and Paying Agent]

        

        ________________________________

        [Signature]

        [Title]

        

        

        Date:
          ___________________________

        

        

        

        
          
            
            

          

          
            Q-3-2

            
              

            

          

          
            
            

          

        

        EXHIBIT
          R-1

        

        WATCHLIST
          REPORT

        

        
          
            
            

          

          
            R-1-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          R-2

        

        FORM
          OF
          LOSS SEVERITY REPORT

        

        
          
            
            

          

          
            R-2-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          R-3

        

        FORM
          OF
          MORTGAGE INSURANCE CLAIMS REPORT

        

        

        
          
            
            

          

          
            R-3-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          R-4

         

        FORM
          OF
          PREPAYMENT PREMIUMS REPORT

         

        
          
            
            

          

          
            R-4-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          R-5

        

        FORM
          OF
          ANALYTICS REPORT

        
          
            
            

          

          
            R-5-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          S

        

        SERVICING
          CRITERIA TO BE ADDRESSED IN 

        REPORT
          ON
          ASSESSMENT OF COMPLIANCE

        

        TO: [  ]

        

        Where
          there are multiple checks for criteria the attesting party will identify
          in
          their management assertion that they are attesting only to the portion
          of the
          distribution chain they are responsible for in the related transaction
          agreements. Capitalized terms used herein but not defined herein shall
          have the
          meanings assigned to them in the Trust Agreement dated as of August 1,
          2007 (the
“Agreement”), by and among Structured Asset Securities Corporation, as
          Depositor, U.S. Bank National Association, as Trustee, Aurora Loan Services
          LLC,
          as Master Servicer, Wells Fargo Bank, N.A., as Securities Administrator,
          and
          Clayton Fixed Income Services Inc., as Credit Risk Manager.

        

        If
          the
          Trustee and the Paying Agent are the same party, the servicing criteria
          of the
          Paying Agent listed below will be included in the Trustee’s
          report.

        

        
          	
                  Regulation
                    AB Reference

                	
                  Servicing
                    Criteria

                	
                  Paying
                    Agent

                	
                  Credit
                    Risk Manager

                	
                  Trustee
                    (not including any capacity as Paying Agent)

                	
                  Master
                    Servicer

                	
                  Securities
                    Administrator

                
	 	
                  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.

                	 	 	 	 	 
	
                  1122(d)(1)(iii)

                	
                  Any
                    requirements in the transaction agreements to maintain a back-up
                    servicer
                    for the pool assets are maintained. 

                	
                   

                	 	
                   

                	
                   

                	 
	
                  1122(d)(1)(iv)

                	
                  A
                    fidelity bond and errors and omissions policy is in effect on
                    the party
                    participating in the servicing function throughout the reporting
                    period in
                    the amount of coverage required by and otherwise in accordance
                    with the
                    terms of the transaction agreements. 

                	 	 	 	
                  X

                	 

        

        
          
            
            

          

          
            S-1

            
              

            

          

          
            
            

          

        

        

        
          	
                  Regulation
                    AB Reference

                	
                  Servicing
                    Criteria

                	
                  Paying
                    Agent

                	
                  Credit
                    Risk Manager

                	
                  
                    Trustee
                      (not including any capacity as Paying
                      Agent)

                  

                	
                  Master
                    Servicer

                	
                  Securities
                    Administrator

                
	 	
                  Cash Collection and Administration

                	 	 	 	 	 
	
                  1122(d)(2)(i)

                	
                  Payments
                    on pool assets are deposited into the appropriate custodial bank
                    accounts
                    and related bank clearing accounts no more than two business
                    days
                    following receipt, or such other number of days specified in
                    the
                    transaction agreements. 

                	
                  X

                	 	 	
                  X

                	
                  X

                
	
                  1122(d)(2)(ii)

                	
                  Disbursements
                    made via wire transfer on behalf of an obligor or to an investor
                    are made
                    only by authorized personnel. 

                	
                  X

                	 	 	
                  X

                	 
	
                  1122(d)(2)(iii)

                	
                  Advances
                    of funds or guarantees regarding collections, cash flows or distributions,
                    and any interest or other fees charged for such advances, are
                    made,
                    reviewed and approved as specified in the transaction agreements.
                    

                	 	 	 	
                  X

                	 
	
                  1122(d)(2)(iv)

                	
                  The
                    related accounts for the transaction, such as cash reserve accounts
                    or
                    accounts established as a form of over collateralization, are
                    separately
                    maintained (e.g., with respect to commingling of cash) as set
                    forth in the
                    transaction agreements. 

                	
                  X

                	 	 	
                  X

                	
                  X

                
	
                  1122(d)(2)(v)

                	
                  Each
                    custodial account is maintained at a federally insured depository
                    institution as set forth in the transaction agreements. For purposes
                    of
                    this criterion, “federally insured depository institution” with respect to
                    a foreign financial institution means a foreign financial institution
                    that
                    meets the requirements of Rule 13k-1(b)(1) of the Securities
                    Exchange Act.
                    

                	 	 	 	
                  X

                	
                  X

                
	
                  1122(d)(2)(vi)

                	
                  Unissued
                    checks are safeguarded so as to prevent unauthorized access.
                    

                	
                  X

                	 	 	
                   

                	 
	
                  1122(d)(2)(vii)
                    

                	
                  Reconciliations
                    are prepared on a monthly basis for all asset-backed securities
                    related
                    bank accounts, including custodial accounts and related bank
                    clearing
                    accounts. These reconciliations are (A) mathematically accurate;
                    (B)
                    prepared within 30 calendar days after the bank statement cutoff
                    date, or
                    such other number of days specified in the transaction agreements;
                    (C)
                    reviewed and approved by someone other than the person who prepared
                    the
                    reconciliation; and (D) contain explanations for reconciling
                    items. These
                    reconciling items are resolved within 90 calendar days of their
                    original
                    identification, or such other number of days specified in the
                    transaction
                    agreements. 

                	
                  X

                	 	 	
                  X

                	 

        

        
          
            
            

          

          
            S-2

            
              

            

          

          
            
            

          

        

        

        
          	
                  Regulation
                    AB Reference

                	
                  Servicing
                    Criteria

                	
                  Paying
                    Agent

                	
                  Credit
                    Risk Manager

                	
                  Trustee

                  (if
                    it is Paying Agent)

                	
                  Master
                    Servicer

                	
                  Securities
                    Administrator

                
	 	
                  Investor
                    Remittances and Reporting

                	 	 	 	 	 
	
                  1122(d)(3)(i)

                	
                  Reports
                    to investors, including those to be filed with the Commission,
                    are
                    maintained in accordance with the transaction agreements and
                    applicable
                    Commission requirements. Specifically, such reports (A) are prepared
                    in
                    accordance with timeframes and other terms set forth in the transaction
                    agreements; (B) provide information calculated in accordance
                    with the
                    terms specified in the transaction agreements; (C) are filed
                    with the
                    Commission as required by its rules and regulations; and (D)
                    agree with
                    investors’ or the trustee’s records as to the total unpaid principal
                    balance and number of pool assets serviced by the Servicer.
                    

                	 	
                  X

                	 	
                  X

                	
                  X

                
	
                  1122(d)(3)(ii)

                	
                  Amounts
                    due to investors are allocated and remitted in accordance with
                    timeframes,
                    distribution priority and other terms set forth in the transaction
                    agreements. 

                	
                  X

                	 	 	
                  X

                	
                  X

                
	
                  1122(d)(3)(iii)

                	
                  Disbursements
                    made to an investor are posted within two business days to the
                    Servicer’s
                    investor records, or such other number of days specified in the
                    transaction agreements. 

                	
                  X

                	 	 	
                   X

                	 

        

        
          
            
            

          

          
            S-3

            
              

            

          

          
            
            

          

        

        

        
          	
                  Regulation
                    AB Reference

                	
                  Servicing
                    Criteria

                	
                  Paying
                    Agent

                	
                  Credit
                    Risk Manager

                	
                  Trustee

                  (if
                    it is Paying Agent)

                	
                  Master
                    Servicer

                	
                  Securities
                    Administrator

                
	
                  1122(d)(3)(iv)

                	
                  Amounts
                    remitted to investors per the investor reports agree with cancelled
                    checks, or other form of payment, or custodial bank statements.
                    

                	
                  X

                	 	 	
                  X

                	 
	 	
                  Pool
                    Asset Administration

                	 	 	 	 	 
	
                  1122(d)(4)(i)
                    

                	
                  Collateral
                    or security on pool assets is maintained as required by the transaction
                    agreements or related pool asset documents. 

                	
                   

                	 	 	 	 
	
                  1122(d)(4)(ii)

                	
                  Pool
                    assets and related documents are safeguarded as required by the
                    transaction agreements 

                	
                   

                	 	 	 	 
	
                  1122(d)(4)(iii)

                	
                  Any
                    additions, removals or substitutions to the asset pool are made,
                    reviewed
                    and approved in accordance with any conditions or requirements
                    in the
                    transaction agreements. 

                	
                   

                	 	
                  X

                	 	 
	
                  1122(d)(4)(iv)

                	
                  Payments
                    on pool assets, including any payoffs, made in accordance with
                    the related
                    pool asset documents are posted to the Servicer’s obligor records
                    maintained no more than two business days after receipt, or such
                    other
                    number of days specified in the transaction agreements, and allocated
                    to
                    principal, interest or other items (e.g., escrow) in accordance
                    with the
                    related pool asset documents. 

                	 	 	 	 	 
	
                  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.
                    

                	 	 	 	 	 
	
                  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

                	 

        

        
          
            
            

          

          
            S-4

            
              

            

          

          
            
            

          

        

        

        
          	
                  Regulation
                    AB Reference

                	
                  Servicing
                    Criteria

                	
                  Paying
                    Agent

                	
                  Credit
                    Risk Manager

                	
                  Trustee

                  (if
                    it is Paying Agent)

                	
                  Master
                    Servicer

                	
                  Securities
                    Administrator

                

        

        
          	
                  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).
                    

                	 	 	 	 	 
	
                  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. 

                	 	 	 	 	 
	
                  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. 

                	 	 	 	 	 
	
                  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. 

                	 	 	 	
                   

                	 

        

         

         

         

        
          
            
            

          

          
            S-5

            
              

            

          

          
            
            

          

        

         

          

          
            	
                    Regulation
                      AB Reference

                  	
                    Servicing
                      Criteria

                  	
                    Paying
                      Agent

                  	
                    Credit
                      Risk Manager

                  	
                    Trustee

                    (if
                      it is Paying Agent)

                  	
                    Master
                      Servicer

                  	
                    Securities
                      Administrator

                  

          

        

        
          	
                  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. 

                	 	 	 	
                   

                	 
	
                  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. 

                	 	 	 	
                   

                	 
	
                  1122(d)(4)(xiv)
                    

                	
                  Delinquencies,
                    charge-offs and uncollectible accounts are recognized and recorded
                    in
                    accordance with the transaction agreements. 

                	 	 	 	
                  X

                	 
	
                  1122(d)(4)(xv)

                	
                  Any
                    external enhancement or other support, identified in Item 1114(a)(1)
                    through (3) or Item 1115 of Regulation AB, is maintained as set
                    forth in
                    the transaction agreements. 

                	 	 	
                  X

                	 	 

        

        
          
            
            

          

          
            S-6

            
              

            

          

          
            
            

          

        

        EXHIBIT
          T

        

        FORM
          OF
          MODIFIED LOAN REPORT

        

        
          	
                  Loan
                    Number

                	
                  Modification
                    Effective Date

                	
                  UPB
                    Prior to Modification

                	
                  UPB
                    Post Modification

                	
                  Interest
                    Rate Prior to Modification

                	
                  Modified
                    Interest Rate

                	
                  Scheduled
                    P&I Payment Prior to Modification

                	
                  Modified
                    Scheduled P&I Payment

                	
                  Maturity
                    Date Prior to Modification

                	
                  Modified
                    Maturity Date

                
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 

        

        

        
          
            
            

          

          
            T-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          U

        

        FORM
          OF
          CERTIFICATION

        TO
          BE
          PROVIDED BY THE CREDIT RISK MANAGER

        

         

        FORM
          OF
          CERTIFICATION

         

        Re:
          Structured Asset Securities Corporation Mortgage Loan Trust 2007-WF2 Mortgage
          Pass-Through Certificates, Series 2007-WF2 issued pursuant to the Trust
          Agreement dated as of August 1, 2007, among Structured Asset Securities
          Corporation, as Depositor (the “Depositor”), Aurora Loan Services LLC, as Master
          Servicer, Clayton Fixed Income Services Inc., as Credit Risk Manager, U.S.
          Bank
          National Association, as Trustee (the “Trustee”),
          and Wells Fargo Bank,
          N.A., as Securities Administrator. 

         

        CLAYTON
          FIXED INCOME SERVICES INC. (the “Credit Risk Manager”) certifies to the
          Depositor, the Sponsor, the Master Servicer, the Securities Administrator
          and
          [10-K Signatory Entity], its officers, directors and affiliates, and with
          the
          knowledge and intent that they will rely upon this certification,
          that:

         

        
          	 	
                  1.

                	
                  Based
                    on the knowledge of the Credit Risk Manager, taken as a whole,
                    the
                    information in the reports provided during the calendar year
                    immediately
                    preceding the date of this certificate (the “Relevant Year”) by the Credit
                    Risk Manager pursuant to the Master Consulting Agreement dated
                    as of
                    January 28, 2004 (the
                    “Master Consulting Agreement”), by and between the Credit Risk Manager and
                    Lehman Brothers Holdings Inc. and pursuant to Transaction Addendum
                    SASCO
                    2007-WF2 (the “Transaction Addendum SASCO 2007-WF2”), does not contain any
                    untrue statement of a material fact or omit to state a material
                    fact
                    necessary to make the statements made, in light of the circumstances
                    under
                    which such statements were made, not misleading as of the date
                    that each
                    of such reports was provided; and

                

        

         

        
          	 	
                  2.

                	
                  The
                    Credit Risk Manager has fulfilled its obligations under the Master
                    Consulting Agreement and Transaction Addendum SASCO 2007-WF2
                    throughout
                    the Relevant Year.

                

        

         

        CLAYTON
          FIXED INCOME SERVICES INC.

         

        By:                    

         

        Name:                    

         

        Title:                    

         

        
          
            
            

          

          
            U-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          V

         

        TRANSACTION
          PARTIES

         

        Sponsor
          and Seller: Lehman Brothers Holdings Inc.

         

        Depositor:
          Structured Asset Securities Corporation

         

        Trustee:
          U.S. Bank National Association

         

        Securities
          Administrator: Wells Fargo Bank, N.A.

         

        Master
          Servicer: Aurora Loan Services LLC

         

        Credit
          Risk Manager: Clayton Fixed Income Services Inc.

         

        Swap
          Counterparty: Credit Suisse International

         

        Cap
          Counterparty: Credit Suisse International

         

        Servicer(s):
          Wells Fargo Bank, N.A.

         

        Originator(s):
          Wells Fargo Bank, N.A.

         

        Custodian(s):
          Wells Fargo Bank, N.A.

         

        Paying
          Agent: U.S. Bank National Association

         

        

         

        
          
            
            

          

          
            V-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          W

         

        [Reserved]

         

        
          
            
            

          

          
            W-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          X

         

        [Reserved]

         

        
          
            
            

          

          
            X-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          Y

         

        FORM
          OF
          CALL OPTION NOTICE

         

        [Date]

        

        [___________]

        [___________]

        [___________]

        Attention:
          [___________]

        

         

        
          	
                  Re:

                	
                  CALL
                    OPTION NOTICE

                

          	 	Trust Agreement relating to the Structured Asset
                  Securities Corporation Mortgage Loan Trust 2007-WF2 Mortgage Pass-Through
                  Certificates, Series 2007-WF2, dated as of August 1, 2007, among
                  Structured Asset Securities Corporation, as Depositor, Aurora Loan
                  Services LLC, as Master Servicer, Clayton Fixed Income Services
                  Inc., as
                  Credit Risk Manager, Wells Fargo Bank, N.A., as Securities Administrator,
                  and U.S. Bank National Association, as
                  Trustee

          	 	 

        

        Ladies
          and Gentlemen:

        

        In
          accordance with Section 7.01(d)(i) of the above-referenced Trust Agreement,
          Aurora Loan Services LLC, as Master Servicer, hereby notifies you that
          the
          option to purchase the Mortgage Loans and certain other property of the
          Trust
          Fund may be exercised on the Distribution Date of this month. The Bid Due
          Date
          for this month is [_____] [__], 20[__]. 

        

        [In
          accordance with Section 7.01(d)(vii) of the Trust Agreement, if no Call
          Option
          Holder submits a Purchaser Call Option Notice on or before such Bid Due
          Date,
          then, on the immediately succeeding Distribution Date, the Master Servicer
          may
          exercise the option to purchase the Mortgage Loans and certain other property
          of
          the Trust Fund pursuant to Section 7.01(b) or Section 7.01(c) of the Trust
          Agreement.]

        

        Capitalized
          terms used and not defined herein are used as defined in the Trust
          Agreement.

        

        Very
          truly yours,

        

        Aurora
          Loan Services LLC

        

        By:
          ___________________________

         

        Name:
          _________________________

         

        Title:
          __________________________

         

        
          
            
            

          

          
            Y-1

            
              

            

          

          
            
            

          

        

        EXHIBIT
          Z

         

        FORM
          OF
          PURCHASER CALL OPTION NOTICE

        

        [Date]

        

        Aurora
          Loan Services LLC

        10350
          Park Meadows Drive 

        Littleton,
          Colorado 80124

        Attn:
          SASCO 2007-WF2

        

         

        
          	
                  Re:

                	
                  PURCHASER
                    CALL OPTION NOTICE

                

        

        
          	 	
                  Trust
                    Agreement relating to the Structured Asset Securities Corporation
                    Mortgage
                    Loan Trust 2007-WF2 Mortgage Pass-Through Certificates, Series
                    2007-WF2,
                    dated as of August 1, 2007, among Structured Asset Securities
                    Corporation,
                    as Depositor, Aurora Loan Services LLC, as Master Servicer, Clayton
                    Fixed
                    Income Services Inc., as Credit Risk Manager, Wells Fargo Bank,
                    N.A., as
                    Securities Administrator,
                    and U.S. Bank National Association, as
                    Trustee

                

        

        

        Ladies
          and Gentlemen:

        

        In
          accordance with Section 7.01(d)(iii) of the above-referenced Trust Agreement,
          [NIM Residual Securities holder][Class X Certificateholder] hereby requests
          Aurora Loan Services LLC (the “Master Servicer”) to exercise the option to
          purchase on its behalf with respect to all, but no fewer than all, of the
          Mortgage Loans and other property of the Trust Fund relating to the Structured
          Asset Securities Corporation Mortgage Loan Trust Mortgage Pass-Through
          Certificates, Series 2007-WF2.

        

        The
          Bid
          Price for such assets shall be $___________.

        

        Capitalized
          terms used and not defined herein are used as defined in the Trust
          Agreement.

        

        Very
          truly yours,

        

        [CALL
          OPTION HOLDER]

        

        By:
          ___________________________

         

        Name:
          _________________________

        

        Title:
          __________________________

        

         

        
          
            
            

          

          
            Z-1

            
              

            

          

          
            
            

          

        

        SCHEDULE
          A

         

        MORTGAGE
          LOAN SCHEDULE

         

        [To
          be
          retained in a separate closing binder entitled “SASCO 2007-WF2 Mortgage Loan
          Schedule” at McKee Nelson LLP] 

        
          
            
            

          

          
            Sched.
              A-1

            
              

            

          

          
            
            

          

        

        SCHEDULE
          B

         

        FIRST
          PAYMENT DEFAULT MORTGAGE LOANS

         

        [To
          be
          retained in a separate closing binder entitled “SASCO 2007-WF2 First Payment
          Default Mortgage Loans” at McKee Nelson LLP]

        
          
            
            

          

          
            Sched.
              B-1EXECUTION
        COPY

       

    

    STRUCTURED
      ASSET SECURITIES CORPORATION,

    as
      Depositor,

     

    AURORA
      LOAN SERVICES LLC,

    as
      Master
      Servicer,

     

    and

     

    U.S.
      BANK
      NATIONAL ASSOCIATION,

    as
      Trustee

     

      
        

      

       

    

    TRUST
      AGREEMENT

     

    Dated
      as
      of August 1, 2007

     

    
      
 

    LEHMAN
      XS
      TRUST

     

    MORTGAGE
      PASS-THROUGH CERTIFICATES,

     

    SERIES
      2007-16N

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF CONTENTS

    

      
        	 	 	 	 	
                Page

              
	
                ARTICLE
                  I. DEFINITIONS

              	 	
                22

              
	 	 	 
	
                Section
                  1.01.

              	 	
                Definitions

              	 	
                22

              
	
                Section
                  1.02.

              	 	
                Calculations
                  Respecting Mortgage Loans

              	 	
                82

              
	
                Section
                  1.03.

              	 	
                Calculations
                  Respecting Accrued Interest

              	 	
                83

              
	
                Section
                  1.04.

              	 	
                Rights
                  of the NIMS Insurer

              	 	
                83

              
	 	 	 	 	 
	
                ARTICLE
                  II. DECLARATION
                  OF TRUST; ISSUANCE OF CERTIFICATES

              	 	
                83

              
	 	 	 
	
                Section
                  2.01.

              	 	
                Creation
                  and Declaration of Trust Fund; Conveyance of Mortgage
                  Loans

              	 	
                83

              
	
                Section
                  2.02.

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

              	 	
                87

              
	
                Section
                  2.03.

              	 	
                Representations
                  and Warranties of the Depositor

              	 	
                89

              
	
                Section
                  2.04.

              	 	
                Discovery
                  of Breach

              	 	
                91

              
	
                Section
                  2.05.

              	 	
                Repurchase,
                  Purchase or Substitution of Mortgage Loans

              	 	
                92

              
	
                Section
                  2.06.

              	 	
                Grant
                  Clause

              	 	
                93

              
	 	 	 	 	 
	
                ARTICLE
                  III. THE
                  CERTIFICATES

              	 	
                94

              
	 	 	 
	
                Section
                  3.01.

              	 	
                The
                  Certificates

              	 	
                94

              
	
                Section
                  3.02.

              	 	
                Registration

              	 	
                95

              
	
                Section
                  3.03.

              	 	
                Transfer
                  and Exchange of Certificates

              	 	
                96

              
	
                Section
                  3.04.

              	 	
                Cancellation
                  of Certificates

              	 	
                102

              
	
                Section
                  3.05.

              	 	
                Replacement
                  of Certificates

              	 	
                102

              
	
                Section
                  3.06.

              	 	
                Persons
                  Deemed Owners

              	 	
                102

              
	
                Section
                  3.07.

              	 	
                Temporary
                  Certificates

              	 	
                102

              
	
                Section
                  3.08.

              	 	
                Appointment
                  of Paying Agent

              	 	
                103

              
	
                Section
                  3.09.

              	 	
                Book
                  Entry Certificates

              	 	
                104

              
	
                Section
                  3.10.

              	 	
                Deposit
                  of Underlying REMIC Certificates under the Exchange Trust
                  Agreement

              	 	
                105

              
	 	 	 	 	 
	
                ARTICLE
                  IV. ADMINISTRATION
                  OF THE TRUST FUND

              	 	
                105

              
	 	 	 
	
                Section
                  4.01.

              	 	
                Collection
                  Account

              	 	
                105

              
	
                Section
                  4.02.

              	 	
                Application
                  of Funds in the Collection Account

              	 	
                107

              
	
                Section
                  4.03.

              	 	
                Reports
                  to Certificateholders

              	 	
                110

              
	
                Section
                  4.04.

              	 	
                The
                  Certificate Account

              	 	
                115

              

      

       

      
        
          
          

        

        
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          TABLE
            OF CONTENTS

          (continued)

        

      

       

      
        	 	 	
                Page

              
	
                ARTICLE
                  V. DISTRIBUTIONS
                  TO HOLDERS OF CERTIFICATES

              	 	
                116

              
	 	 	 
	
                Section
                  5.01.

              	 	
                Distributions
                  Generally

              	 	
                116

              
	
                Section
                  5.02.

              	 	
                Distributions
                  from the Certificate Account.

              	 	
                117

              
	
                Section
                  5.03.

              	 	
                Allocation
                  of Losses

              	 	
                137

              
	 	 	
                (a)
                  On each Distribution Date, the aggregate Class Principal Amount
                  of the
                  Certificates shall be reduced by the amount of any Pool 1 Applied
                  Loss
                  Amount for such date, in the following order of priority:

              	 	
                137

              
	
                Section
                  5.04.

              	 	
                Advances
                  by Master Servicer, Servicers and Trustee

              	 	
                138

              
	
                Section
                  5.05.

              	 	
                Compensating
                  Interest Payments

              	 	
                139

              
	
                Section
                  5.06.

              	 	
                Pool
                  1 Basis Risk Reserve Fund and Pool 2-3 Basis Risk Reserve
                  Fund

              	 	
                139

              
	
                Section
                  5.07.

              	 	
                Supplemental
                  Interest Trusts

              	 	
                140

              
	
                Section
                  5.08.

              	 	
                Rights
                  of each Swap Counterparty

              	 	
                141

              
	
                Section
                  5.09.

              	 	
                Termination
                  Receipts

              	 	
                141

              
	
                Section
                  5.10.

              	 	
                Collateral
                  Account

              	 	
                142

              
	
                Section
                  5.11.

              	 	
                Class
                  AP-I, Class 2-AP and 3-AP Reserve Funds

              	 	
                142

              
	
                Section
                  5.12.

              	 	
                X-I
                  Component Account and X-II Component Account

              	 	
                143

              
	
                Section
                  5.13.

              	 	
                The
                  Certificate Insurance Policy

              	 	
                144

              
	 	 	 	 	 
	
                ARTICLE
                  VI. CONCERNING
                  THE TRUSTEE; EVENTS OF DEFAULT

              	 	
                147

              
	 	 	 
	
                Section
                  6.01.

              	 	
                Duties
                  of Trustee

              	 	
                147

              
	
                Section
                  6.02.

              	 	
                Certain
                  Matters Affecting the Trustee

              	 	
                150

              
	
                Section
                  6.03.

              	 	
                Trustee
                  Not Liable for Certificates

              	 	
                151

              
	
                Section
                  6.04.

              	 	
                Trustee
                  May Own Certificates

              	 	
                152

              
	
                Section
                  6.05.

              	 	
                Eligibility
                  Requirements for Trustee

              	 	
                152

              
	
                Section
                  6.06.

              	 	
                Resignation
                  and Removal of Trustee

              	 	
                152

              
	
                Section
                  6.07.

              	 	
                Successor
                  Trustee

              	 	
                153

              
	
                Section
                  6.08.

              	 	
                Merger
                  or Consolidation of Trustee

              	 	
                154

              
	
                Section
                  6.09.

              	 	
                Appointment
                  of Co-Trustee, Separate Trustee or Custodian

              	 	
                154

              
	
                Section
                  6.10.

              	 	
                Authenticating
                  Agents

              	 	
                156

              
	
                Section
                  6.11.

              	 	
                Indemnification
                  of Trustee

              	 	
                157

              

      

       

      
        
          
          

        

        
          -ii-

          
            

          

        

        
          
          

        

      

       

        TABLE
          OF CONTENTS

        (continued)

         

      

      
        	 	 	 	 	
                Page

              
	
                Section
                  6.12.

              	 	
                Fees
                  and Expenses of Trustee and Custodian

              	 	
                158

              
	
                Section
                  6.13.

              	 	
                Collection
                  of Monies

              	 	
                158

              
	
                Section
                  6.14.

              	 	
                Events
                  of Default; Trustee To Act; Appointment of Successor

              	 	
                158

              
	
                Section
                  6.15.

              	 	
                Additional
                  Remedies of Trustee Upon Event of Default

              	 	
                163

              
	
                Section
                  6.16.

              	 	
                Waiver
                  of Defaults

              	 	
                163

              
	
                Section
                  6.17.

              	 	
                Notification
                  to Holders

              	 	
                164

              
	
                Section
                  6.18.

              	 	
                Directions
                  by Certificateholders and Duties of Trustee During Event of
                  Default

              	 	
                164

              
	
                Section
                  6.19.

              	 	
                Action
                  Upon Certain Failures of the Master Servicer and Upon Event of
                  Default

              	 	
                165

              
	
                Section
                  6.20.

              	 	
                Preparation
                  of Tax Returns and Other Reports

              	 	
                165

              
	
                Section
                  6.21.

              	 	
                Reporting
                  Requirements of the Commission

              	 	
                172

              
	
                Section
                  6.22.

              	 	
                Indemnification
                  by the Trustee

              	 	
                172

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

              	 	
                173

              
	 	 	 
	
                Section
                  7.01.

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

              	 	
                173

              
	
                Section
                  7.02.

              	 	
                Procedure
                  Upon Termination of Trust Fund

              	 	
                176

              
	
                Section
                  7.03.

              	 	
                Additional
                  Trust Fund Termination Requirements

              	 	
                177

              
	
                Section
                  7.04.

              	 	
                Optional
                  Purchase Right of NIMS Insurer

              	 	
                178

              
	 	 	 	 	 
	
                ARTICLE
                  VIII. RIGHTS
                  OF CERTIFICATEHOLDERS

              	 	
                178

              
	 	 	 
	
                Section
                  8.01.

              	 	
                Limitation
                  on Rights of Holders

              	 	
                178

              
	
                Section
                  8.02.

              	 	
                Access
                  to List of Holders

              	 	
                179

              
	
                Section
                  8.03.

              	 	
                Acts
                  of Holders of Certificates

              	 	
                179

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

              	 	
                180

              
	 	 	 
	
                Section
                  9.01.

              	 	
                Duties
                  of the Master Servicer

              	 	
                180

              
	
                Section
                  9.02.

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

              	 	
                181

              
	
                Section
                  9.03.

              	 	
                Master
                  Servicer’s Financial Statements and Related Information

              	 	
                181

              
	
                Section
                  9.04.

              	 	
                Power
                  to Act; Procedures

              	 	
                182

              

      

       

      
        
          
          

        

        
          -iii-

          
            

          

        

        
          
          

        

      

       

        TABLE
          OF CONTENTS

        (continued)

         

      

      
        	 	 	 	 	
                Page

              
	
                Section
                  9.05.

              	 	
                Enforcement
                  of Servicers’ and Master Servicer’s Obligations

              	 	
                183

              
	
                Section
                  9.06.

              	 	
                Collection
                  of Taxes, Assessments and Similar Items

              	 	
                184

              
	
                Section
                  9.07.

              	 	
                Termination
                  of Servicing Agreements; Successor Servicers

              	 	
                185

              
	
                Section
                  9.08.

              	 	
                Master
                  Servicer Liable for Enforcement

              	 	
                186

              
	
                Section
                  9.09.

              	 	
                No
                  Contractual Relationship Between the Servicer, Any NIMS Insurer
                  and
                  Trustee or Depositor

              	 	
                186

              
	
                Section
                  9.10.

              	 	
                Assumption
                  of Servicing Agreement by the Trustee

              	 	
                186

              
	
                Section
                  9.11.

              	 	
                Due-on-Sale
                  Clauses; Assumption Agreements; Easements

              	 	
                187

              
	
                Section
                  9.12.

              	 	
                Release
                  of Mortgage Files

              	 	
                187

              
	
                Section
                  9.13.

              	 	
                Documents,
                  Records and Funds in Possession of Master Servicer To Be Held for
                  Trustee

              	 	
                189

              
	
                Section
                  9.14.

              	 	
                Representations
                  and Warranties of the Master Servicer

              	 	
                191

              
	
                Section
                  9.15.

              	 	
                Opinion

              	 	
                193

              
	
                Section
                  9.16.

              	 	
                Standard
                  Hazard and Flood Insurance Policies

              	 	
                194

              
	
                Section
                  9.17.

              	 	
                Presentment
                  of Claims and Collection of Proceeds

              	 	
                194

              
	
                Section
                  9.18.

              	 	
                Maintenance
                  of the Primary Mortgage Insurance Policies

              	 	
                194

              
	
                Section
                  9.19.

              	 	
                Trustee
                  To Retain Possession of Certain Insurance Policies and
                  Documents

              	 	
                195

              
	
                Section
                  9.20.

              	 	
                Realization
                  Upon Defaulted Mortgage Loans

              	 	
                195

              
	
                Section
                  9.21.

              	 	
                Compensation
                  to the Master Servicer

              	 	
                196

              
	
                Section
                  9.22.

              	 	
                REO
                  Property

              	 	
                197

              
	
                Section
                  9.23.

              	 	
                Notice
                  to the Sponsor, the Depositor and the Trustee

              	 	
                197

              
	
                Section
                  9.24.

              	 	
                Reports
                  to the Trustee

              	 	
                198

              
	
                Section
                  9.25.

              	 	
                Assessment
                  of Compliance and Attestation Reports

              	 	
                199

              
	
                Section
                  9.26.

              	 	
                Annual
                  Statement of Compliance with Applicable Servicing Criteria

              	 	
                200

              
	
                Section
                  9.27.

              	 	
                Merger
                  or Consolidation

              	 	
                201

              
	
                Section
                  9.28.

              	 	
                Resignation
                  of Master Servicer

              	 	
                201

              
	
                Section
                  9.29.

              	 	
                Assignment
                  or Delegation of Duties by the Master Servicer

              	 	
                202

              
	
                Section
                  9.30.

              	 	
                Limitation
                  on Liability of the Master Servicer and Others

              	 	
                202

              
	
                Section
                  9.31.

              	 	
                Indemnification;
                  Third Party Claims

              	 	
                203

              

      

       

      
        
          
          

        

        
          -iv-

          
            

          

        

        
          
          

        

      

       

        
          TABLE
            OF CONTENTS

          (continued)

           

        

      

      
        	 	 	 	 	
                Page

              
	
                Section
                  9.32.

              	 	
                Special
                  Servicing of Delinquent Mortgage Loans

              	 	
                204

              
	
                Section
                  9.33.

              	 	
                Allocation
                  to Related Mortgage Pool

              	 	
                204

              
	 	 	 	 	 
	
                ARTICLE
                  X. REMIC
                  ADMINISTRATION

              	 	
                204

              
	 	 	 
	
                Section
                  10.01.

              	 	
                REMIC
                  Administration

              	 	
                204

              
	
                Section
                  10.02.

              	 	
                Prohibited
                  Transactions and Activities

              	 	
                218

              
	
                Section
                  10.03.

              	 	
                Indemnification
                  with Respect to Certain Taxes and Loss of REMIC Status

              	 	
                218

              
	
                Section
                  10.04.

              	 	
                REO
                  Property

              	 	
                218

              
	 	 	 	 	 
	
                ARTICLE
                  XI. MISCELLANEOUS
                  PROVISIONS

              	 	
                219

              
	 	 	 
	
                Section
                  11.01.

              	 	
                Binding
                  Nature of Agreement; Assignment

              	 	
                219

              
	
                Section
                  11.02.

              	 	
                Entire
                  Agreement

              	 	
                219

              
	
                Section
                  11.03.

              	 	
                Amendment.

              	 	
                219

              
	
                Section
                  11.04.

              	 	
                Voting
                  Rights

              	 	
                221

              
	
                Section
                  11.05.

              	 	
                Provision
                  of Information

              	 	
                222

              
	
                Section
                  11.06.

              	 	
                Governing
                  Law

              	 	
                222

              
	
                Section
                  11.07.

              	 	
                Notices

              	 	
                222

              
	
                Section
                  11.08.

              	 	
                Severability
                  of Provisions

              	 	
                223

              
	
                Section
                  11.09.

              	 	
                Indulgences;
                  No Waivers

              	 	
                223

              
	
                Section
                  11.10.

              	 	
                Headings
                  Not To Affect Interpretation

              	 	
                223

              
	
                Section
                  11.11.

              	 	
                Benefits
                  of Agreement

              	 	
                223

              
	
                Section
                  11.12.

              	 	
                Special
                  Notices to the Rating Agencies, the Certificate Insurer, the Swap
                  Counterparties and NIMS Insurer

              	 	
                223

              
	
                Section
                  11.13.

              	 	
                Conflicts

              	 	
                224

              
	
                Section
                  11.14.

              	 	
                Counterparts

              	 	
                225

              
	
                Section
                  11.15.

              	 	
                Transfer
                  of Servicing

              	 	
                225

              
	
                Section
                  11.16.

              	 	
                Third
                  Party Rights

              	 	
                227

              
	
                Section
                  11.17.

              	 	
                Matters
                  Relating to the Certificate Insurance Policy

              	 	
                227

              

      

    

     

    
      
        
        

      

      
        -v-

        
          

        

      

      
        
        

      

    

    TABLE
      OF CONTENTS

    (continued)

    

      
        	 	 	 	 	 	
                Page

              
	
                ATTACHMENTS

              	 	 	 	 	 
	
                Exhibit
                  A

              	 	 	
                Forms
                  of Certificates

              	 	 
	
                Exhibit
                  B-1

              	 	 	
                Form
                  of Initial Certification

              	 	 
	
                Exhibit
                  B-2

              	 	 	
                Form
                  of Interim Certification

              	 	 
	
                Exhibit
                  B-3

              	 	 	
                Form
                  of Final Certification

              	 	 
	
                Exhibit
                  B-4

              	 	 	
                Form
                  of Endorsement

              	 	 
	
                Exhibit
                  C

              	 	 	
                Request
                  for Release of Documents and Receipt

              	 	 
	
                Exhibit
                  D-l

              	 	 	
                Form
                  of Residual Certificate Transfer Affidavit (Transferee)

              	
              	 
	
                Exhibit
                  D-2

              	 	 	
                Form
                  of Residual Certificate Transfer Affidavit (Transferor)

              	
                 

              	 
	
                Exhibit
                  E

              	 	 	
                Servicing
                  Agreements

              	 	 
	
                Exhibit
                  F

              	 	 	
                Form
                  of Rule 144A Transfer Certificate

              	 	 
	
                Exhibit
                  G

              	 	 	
                Form
                  of Purchaser’s Letter for Institutional Accredited
                  Investors

              	 	 
	
                Exhibit
                  H

              	 	 	
                Form
                  of ERISA Transfer Affidavit

              	 	 
	
                Exhibit
                  I

              	 	 	
                [Reserved]

              	
              	 
	
                Exhibit
                  J

              	 	 	
                [Reserved]

              	
                 

              	 
	
                Exhibit
                  K

              	 	 	
                Custodial
                  Agreements

              	 	 
	
                Exhibit
                  L

              	 	 	
                Form
                  of Exchange Trust Agreement (including Available Combination Schedule)

              	
                 

              	 
	
                Exhibit
                  M

              	 	 	
                Form
                  of Certificate Insurance Policy

              	 	 
	
                Exhibit
                  N

              	 	 	
                Forms
                  of Swap Agreements

              	 	 
	
                Exhibit
                  O

              	 	 	
                Forms
                  of Interest Rate Cap Agreements

              	 	 
	
                Exhibit
                  P

              	 	 	
                [Reserved]

              	
                 

              	 
	
                Exhibit
                  Q-1

              	 	 	
                Additional
                  Form 10-D Disclosure

              	 	 
	
                Exhibit
                  Q-2

              	 	 	
                Additional
                  Form 10-K Disclosure

              	 	 
	
                Exhibit
                  Q-3

              	 	 	
                Additional
                  Form 8-K Disclosure

              	 	 
	
                Exhibit
                  Q-4

              	 	 	
                Additional
                  Disclosure Notification

              	 	 
	
                Exhibit
                  R

              	 	 	
                Servicing
                  Criteria to be Addressed in Report on Assessment of
                  Compliance

              	 	 
	
                Exhibit
                  S

              	 	 	
                Transaction
                  Parties

              	 	 
	
                Exhibit
                  T

              	 	 	
                Form
                  of Back-Up Sarbanes-Oxley Certification

              	 	 
	
                Exhibit
                  U

              	 	 	
                Form
                  of Back-Up Sarbanes-Oxley Certification to be Provided by the
                  Trustee

              	 	 
	
                Schedule
                  A

              	 	 	
                Mortgage
                  Loan Schedule

              	 	 
	
                Schedule
                  B

              	 	 	
                Swap
                  Agreement Scheduled Notional Amounts and Rates of Payment

              	 	 

      

    

    
       

      
        
          
          

        

        
          -vi-

          
            

          

        

        
          
          

        

      

       

    

    This
      TRUST AGREEMENT, dated as of August 1, 2007 (the “Agreement”), is by and among
      STRUCTURED ASSET SECURITIES CORPORATION, a Delaware corporation, as depositor
      (the “Depositor”), AURORA LOAN SERVICES LLC, as master servicer (the “Master
      Servicer”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association,
      as trustee (the “Trustee”).

     

    PRELIMINARY
      STATEMENT

     

    The
      Depositor has acquired the Mortgage Loans from Lehman Brothers Holdings Inc.
      (the “Seller”), and at the Closing Date is the owner of the Mortgage Loans and
      the other property being conveyed by it to the Trustee hereunder for inclusion
      in the Trust Fund. On the Closing Date, the Depositor will acquire the
      Certificates from the Trust Fund as consideration for its transfer to the Trust
      Fund of the Mortgage Loans and the other property constituting the Trust Fund.
      The Depositor has duly authorized the execution and delivery of this Agreement
      to provide for the conveyance to the Trustee of the Mortgage Loans and the
      other
      property constituting the Trust Fund. All covenants and agreements made by
      the
      Seller in the Mortgage Loan Sale Agreement and by the Depositor, the Master
      Servicer and the Trustee herein with respect to the Mortgage Loans and the
      other
      property constituting the Trust Fund are for the benefit of the Holders from
      time to time of the Certificates and, to the extent provided herein, any NIMS
      Insurer and the Swap Counterparty. The Depositor, the Trustee and the Master
      Servicer are entering into this Agreement, and the Trustee is accepting the
      Trust Fund created hereby, for good and valuable consideration, the receipt
      and
      sufficiency of which are hereby acknowledged.

     

    As
      provided herein, the Trustee shall elect that the Trust Fund (other than (i)
      the
      Pool 1 Basis Risk Reserve Fund and the Pool 2-3 Basis Risk Reserve Fund, (ii)
      the rights to receive Prepayment Premiums distributable to the Class P
      Certificates and the Class P Reserve Funds, (iii) the X-I Component Account
      and
      X-II Component Account, (iv) the Interest Rate Cap Agreements and the Interest
      Rate Cap Accounts, (v) the Swap Agreements and the Supplemental Interest Trusts
      and (vi) the Lower Tier Interests) be treated for federal income tax purposes
      as
      comprising six real estate mortgage investment conduits (each a “REMIC” or, in
      the alternative, the “SWAP I REMIC,” “REMIC I-1,” “REMIC I-2,” the “SWAP II
      REMIC,” “REMIC II-1” and “REMIC II-2”). Each Group I Certificate and each Class
      X-I Certificate represents ownership of one or more regular interests in REMIC
      I-2 for purposes of the REMIC Provisions. In addition, (i) each Group I
      Certificate represents the right to receive payments with respect to Excess
      Interest and (ii) each Group I Certificate represents the obligation to make
      payments in respect of Class I-I Shortfalls.  Each
      Group II Certificate (other than any Exchange Certificate or Exchangeable
      Certificate) and each Class X-II Certificate represents ownership of one or
      more
      regular interests in REMIC II-2 for purposes of the REMIC Provisions. In
      addition, (i) each Group II Certificate (other than any Exchange Certificate
      or
      Exchangeable Certificate) represents the right to receive payments with respect
      to Excess Interest and (ii) each Group II Certificate represents the obligation
      to make payments in respect of Class I-II Shortfalls. The
      Class
      R Certificate represents ownership of the sole Class of residual interest in
      each REMIC for purposes of the REMIC Provisions. Each Exchange Class or
      Exchangeable Class represents a beneficial interest in a grantor trust created
      under the Exchange Trust Agreement holding the related Underlying REMIC
      Certificates.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Mortgage
      Group I REMICs

     

    REMIC
      I-2
      shall hold as its assets the several Classes of uncertificated REMIC I-1 Regular
      Interests and each such REMIC I-1 Regular Interest is hereby designated as
      a
      regular interest in REMIC I-1. REMIC I-1 shall hold as its assets the several
      Classes of uncertificated SWAP I REMIC Regular Interests and each such SWAP
      I
      REMIC Regular Interest is hereby designated as a regular interest in the SWAP
      I
      REMIC. The SWAP I REMIC shall hold as its assets the property of the Trust
      Fund
      related to Mortgage Group I other than (i) any Swap Agreement, (ii) any
      Supplemental Interest Trust, (iii) any Interest Rate Cap Agreement and Interest
      Rate Cap Account, (iv) the Pool 1 Basis Risk Reserve Fund, (v) the rights to
      receive Prepayment Premiums distributable to the Class P Certificates and the
      Class P Reserve Funds, (vi) the X-I Component Account and (vii) the Lower Tier
      Interests.

     

    The
      SWAP I REMIC

     

    The
      following table sets forth (or describes) the Class designations, interest
      rate
      and initial principal amount for each Class of SWAP I REMIC
      Interests:

     

    
      	
              Class
                Designation

            	 	
              Initial
                Principal Balance

            	 	
              Interest
                Rate

            	 
	
              SWI-Z

            	 	
              $

            	
              56,573,052.680

            	 	 	
              (1

            	
              )

            
	
              SWI2A

            	 	
              $

            	
              4,942,097.000

            	 	 	
              (2

            	
              )

            
	
              SWI2B

            	 	
              $

            	
              4,942,097.000

            	 	 	
              (3

            	
              )

            
	
              SWI3A

            	 	
              $

            	
              4,806,884.000

            	 	 	
              (2

            	
              )

            
	
              SWI3B

            	 	
              $

            	
              4,806,884.000

            	 	 	
              (3

            	
              )

            
	
              SWI4A

            	 	
              $

            	
              4,675,408.500

            	 	 	
              (2

            	
              )

            
	
              SWI4B

            	 	
              $

            	
              4,675,408.500

            	 	 	
              (3

            	
              )

            
	
              SWI5A

            	 	
              $

            	
              4,547,566.000

            	 	 	
              (2

            	
              )

            
	
              SWI5B

            	 	
              $

            	
              4,547,566.000

            	 	 	
              (3

            	
              )

            
	
              SWI6A

            	 	
              $

            	
              4,423,255.500

            	 	 	
              (2

            	
              )

            
	
              SWI6B

            	 	
              $

            	
              4,423,255.500

            	 	 	
              (3

            	
              )

            
	
              SWI7A

            	 	
              $

            	
              4,302,378.000

            	 	 	
              (2

            	
              )

            
	
              SWI7B

            	 	
              $

            	
              4,302,378.000

            	 	 	
              (3

            	
              )

            
	
              SWI8A

            	 	
              $

            	
              4,184,838.500

            	 	 	
              (2

            	
              )

            
	
              SWI8B

            	 	
              $

            	
              4,184,838.500

            	 	 	
              (3

            	
              )

            
	
              SWI9A

            	 	
              $

            	
              4,070,544.000

            	 	 	
              (2

            	
              )

            
	
              SWI9B

            	 	
              $

            	
              4,070,544.000

            	 	 	
              (3

            	
              )

            
	
              SWI10A

            	 	
              $

            	
              3,959,402.500

            	 	 	
              (2

            	
              )

            
	
              SWI10B

            	 	
              $

            	
              3,959,402.500

            	 	 	
              (3

            	
              )

            
	
              SWI11A

            	 	
              $

            	
              3,851,328.500

            	 	 	
              (2

            	
              )

            
	
              SWI11B

            	 	
              $

            	
              3,851,328.500

            	 	 	
              (3

            	
              )

            
	
              SWI12A

            	 	
              $

            	
              3,746,235.000

            	 	 	
              (2

            	
              )

            
	
              SWI12B

            	 	
              $

            	
              3,746,235.000

            	 	 	
              (3

            	
              )

            
	
              SWI13A

            	 	
              $

            	
              3,644,040.000

            	 	 	
              (2

            	
              )

            
	
              SWI13B

            	 	
              $

            	
              3,644,040.000

            	 	 	
              (3

            	
              )

            
	
              SWI14A

            	 	
              $

            	
              3,544,661.500

            	 	 	
              (2

            	
              )

            
	
              SWI14B

            	 	
              $

            	
              3,544,661.500

            	 	 	
              (3

            	
              )

            

    

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

     

    
      
        	
                Class
                  Designation

              	 	
                Initial
                  Principal Balance

              	 	
                Interest
                  Rate

              	 

      

    

    
      	
              SWI15A

            	 	
              $

            	
              3,448,022.000

            	 	 	
              (2

            	
              )

            
	
              SWI15B

            	 	
              $

            	
              3,448,022.000

            	 	 	
              (3

            	
              )

            
	
              SWI16A

            	 	
              $

            	
              3,354,045.500

            	 	 	
              (2

            	
              )

            
	
              SWI16B

            	 	
              $

            	
              3,354,045.500

            	 	 	
              (3

            	
              )

            
	
              SWI17A

            	 	
              $

            	
              3,262,658.000

            	 	 	
              (2

            	
              )

            
	
              SWI17B

            	 	
              $

            	
              3,262,658.000

            	 	 	
              (3

            	
              )

            
	
              SWI18A

            	 	
              $

            	
              3,173,786.500

            	 	 	
              (2

            	
              )

            
	
              SWI18B

            	 	
              $

            	
              3,173,786.500

            	 	 	
              (3

            	
              )

            
	
              SWI19A

            	 	
              $

            	
              3,087,361.500

            	 	 	
              (2

            	
              )

            
	
              SWI19B

            	 	
              $

            	
              3,087,361.500

            	 	 	
              (3

            	
              )

            
	
              SWI20A

            	 	
              $

            	
              3,003,316.000

            	 	 	
              (2

            	
              )

            
	
              SWI20B

            	 	
              $

            	
              3,003,316.000

            	 	 	
              (3

            	
              )

            
	
              SWI21A

            	 	
              $

            	
              2,921,582.500

            	 	 	
              (2

            	
              )

            
	
              SWI21B

            	 	
              $

            	
              2,921,582.500

            	 	 	
              (3

            	
              )

            
	
              SWI22A

            	 	
              $

            	
              2,842,097.000

            	 	 	
              (2

            	
              )

            
	
              SWI22B

            	 	
              $

            	
              2,842,097.000

            	 	 	
              (3

            	
              )

            
	
              SWI23A

            	 	
              $

            	
              2,764,798.000

            	 	 	
              (2

            	
              )

            
	
              SWI23B

            	 	
              $

            	
              2,764,798.000

            	 	 	
              (3

            	
              )

            
	
              SWI24A

            	 	
              $

            	
              2,689,624.000

            	 	 	
              (2

            	
              )

            
	
              SWI24B

            	 	
              $

            	
              2,689,624.000

            	 	 	
              (3

            	
              )

            
	
              SWI25A

            	 	
              $

            	
              2,616,516.000

            	 	 	
              (2

            	
              )

            
	
              SWI25B

            	 	
              $

            	
              2,616,516.000

            	 	 	
              (3

            	
              )

            
	
              SWI26A

            	 	
              $

            	
              2,545,417.000

            	 	 	
              (2

            	
              )

            
	
              SWI26B

            	 	
              $

            	
              2,545,417.000

            	 	 	
              (3

            	
              )

            
	
              SWI27A

            	 	
              $

            	
              2,476,270.500

            	 	 	
              (2

            	
              )

            
	
              SWI27B

            	 	
              $

            	
              2,476,270.500

            	 	 	
              (3

            	
              )

            
	
              SWI28A

            	 	
              $

            	
              2,409,240.000

            	 	 	
              (2

            	
              )

            
	
              SWI28B

            	 	
              $

            	
              2,409,240.000

            	 	 	
              (3

            	
              )

            
	
              SWI29A

            	 	
              $

            	
              2,344,754.500

            	 	 	
              (2

            	
              )

            
	
              SWI29B

            	 	
              $

            	
              2,344,754.500

            	 	 	
              (3

            	
              )

            
	
              SWI30A

            	 	
              $

            	
              2,282,306.000

            	 	 	
              (2

            	
              )

            
	
              SWI30B

            	 	
              $

            	
              2,282,306.000

            	 	 	
              (3

            	
              )

            
	
              SWI31A

            	 	
              $

            	
              2,220,793.000

            	 	 	
              (2

            	
              )

            
	
              SWI31B

            	 	
              $

            	
              2,220,793.000

            	 	 	
              (3

            	
              )

            
	
              SWI32A

            	 	
              $

            	
              2,161,006.000

            	 	 	
              (2

            	
              )

            
	
              SWI32B

            	 	
              $

            	
              2,161,006.000

            	 	 	
              (3

            	
              )

            
	
              SWI33A

            	 	
              $

            	
              2,104,086.500

            	 	 	
              (2

            	
              )

            
	
              SWI33B

            	 	
              $

            	
              2,104,086.500

            	 	 	
              (3

            	
              )

            
	
              SWI34A

            	 	
              $

            	
              2,048,072.000

            	 	 	
              (2

            	
              )

            
	
              SWI34B

            	 	
              $

            	
              2,048,072.000

            	 	 	
              (3

            	
              )

            
	
              SWI35A

            	 	
              $

            	
              1,992,925.000

            	 	 	
              (2

            	
              )

            
	
              SWI35B

            	 	
              $

            	
              1,992,925.000

            	 	 	
              (3

            	
              )

            
	
              SWI36A

            	 	
              $

            	
              4,434,729.500

            	 	 	
              (2

            	
              )

            
	
              SWI36B

            	 	
              $

            	
              4,434,729.500

            	 	 	
              (3

            	
              )

            

    

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

    
       

      
        	
                Class
                  Designation

              	 	
                Initial
                  Principal Balance

              	 	
                Interest
                  Rate

              	 

      

    

    
      	
              SWI37A

            	 	
              $

            	
              1,814,032.000

            	 	 	
              (2

            	
              )

            
	
              SWI37B

            	 	
              $

            	
              1,814,032.000

            	 	 	
              (3

            	
              )

            
	
              SWI38A

            	 	
              $

            	
              1,764,905.500

            	 	 	
              (2

            	
              )

            
	
              SWI38B

            	 	
              $

            	
              1,764,905.500

            	 	 	
              (3

            	
              )

            
	
              SWI39A

            	 	
              $

            	
              1,717,282.500

            	 	 	
              (2

            	
              )

            
	
              SWI39B

            	 	
              $

            	
              1,717,282.500

            	 	 	
              (3

            	
              )

            
	
              SWI40A

            	 	
              $

            	
              1,670,801.000

            	 	 	
              (2

            	
              )

            
	
              SWI40B

            	 	
              $

            	
              1,670,801.000

            	 	 	
              (3

            	
              )

            
	
              SWI41A

            	 	
              $

            	
              1,626,268.500

            	 	 	
              (2

            	
              )

            
	
              SWI41B

            	 	
              $

            	
              1,626,268.500

            	 	 	
              (3

            	
              )

            
	
              SWI42A

            	 	
              $

            	
              1,583,855.000

            	 	 	
              (2

            	
              )

            
	
              SWI42B

            	 	
              $

            	
              1,583,855.000

            	 	 	
              (3

            	
              )

            
	
              SWI43A

            	 	
              $

            	
              1,540,969.000

            	 	 	
              (2

            	
              )

            
	
              SWI43B

            	 	
              $

            	
              1,540,969.000

            	 	 	
              (3

            	
              )

            
	
              SWI44A

            	 	
              $

            	
              1,500,575.000

            	 	 	
              (2

            	
              )

            
	
              SWI44B

            	 	
              $

            	
              1,500,575.000

            	 	 	
              (3

            	
              )

            
	
              SWI45A

            	 	
              $

            	
              1,460,438.500

            	 	 	
              (2

            	
              )

            
	
              SWI45B

            	 	
              $

            	
              1,460,438.500

            	 	 	
              (3

            	
              )

            
	
              SWI46A

            	 	
              $

            	
              1,421,235.500

            	 	 	
              (2

            	
              )

            
	
              SWI46B

            	 	
              $

            	
              1,421,235.500

            	 	 	
              (3

            	
              )

            
	
              SWI47A

            	 	
              $

            	
              1,387,224.000

            	 	 	
              (2

            	
              )

            
	
              SWI47B

            	 	
              $

            	
              1,387,224.000

            	 	 	
              (3

            	
              )

            
	
              SWI48A

            	 	
              $

            	
              1,354,965.000

            	 	 	
              (2

            	
              )

            
	
              SWI48B

            	 	
              $

            	
              1,354,965.000

            	 	 	
              (3

            	
              )

            
	
              SWI49A

            	 	
              $

            	
              1,323,875.000

            	 	 	
              (2

            	
              )

            
	
              SWI49B

            	 	
              $

            	
              1,323,875.000

            	 	 	
              (3

            	
              )

            
	
              SWI50A

            	 	
              $

            	
              1,290,056.000

            	 	 	
              (2

            	
              )

            
	
              SWI50B

            	 	
              $

            	
              1,290,056.000

            	 	 	
              (3

            	
              )

            
	
              SWI51A

            	 	
              $

            	
              1,256,770.500

            	 	 	
              (2

            	
              )

            
	
              SWI51B

            	 	
              $

            	
              1,256,770.500

            	 	 	
              (3

            	
              )

            
	
              SWI52A

            	 	
              $

            	
              9,843,143.500

            	 	 	
              (2

            	
              )

            
	
              SWI52B

            	 	
              $

            	
              9,843,143.500

            	 	 	
              (3

            	
              )

            
	
              SWI53A

            	 	
              $

            	
              943,694.500

            	 	 	
              (2

            	
              )

            
	
              SWI53B

            	 	
              $

            	
              943,694.500

            	 	 	
              (3

            	
              )

            
	
              SWI54A

            	 	
              $

            	
              919,538.500

            	 	 	
              (2

            	
              )

            
	
              SWI54B

            	 	
              $

            	
              919,538.500

            	 	 	
              (3

            	
              )

            
	
              SWI55A

            	 	
              $

            	
              900,983.500

            	 	 	
              (2

            	
              )

            
	
              SWI55B

            	 	
              $

            	
              900,983.500

            	 	 	
              (3

            	
              )

            
	
              SWI56A

            	 	
              $

            	
              912,452.000

            	 	 	
              (2

            	
              )

            
	
              SWI56B

            	 	
              $

            	
              912,452.000

            	 	 	
              (3

            	
              )

            
	
              SWI57A

            	 	
              $

            	
              912,693.000

            	 	 	
              (2

            	
              )

            
	
              SWI57B

            	 	
              $

            	
              912,693.000

            	 	 	
              (3

            	
              )

            
	
              SWI58A

            	 	
              $

            	
              889,201.500

            	 	 	
              (2

            	
              )

            
	
              SWI58B

            	 	
              $

            	
              889,201.500

            	 	 	
              (3

            	
              )

            

    

     

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

    
       

      
        	
                Class
                  Designation

              	 	
                Initial
                  Principal Balance

              	 	
                Interest
                  Rate

              	 

      

    

    
      	
              SWI59A

            	 	
              $

            	
              863,588.000

            	 	 	
              (2

            	
              )

            
	
              SWI59B

            	 	
              $

            	
              863,588.000

            	 	 	
              (3

            	
              )

            
	
              SWI60A

            	 	
              $

            	
              28,890,804.000

            	 	 	
              (2

            	
              )

            
	
              SWI60B

            	 	
              $

            	
              28,890,804.000

            	 	 	
              (3

            	
              )

            
	
              SWI-R

            	 	 	
              (4

            	
              )

            	 	
              (4

            	
              )

            

    

     

    
      	(1)	
              The
                interest rate on the Class SWI-Z Interest shall be a per annum rate
                equal
                to the Pool 1 REMIC Net WAC.

            

    

     

    
      	(2)	
              For
                any Distribution Date, the interest rate on each SWAP I REMIC Regular
                Interest ending with the designation “A” shall be a per annum rate equal
                to 2 times the Pool 1 REMIC Net WAC, subject to a maximum rate of
                2 times
                the REMIC Swap I Rate for such Distribution
                Date.

            

    

     

    
      	(3)	
              For
                any Distribution Date, the interest rate on each SWAP I REMIC Regular
                Interest ending with the designation “B” shall be a per annum rate equal
                to the greater of (x) the excess, if any, of (i) 2 times the Pool
                1 REMIC
                Net WAC over (ii) 2 times the REMIC Swap I Rate for such Distribution
                Date
                and (y) 0.00%.

            

    

     

    
      	(4)	
              The
                Class SWI-R Interest is the sole Class of residual interest in the
                SWAP I
                REMIC. The
                Class SWI-R Interest shall have no principal amount and shall bear
                no
                interest. It shall be represented by the Class R
                Certificate.

            

    

     

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

     

    REMIC
      I-1

     

    The
      following table sets forth (or describes) the Class designation, interest rate,
      and initial principal amount for each Class of REMIC I-1 Interests.

     

    
      	
              Class
                Designation

            	 	
              Interest
                Rate

            	 	
              Initial
                Class Principal Amount

            	 	
              Corresponding
                Class of Certificates

            
	
              LTI1-1A1

            	 	
              (1)

            	 	
              (2)

            	 	
              1-A1

            
	
              LTI1-1A2

            	 	
              (1)

            	 	
              (2)

            	 	
              1-A2

            
	
              LTI1-M1I

            	 	
              (1)

            	 	
              (2)

            	 	
              M1-I

            
	
              LTI1-M2I

            	 	
              (1)

            	 	
              (2)

            	 	
              M2-I

            
	
              LTI1-M3I

            	 	
              (1)

            	 	
              (2)

            	 	
              M3-I

            
	
              LTI1-M4I

            	 	
              (1)

            	 	
              (2)

            	 	
              M4-I

            
	
              LTI1-M5I

            	 	
              (1)

            	 	
              (2)

            	 	
              M5-I

            
	
              LTI1-M6I

            	 	
              (1)

            	 	
              (2)

            	 	
              M6-I

            
	
              LTI1-M7I

            	 	
              (1)

            	 	
              (2)

            	 	
              M7-I

            
	
              LTI1-M8I

            	 	
              (1)

            	 	
              (2)

            	 	
              M8-I

            
	
              LTI1-X

            	 	
              (1)

            	 	
              (3)

            	 	
              N/A

            
	
              LTI1-IO

            	 	
              (4)

            	 	
              (4)

            	 	
              N/A

            
	
              LTI1-R

            	 	
              (5)

            	 	
              (5)

            	 	
              N/A

            

    

    
       

      
        

      

    

    (1)  
      The
      interest rate with respect to any Distribution Date (and the related Accrual
      Period) for each of these REMIC I-1 Interests is a per annum rate equal to
      the
      weighted average of the interest rates on the SWAP I REMIC Regular Interests
      for
      such Distribution Date, provided however, that for any Distribution Date on
      which the Class LTI1-IO Interest is entitled to a portion of interest accruals
      on a SWAP I REMIC Regular Interest ending with a designation “A” as described in
      footnote 4 below, such weighted average shall be computed by first subjecting
      the rate on such SWAP I REMIC Regular Interest to a cap equal to Swap I LIBOR
      for such Distribution Date.

     

    (2)  
      The
      initial principal amount for each of these REMIC I-1 Interests equals 50% of
      the
      initial principal amount of the Corresponding Class of
      Certificates.

     

    (3)  
      This
      interest shall have an initial principal balance equal to the excess of (i)
      the
      aggregate Cut-off Date Balance for Mortgage Group I over (ii) the aggregate
      initial principal balance of the REMIC I-1 Marker Classes.

     

    (4)  
      The
      Class
      LTI1-IO Interest is an interest-only class that does not have a principal
      balance. For only those Distribution Dates listed in the first column of the
      table below, the Class LTI1-IO shall be entitled to interest accrued on the
      SWAP
      I REMIC Regular Interest listed in the second column below at a per annum rate
      equal to the excess, if any, of (i) the interest rate for such SWAP I REMIC
      Regular Interest for such Distribution Date over (ii) Swap I LIBOR for such
      Distribution Date.

     

    
      	
              Distribution
                Date

            	 	
              SWAP
                REMIC Regular Interest

            
	
              2

            	 	
              Class
                SWI2A

            
	
              2-3

            	 	
              Class
                SWI3A

            
	
              2-4

            	 	
              Class
                SWI4A

            
	
              2-5

            	 	
              Class
                SWI5A

            
	
              2-6

            	 	
              Class
                SWI6A

            
	
              2-7

            	 	
              Class
                SWI7A

            
	
              2-8

            	 	
              Class
                SWI8A

            

    

     

    
      
        
        

      

      
        -6-

        
          

        

      

      
        
        

      

    

    
       

      
        	
                Distribution
                  Date

              	 	
                SWAP
                  REMIC Regular
                  Interest

              

      

    

    
      	
              2-9

            	 	
              Class
                SWI9A

            
	
              2-10

            	 	
              Class
                SWI10A

            
	
              2-11

            	 	
              Class
                SWI11A

            
	
              2-12

            	 	
              Class
                SWI12A

            
	
              2-13

            	 	
              Class
                SWI13A

            
	
              2-14

            	 	
              Class
                SWI14A

            
	
              2-15

            	 	
              Class
                SWI15A

            
	
              2-16

            	 	
              Class
                SWI16A

            
	
              2-17

            	 	
              Class
                SWI17A

            
	
              2-18

            	 	
              Class
                SWI18A

            
	
              2-19

            	 	
              Class
                SWI19A

            
	
              2-20

            	 	
              Class
                SWI20A

            
	
              2-21

            	 	
              Class
                SWI21A

            
	
              2-22

            	 	
              Class
                SWI22A

            
	
              2-23

            	 	
              Class
                SWI23A

            
	
              2-24

            	 	
              Class
                SWI24A

            
	
              2-25

            	 	
              Class
                SWI25A

            
	
              2-26

            	 	
              Class
                SWI26A

            
	
              2-27

            	 	
              Class
                SWI27A

            
	
              2-28

            	 	
              Class
                SWI28A

            
	
              2-29

            	 	
              Class
                SWI29A

            
	
              2-30

            	 	
              Class
                SWI30A

            
	
              2-31

            	 	
              Class
                SWI31A

            
	
              2-32

            	 	
              Class
                SWI32A

            
	
              2-33

            	 	
              Class
                SWI33A

            
	
              2-34

            	 	
              Class
                SWI34A

            
	
              2-35

            	 	
              Class
                SWI35A

            
	
              2-36

            	 	
              Class
                SWI36A

            
	
              2-37

            	 	
              Class
                SWI37A

            
	
              2-38

            	 	
              Class
                SWI38A

            
	
              2-39

            	 	
              Class
                SWI39A

            
	
              2-40

            	 	
              Class
                SWI40A

            
	
              2-41

            	 	
              Class
                SWI41A

            
	
              2-42

            	 	
              Class
                SWI42A

            
	
              2-43

            	 	
              Class
                SWI43A

            
	
              2-44

            	 	
              Class
                SWI44A

            
	
              2-45

            	 	
              Class
                SWI45A

            
	
              2-46

            	 	
              Class
                SWI46A

            
	
              2-47

            	 	
              Class
                SWI47A

            
	
              2-48

            	 	
              Class
                SWI48A

            
	
              2-49

            	 	
              Class
                SWI49A

            
	
              2-50

            	 	
              Class
                SWI50A

            
	
              2-51

            	 	
              Class
                SWI51A

            
	
              2-52

            	 	
              Class
                SWI52A

            
	
              2-53

            	 	
              Class
                SWI53A

            
	
              2-54

            	 	
              Class
                SWI54A

            
	
              2-55

            	 	
              Class
                SWI55A

            

    

     

    
      
        
        

      

      
        -7-

        
          

        

      

      
        
        

      

    

    
       

      
        	
                Distribution
                  Date

              	 	
                SWAP
                  REMIC Regular
                  Interest

              

      

    

    
      	
              2-56

            	 	
              Class
                SWI56A

            
	
              2-57

            	 	
              Class
                SWI57A

            
	
              2-58

            	 	
              Class
                SWI58A

            
	
              2-59

            	 	
              Class
                SWI59A

            
	
              2-60

            	 	
              Class
                SWI60A

            

    

     

    (5) The
      Class
      LTI1-R Interest is the sole Class of residual interest in REMIC I-1. It does
      not
      have an interest rate or a principal balance. It shall be represented by the
      Class R Certificate.

     

    REMIC
      I-2

     

    The
      following table sets forth (or describes) the Class designation, interest rate,
      and initial principal amount for each Class of REMIC I-2 Interests.

     

    
      	
              Class
                Designation

            	 	
              Interest
                Rate

            	 	
              Initial
                Class Principal Amount

            	 	
              Class
                of Related Certificates

            
	
              LTI2-1A1

            	 	
              (1)

            	 	
              (2)

            	 	
              1-A1

            
	
              LTI2-1A2

            	 	
              (1)

            	 	
              (2)

            	 	
              1-A2

            
	
              LTI2-M1I

            	 	
              (1)

            	 	
              (2)

            	 	
              M1-I

            
	
              LTI2-M2I

            	 	
              (1)

            	 	
              (2)

            	 	
              M2-I

            
	
              LTI2-M3I

            	 	
              (1)

            	 	
              (2)

            	 	
              M3-I

            
	
              LTI2-M4I

            	 	
              (1)

            	 	
              (2)

            	 	
              M4-I

            
	
              LTI2-M5I

            	 	
              (1)

            	 	
              (2)

            	 	
              M5-I

            
	
              LTI2-M6I

            	 	
              (1)

            	 	
              (2)

            	 	
              M6-I

            
	
              LTI2-M7I

            	 	
              (1)

            	 	
              (2)

            	 	
              M7-I

            
	
              LTI2-M8I

            	 	
              (1)

            	 	
              (2)

            	 	
              M8-I

            
	
              Uncertificated
                Class X-I Interest 

            	 	
              (3)

            	 	
              (3)

            	 	
              N/A

            
	
              LTI2-IO

            	 	
              (4)

            	 	
              (4)

            	 	
              N/A

            
	
              Residual
                I Interest

            	 	
              (5)

            	 	
              (5)

            	 	
              N/A

            

    

     

    
      

    

    (1) 
      The
      interest rate with respect to any Distribution Date (and the related Accrual
      Period) for each of these REMIC I-2 Interests is a per annum rate equal to
      the
      Certificate Interest Rate for the Related Certificates, provided that in lieu
      of
      the applicable Net Funds Cap and Group I Net WAC set forth in the applicable
      Certificate Interest Rate, the Pool 1 Net Rate (as adjusted, in the case of
      any
      such REMIC I-2 Interest the Class of Related Certificates of which accrues
      interest on the basis of a 360-day year consisting of twelve 30-day months,
      to
      reflect accruals on such basis) shall be used.

     

    (2)  
      The
      initial principal balance for each of these REMIC I-2 Interests shall equal
      the
      initial principal balance of the Related Certificates.

     

    (3)  
      The
      Uncertificated Class X-I Interest shall have an initial principal balance equal
      to the excess of the Cut-off Date Balance of Mortgage Group I over the aggregate
      initial Certificate Principal Amounts of the Group I Certificates. The
      Uncertificated Class X-I Interest shall accrue interest on a notional balance
      equal to the X-I Component Notional Balance at a rate equal to the X-I Component
      Interest Rate. The Uncertificated Class X-I Interest shall be represented by
      the
      Class X-I Certificates.

     

    (4) 
      The
      Class
      LTI2-IO Interest shall have no principal amount and will not have an interest
      rate, but will be entitled to 100% of the interest accrued with respect to
      the
      Class LTI1-IO Interest. The Class LTI2-IO Interest shall be represented by
      the
      Class X-I Certificates.

     

    
      
        
        

      

      
        -8-

        
          

        

      

      
        
        

      

    

     

    (5)  
      The
      Residual I Interest is the sole Class of residual interest in REMIC I-2. It
      does
      not have an interest rate or a principal balance. It shall be represented by
      the
      Class R Certificate.

     

    All
      calculations of interest on each regular interest in the SWAP I REMIC, REMIC
      I-1
      and REMIC I-2 will be made on an “actual/360” basis.

     

    
      
        
        

      

      
        -9-

        
          

        

      

      
        
        

      

    

     

    Mortgage
      Group II REMICs

     

    REMIC
      II-2 shall hold as its assets the several Classes of uncertificated REMIC II-1
      Regular Interests and each such REMIC II-1 Regular Interest is hereby designated
      as a regular interest in REMIC II-1. REMIC II-1 shall hold as its assets the
      several Classes of uncertificated SWAP II REMIC Regular Interests and each
      such
      SWAP II REMIC Regular Interest is hereby designated as a regular interest in
      the
      SWAP II REMIC. The SWAP II REMIC shall hold as its assets the property of the
      Trust Fund related to Mortgage Group II other than (i) any Swap Agreement,
      (ii)
      any Supplemental Interest Trust, (iii) any Interest Rate Cap Agreement and
      Interest Rate Cap Account, (iv) the Pool 2-3 Basis Risk Reserve Fund, (v) the
      rights to receive Prepayment Premiums distributable to the Class P Certificates
      and the Class P Reserve Funds, (vi) the X-II Component Account and (vii) the
      Lower Tier Interests.

     

    The
      SWAP II REMIC

     

    The
      following table sets forth (or describes) the Class designations, interest
      rate
      and initial principal amount for each Class of SWAP II REMIC
      Interests:

     

    
      	
              Class
                Designation

            	 	
              Initial
                Principal Balance

            	 	
              Interest
                Rate

            	 
	
              SWII-Z

            	 	
              $

            	
              182,315,230.500

            	 	 	
              (1

            	
              )

            
	
              SWII2A

            	 	
              $

            	
              17,996,760.500

            	 	 	
              (2

            	
              )

            
	
              SWII2B

            	 	
              $

            	
              17,996,760.500

            	 	 	
              (3

            	
              )

            
	
              SWII3A

            	 	
              $

            	
              17,398,278.000

            	 	 	
              (2

            	
              )

            
	
              SWII3B

            	 	
              $

            	
              17,398,278.000

            	 	 	
              (3

            	
              )

            
	
              SWII4A

            	 	
              $

            	
              16,819,835.500

            	 	 	
              (2

            	
              )

            
	
              SWII4B

            	 	
              $

            	
              16,819,835.500

            	 	 	
              (3

            	
              )

            
	
              SWII5A

            	 	
              $

            	
              16,260,758.500

            	 	 	
              (2

            	
              )

            
	
              SWII5B

            	 	
              $

            	
              16,260,758.500

            	 	 	
              (3

            	
              )

            
	
              SWII6A

            	 	
              $

            	
              15,720,394.000

            	 	 	
              (2

            	
              )

            
	
              SWII6B

            	 	
              $

            	
              15,720,394.000

            	 	 	
              (3

            	
              )

            
	
              SWII7A

            	 	
              $

            	
              15,198,111.500

            	 	 	
              (2

            	
              )

            
	
              SWII7B

            	 	
              $

            	
              15,198,111.500

            	 	 	
              (3

            	
              )

            
	
              SWII8A

            	 	
              $

            	
              14,693,302.500

            	 	 	
              (2

            	
              )

            
	
              SWII8B

            	 	
              $

            	
              14,693,302.500

            	 	 	
              (3

            	
              )

            
	
              SWII9A

            	 	
              $

            	
              14,205,378.500

            	 	 	
              (2

            	
              )

            
	
              SWII9B

            	 	
              $

            	
              14,205,378.500

            	 	 	
              (3

            	
              )

            
	
              SWII10A

            	 	
              $

            	
              13,733,771.000

            	 	 	
              (2

            	
              )

            
	
              SWII10B

            	 	
              $

            	
              13,733,771.000

            	 	 	
              (3

            	
              )

            
	
              SWII11A

            	 	
              $

            	
              13,277,930.500

            	 	 	
              (2

            	
              )

            
	
              SWII11B

            	 	
              $

            	
              13,277,930.500

            	 	 	
              (3

            	
              )

            
	
              SWII12A

            	 	
              $

            	
              12,837,327.000

            	 	 	
              (2

            	
              )

            
	
              SWII12B

            	 	
              $

            	
              12,837,327.000

            	 	 	
              (3

            	
              )

            
	
              SWII13A

            	 	
              $

            	
              14,835,446.000

            	 	 	
              (2

            	
              )

            
	
              SWII13B

            	 	
              $

            	
              14,835,446.000

            	 	 	
              (3

            	
              )

            
	
              SWII14A

            	 	
              $

            	
              14,248,660.500

            	 	 	
              (2

            	
              )

            

    

     

    
      
        
        

      

      
        -10-

        
          

        

      

      
        
        

      

    

    
       

      
        	
                Class
                  Designation

              	 	
                Initial
                  Principal Balance

              	 	
                Interest
                  Rate

              	 

      

    

    
      	
              SWII14B

            	 	
              $

            	
              14,248,660.500

            	 	 	
              (3

            	
              )

            
	
              SWII15A

            	 	
              $

            	
              13,685,200.000

            	 	 	
              (2

            	
              )

            
	
              SWII15B

            	 	
              $

            	
              13,685,200.000

            	 	 	
              (3

            	
              )

            
	
              SWII16A

            	 	
              $

            	
              13,144,132.000

            	 	 	
              (2

            	
              )

            
	
              SWII16B

            	 	
              $

            	
              13,144,132.000

            	 	 	
              (3

            	
              )

            
	
              SWII17A

            	 	
              $

            	
              12,624,562.500

            	 	 	
              (2

            	
              )

            
	
              SWII17B

            	 	
              $

            	
              12,624,562.500

            	 	 	
              (3

            	
              )

            
	
              SWII18A

            	 	
              $

            	
              12,125,634.500

            	 	 	
              (2

            	
              )

            
	
              SWII18B

            	 	
              $

            	
              12,125,634.500

            	 	 	
              (3

            	
              )

            
	
              SWII19A

            	 	
              $

            	
              11,646,522.500

            	 	 	
              (2

            	
              )

            
	
              SWII19B

            	 	
              $

            	
              11,646,522.500

            	 	 	
              (3

            	
              )

            
	
              SWII20A

            	 	
              $

            	
              11,186,436.500

            	 	 	
              (2

            	
              )

            
	
              SWII20B

            	 	
              $

            	
              11,186,436.500

            	 	 	
              (3

            	
              )

            
	
              SWII21A

            	 	
              $

            	
              10,744,618.000

            	 	 	
              (2

            	
              )

            
	
              SWII21B

            	 	
              $

            	
              10,744,618.000

            	 	 	
              (3

            	
              )

            
	
              SWII22A

            	 	
              $

            	
              10,320,336.500

            	 	 	
              (2

            	
              )

            
	
              SWII22B

            	 	
              $

            	
              10,320,336.500

            	 	 	
              (3

            	
              )

            
	
              SWII23A

            	 	
              $

            	
              9,912,894.000

            	 	 	
              (2

            	
              )

            
	
              SWII23B

            	 	
              $

            	
              9,912,894.000

            	 	 	
              (3

            	
              )

            
	
              SWII24A

            	 	
              $

            	
              9,521,618.500

            	 	 	
              (2

            	
              )

            
	
              SWII24B

            	 	
              $

            	
              9,521,618.500

            	 	 	
              (3

            	
              )

            
	
              SWII25A

            	 	
              $

            	
              10,763,399.500

            	 	 	
              (2

            	
              )

            
	
              SWII25B

            	 	
              $

            	
              10,763,399.500

            	 	 	
              (3

            	
              )

            
	
              SWII26A

            	 	
              $

            	
              10,264,384.500

            	 	 	
              (2

            	
              )

            
	
              SWII26B

            	 	
              $

            	
              10,264,384.500

            	 	 	
              (3

            	
              )

            
	
              SWII27A

            	 	
              $

            	
              9,788,588.500

            	 	 	
              (2

            	
              )

            
	
              SWII27B

            	 	
              $

            	
              9,788,588.500

            	 	 	
              (3

            	
              )

            
	
              SWII28A

            	 	
              $

            	
              9,334,929.000

            	 	 	
              (2

            	
              )

            
	
              SWII28B

            	 	
              $

            	
              9,334,929.000

            	 	 	
              (3

            	
              )

            
	
              SWII29A

            	 	
              $

            	
              8,903,294.500

            	 	 	
              (2

            	
              )

            
	
              SWII29B

            	 	
              $

            	
              8,903,294.500

            	 	 	
              (3

            	
              )

            
	
              SWII30A

            	 	
              $

            	
              8,492,119.000

            	 	 	
              (2

            	
              )

            
	
              SWII30B

            	 	
              $

            	
              8,492,119.000

            	 	 	
              (3

            	
              )

            
	
              SWII31A

            	 	
              $

            	
              8,101,146.000

            	 	 	
              (2

            	
              )

            
	
              SWII31B

            	 	
              $

            	
              8,101,146.000

            	 	 	
              (3

            	
              )

            
	
              SWII32A

            	 	
              $

            	
              7,727,483.000

            	 	 	
              (2

            	
              )

            
	
              SWII32B

            	 	
              $

            	
              7,727,483.000

            	 	 	
              (3

            	
              )

            
	
              SWII33A

            	 	
              $

            	
              7,373,295.000

            	 	 	
              (2

            	
              )

            
	
              SWII33B

            	 	
              $

            	
              7,373,295.000

            	 	 	
              (3

            	
              )

            
	
              SWII34A

            	 	
              $

            	
              7,032,076.500

            	 	 	
              (2

            	
              )

            
	
              SWII34B

            	 	
              $

            	
              7,032,076.500

            	 	 	
              (3

            	
              )

            
	
              SWII35A

            	 	
              $

            	
              6,706,564.000

            	 	 	
              (2

            	
              )

            
	
              SWII35B

            	 	
              $

            	
              6,706,564.000

            	 	 	
              (3

            	
              )

            
	
              SWII36A

            	 	
              $

            	
              9,714,561.000

            	 	 	
              (2

            	
              )

            

    

     

    
      
        
        

      

      
        -11-

        
          

        

      

      
        
        

      

    

    
       

      
        	
                Class
                  Designation

              	 	
                Initial
                  Principal Balance

              	 	
                Interest
                  Rate

              	 

      

    

    
      	
              SWII36B

            	 	
              $

            	
              9,714,561.000

            	 	 	
              (3

            	
              )

            
	
              SWII37A

            	 	
              $

            	
              5,938,169.500

            	 	 	
              (2

            	
              )

            
	
              SWII37B

            	 	
              $

            	
              5,938,169.500

            	 	 	
              (3

            	
              )

            
	
              SWII38A

            	 	
              $

            	
              5,663,418.500

            	 	 	
              (2

            	
              )

            
	
              SWII38B

            	 	
              $

            	
              5,663,418.500

            	 	 	
              (3

            	
              )

            
	
              SWII39A

            	 	
              $

            	
              5,402,551.000

            	 	 	
              (2

            	
              )

            
	
              SWII39B

            	 	
              $

            	
              5,402,551.000

            	 	 	
              (3

            	
              )

            
	
              SWII40A

            	 	
              $

            	
              5,152,696.500

            	 	 	
              (2

            	
              )

            
	
              SWII40B

            	 	
              $

            	
              5,152,696.500

            	 	 	
              (3

            	
              )

            
	
              SWII41A

            	 	
              $

            	
              4,915,336.000

            	 	 	
              (2

            	
              )

            
	
              SWII41B

            	 	
              $

            	
              4,915,336.000

            	 	 	
              (3

            	
              )

            
	
              SWII42A

            	 	
              $

            	
              4,688,597.000

            	 	 	
              (2

            	
              )

            
	
              SWII42B

            	 	
              $

            	
              4,688,597.000

            	 	 	
              (3

            	
              )

            
	
              SWII43A

            	 	
              $

            	
              4,472,356.000

            	 	 	
              (2

            	
              )

            
	
              SWII43B

            	 	
              $

            	
              4,472,356.000

            	 	 	
              (3

            	
              )

            
	
              SWII44A

            	 	
              $

            	
              4,266,593.000

            	 	 	
              (2

            	
              )

            
	
              SWII44B

            	 	
              $

            	
              4,266,593.000

            	 	 	
              (3

            	
              )

            
	
              SWII45A

            	 	
              $

            	
              4,070,532.000

            	 	 	
              (2

            	
              )

            
	
              SWII45B

            	 	
              $

            	
              4,070,532.000

            	 	 	
              (3

            	
              )

            
	
              SWII46A

            	 	
              $

            	
              3,883,409.500

            	 	 	
              (2

            	
              )

            
	
              SWII46B

            	 	
              $

            	
              3,883,409.500

            	 	 	
              (3

            	
              )

            
	
              SWII47A

            	 	
              $

            	
              3,705,554.000

            	 	 	
              (2

            	
              )

            
	
              SWII47B

            	 	
              $

            	
              3,705,554.000

            	 	 	
              (3

            	
              )

            
	
              SWII48A

            	 	
              $

            	
              3,542,380.000

            	 	 	
              (2

            	
              )

            
	
              SWII48B

            	 	
              $

            	
              3,542,380.000

            	 	 	
              (3

            	
              )

            
	
              SWII49A

            	 	
              $

            	
              3,398,450.500

            	 	 	
              (2

            	
              )

            
	
              SWII49B

            	 	
              $

            	
              3,398,450.500

            	 	 	
              (3

            	
              )

            
	
              SWII50A

            	 	
              $

            	
              3,272,329.000

            	 	 	
              (2

            	
              )

            
	
              SWII50B

            	 	
              $

            	
              3,272,329.000

            	 	 	
              (3

            	
              )

            
	
              SWII51A

            	 	
              $

            	
              3,129,064.500

            	 	 	
              (2

            	
              )

            
	
              SWII51B

            	 	
              $

            	
              3,129,064.500

            	 	 	
              (3

            	
              )

            
	
              SWII52A

            	 	
              $

            	
              27,173,273.500

            	 	 	
              (2

            	
              )

            
	
              SWII52B

            	 	
              $

            	
              27,173,273.500

            	 	 	
              (3

            	
              )

            
	
              SWII53A

            	 	
              $

            	
              1,677,165.500

            	 	 	
              (2

            	
              )

            
	
              SWII53B

            	 	
              $

            	
              1,677,165.500

            	 	 	
              (3

            	
              )

            
	
              SWII54A

            	 	
              $

            	
              1,596,303.500

            	 	 	
              (2

            	
              )

            
	
              SWII54B

            	 	
              $

            	
              1,596,303.500

            	 	 	
              (3

            	
              )

            
	
              SWII55A

            	 	
              $

            	
              1,623,213.500

            	 	 	
              (2

            	
              )

            
	
              SWII55B

            	 	
              $

            	
              1,623,213.500

            	 	 	
              (3

            	
              )

            
	
              SWII56A

            	 	
              $

            	
              1,731,630.000

            	 	 	
              (2

            	
              )

            
	
              SWII56B

            	 	
              $

            	
              1,731,630.000

            	 	 	
              (3

            	
              )

            
	
              SWII57A

            	 	
              $

            	
              2,146,837.000

            	 	 	
              (2

            	
              )

            
	
              SWII57B

            	 	
              $

            	
              2,146,837.000

            	 	 	
              (3

            	
              )

            
	
              SWII58A

            	 	
              $

            	
              3,871,991.000

            	 	 	
              (2

            	
              )

            

    

    
       

      
        
          
          

        

        
          -12-

          
            

          

        

        
          
          

        

      

       

      
        	
                Class
                  Designation

              	 	
                Initial
                  Principal Balance

              	 	
                Interest
                  Rate

              	 

      

    

    
      	
              SWII58B

            	 	
              $

            	
              3,871,991.000

            	 	 	
              (3

            	
              )

            
	
              SWII59A

            	 	
              $

            	
              19,628,417.000

            	 	 	
              (2

            	
              )

            
	
              SWII59B

            	 	
              $

            	
              19,628,417.000

            	 	 	
              (3

            	
              )

            
	
              SWII60A

            	 	
              $

            	
              3,882,481.000

            	 	 	
              (2

            	
              )

            
	
              SWII60B

            	 	
              $

            	
              3,882,481.000

            	 	 	
              (3

            	
              )

            
	
              SWII-R

            	 	 	
              (4

            	
              )

            	 	
              (4

            	
              )

            

    

     

    
      	(1)	
              The
                interest rate on the Class SWII-Z Interest shall be a per annum rate
                equal
                to the Pool 2-3 Net WAC.

            

    

     

    
      	(2)	
              For
                any Distribution Date, the interest rate on each SWAP II REMIC Regular
                Interest ending with the designation “A” shall be a per annum rate equal
                to 2 times the Pool 2-3 Net WAC, subject to a maximum rate of 2 times
                the
                REMIC Swap II Rate for such Distribution
                Date.

            

    

     

    
      	(3)	
              For
                any Distribution Date, the interest rate on each SWAP II REMIC Regular
                Interest ending with the designation “B” shall be a per annum rate equal
                to the greater of (x) the excess, if any, of (i) 2 times the Pool
                2-3 Net
                WAC over (ii) 2 times the REMIC Swap II Rate for such Distribution
                Date
                and (y) 0.00%.

            

    

     

    
      	(4)	
              The
                Class SWII-R Interest is the sole Class of residual interest in the
                SWAP
                II REMIC. The
                Class SWII-R Interest shall have no principal amount and shall bear
                no
                interest. It shall be represented by the Class R
                Certificate.

            

    

     

    
      
        
        

      

      
        -13-

        
          

        

      

      
        
        

      

    

     

    REMIC
      II-1

     

    The
      following table sets forth (or describes) the Class designation, interest rate,
      and initial principal amount for each Class of REMIC II-1
      Interests.

     

    
      	
              Class
                Designation

            	 	
              Interest
                Rate

            	 	
              Initial
                Class Principal Amount

            	 	
              Corresponding
                Class of Certificates

            
	
              LTII1-2A1

            	 	
              (1)

            	 	
              (2)

            	 	
              2-A1

            
	
              LTII1-2A2

            	 	
              (1)

            	 	
              (2)

            	 	
              2-A2

            
	
              LTII1-2A3

            	 	
              (1)

            	 	
              (2)

            	 	
              2-A3

            
	
              LTII1-2A4

            	 	
              (1)

            	 	
              (2)

            	 	
              2-A4

            
	
              LTII1-3A1

            	 	
              (1)

            	 	
              (2)

            	 	
              3-A1

            
	
              LTII1-3A2

            	 	
              (1)

            	 	
              (2)

            	 	
              3-A2

            
	
              LTII1-3A3

            	 	
              (1)

            	 	
              (2)

            	 	
              3-A3

            
	
              LTII1-M1II

            	 	
              (1)

            	 	
              (2)

            	 	
              M1-II

            
	
              LTII1-M2II

            	 	
              (1)

            	 	
              (2)

            	 	
              M2-II

            
	
              LTII1-M3II

            	 	
              (1)

            	 	
              (2)

            	 	
              M3-II

            
	
              LTII1-M4II

            	 	
              (1)

            	 	
              (2)

            	 	
              M4-II

            
	
              LTII1-M5II

            	 	
              (1)

            	 	
              (2)

            	 	
              M5-II

            
	
              LTII1-M6II

            	 	
              (1)

            	 	
              (2)

            	 	
              M6-II

            
	
              LTII1-M7II

            	 	
              (1)

            	 	
              (2)

            	 	
              M7-II

            
	
              LTII1-M8II

            	 	
              (1)

            	 	
              (2)

            	 	
              M8-II

            
	
              LTII1-X

            	 	
              (1)

            	 	
              (3)

            	 	
              N/A

            
	
              LTII1-IO

            	 	
              (4)

            	 	
              (4)

            	 	
              N/A

            
	
              LTII1-R

            	 	
              (5)

            	 	
              (5)

            	 	
              N/A

            

    

     

    
      

    

    
      	(1)	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for each of these REMIC II-1 Interests is a per annum
                rate
                equal to the weighted average of the interest rates on the SWAP II
                REMIC
                Regular Interests for such Distribution Date, provided however, that
                for
                any Distribution Date on which the Class LTII1-IO Interest is entitled
                to
                a portion of interest accruals on a SWAP II REMIC Regular Interest
                ending
                with a designation “A” as described in footnote 4 below, such weighted
                average shall be computed by first subjecting the rate on such SWAP
                II
                REMIC Regular Interest to a cap equal to Swap II LIBOR for such
                Distribution Date.

            

    

     

    
      	(2)	
              The
                initial principal amount for each of these REMIC II-1 Interests equals
                50%
                of the initial principal amount of the Corresponding Class of
                Certificates.

            

    

     

    
      	(3)	
              This
                interest shall have an initial principal balance equal to the excess
                of
                (i) the aggregate Cut-off Date Balance for Mortgage Group II over
                (ii) the
                aggregate initial principal balance of the REMIC II-1 Marker
                Classes.

            

    

     

    
      	(4)	
              The
                Class LTII1-IO Interest is an interest-only class that does not have
                a
                principal balance. For only those Distribution Dates listed in the
                first
                column of the table below, the Class LTII1-IO shall be entitled to
                interest accrued on the SWAP II REMIC Regular Interest listed in
                the
                second column below at a per annum rate equal to the excess, if any,
                of
                (i) the interest rate for such SWAP II REMIC Regular Interest for
                such
                Distribution Date over (ii) Swap II LIBOR for such Distribution
                Date.

            

    

     

    
      	
              Distribution
                Date

            	 	
              SWAP
                REMIC Regular Interest

            
	
              2

            	 	
              Class
                SWII2A

            
	
              2-3

            	 	
              Class
                SWII3A

            

    

     

    
      
        
        

      

      
        -14-

        
          

        

      

      
        
        

      

    

    
       

      
        	
                Distribution
                  Date

              	 	
                SWAP
                  REMIC Regular
                  Interest

              

      

    

    
      	
              2-4

            	 	
              Class
                SWII4A

            
	
              2-5

            	 	
              Class
                SWII5A

            
	
              2-6

            	 	
              Class
                SWII6A

            
	
              2-7

            	 	
              Class
                SWII7A

            
	
              2-8

            	 	
              Class
                SWII8A

            
	
              2-9

            	 	
              Class
                SWII9A

            
	
              2-10

            	 	
              Class
                SWII10A

            
	
              2-11

            	 	
              Class
                SWII11A

            
	
              2-12

            	 	
              Class
                SWII12A

            
	
              2-13

            	 	
              Class
                SWII13A

            
	
              2-14

            	 	
              Class
                SWII14A

            
	
              2-15

            	 	
              Class
                SWII15A

            
	
              2-16

            	 	
              Class
                SWII16A

            
	
              2-17

            	 	
              Class
                SWII17A

            
	
              2-18

            	 	
              Class
                SWII18A

            
	
              2-19

            	 	
              Class
                SWII19A

            
	
              2-20

            	 	
              Class
                SWII20A

            
	
              2-21

            	 	
              Class
                SWII21A

            
	
              2-22

            	 	
              Class
                SWII22A

            
	
              2-23

            	 	
              Class
                SWII23A

            
	
              2-24

            	 	
              Class
                SWII24A

            
	
              2-25

            	 	
              Class
                SWII25A

            
	
              2-26

            	 	
              Class
                SWII26A

            
	
              2-27

            	 	
              Class
                SWII27A

            
	
              2-28

            	 	
              Class
                SWII28A

            
	
              2-29

            	 	
              Class
                SWII29A

            
	
              2-30

            	 	
              Class
                SWII30A

            
	
              2-31

            	 	
              Class
                SWII31A

            
	
              2-32

            	 	
              Class
                SWII32A

            
	
              2-33

            	 	
              Class
                SWII33A

            
	
              2-34

            	 	
              Class
                SWII34A

            
	
              2-35

            	 	
              Class
                SWII35A

            
	
              2-36

            	 	
              Class
                SWII36A

            
	
              2-37

            	 	
              Class
                SWII37A

            
	
              2-38

            	 	
              Class
                SWII38A

            
	
              2-39

            	 	
              Class
                SWII39A

            
	
              2-40

            	 	
              Class
                SWII40A

            
	
              2-41

            	 	
              Class
                SWII41A

            
	
              2-42

            	 	
              Class
                SWII42A

            
	
              2-43

            	 	
              Class
                SWII43A

            
	
              2-44

            	 	
              Class
                SWII44A

            
	
              2-45

            	 	
              Class
                SWII45A

            
	
              2-46

            	 	
              Class
                SWII46A

            
	
              2-47

            	 	
              Class
                SWII47A

            
	
              2-48

            	 	
              Class
                SWII48A

            
	
              2-49

            	 	
              Class
                SWII49A

            
	
              2-50

            	 	
              Class
                SWII50A

            

    

     

    
      
        
        

      

      
        -15-

        
          

        

      

      
        
        

      

    

    
       

      
        	
                Distribution
                  Date

              	 	
                SWAP
                  REMIC Regular
                  Interest

              

      

    

    
      	
              2-51

            	 	
              Class
                SWII51A

            
	
              2-52

            	 	
              Class
                SWII52A

            
	
              2-53

            	 	
              Class
                SWII53A

            
	
              2-54

            	 	
              Class
                SWII54A

            
	
              2-55

            	 	
              Class
                SWII55A

            
	
              2-56

            	 	
              Class
                SWII56A

            
	
              2-57

            	 	
              Class
                SWII57A

            
	
              2-58

            	 	
              Class
                SWII58A

            
	
              2-59

            	 	
              Class
                SWII59A

            
	
              2-60

            	 	
              Class
                SWII60A

            

    

     

    
      	(5)	
              The
                Class LTII1-R Interest is the sole Class of residual interest in
                REMIC
                II-1. It does not have an interest rate or a principal balance. It
                shall
                be represented by the Class R
                Certificate.

            

    

     

    REMIC
      II-2

     

    The
      following table sets forth (or describes) the Class designation, interest rate,
      and initial principal amount for each Class of REMIC II-2
      Interests.

     

    
      	
              Class
                Designation

            	 	
              Interest
                Rate

            	 	
              Initial
                Class Principal Amount

            	 	
              Class
                of Related Certificates

            
	
              LTII2-2A1

            	 	
              (1)

            	 	
              (2)

            	 	
              2-A1

            
	
              LTII2-2A2

            	 	
              (1)

            	 	
              (2)

            	 	
              2-A2

            
	
              LTII2-2A3

            	 	
              (1)

            	 	
              (2)

            	 	
              2-A3

            
	
              LTII2-2A4

            	 	
              (1)

            	 	
              (2)

            	 	
              2-A4

            
	
              LTII2-3A1

            	 	
              (1)

            	 	
              (2)

            	 	
              3-A1

            
	
              LTII2-3A2

            	 	
              (1)

            	 	
              (2)

            	 	
              3-A2

            
	
              LTII2-3A3

            	 	
              (1)

            	 	
              (2)

            	 	
              3-A3

            
	
              LTII2-M1II

            	 	
              (1)

            	 	
              (2)

            	 	
              M1-II

            
	
              LTII2-M2II

            	 	
              (1)

            	 	
              (2)

            	 	
              M2-II

            
	
              LTII2-M3II

            	 	
              (1)

            	 	
              (2)

            	 	
              M3-II

            
	
              LTII2-M4II

            	 	
              (1)

            	 	
              (2)

            	 	
              M4-II

            
	
              LTII2-M5II

            	 	
              (1)

            	 	
              (2)

            	 	
              M5-II

            
	
              LTII2-M6II

            	 	
              (1)

            	 	
              (2)

            	 	
              M6-II

            
	
              LTII2-M7II

            	 	
              (1)

            	 	
              (2)

            	 	
              M7-II

            
	
              LTII2-M8II

            	 	
              (1)

            	 	
              (2)

            	 	
              M8-II

            
	
              Uncertificated
                Class X-II Interest 

            	 	
              (3)

            	 	
              (3)

            	 	
              N/A

            
	
              LTII2-IO

            	 	
              (4)

            	 	
              (4)

            	 	
              N/A

            
	
              Residual
                II Interest

            	 	
              (5)

            	 	
              (5)

            	 	
              N/A

            

    

     

    
      

    

    
      	(1)	
              The
                interest rate with respect to any Distribution Date (and the related
                Accrual Period) for each of these REMIC II-2 Interests is a per annum
                rate
                equal to the Certificate Interest Rate for the Related Certificates,
                provided that in lieu of the applicable Net Funds Cap and Group II
                Net WAC
                set forth in the applicable Certificate Interest Rate, the Pool 2-3
                Net
                Rate (as adjusted, in the case of any such REMIC II-2 Interest the
                Class
                of Related Certificates of which accrues interest on the basis of
                a
                360-day year consisting of twelve 30-day months, to reflect accruals
                on
                such basis) shall be used.

            

    

     

    
      
        
        

      

      
        -16-

        
          

        

      

      
        
        

      

    

     

    
      	(2)	
              The
                initial principal balance for each of these REMIC II-2 Interests
                shall
                equal the initial principal balance of the Related
                Certificates.

            

    

     

    
      	(3)	
              The
                Uncertificated Class X-II Interest shall have an initial principal
                balance
                equal to the excess of the Cut-off Date Balance of Mortgage Group
                II over
                the aggregate initial Certificate Principal Amounts of the Group
                II
                Certificates. The Uncertificated Class X-II Interest shall accrue
                interest
                on a notional balance equal to the X-II Component Notional Balance
                at a
                rate equal to the X-II Component Interest Rate. The Uncertificated
                Class
                X-II Interest shall be represented by the Class X-II
                Certificates.

            

    

     

    
      	(4)	
              The
                Class LTII2-IO Interest shall have no principal amount and will not
                have
                an interest rate, but will be entitled to 100% of the interest accrued
                with respect to the Class LTII1-IO Interest. The Class LTII2-IO Interest
                shall be represented by the Class X-II
                Certificates.

            

    

     

    
      	(5)	
              The
                Residual II Interest is the sole Class of residual interest in REMIC
                II-2.
                It does not have an interest rate or a principal balance. It shall
                be
                represented by the Class R
                Certificate.

            

    

    

    All
      calculations of interest on each regular interest in the SWAP II REMIC, REMIC
      II-1 and REMIC II-2 will be made on an “actual/360” basis.

     

    
      
        
        

      

      
        -17-

        
          

        

      

      
        
        

      

    

    The
      Certificates

     

    The
      following table sets forth (or describes) the Class designation, Certificate
      Interest Rate, initial Class Principal Amount (or Class Notional Amount) and
      minimum denomination for each Class of Certificates comprising interests in
      the
      Trust Fund created hereunder. Each Group I Certificate and the Class X-I
      Certificate represents ownership of regular interests in REMIC I-2. Each Group
      II Certificate (other than any Exchange Class or Exchangeable Class) and the
      Class X-II Certificate represents ownership of regular interests in REMIC II-2.
      Each Exchange Class or Exchangeable Class represents a beneficial interest
      in a
      grantor trust created under the Exchange Trust Agreement holding the related
      Underlying REMIC Certificates.

     

    
      	
              Class
                Designation

            	 	
              Interest
                Rate

            	 	
              Initial
                Class Principal Amount or Notional Amount

            	 	
              Minimum
                Denominations

            	 
	
              Class
                1-A1

            	 	 	
              (1

            	
              )

            	
              $

            	
              224,290,000

            	 	
              $

            	
              25,000

            	 
	
              Class
                1-A2

            	 	 	
              (2

            	
              )

            	
              $

            	
              149,527,000

            	 	
              $

            	
              25,000

            	 
	
              Class
                2-A1

            	 	 	
              (3

            	
              )

            	
              $

            	
              100,000,000

            	 	
              $

            	
              25,000

            	 
	
              Class
                2-A2

            	 	 	
              (4

            	
              )

            	
              $

            	
              509,257,000

            	 	
              $

            	
              25,000

            	 
	
              Class
                2-A3

            	 	 	
              (5

            	
              )

            	
              $

            	
              199,075,000

            	 	
              $

            	
              25,000

            	 
	
              Class
                2-A4

            	 	 	
              (6

            	
              )

            	
              $

            	
              89,814,000

            	 	
              $

            	
              25,000

            	 
	
              Class
                3-A1

            	 	 	
              (7

            	
              )

            	
              $

            	
              154,338,000

            	 	
              $

            	
              25,000

            	 
	
              Class
                3-A2

            	 	 	
              (8

            	
              )

            	
              $

            	
              50,431,000

            	 	
              $

            	
              25,000

            	 
	
              Class
                3-A3

            	 	 	
              (9

            	
              )

            	
              $

            	
              22,752,000

            	 	
              $

            	
              25,000

            	 
	
              Class
                AF2

            	 	 	
              (10

            	
              )

            	
              $

            	
              249,506,000

            	 	
              $

            	
              25,000

            	 
	
              Class
                AF3

            	 	 	
              (11

            	
              )

            	
              $

            	
              112,566,000

            	 	
              $

            	
              25,000

            	 
	
              Class
                M1-I

            	 	 	
              (12

            	
              )

            	
              $

            	
              7,383,000

            	 	
              $

            	
              100,000

            	 
	
              Class
                M2-I

            	 	 	
              (12

            	
              )

            	
              $

            	
              8,016,000

            	 	
              $

            	
              100,000

            	 
	
              Class
                M3-I

            	 	 	
              (12

            	
              )

            	
              $

            	
              4,641,000

            	 	
              $

            	
              100,000

            	 
	
              Class
                M4-I

            	 	 	
              (12

            	
              )

            	
              $

            	
              4,008,000

            	 	
              $

            	
              100,000

            	 
	
              Class
                M5-I

            	 	 	
              (12

            	
              )

            	
              $

            	
              3,797,000

            	 	
              $

            	
              100,000

            	 
	
              Class
                M6-I

            	 	 	
              (12

            	
              )

            	
              $

            	
              3,797,000

            	 	
              $

            	
              100,000

            	 
	
              Class
                M7-I

            	 	 	
              (12

            	
              )

            	
              $

            	
              5,906,000

            	 	
              $

            	
              100,000

            	 
	
              Class
                M8-I

            	 	 	
              (12

            	
              )

            	
              $

            	
              2,109,000

            	 	
              $

            	
              100,000

            	 
	
              Class
                M1-II

            	 	 	
              (13

            	
              )

            	
              $

            	
              25,453,000

            	 	
              $

            	
              100,000

            	 
	
              Class
                M2-II

            	 	 	
              (13

            	
              )

            	
              $

            	
              23,544,000

            	 	
              $

            	
              100,000

            	 
	
              Class
                M3-II

            	 	 	
              (13

            	
              )

            	
              $

            	
              13,362,000

            	 	
              $

            	
              100,000

            	 
	
              Class
                M4-II

            	 	 	
              (13

            	
              )

            	
              $

            	
              12,726,000

            	 	
              $

            	
              100,000

            	 
	
              Class
                M5-II

            	 	 	
              (13

            	
              )

            	
              $

            	
              12,726,000

            	 	
              $

            	
              100,000

            	 
	
              Class
                M6-II

            	 	 	
              (13

            	
              )

            	
              $

            	
              9,544,000

            	 	
              $

            	
              100,000

            	 
	
              Class
                M7-II

            	 	 	
              (13

            	
              )

            	
              $

            	
              15,908,000

            	 	
              $

            	
              100,000

            	 
	
              Class
                M8-II

            	 	 	
              (13

            	
              )

            	
              $

            	
              6,363,000

            	 	
              $

            	
              100,000

            	 
	
              Class
                X-I

            	 	 	
              (14

            	
              )

            	 	
              (14

            	
              )

            	 	
              (15

            	
              )

            
	
              Class
                X-II

            	 	 	
              (16

            	
              )

            	 	
              (16

            	
              )

            	 	
              (15

            	
              )

            
	
              Class
                AP-I

            	 	 	
              (17

            	
              )

            	
              $

            	
              1,000

            	 	
              $

            	
              10

            	 
	
              Class
                2-AP

            	 	 	
              (17

            	
              )

            	
              $

            	
              1,000

            	 	
              $

            	
              10

            	 
	
              Class
                3-AP

            	 	 	
              (17

            	
              )

            	
              $

            	
              1,000

            	 	
              $

            	
              10

            	 
	
              Class
                C-I

            	 	 	
              (18

            	
              )

            	 	
              (18

            	
              )

            	 	
              (15

            	
              )

            
	
              Class
                C-II

            	 	 	
              (18

            	
              )

            	 	
              (18

            	
              )

            	 	
              (15

            	
              )

            
	
              Class
                R

            	 	 	
              (19

            	
              )

            	 	
              (19

            	
              )

            	 	
              (15

            	
              )

            

    

     

    
      

    

    
      	(1)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 1-A1 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.470% (the “1-A1 Margin”) and
                (ii) the Pool 1 Net Funds Cap for such Distribution Date; provided,
                that
                if the Pool 1 Mortgage Loans and related property are not purchased
                pursuant to Section 7.01(b) on the Pool 1 Initial Optional Termination
                Date, then with respect to each subsequent Distribution Date the
                per annum
                rate calculated pursuant to clause (i) above with respect to the
                Class
                1-A1 Certificates will be LIBOR plus
                0.940%.

            

    

     

    
      
        
        

      

      
        -18-

        
          

        

      

      
        
        

      

    

     

    
      	(2)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 1-A2 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.470% (the “1-A2 Margin”) and
                (ii) the Pool 1 Net Funds Cap for such Distribution Date; provided,
                that
                if the Pool 1 Mortgage Loans and related property are not purchased
                pursuant to Section 7.01(b) on the Pool 1 Initial Optional Termination
                Date, then with respect to each subsequent Distribution Date the
                per annum
                rate calculated pursuant to clause (i) above with respect to the
                Class
                1-A2 Certificates will be LIBOR plus
                0.940%.

            

    

     

    
      	(3)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 2-A1 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.400% (the “2-A1 Margin”) and
                (ii) the Pool 2 Net Funds Cap for such Distribution Date; provided,
                that
                if Pool 2 and Pool 3 Mortgage Loans and related property are not
                purchased
                pursuant to Section 7.01(b) on the Pool 2-3 Initial Optional Termination
                Date, then with respect to each subsequent Distribution Date the
                per annum
                rate calculated pursuant to clause (i) above with respect to the
                Class
                2-A1 Certificates will be LIBOR plus
                0.800%.

            

    

     

    
      
        
        

      

      
        -19-

        
          

        

      

      
        
        

      

    

     

    
      	(4)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 2-A2 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.850% (the “2-A2 Margin”) and
                (ii) the Pool 2 Net Funds Cap for such Distribution Date; provided,
                that
                if the Pool 2 and Pool 3 Mortgage Loans and related property are
                not
                purchased pursuant to Section 7.01(b) on the Pool 2-3 Initial Optional
                Termination Date, then with respect to each subsequent Distribution
                Date
                the per annum rate calculated pursuant to clause (i) above with respect
                to
                the Class 2-A2 Certificates will be LIBOR plus
                1.700%.

            

    

     

    
      	(5)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 2-A3 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.950% (the “2-A3 Margin”) and
                (ii) the Pool 2 Net Funds Cap for such Distribution Date; provided,
                that
                if the Pool 2 and Pool 3 Mortgage Loans and related property are
                not
                purchased pursuant to Section 7.01(b) on the Pool 2-3 Initial Optional
                Termination Date, then with respect to each subsequent Distribution
                Date
                the per annum rate calculated pursuant to clause (i) above with respect
                to
                the Class 2-A3 Certificates will be LIBOR plus
                1.900%.

            

    

     

    
      	(6)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 2-A4 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.950% (the “2-A4 Margin”) and
                (ii) the Pool 2 Net Funds Cap for such Distribution Date; provided,
                that
                if the Pool 2 and Pool 3 Mortgage Loans and related property are
                not
                purchased pursuant to Section 7.01(b) on the Pool 2-3 Initial Optional
                Termination Date, then with respect to each subsequent Distribution
                Date
                the per annum rate calculated pursuant to clause (i) above with respect
                to
                the Class 2-A4 Certificates will be LIBOR plus
                1.900%.

            

    

     

    
      	(7)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 3-A1 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.450% (the “3-A1 Margin”) and
                (ii) the Pool 3 Net Funds Cap for such Distribution Date; provided,
                that
                if the Pool 2 and Pool 3 Mortgage Loans and related property are
                not
                purchased pursuant to Section 7.01(b) on the Pool 2-3 Initial Optional
                Termination Date, then with respect to each subsequent Distribution
                Date
                the per annum rate calculated pursuant to clause (i) above with respect
                to
                the Class 3-A1 Certificates will be LIBOR plus
                0.900%.

            

    

     

    
      	(8)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 3-A2 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.950% (the “3-A2 Margin”) and
                (ii) the Pool 3 Net Funds Cap for such Distribution Date; provided,
                that
                if the Pool 2 and Pool 3 Mortgage Loans and related property are
                not
                purchased pursuant to Section 7.01(b) on the Pool 2-3 Initial Optional
                Termination Date, then with respect to each subsequent Distribution
                Date
                the per annum rate calculated pursuant to clause (i) above with respect
                to
                the Class 3-A2 Certificates will be LIBOR plus
                1.900%.

            

    

     

    
      	(9)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class 3-A3 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.950% (the “3-A3 Margin”) and
                (ii) the Pool 3 Net Funds Cap for such Distribution Date; provided,
                that
                if the Pool 2 and Pool 3 Mortgage Loans and related property are
                not
                purchased pursuant to Section 7.01(b) on the Pool 2-3 Initial Optional
                Termination Date, then with respect to each subsequent Distribution
                Date
                the per annum rate calculated pursuant to clause (i) above with respect
                to
                the Class 3-A3 Certificates will be LIBOR plus
                1.900%.

            

    

     

    
      	(10)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class AF2 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.950% (the “AF2 Margin”) and
                (ii) the AF2 Net Funds Cap for such Distribution Date; provided,
                that if
                the Pool 2 and Pool 3 Mortgage Loans and related property are not
                purchased pursuant to Section 7.01(b) on the Pool 2-3 Initial Optional
                Termination Date, then with respect to each subsequent Distribution
                Date
                the per annum rate calculated pursuant to clause (i) above with respect
                to
                the Class AF2 Certificates will be LIBOR plus
                1.900%.

            

    

     

    
      	(11)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class AF3 Certificates is the per
                annum
                rate equal to the lesser of (i) LIBOR plus 0.950% (the “AF3 Margin”) and
                (ii) the AF3 Net Funds Cap for such Distribution Date; provided,
                that if
                the Pool 2 and Pool 3 Mortgage Loans and related property are not
                purchased pursuant to Section 7.01(b) on the Pool 2-3 Initial Optional
                Termination Date, then with respect to each subsequent Distribution
                Date
                the per annum rate calculated pursuant to clause (i) above with respect
                to
                the Class AF3 Certificates will be LIBOR plus
                1.900%.

            

    

     

    
      	(12)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M1-I, Class M2-I, Class M3-I,
                Class
                M4-I,
                Class M5-I, Class M6-I, Class M7-I and Class M8-I Certificates is
                the per
                annum rate equal to the Group I Net WAC less 0.50% per annum, subject
                to
                the Pool 1 Net Funds Cap.

            

    

     

    
      
        
        

      

      
        -20-

        
          

        

      

      
        
        

      

    

     

    
      	(13)	
              The
                Certificate Interest Rate with respect to any Distribution Date (and
                the
                related Accrual Period) for the Class M1-II, Class M2-II, Class M3-II,
                Class M4-II, Class M5-II, Class M6-II, Class M7-II and Class M8-II
                Certificates is the per annum rate equal to the Group II Net WAC
                less
                0.50% per annum, subject to the Group II Subordinate Net Funds
                Cap.

            

    

     

    
      	(14)	
              For
                purposes of the REMIC Provisions, the X-I Component of the Class
                X-I
                Certificates shall have an initial principal balance equal to the
                excess
                of the Cut-off Date Balance of Mortgage Group I over the aggregate
                initial
                Certificate Principal Amounts of the Group I Certificates. For each
                Distribution Date, the X-I Component of the Class X-I Certificates
                shall
                be entitled to the X-I Component Current Interest. Unpaid interest
                on the
                X-I Component of the Class X-I Certificates shall not itself bear
                interest. The S-X-I Component of the Class X-I Certificates shall
                represent an interest-only regular interest in REMIC I-2 and shall
                represent beneficial ownership of the Group I Supplemental Interest
                Trust
                Account, including the Group I Swap Agreement. For purposes of the
                REMIC
                Provisions, the C-X-I Component of the Class X-I Certificates shall
                represent beneficial ownership of the Group I Interest Rate Cap
                Agreements. For purposes of the REMIC Provisions, the Class X-I
                Certificates shall also represent beneficial ownership of (i) the
                Pool 1
                Basis Risk Reserve Fund and (ii) an interest in certain notional
                principal
                contracts described in Section 10.01
                hereof.

            

    

     

    
      	(15)	
              The
                Class X-I, Class X-II, Class C-I and Class C-II Certificates will
                each be
                issued in minimum Percentage Interests of 10% and increments of 1%
                thereafter. The Cass R Certificate will be issued as a single Certificate
                evidencing the entire Percentage Interest in such
                Class.

            

    

     

    
      	(16)	
              For
                purposes of the REMIC Provisions, the X-II Component of the Class
                X-II
                Certificates shall have an initial principal balance equal to the
                excess
                of the Cut-off Date Balance of Mortgage Group II over the aggregate
                initial Certificate Principal Amounts of the Group II Certificates.
                For
                each Distribution Date, the X-II Component of the Class X-II Certificates
                shall be entitled to the X-II Component Current Interest. Unpaid
                interest
                on the X-II Component of the Class X-II Certificates shall not itself
                bear
                interest. The S-X-II Component of the Class X-II Certificates shall
                represent an interest-only regular interest in REMIC II-2 and shall
                represent beneficial ownership of the Group II Supplemental Interest
                Trust
                Account, including the Group II Swap Agreement. For purposes of the
                REMIC
                Provisions, the C-X-II Component of the Class X-II Certificates shall
                represent beneficial ownership of the Group II Interest Rate Cap
                Agreement. For purposes of the REMIC Provisions, the Class X-II
                Certificates shall also represent beneficial ownership of (i) the
                Pool 2-3
                Basis Risk Reserve Fund and (ii) an interest in certain notional
                principal
                contracts described in Section 10.01
                hereof.

            

    

     

    
      	(17)	
              The
                Class AP-I Certificates will be entitled to receive Prepayment Premiums
                paid by borrowers upon voluntary full or partial prepayment of the
                Pool 1
                Mortgage Loans. The Class 2-AP Certificates will be entitled to receive
                Prepayment Premiums paid by borrowers upon voluntary full or partial
                prepayment of the Pool 2 Mortgage Loans. The Class 3-AP Certificates
                will
                be entitled to receive Prepayment Premiums paid by borrowers upon
                voluntary full or partial prepayment of the Pool 3 Mortgage Loans.
                

            

    

     

    
      	(18)	
              The
                Class C-I Certificates will be issued without a Certificate Principal
                Amount and will not bear interest at a stated rate. The Class C-I
                Certificates shall be entitled to receive all reinvestment income
                on
                amounts on deposit in the X-I Component Account and amounts on deposit
                in
                the X-I Component Account on the Distribution Date as described herein
                as
                provided in Section 5.02(j). The Class C-II Certificates will be
                issued
                without a Certificate Principal Amount and will not bear interest
                at a
                stated rate. The Class C-II Certificates shall be entitled to receive
                all
                reinvestment income on amounts on deposit in the X-II Component Account
                and amounts on deposit in the X-II Component Account on the Distribution
                Date as described herein as provided in Section 5.02(k).
                

            

    

     

    
      	(19)	
              The
                Class R Certificate will be issued without a Certificate Principal
                Amount
                and will not bear interest at a stated rate. The Class R Certificate
                represents ownership of the residual interest in each
                REMIC.

            

    

     

    As
      of the
      Cut-off Date, the Mortgage Loans had an aggregate Scheduled Principal Balance
      of
      $1,694,576,075.

     

    In
      consideration of the mutual agreements herein contained, the Depositor, the
      Seller, the Master Servicer and the Trustee hereby agree as
      follows:

     

    
      
        
        

      

      
        -21-

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      I.

     

    DEFINITIONS

     

    Section
      1.01. Definitions.

     

    The
      following words and phrases, unless the context otherwise requires, shall have
      the following meanings:

     

    10-K
      Filing Deadline:
      As
      defined in Section 6.20(d)(i).

     

    1-A1
      Margin:
      As
      defined in footnote (1) of the Preliminary Statement under the caption “The
      Certificates.”

     

    1-A2
      Margin:
      As
      defined in footnote (2) of the Preliminary Statement under the caption “The
      Certificates.”

     

    2-A1
      Margin:
      As
      defined in footnote (3) of the Preliminary Statement under the caption “The
      Certificates.”

     

    2-A2
      Margin:
      As
      defined in footnote (4) of the Preliminary Statement under the caption “The
      Certificates.”

     

    2-A3
      Margin:
      As
      defined in footnote (5) of the Preliminary Statement under the caption “The
      Certificates.”

     

    2-A4
      Margin:
      As
      defined in footnote (6) of the Preliminary Statement under the caption “The
      Certificates.”

     

    3-A1
      Margin:
      As
      defined in footnote (7) of the Preliminary Statement under the caption “The
      Certificates.”

     

    3-A2
      Margin:
      As
      defined in footnote (8) of the Preliminary Statement under the caption “The
      Certificates.”

     

    3-A3
      Margin:
      As
      defined in footnote (9) of the Preliminary Statement under the caption “The
      Certificates.”

     

    Accepted
      Servicing Practices:
      With
      respect to any Mortgage Loan, as applicable, either (x) those customary mortgage
      servicing practices of prudent mortgage servicing institutions that service
      or
      master service mortgage loans of the same type and quality as such Mortgage
      Loan
      in the jurisdiction where the related Mortgaged Property is located, to the
      extent applicable to the Trustee (as successor master servicer) or the Master
      Servicer or (y) as provided in the applicable Servicing Agreement, to the extent
      applicable to the related Servicer.

     

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

     

    
      
        
        

      

      
        -22-

        
          

        

      

      
        
        

      

    

     

    Accrual
      Period:
      For the
      LIBOR Certificates for each Distribution Date, the period beginning on the
      immediately preceding Distribution Date (or from August 25, 2007 in the case
      of
      the first Distribution Date) and ending on the day immediately preceding the
      related Distribution Date. The LIBOR Certificates shall accrue interest on
      the
      basis of a 360-day year and the actual number of days in each Accrual Period.
      For the Subordinate Certificates, the calendar month immediately preceding
      the
      month in which the related Distribution Date occurs. The Subordinate
      Certificates shall accrue interest on the basis of a 360-day year and twelve
      30-day months. 

     

    Act:
      As
      defined in Section 3.03(c)(i).

     

    Additional
      Form 10-D Disclosure:
      As
      defined in Section 6.20(c)(i).

     

    Additional
      Form 10-K Disclosure:
      As
      defined in Section 6.20(d)(i).

     

    Additional
      Servicer:
      Each
      affiliate of each Servicer that Services any of the Mortgage Loans and each
      Person who is not an affiliate of the any Servicer, who Services 10% or more
      of
      the Mortgage Loans.

     

    Additional
      Termination Event:
      As
      defined in each Swap Agreement.

     

    Advance:
      An
      advance of the aggregate of payments of principal and interest (net of the
      Servicing Fee) on one or more Mortgage Loans that were due on the Due Date
      in
      the related Collection Period and not received as of the close of business
      on
      the related Determination Date, required to be made by the Servicers pursuant
      to
      Section 5.04.

     

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

    
       

      AF2
        Margin:
        As
        defined in footnote (10) of the Preliminary Statement under the caption “The
        Certificates.”

       

      AF2
        Net Funds Cap:
        For
        each Distribution Date, an annual rate equal to (a) a fraction, expressed
        as a
        percentage, the numerator of which is the sum of all current interest payable
        to
        the Class 2-A3 and Class 3-A2 Certificates for such Distribution Date and
        the
        denominator of which is the Class Principal Amount of the Class AF2 Certificates
        immediately prior to that Distribution Date multiplied by (b) a fraction,
        the
        numerator of which is 360 and the denominator of which is the actual number
        of
        days in the Accrual Period related to such Distribution Date. 

       

      AF3
        Margin:
        As
        defined in footnote (11) of the Preliminary Statement under the caption “The
        Certificates.”

       

      AF3
        Net Funds Cap:
        For
        each Distribution Date, an annual rate equal to (a) a fraction, expressed
        as a
        percentage, the numerator of which is the sum of all current interest payable
        to
        the Class 2-A4 and Class 3-A3 Certificates for such Distribution Date and
        the
        denominator of which is the Class Principal Amount of the Class AF3 Certificates
        immediately prior to that Distribution Date multiplied by (b) a fraction,
        the
        numerator of which is 360 and the denominator of which is the actual number
        of
        days in the Accrual Period related to such Distribution Date. 

       

    

    Affected
      Party:
      As
      defined in each Swap Agreement.

     

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

     

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

     

    Agreement:
      This
      Trust Agreement and all amendments and supplements hereto.

     

    Applicants:
      As
      defined in Section 8.02(b).

     

    
      
        
        

      

      
        -23-

        
          

        

      

      
        
        

      

    

     

    Applied
      Loss Amount:
      The
      aggregate of the Pool 1 Applied Loss Amount and the Pool 2-3 Applied Loss
      Amount.

     

    Apportioned
      Principal Balance:
      For any
      Class of Group II Subordinate Certificates for any Distribution Date, the Class
      Principal Amount of that Class immediately prior to that Distribution Date
      multiplied by a fraction, the numerator of which is the applicable Pool
      Subordinate Amount for that date and the denominator of which is the sum of
      the
      Pool Subordinate Amounts for each of Pool 2 and Pool 3 for that date.

     

    Appraised
      Value:
      With
      respect to any Mortgage Loan, the amount set forth in an appraisal made in
      connection with the origination of such Mortgage Loan as the value of the
      related Mortgaged Property.

     

    Assignment
      of Mortgage:
      An
      assignment of the Mortgage, notice of transfer or equivalent instrument, in
      recordable form, sufficient under the laws of the jurisdiction wherein the
      related Mortgaged Property is located to reflect the sale of the Mortgage to
      the
      Trustee, which assignment, notice of transfer or equivalent instrument may
      be in
      the form of one or more blanket assignments covering the Mortgage Loans secured
      by Mortgaged Properties located in the same jurisdiction, if permitted by law;
      provided, however, that neither the Custodian nor the Trustee shall be
      responsible for determining whether any such assignment is in recordable
      form.

     

    Aurora:
      Aurora
      Loan Services LLC or its successors in interest.

     

    Authenticating
      Agent:
      Any
      authenticating agent appointed by the Trustee pursuant to Section
      6.10.

     

    Authorized
      Officer:
      Not
      applicable.

     

    Back-Up
      Certification:
      As
      defined in Section 6.20(d)(iv).

     

    Balance
      Guaranteed Cap Agreement:
      Not
      applicable.

     

    Balance
      Guaranteed Cap Account:
      Not
      applicable.

     

    Balloon
      Mortgage Loan:
      Any
      Mortgage Loan having an original term to maturity that is shorter than its
      amortization schedule, and a final Scheduled Payment that is disproportionately
      large in comparison to other Scheduled Payments.

     

    Balloon
      Payment:
      The
      final Scheduled Payment in respect of a Balloon Mortgage Loan.

     

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

     

    
      
        
        

      

      
        -24-

        
          

        

      

      
        
        

      

    

     

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

     

    Basis
      Risk Payment:
      Not
      applicable.

     

    Basis
      Risk Reserve Fund:
      Not
      applicable.

     

    Basis
      Risk Shortfall:
      With
      respect to any Distribution Date and any Class of Group I and Group II
      Certificates, the amount by which (x) the amount of interest calculated at
      the
      Certificate Interest Rate applicable to such Class for such date, determined
      without regard to the applicable Net Funds Cap for such date exceeds (y) the
      applicable Net Funds Cap. 

     

    Benefit
      Plan Opinion:
      Not
      applicable.

     

    Book-Entry
      Certificates:
      Beneficial interests in Certificates designated as “Book-Entry Certificates” in
      this Agreement, ownership and transfers of which shall be evidenced or made
      through book entries by a Clearing Agency as described in Section 3.09;
      provided, that after the occurrence of a condition whereupon book-entry
      registration and transfer are no longer permitted and Definitive Certificates
      are to be issued to Certificate Owners, such Book-Entry Certificates shall
      no
      longer be “Book-Entry Certificates.” As of the Closing Date, the Offered
      Certificates and the Privately Offered Certificates constitute Book-Entry
      Certificates.

     

    Bulk
      PMI Policy:
      Not
      applicable.

     

    Business
      Day:
      Any day
      other than (i) a Saturday or a Sunday, (ii) any other day on which the New
      York
      Stock Exchange or the Federal Reserve is closed, (iii) a day on which banking
      institutions in New York City, New York or, if other than New York City, the
      city in which the Corporate Trust Office of the Trustee is located and the
      States of Colorado, Massachusetts, Minnesota or New York or the city in which
      the executive office of the Certificate Insurer is located are closed, (iv)
      with
      respect to the Servicer Remittance Date or the Servicer reporting date, the
      States specified in the definition of “Business Day” in the Servicing
      Agreements, are authorized or obligated by law or executive order to be closed
      or (v) a day on which the Certificate Insurer is closed according to its
      internal holiday policy.

     

    C-X-I
      Component:
      The
      portion of the Class X-I Certificates representing the right to distributions
      to
      the Class X-I Certificates from the Group I Interest Rate Cap
      Agreement.

     

    C-X-II
      Component:
      The
      portion of the Class X-II Certificates representing the right to distributions
      to the Class X-II Certificates from the Group II Interest Rate Cap
      Agreement.

     

    Cap
      Deferred Interest Amount:
      Not
      applicable.

     

    Cap
      Payment Date:
      For so
      long as any Interest Rate Cap Agreement is in effect or any amounts remain
      unpaid thereunder, the Business Day prior to each Distribution
      Date.

     

    Cap
      Provider(s):
      The
      Interest Rate Cap Provider(s).

    

      Cap
        Termination Payment:
        Upon an
        optional termination pursuant to Section 7.01(b) and to the extent such payments
        or amounts are related to the Mortgage Pool or Mortgage Pools being terminated,
        any payment required to be made to the applicable Cap Provider or by the
        applicable Cap Provider to the Trustee pursuant to the terms of the applicable
        Interest Rate Cap Agreement, and any unpaid amounts due on previous Cap Payment
        Dates and accrued interest thereon as provided in the applicable Interest
        Rate
        Cap Agreement, as calculated by the applicable Cap Provider and furnished
        to the
        Trustee.

       

    

    
      
        
        

      

      
        -25-

        
          

        

      

      
        
        

      

    

     

    Capitalized
      Interest Account:
      Not
      applicable.

     

    Capitalized
      Interest Amount:
      Not
      applicable.

     

    Carryforward
      Interest:
      With
      respect to any Distribution Date and any Class of Group I and Group II
      Certificates, the sum of (i) the amount, if any, by which (x) the sum of (A)
      Current Interest for such Class for the immediately preceding Distribution
      Date
      and (B) any unpaid Carryforward Interest for such Class from previous
      Distribution Dates exceeds (y) the amount distributed in respect of interest
      on
      such Class on such immediately preceding Distribution Date, and (ii) interest
      on
      such amount for the related Accrual Period at the applicable Certificate
      Interest Rate. Carryforward Interest shall not include amounts attributable
      to
      an allocation of Net Negative Amortization.

     

    Certificate:
      Any one
      of the certificates signed and countersigned by the Trustee in substantially
      the
      forms attached hereto as Exhibit A.

     

    Certificate
      Account:
      The
      account maintained by the Trustee in accordance with the provisions of Section
      4.04.

     

    Certificate
      Insurance Policy:
      The
      Certificate Guaranty Insurance Policy No. D-2007-175, dated the Closing Date,
      including any endorsements thereto issued by the Certificate Insurer to the
      Trustee for the benefit of the Holders of the Guaranteed Certificates, a form
      of
      which is attached as Exhibit M hereto.

     

    Certificate
      Insurer:
      Assured
      Guaranty Corp., or any successor thereto.

     

    Certificate
      Insurer Default:
      The
      occurrence and continuance of any of the following events:

     

    (a) the
      Certificate Insurer shall have failed to make a payment required to be made
      under the Certificate Insurance Policy in accordance with its
      terms;

     

    (b) the
      Certificate Insurer shall have (i) filed a petition or commenced a case or
      proceeding under any provision or chapter of the Bankruptcy Code or any other
      similar federal or state law relating to insolvency, bankruptcy, rehabilitation,
      liquidation or reorganization, (ii) made a general assignment for the benefit
      of
      its creditors, or (iii) had an order for relief entered against it under the
      Bankruptcy Code or any other similar federal or state law relating to
      insolvency, bankruptcy, rehabilitation, liquidation or reorganization that
      is
      final and nonappealable; or

     

    (c) a
      court
      of competent jurisdiction, the Office of the Commissioner of Insurance of the
      State of New York or other competent regulatory authority shall have entered
      a
      final and nonappealable order, judgment or decree (i) appointing a custodian,
      trustee, agent or receiver for the Certificate Insurer or for all or any
      material portion of its property or (ii) authorizing the taking of possession
      by
      a custodian, trustee, agent or receiver of the Certificate Insurer (or the
      taking of possession of all or any material portion of the property of the
      Certificate Insurer).

     

    
      
        
        

      

      
        -26-

        
          

        

      

      
        
        

      

    

     

    Certificate
      Insurer Premium:
      With
      respect to any Distribution Date, an amount equal to the product of (a) the
      Class Principal Amount of the Class 1-A2 Certificates, as applicable, as of
      such
      Distribution Date (prior to giving effect to any distributions thereon on such
      Distribution Date) and (b) the applicable Premium Percentage, multiplied by
      the
      actual number of days in the Accrual Period (treating, solely for purposes
      of
      such calculation, the initial Accrual Period as beginning on the Closing Date
      and ending on the day immediately preceding the initial Distribution Date),
      and
      divided by 360.

     

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

     

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

     

    Certificate
      Principal Amount:
      With
      respect to any Certificate (other than the Class C-I, Class C-II, Class X-I,
      Class X-II and Class R Certificates) and any Distribution Date, the initial
      Certificate Principal Amount thereof on the Closing Date, less the amount of
      all
      principal distributions previously distributed with respect to such Certificate
      prior to such Distribution Date, in the case of any Group I Certificate, as
      reduced by any Pool 1 Applied Loss Amount or, in the case of any Group II
      Certificate, as reduced by any Pool 2-3 Applied Loss Amount, previously
      allocated thereto, plus, in the case of any Negative Amortization Certificate,
      any Net Negative Amortization allocated thereto on previous Distribution Dates;
      provided, however, that on each Distribution Date on which a Subsequent Recovery
      is distributed, the Certificate Principal Amount of any Group I Certificate
      that
      has been reduced by application of a Pool 1 Applied Loss Amount or the
      Certificate Principal Amount of any Group II Certificate that has been reduced
      by application of a Pool 2-3 Applied Loss Amount will be increased, in order
      of
      seniority, by an amount (to be applied pro
      rata
      to all
      Certificates of such Class) equal to the lesser of (1) any Deferred Amount
      for
      each such Class immediately prior to such date and (2) (a) in the case of the
      holders of Group I Certificates, the total amount of any Subsequent Recovery
      related to Pool 1 distributed on such date to Certificateholders, after
      application (for this purpose) to more senior Classes of such Certificates
      and
      (b) in the case of the holders of Group II Certificates, the total amount of
      any
      Subsequent Recovery related to Pool 2 or Pool 3 distributed on such date to
      Certificateholders, after application (for this purpose) to more senior Classes
      of such Certificates; provided, further, that to the extent that any Applied
      Loss Amount was reimbursed under the Certificate Insurance Policy, any
      Subsequent Recovery otherwise payable on the Guaranteed Certificates shall
      instead be payable to the Certificate Insurer. The Class C-I, Class C-II, Class
      X-I, Class X-II and Class R Certificates are issued without Certificate
      Principal Amounts.

     

    Certificate
      Register and Certificate Registrar:
      The
      register maintained and the registrar appointed pursuant to Section
      3.02.

     

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

     

    Certification
      Parties:
      As
      defined in Section 6.20(d)(iv).

     

    
      
        
        

      

      
        -27-

        
          

        

      

      
        
        

      

    

     

    Certifying
      Person:
      As
      defined in Section 6.20(d)(iv).

     

    Class:
      All
      Certificates (and, in the case of each REMIC, all interests) bearing the same
      Class designation.

     

    Class
      2-AP Reserve Fund:
      As
      defined in Section 5.11(a). 

     

    Class
      3-AP Reserve Fund:
      As
      defined in Section 5.11(a). 

     

    Class
      AP-I Reserve Fund:
      As
      defined in Section 5.11(a). 

     

    Class
      C-I Distributable Amount:
      For
      each Distribution Date on and prior to the Distribution Date occurring on the
      X-I Component Account Termination Date, an amount equal to the lesser of (a)
      aggregate investment earnings on the X-I Component Account for the related
      Collection Period and (b) the amount on deposit in the X-I Component Account
      on
      such Distribution Date, after taking into account any payments made from the
      X-I
      Component Account on such Distribution Date to the Class X-I Certificates.
      On
      the Distribution Date occurring on the X-I Component Account Termination Date,
      an amount equal to the entire amount remaining on deposit in the X-I Component
      Account after making the payments set forth in the preceding
      sentence.

     

    Class
      C-II Distributable Amount:
      For
      each Distribution Date on and prior to the Distribution Date occurring on the
      X-II Component Account Termination Date, an amount equal to the lesser of (a)
      aggregate investment earnings on the X-II Component Account for the related
      Collection Period and (b) the amount on deposit in the X-II Component Account
      on
      such Distribution Date, after taking into account any payments made from the
      X-II Component Account on such Distribution Date to the Class X-II Certificates.
      On the Distribution Date occurring on the X-II Component Account Termination
      Date, an amount equal to the entire amount remaining on deposit in the X-II
      Component Account after making the payments set forth in the preceding
      sentence.

     

    Class
      C-I Mortgage Loan:
      Any
      Pool 1 Mortgage Loan that has become a Liquidated Mortgage Loan on or prior
      to
      the Collection Period ending on March 1, 2010.

     

    Class
      C-II Mortgage Loan:
      Any
      Pool 2 Mortgage Loan or Pool 3 Mortgage Loan that has become a Liquidated
      Mortgage Loan on or prior to the Collection Period ending on March 1,
      2010.

     

    Class
      CX Excess Cap Amount:
      Not
      applicable.

     

    Class
      I-I Shortfalls:
      As
      defined in Section 10.01(n) hereof.

     

    Class
      I-II Shortfalls:
      As
      defined in Section 10.01(n) hereof.

     

    Class
      M Certificates:
      Any of
      the Subordinate Certificates.

     

    Class
      Notional Amount:
      Not
      applicable.

     

    
      
        
        

      

      
        -28-

        
          

        

      

      
        
        

      

    

     

    Class
      P Certificate:
      Any
      Class AP-I, Class 2-AP or Class 3-AP Certificate.

     

    Class
      P Reserve Funds: The Class
      AP-I Reserve
      Fund, 2-AP
      Reserve
      Fund and Class 3-AP Reserve Fund.

     

    Class
      Principal Amount:
      With
      respect to each Class of Certificates other than the Class C-I, Class C-II,
      Class X-I, Class X-II or Class R Certificates, the aggregate of the Certificate
      Principal Amounts (or related Percentage Interest therein aggregating to 100%)
      of all Certificates of such Class at the date of determination. With respect
      to
      the Class C-I, Class C-II, Class X-I, Class X-II or Class R Certificates,
      zero.

     

    Class
      R Certificate:
      The
      Class R Certificate executed by the Trustee, and authenticated and delivered
      by
      the Certificate Registrar, substantially in the form annexed hereto as Exhibit
      A
      and evidencing the ownership of the residual interest in each REMIC created
      hereunder.

     

    Class
      X Certificate:
      Any
      Class X-I or Class X-II Certificate.

     

    Class
      XI Current Interest:
      Not
      applicable.

     

    Class
      XI Distributable Amount:
      Not
      applicable.

     

    Class
      XI Interest Rate:
      Not
      applicable.

     

    Class
      XI Notional Balance:
      Not
      applicable.

     

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

     

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

     

    Clearstream:
      Clearstream Banking Luxembourg, and any successor thereto.

     

    Closing
      Date:
      August
      31, 2007.

     

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

     

    Collection
      Account:
      A
      separate account established and maintained by the Master Servicer pursuant
      to
      Section 4.01.

     

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

     

    
      
        
        

      

      
        -29-

        
          

        

      

      
        
        

      

    

     

    Combination
      Group:
      Any
      combination(s) of Exchange Certificates set forth on Appendix A to the Exchange
      Trust Agreement.

     

    Commission:
      The
      Securities and Exchange Commission.

     

    Compensating
      Interest Payment:
      With
      respect to any Distribution Date and prepayments in full or in part, an amount
      equal to the aggregate amount of any Prepayment Interest Shortfalls with respect
      to such Distribution Date required to be paid by a Servicer up to an amount
      equal to the aggregate of the Servicing Fees received on the Mortgage Loans
      serviced by it. The Master Servicer shall not be responsible for making any
      Compensating Interest Payment. 

     

    Component:
      Not
      applicable.

     

    Component
      Interest Rate:
      Not
      applicable.

     

    Component
      Principal Amount:
      Not
      applicable.

     

    Conventional
      Loan:
      Not
      applicable.

     

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

     

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

     

    Cooperative
      Loan Documents:
      As to
      any Cooperative Loan, (i) the Cooperative Shares, together with a stock power
      in
      blank; (ii) the original executed Security Agreement and the assignment of
      the
      Security Agreement endorsed in blank; (iii) the original executed Proprietary
      Lease and the assignment of the Proprietary Lease endorsed in blank; (iv) the
      original executed Recognition Agreement and the assignment of the Recognition
      Agreement (or a blanket assignment of all Recognition Agreements) endorsed
      in
      blank; (v) the executed UCC-1 financing statement with evidence of recording
      thereon, which has been filed in all places required to perfect the security
      interest in the Cooperative Shares and the Proprietary Lease; and (vi) executed
      UCC-3 financing statements (or copies thereof) or other appropriate UCC
      financing statements required by state law, evidencing a complete and unbroken
      line from the mortgagee to the Trustee with evidence of recording thereon (or
      in
      a form suitable for recordation).

     

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

     

    Cooperative
      Shares:
      Shares
      issued by a Cooperative Corporation.

     

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

     

    
      
        
        

      

      
        -30-

        
          

        

      

      
        
        

      

    

     

    Corporate
      Trust Office:
      The
      principal corporate trust office of the Trustee is located at U.S. Bank National
      Association, One Federal Street, 3rd Floor, Boston, M.A. 02110, Attention:
      LXS
      2007-16N.

     

    Corresponding
      Class:
      For any
      REMIC I-1 Interest, the Class of Certificates listed opposite such REMIC I-1
      Interest in the table entitled “REMIC I-1” in the Preliminary Statement hereto.
      For any REMIC II-1 Interest, the Class of Certificates listed opposite such
      REMIC II-1 Interest in the table entitled “REMIC II-1” in the Preliminary
      Statement hereto.

     

    Credit
      Score:
      Not
      applicable.

     

    Cumulative
      Loss Trigger Event:
      Either
      of the Pool 1 Cumulative Loss Trigger Event or the Pool 2-3 Cumulative Loss
      Trigger Event.

     

    Current
      Interest:
      With
      respect to any Class of Group I and Group II Certificates and any Distribution
      Date, the aggregate amount of interest accrued at the applicable Certificate
      Interest Rate during the related Accrual Period on the Class Principal Amount
      of
      such Class immediately prior to such Distribution Date minus the Net Negative
      Amortization, if any, allocated to that Class for that Distribution Date in
      accordance with Section 5.02.

     

    Custodial
      Account:
      Any
      custodial account (other than an Escrow Account) established and maintained
      by
      the applicable Servicer pursuant to the applicable Servicing
      Agreement.

     

    Custodial
      Agreement:
      The
      custodial agreements attached as Exhibit K hereto, and any custodial agreement
      subsequently executed by the Trustee and acknowledged by the Master Servicer
      substantially in the form thereof.

     

    Custodian(s):
      Any
      custodian appointed by the Trustee pursuant to a Custodial Agreement, and any
      successor thereto. The initial Custodians are U.S. Bank National Association
      and
      LaSalle Bank National Association.

     

    Cut-off
      Date:
      With
      respect to all Mortgage Loans, August 1, 2007.

     

    Cut-off
      Date Balance:
      With
      respect to the Mortgage Loans in a Mortgage Pool on the Closing Date, the Pool
      Balance as of the Cut-off Date.

     

    Debt
      Service Reduction:
      With
      respect to any Mortgage Loan, a reduction of the Scheduled Payment that the
      related Mortgagor is obligated to pay on any Due Date as a result of, or in
      connection with, any proceeding under Bankruptcy law or any similar
      proceeding.

     

    Defaulting
      Party:
      As
      defined in each Swap Agreement.

     

    Deferred
      Amount:
      For
      each Distribution Date and for each Class of Group I and Group II Certificates,
      the sum of (A) the amount by which (x) the aggregate of Pool 1 Applied Loss
      Amounts (in the case of any Group I Certificate) or Pool 2-3 Applied Loss
      Amounts (in the case of any Group II Certificate) previously applied in
      reduction of the Class Principal Amount thereof exceeds (y) the sum of (1)
      the
      aggregate of amounts previously distributed in reimbursement thereof and (2)
      the
      amount by which the Class Principal Amount of such Class has been increased
      due
      to any Subsequent Recovery and (B) for the Group
      I
      Senior Certificates
      and
      Group II Senior Certificates only, interest accrued on the related amount
      calculated under clause (A); provided, however, that any Applied Loss Amount
      allocated to the Class 1-A2 Certificates will not be considered a Deferred
      Amount to the extent such amounts are paid by the Certificate Insurer as part
      of
      a Guaranteed Distribution.

     

    
      
        
        

      

      
        -31-

        
          

        

      

      
        
        

      

    

     

    Deferred
      Interest Cap Account:
      Not
      applicable.

     

    Deferred
      Interest Cap Agreement:
      Not
      applicable.

     

    Deferred
      Interest Cap Provider:
      Not
      applicable.

     

    Deficient
      Valuation:
      With
      respect to any Mortgage Loan, a valuation by a court of competent jurisdiction
      of the Mortgaged Property in an amount less than the then outstanding
      indebtedness under such Mortgage Loan, which valuation results from a proceeding
      under Bankruptcy law or any similar proceeding.

     

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

     

    Deleted
      Loan REMIC:
      Not
      applicable.

     

    Deleted
      Loan REMIC Interest:
      Not
      applicable.

     

    Deleted
      Loan REMIC Regular Interest:
      Not
      applicable.

     

    Deleted
      Mortgage Loan:
      A
      Mortgage Loan that is repurchased from the Trust Fund pursuant to the terms
      hereof or as to which one or more Qualifying Substitute Mortgage Loans are
      substituted therefor.

     

    Delinquency
      Event:
      Not
      applicable.

     

    Delinquency
      Rate:
      Either
      of the Pool 1 Delinquency Rate or the Pool 2-3 Delinquency Rate.

     

    Delinquent:
      For
      reporting purposes, a Mortgage Loan is “delinquent” when any payment
      contractually due thereon has not been made by the close of business on the
      Due
      Date therefor or when the Mortgage Loan has been modified within 12 months
      prior
      to the applicable Distribution Date. Such Mortgage Loan is “30 days Delinquent”
if such payment has not been received by the close of business on the
      corresponding day of the month immediately succeeding the month in which such
      payment was first due, or, if there is no such corresponding day (e.g., as
      when
      a 30-day month follows a 31-day month in which a payment was due on the 31st
      day
      of such month), then on the last day of such immediately succeeding month.
      Similarly for “60 days Delinquent” and the second immediately succeeding month
      and “90 days Delinquent” and the third immediately succeeding month.

     

    Deposit
      Date:
      With
      respect to each Distribution Date, the Business Day immediately preceding such
      Distribution Date.

     

    
      
        
        

      

      
        -32-

        
          

        

      

      
        
        

      

    

     

    Depositor:
      Structured Asset Securities Corporation, a Delaware corporation, having its
      principal place of business in New York, or its successors in
      interest.

     

    Determination
      Date:
      With
      respect to each Distribution Date, the 18th day of the month in which such
      Distribution Date occurs, or, if such 18th day is not a Business Day, the next
      succeeding Business Day.

     

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

     

    Distressed
      Mortgage Loan:
      Any
      Mortgage Loan that at the date of determination is Delinquent in payment for
      a
      period of more than 90 days or more without giving effect to any grace period
      permitted by the relevant Mortgage Note or for which the Servicer has accepted
      a
      deed in lieu of foreclosure.

     

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

     

    DTC:
      As
      defined in Section 3.01(c).

     

    Due
      Date:
      With
      respect to any Mortgage Loan, the date on which a Scheduled Payment is due
      under
      the related Mortgage Note.

     

    Due
      for Payment:
      With
      respect to an Insured Amount, the Distribution Date on which Insured Amounts
      are
      due and payable pursuant to the terms of this Agreement; with respect to a
      Preference Amount, the Business Day on which the documentation required by
      the
      Certificate Insurer (as specified in the Certificate Insurance Policy) has
      been
      received by the Certificate Insurer. 

     

    Eligible
      Account:
      Either
      (i) an account or accounts maintained with a federal or state chartered
      depository institution or trust company acceptable to the Rating Agencies or
      (ii) an account at a depository institution or trust company whose commercial
      paper or other short term debt obligations (or, in the case of a depository
      institution or trust company which is the principal subsidiary of a holding
      company, the commercial paper or other short term debt or deposit obligations
      of
      such holding company or depository institution, as the case may be) have been
      rated by each Rating Agency in its highest short-term rating category, or (iii)
      a segregated trust account or accounts (which shall be a “special deposit
      account”) maintained with the Trustee or any other federal or state chartered
      depository institution or trust company, acting in its fiduciary capacity,
      in a
      manner acceptable to the Trustee, any NIMS Insurer and the Rating Agencies.
      Eligible Accounts may bear interest.

     

    Eligible
      Investments:
      Any one
      or more of the following obligations or securities:

     

    (i) direct
      obligations of, and obligations fully guaranteed as to timely payment of
      principal and interest by, the United States of America or any agency or
      instrumentality of the United States of America the obligations of which are
      backed by the full faith and credit of the United States of America (“Direct
      Obligations”);

     

    
      
        
        

      

      
        -33-

        
          

        

      

      
        
        

      

    

     

    (ii) federal
      funds, or demand and time deposits in, certificates of deposits of, or bankers’
acceptances issued by, any depository institution or trust company (including
      U.S. subsidiaries of foreign depositories and the Trustee or any agent of the
      Trustee, acting in its respective commercial capacity) incorporated or organized
      under the laws of the United States of America or any state thereof and subject
      to supervision and examination by federal or state banking authorities, so
      long
      as at the time of investment or the contractual commitment providing for such
      investment the commercial paper or other short term debt obligations of such
      depository institution or trust company (or, in the case of a depository
      institution or trust company which is the principal subsidiary of a holding
      company, the commercial paper or other short term debt or deposit obligations
      of
      such holding company or deposit institution, as the case may be) have been
      rated
      by each Rating Agency in its highest short-term rating category or one of its
      two highest long-term rating categories;

     

    (iii) repurchase
      agreements collateralized by Direct Obligations or securities guaranteed by
      Ginnie Mae, Fannie Mae or Freddie Mac with any registered broker/dealer subject
      to Securities Investors’ Protection Corporation jurisdiction or any commercial
      bank insured by the FDIC, if such broker/dealer or bank has an uninsured,
      unsecured and unguaranteed obligation rated by each Rating Agency in its highest
      short-term rating category;

     

    (iv) securities
      bearing interest or sold at a discount issued by any corporation incorporated
      under the laws of the United States of America or any state thereof which have
      a
      credit rating from each Rating Agency, at the time of investment or the
      contractual commitment providing for such investment, at least equal to one
      of
      the two highest short term credit rating categories of each Rating Agency (or
      the highest short term credit rating of each rating agency, with respect to
      the
      X-I Component Account and the X-II Component Account); provided, however, that
      securities issued by any particular corporation will not be Eligible Investments
      to the extent that investment therein will cause the then outstanding principal
      amount of securities issued by such corporation and held as part of the Trust
      Fund to exceed 20% of the sum of the Pool Balance and the aggregate principal
      amount of all Eligible Investments in the Certificate Account; provided,
      further, that such securities will not be Eligible Investments if they are
      published as being under review with negative implications from any Rating
      Agency;

     

    (v) commercial
      paper (including both non-interest-bearing discount obligations and interest
      bearing obligations payable on demand or on a specified date not more than
      180
      days after the date of issuance thereof) rated by each Rating Agency in its
      highest short-term rating category;

     

    (vi) a
      Qualified GIC;

     

    (vii) certificates
      or receipts representing direct ownership interests in future interest or
      principal payments on obligations of the United States of America or its
      agencies or instrumentalities (which obligations are backed by the full faith
      and credit of the United States of America) held by a custodian in safekeeping
      on behalf of the holders of such receipts; and

     

    
      
        
        

      

      
        -34-

        
          

        

      

      
        
        

      

    

     

    (viii) any
      other
      demand, money market, common trust fund or time deposit or obligation, or
      interest bearing or other security or investment (including those managed or
      advised by the Trustee or any Affiliate thereof), (A) rated in the highest
      rating category by each Rating Agency or (B) that would not adversely affect
      the
      then current rating assigned by each Rating Agency of any of the Certificates
      (in the case of the Guaranteed Certificates, determined without regard to the
      Certificate Insurance Policy) or the NIM Securities and has a short-term rating
      of at least “A-1” or its equivalent by each Rating Agency. Such investments in
      this subsection (viii) may include money market mutual funds or common trust
      funds, including any fund for which U.S. Bank National Association, in its
      capacity other than as Trustee, the Master Servicer or an affiliate thereof
      serves as an investment advisor, administrator, shareholder, servicing agent,
      and/or custodian or subcustodian, notwithstanding that (x) U.S. Bank National
      Association, the Trustee, the Master Servicer or any affiliate thereof charges
      and collects fees and expenses from such funds for services rendered, (y) U.S.
      Bank National Association, the Trustee, the Master Servicer, or any affiliate
      thereof charges and collects fees and expenses for services rendered pursuant
      to
      this Agreement, and (z) services performed for such funds and pursuant to this
      Agreement may converge at any time. U.S. Bank National Association or an
      affiliate thereof is hereby authorized to charge and collect from the Trust
      Fund
      such fees as are collected from all investors in such funds for services
      rendered to such funds (but not to exceed investment earnings thereon);
      provided, however, that no such instrument shall be an Eligible Investment
      if
      such instrument evidences either (i) a right to receive only interest payments
      with respect to the obligations underlying such instrument, or (ii) 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 of greater than 120% of the yield to
      maturity at par of such underlying obligations, and provided further that in
      order to be an Eligible Investment any such investment must be a “permitted
      investment” within the meaning of Section 860G(a)(5) of the Code.

     

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

     

    ERISA-Qualifying
      Underwriting:
      A best
      efforts or firm commitment underwriting or private placement that would satisfy
      the requirements of the Underwriter’s Exemption, except, in relevant part, for
      the requirement that the certificates have received a rating at the time of
      acquisition that is in one of the two highest generic rating categories by
      at
      least one of the Rating Agencies.

     

    ERISA-Restricted
      Certificate:
      Any
      Subordinate, Class C-I, Class C-II, Class AP-I, Class 2-AP, Class 3-AP, Class
      X-I or Class X-II Certificate and any other Certificate as long as the
      acquisition and holding of such other Certificate is not covered by and exempt
      under the Underwriter’s Exemption.

     

    
      
        
        

      

      
        -35-

        
          

        

      

      
        
        

      

    

     

    Errors
      and Omission Insurance Policy:
      The
      errors or omission insurance policy required to be obtained by the Servicers
      satisfying the requirements of the Servicing Agreements.

     

    Escrow
      Account:
      As
      defined in Section 9.06(a).

     

    Euroclear:
      Euroclear Bank, S.A./N.V., as operator of the Euroclear System.

     

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

     

    Excess
      Interest:
      On any
      Distribution Date, (i) for each Class of Group I Certificates, the excess,
      if
      any, of (1) the amount of interest such Class of Certificates is entitled to
      receive on such Distribution Date over (2) the amount of interest such Class
      of
      Certificates would have been entitled to receive on such Distribution Date
      at an
      interest rate equal to the applicable REMIC Pass-Through Rate; and (ii) for
      each
      Class of Group II Certificates, the excess, if any, of (1) the amount of
      interest such Class of Certificates is entitled to receive on such Distribution
      Date over (2) the amount of interest such Class of Certificates would have
      been
      entitled to receive on such Distribution Date at an interest rate equal to
      the
      applicable REMIC Pass-Through Rate.

     

    Excess
      Principal Allocation Percentage: Not applicable.

     

    Exchange
      Act:
      The
      Securities Exchange Act of 1934, as amended.

     

    Exchange
      Act Signing Party:
      Either
      the Depositor or the Master Servicer, to be determined by mutual agreement
      between such parties.

     

    Exchange
      Class
      or
Exchange
      Certificates:
      The
      Classes of Certificates identified as such, and issued under, the Exchange
      Trust
      Agreement.

     

    Exchangeable
      Classes
      or
Exchangeable
      Certificates:
      The
      Classes of Certificates identified as such, and issued under, the Exchange
      Trust
      Agreement.

     

    Exchange
      Trust Agreement:
      The
      Exchange Trust Agreement dated as of August 1, 2007, entered into by and among
      the Depositor and the Trustee for the issuance of the Exchange and Exchangeable
      Certificates, a form of which is attached hereto as Exhibit L.

     

    Exchange
      Trustee:
      U.S.
      Bank National Association, in its capacity as trustee under the Exchange Trust
      Agreement.

     

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

     

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

     

    Fidelity
      Bond:
      The
      fidelity bond required to be obtained by each Servicer satisfying the
      requirements of the related Servicing Agreement.

     

    
      
        
        

      

      
        -36-

        
          

        

      

      
        
        

      

    

     

    Final
      Scheduled Distribution Date:
      September 2047.

     

    Financial
      Intermediary:
      Not
      applicable.

     

    Fitch:
      Fitch Ratings, Inc.

     

    Form
      8-K Disclosure Information:
      As
      defined in Section 6.20(e)(i).

     

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

     

    Funding
      Account:
      Not
      applicable.

     

    Funding
      Amount:
      Not
      applicable.

     

    General
      Servicing Fee:
      Not
      applicable.

     

    General
      Servicing Fee Rate:
      Not
      applicable.

     

    Ginnie
      Mae:
      Ginnie
      Mae, f/k/a the Government National Mortgage Association, a wholly owned
      corporate instrumentality of the United States within HUD.

     

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

     

    Grantor
      Trust:
      Not
      applicable.

     

    Grantor
      Trust Available Funds:
      Not
      applicable.

     

    Grantor
      Trust Certificates:
      Not
      applicable.

     

    Grantor
      Trust Provisions:
      Subpart
      E of Subchapter J of the Code, including Treasury regulation section
      301.7701-4(c)(2).

     

    GreenPoint:
      GreenPoint Mortgage Funding, Inc. or its successors in interest.

     

    Group
      I Certificates:
      The
      Group I Senior Certificates and Group I Subordinate Certificates.

     

    Group
      I Interest Rate Cap Account:
      The
      account described in Section 5.02(m) hereof.

     

    Group
      I Interest Rate Cap Agreement:
      Either
      of (i) the Group I Interest Rate Cap Agreement 1 dated as of August 31, 2007,
      entered into between the Trustee on behalf of the Trust Fund (for the benefit
      of
      the holders of Group I Senior Certificates) and the applicable Interest Rate
      Cap
      Provider, which agreement provides for the monthly payment, commencing on the
      Distribution Date in September 2010 and terminating on the Distribution Date
      in
      August 2012, by the applicable Interest Rate Cap Provider, but subject to the
      conditions set forth therein or (ii) the Group I Interest Rate Cap Agreement
      2
      dated as of August 31, 2007, entered into between the Trustee on behalf of
      the
      Trust Fund (for the benefit of the holders of Group I Senior Certificates)
      and
      the applicable Interest Rate Cap Provider, which agreement provides for the
      monthly payment, commencing on the Distribution Date in April 2011 and
      terminating on the Distribution Date in June 2012, by the applicable Interest
      Rate Cap Provider, but subject to the conditions set forth therein, together
      with the confirmation and schedules relating thereto, each of which is attached
      hereto as Exhibit O. The applicable Interest Rate Cap Provider will be obligated
      to pay to the Trust Fund at least one Business Day prior to each Distribution
      Date, commencing with the Distribution Date in September 2010 and ending with
      the Distribution Date in August 2012 with respect to the Group I Interest Rate
      Cap Agreement 1 one month’s interest calculated at an annual rate equal to the
      excess, if any, of LIBOR over 6.75% based on a calculated notional amount as
      described in the Interest Rate Cap Agreement, multiplied by the actual number
      of
      days in the Accrual Period (treating, solely for purposes of such calculation,
      the initial Accrual Period as beginning on the Closing Date and ending on the
      day immediately preceding the initial Distribution Date), and divided by 360.
      The applicable Interest Rate Cap Provider will be obligated to pay to the Trust
      Fund at least one Business Day prior to each Distribution Date, commencing
      with
      the Distribution Date in April 2011 and ending with the Distribution Date in
      June 2012 with respect to the Group I Interest Rate Cap Agreement 2, one month’s
      interest calculated at an annual rate equal to the excess, if any, of LIBOR
      over
      the applicable Strike Rate (as set forth in Exhibit O) in effect for such
      Distribution Date based on a calculated notional amount as described below
      for
      such Distribution Date, multiplied by the actual number of days in such Accrual
      Period, and divided by 360. The calculated notional amount upon which payments
      will be based will be the product of (a) the applicable notional amount set
      forth in Exhibit O and (b) the applicable multiplier set forth in Exhibit O.
      

     

    
      
        
        

      

      
        -37-

        
          

        

      

      
        
        

      

    

     

    Group
      I Net WAC: For
      each
      Distribution Date, an annual rate equal to a fraction, expressed as a
      percentage, the numerator of which is the product of (1) the Optimal Interest
      Remittance Amount for Pool 1 for such Distribution Date and (2) 12, and the
      denominator of which is the Pool Balance for Pool 1 as of the first day of
      the
      related Collection Period (not including for this purpose Mortgage Loans for
      which prepayments in full have been received and distributed in the month prior
      to that Distribution Date).

     

    Group
      I Senior Certificates:
      The
      Pool 1 Senior Certificates.

     

    Group
      I Subordinate Certificates:
      The
      Class M1-I, Class M2-I, Class M3-I, Class M4-I, Class M5-I, Class M6-I, Class
      M7-I and Class M8-I Certificates.

     

    Group
      I Subordinate Priority:
      Distributions to the Class M1-I, Class M2-I, Class M3-I, Class M4-I, Class
      M5-I,
      Class M6-I, Class M7-I and Class M8-I Certificates, sequentially, in that
      order.

     

    Group
      I Supplemental Interest Trust:
      The
      corpus of a trust created pursuant to Section 5.07 of this Agreement and
      designated as the “Group I Supplemental Interest Trust,” consisting of the
      related Swap Agreement, the related Supplemental Interest Trust Account and
      the
      right to receive the X-I Component Distributable Amount, as provided in Section
      5.07.

     

    Group
      I Supplemental Interest Trust Amount:
      With
      respect to any Swap Payment Date, the sum of any Net Swap Payment and any Swap
      Termination Payment deposited into the Group I Supplemental Interest Trust
      Account.

     

    
      
        
        

      

      
        -38-

        
          

        

      

      
        
        

      

    

     

    Group
      I Swap Agreement:
      The
      interest rate swap agreement entered into by the Group I Supplemental Interest
      Trust, which agreement provides for, among other things, a Net Swap Payment
      to
      be paid pursuant to the conditions provided therein, together with any
      schedules, confirmations or other agreements relating thereto, attached hereto
      as Exhibit N.

     

    Group
      II Certificates:
      The
      Group II Senior Certificates and Group II Subordinate Certificates.

     

    Group
      II Interest Rate Cap Account:
      The
      account described in Section 5.02(m) hereof.

     

    Group
      II Interest Rate Cap Agreement:
      The
      Interest Rate Cap Agreement dated as of August 31, 2007, entered into between
      the Trustee on behalf of the Trust Fund (for the benefit of the holders of
      Group
      II Senior Certificates) and the applicable Interest Rate Cap Provider, which
      agreement provides for the monthly payment, commencing on the Distribution
      Date
      in September 2010 and terminating on the Distribution Date in August 2012,
      by
      the applicable Interest Rate Cap Provider, but subject to the conditions set
      forth therein, together with the confirmation and schedules relating thereto,
      each of which is attached hereto as Exhibit O. The applicable Interest Rate
      Cap
      Provider will be obligated to pay to the Trust Fund at least one Business Day
      prior to each Distribution Date, commencing with the Distribution Date in
      September 2010 and ending with the Distribution Date in August 2012, one month’s
      interest calculated at an annual rate equal to the excess, if any, of LIBOR
      over
      6.75% based on a calculated notional amount as described in the Group II
      Interest Rate Cap Agreement, multiplied by the actual number of days in
      theAccrual Period (treating, solely for purposes of such calculation, the
      initial Accrual Period as beginning on the Closing Date and ending on the day
      immediately preceding the initial Distribution Date), and divided by
      360.

     

    Group
      II Net WAC:
       The
      Net
      WAC of all of the Mortgage Loans in Pool 2 and Pool 3.

     

    Group
      II Senior Certificates:
      The
      Pool 2 Senior Certificates and Pool 3 Senior Certificates.

     

    Group
      II Subordinate Certificates:
      The
      Class M1-II, Class M2-II, Class M3-II, Class M4-II, Class M5-II, Class M6-II,
      Class M7-II and Class M8-II Certificates.

     

    Group
      II Subordinate Net Funds Cap:
      For
      each Distribution Date, the weighted average of the Pool 2 Net Funds Cap
      (disregarding clause (b) therein) and the Pool 3 Net Funds Cap (disregarding
      clause (b) therein) weighted on the basis of the Pool Subordinate Amount for
      each such Mortgage Pool.

     

    Group
      II Subordinate Priority:
      Distributions to the Class M1-II, Class M2-II, Class M3-II, Class M4-II, Class
      M5-II, Class M6-II, Class M7-II and Class M8-II Certificates, sequentially,
      in
      that order.

     

    Group
      II Supplemental Interest Trust:
      The
      corpus of a trust created pursuant to Section 5.07 of this Agreement and
      designated as the “Group II Supplemental Interest Trust,” consisting of the
      related Swap Agreement, the related Supplemental Interest Trust Account and
      the
      right to receive the X-II Component Distributable Amount, as provided in Section
      5.07.

     

    
      
        
        

      

      
        -39-

        
          

        

      

      
        
        

      

    

     

    Group
      II Supplemental Interest Trust Amount:
      With
      respect to any Swap Payment Date, the sum of any Net Swap Payment and any Swap
      Termination Payment deposited into the Group II Supplemental Interest Trust
      Account.

     

    Group
      II Swap Agreement:
      The
      interest rate swap agreement entered into by the Group II Supplemental Interest
      Trust, which agreement provides for, among other things, a Net Swap Payment
      to
      be paid pursuant to the conditions provided therein, together with any
      schedules, confirmations or other agreements relating thereto, attached hereto
      as Exhibit N.

     

    Guaranteed
      Certificates:
      The
      Class 1-A2 Certificates.

     

    Guaranteed
      Distribution:
      With
      respect to the Guaranteed Certificates, (a) for any Distribution Date, the
      sum
      of (i) the Current Interest for the Guaranteed Certificates for such
      Distribution Date, but excluding therefrom any Net Prepayment Interest
      Shortfalls, any shortfalls resulting from Net Negative Amortization and any
      Relief Act Reductions allocable to the Guaranteed Certificates on such
      Distribution Date, and (ii) the amount of any Applied Loss Amount allocated
      to
      the Guaranteed Certificates on such Distribution Date, and (b) for the
      Distribution Date in September 2047, the aggregate Class Principal Amount of
      the
      Guaranteed Certificates to the extent unpaid on such Distribution Date (after
      giving effect to all distributions to be made on such Distribution Date from
      sources other than the Certificate Insurance Policy).

     

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

     

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

     

    Indenture:
      An
      indenture relating to the issuance of notes secured by the Class P or Class
      X
      Certificates (or any portion thereof) which may or may not be guaranteed by
      a
      NIMS Insurer.

     

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

     

    
      
        
        

      

      
        -40-

        
          

        

      

      
        
        

      

    

     

    Initial
      LIBOR Rate:
      5.50%
      per annum.

     

    Initial
      One-Year MTA Rate:
      Not
      applicable.

     

    Initial
      Optional Termination Date:
      Not
      applicable.

     

    Insolvency
      Proceeding:
      Not
      applicable.

     

    Insurance
      Fee Rate:
      Not
      applicable.

     

    Insurance
      Policy:
      Any
      Primary Mortgage Insurance Policy and any standard hazard insurance policy,
      flood insurance policy, earthquake insurance policy or title insurance policy
      relating to the Mortgage Loans or the Mortgaged Properties, to be in effect
      as
      of the Closing Date or thereafter during the term of this
      Agreement.

     

    Insurance
      Proceeds:
      Amounts
      paid by the insurer under any Insurance Policy, other than amounts (i) to cover
      expenses incurred by or on behalf of a Servicer or the Master Servicer in
      connection with procuring such proceeds, (ii) to be applied to restoration
      or
      repair of the related Mortgaged Property or (iii) required to be paid over
      to
      the Mortgagor pursuant to law or the related Mortgage Note.

     

    Insured
      Amount:
      With
      respect to the Guaranteed Certificates and for any Distribution Date, the
      excess, if any, of Guaranteed Distributions for such Distribution Date over
      the
      aggregate amount available to be distributed to the Guaranteed Certificates
      on
      such Distribution Date in accordance with the priorities set forth in Section
      5.02.

     

    Insured
      Payment:
      With
      respect to any Distribution Date, the aggregate amount actually paid by the
      Certificate Insurer to the Trustee in respect of (i) Insured Amounts for a
      Distribution Date and (ii) Preference Amounts for any given Business
      Day.

     

    Interest
      Rate Cap Agreement:
      Any of
      the Group I Interest Rate Cap Agreements or the Group II Interest Rate Cap
      Agreement. 

     

    Interest
      Rate Cap Account:
      Either
      of the Group I Interest Rate Cap Account or the Group II Interest Rate Cap
      Account. 

     

    Interest
      Rate Cap Provider(s):
      ABN
      AMRO Bank N.V., as cap provider under the Group I Interest Rate Cap Agreements
      and Swiss Re Financial Products Corporation, as cap provider under the Group
      II
      Interest Rate Cap Agreement.

     

    Interest
      Remittance Amount:
      With
      respect to any Distribution Date and any Mortgage Pool, an amount equal to
      (a)
      the sum of (1) all interest collected (other than in connection with Payaheads
      and Prepayment Premiums) or advanced in respect of Scheduled Payments on the
      related Mortgage Loans during the related Collection Period by any Servicer,
      the
      Master Servicer, or the Trustee (solely acting in its capacity as successor
      master servicer), minus (x) the Servicing Fee with respect to such Mortgage
      Loans and (y) previously unreimbursed Advances and other amounts due to any
      Servicer, the Master Servicer or the Trustee (solely acting in its capacity
      as
      successor master servicer) to the extent allocable to interest and the allocable
      portion of previously unreimbursed Servicing Advances with respect to the
      related Mortgage Loans, (2) any Compensating Interest Payments with respect
      to
      the related Mortgage Loans with respect to the related Prepayment Period, (3)
      the portion of any Purchase Price payable with respect to a First Payment
      Default Mortgage Loan or Early Payment Default Mortgage Loan, respectively)
      or
      Substitution Amount paid with respect to such Mortgage Loans during the related
      Prepayment Period allocable to interest, and (4) all Net Liquidation Proceeds,
      Insurance Proceeds and any other recoveries collected with respect to the
      related Mortgage Loans during the related Prepayment Period, to the extent
      allocable to interest, as reduced by (b) the amount of other costs, expenses
      or
      liabilities related to such Mortgage Pool and reimbursable to the Master
      Servicer, the Certificate Insurer, any Servicer, the Custodian pursuant to
      the
      Custodial Agreement or the Trustee and as increased by (c) the lesser of (1)
      the
      aggregate amount set forth in clauses (a) (1) through (5) of the definition
      of
      Principal Remittance Amount with respect to the Mortgage Loans in such Mortgage
      Pool for such Distribution Date and (2) the aggregate amount of Negative
      Amortization with respect to the Mortgage Loans in such Mortgage Pool during
      the
      related Collection Period.

     

    
      
        
        

      

      
        -41-

        
          

        

      

      
        
        

      

    

     

    Intervening
      Assignment:
      As
      defined in Section 2.01(b).

     

    IRS:
      The
      Internal Revenue Service.

     

    Late
      Payment Rate:
      As set
      forth in the Certificate Insurance Policy.

     

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

     

    LBH:
      Lehman
      Brothers Holdings Inc., or any successor in interest.

     

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

     

    If
      on
      such a LIBOR Determination Date, the BBA’s Interest Settlement Rate does not
      appear on the Telerate Page 3750 as of 11:00 a.m. (London time), or if the
      Telerate Page 3750 is not available on such date, the Trustee will obtain such
      rate from Reuters’ “page LIBOR 01” or Bloomberg’s page “BBAM.” If such rate is
      not published for such LIBOR Determination Date, LIBOR for such date will be
      the
      most recently published Interest Settlement Rate. In the event that the BBA
      no
      longer sets an Interest Settlement Rate, the Trustee will designate an
      alternative index that has performed, or that the Trustee expects to perform,
      in
      a manner substantially similar to the BBA’s Interest Settlement Rate. The
      Trustee will select a particular index as the alternative index only if it
      receives an Opinion of Counsel (a copy of which shall be furnished to any NIMS
      Insurer), which opinion shall be an expense reimbursed from the Certificate
      Account pursuant to Section 4.04, that the selection of such index will not
      cause any of the REMICs to lose their classification as REMICs for federal
      income tax purposes.

     

    
      
        
        

      

      
        -42-

        
          

        

      

      
        
        

      

    

     

    The
      establishment of LIBOR by the Trustee and the Trustee’s subsequent calculation
      of the Certificate Interest Rate applicable to the LIBOR Certificates for the
      relevant Accrual Period, in the absence of manifest error, will be final and
      binding.

     

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

     

    LIBOR
      Certificate:
      Any
      Offered Certificate other than the Group I Subordinate Certificates and Group
      II
      Subordinate Certificates.

     

    LIBOR
      Determination Date:
      The
      second LIBOR Business Day immediately preceding the commencement of each Accrual
      Period (other than the first Accrual Period) for any LIBOR
      Certificates.

     

    Liquidated
      Mortgage Loan:
      Any
      defaulted Mortgage Loan as to which the Master Servicer or a Servicer has
      determined that all amounts that it expects to recover on behalf of the Trust
      Fund from or on account of such Mortgage Loan have been recovered (exclusive
      of
      any possibility of a deficiency judgment).

     

    Liquidation
      Expenses:
      Expenses that are incurred by the Master Servicer or a Servicer in connection
      with the liquidation of any defaulted Mortgage Loan and that are not recoverable
      under the applicable Primary Mortgage Insurance Policy, if any, including,
      without limitation, foreclosure and rehabilitation expenses, legal expenses
      and
      unreimbursed amounts, if any, expended pursuant to Sections 9.06, 9.16 or
      9.22.

     

    Liquidation
      Proceeds:
      Cash
      received in connection with the liquidation of a defaulted Mortgage Loan,
      whether through the sale or assignment of such Mortgage Loan, trustee’s sale,
      foreclosure sale, payment in full, discounted payoff, condemnation proceeds,
      Insurance Proceeds, or otherwise, or the sale of the related Mortgaged Property
      if the Mortgaged Property is acquired in satisfaction of the Mortgage Loan
      by
      foreclosure or deed in lieu of foreclosure, including any amounts remaining
      in
      the related Escrow Account.

     

    Loan-to-Value
      Ratio:
      With
      respect to any Mortgage Loan, the ratio of the principal balance of such
      Mortgage Loan at origination, or such other date as is specified, to the
      Original Value thereof.

     

    Lower
      Tier Interest:
      Any of
      the SWAP I REMIC Interests, the REMIC I-1 Interests, the SWAP II REMIC Interests
      and the REMIC II-1 Interests.

     

    M1-I
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Pool 1 Stepdown Date and as
      long as a Pool 1 Trigger Event is not in effect with respect to such
      Distribution Date, the amount, if any, by which (x) the sum of (i) the aggregate
      Class Principal Amount of the Group I Senior Certificates, in each case after
      giving effect to distributions on such Distribution Date and after the
      allocation of Net Negative Amortization, if any, for such Distribution Date,
      and
      (ii) the Class Principal Amount of the Class M1-I Certificates after the
      allocation of Net Negative Amortization, if any, for such Distribution Date
      and
      immediately prior to such Distribution Date exceeds (y) the M1-I Target
      Amount.

     

    
      
        
        

      

      
        -43-

        
          

        

      

      
        
        

      

    

     

    M1-I
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (i) (x) for each distribution prior to the Distribution Date in
      September 2013, 75.88% and (y) thereafter, 80.70% and (ii) the Pool Balance
      for
      Pool 1 for such Distribution Date determined as of the last day of the related
      Collection Period immediately prior to such Distribution Date and (b) the
      amount, if any, by which (1) the Pool Balance for Pool 1 for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Pool 1 Overcollateralization Floor.

     

    M2-I
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Pool 1 Stepdown Date and as
      long as a Pool 1 Trigger Event is not in effect with respect to such
      Distribution Date, the amount, if any, by which (x) the sum of (i) the aggregate
      Class Principal Amount of the Group I Senior Certificates and Class M1-I
      Certificates, in each case after giving effect to distributions on such
      Distribution Date and after the allocation of Net Negative Amortization, if
      any,
      for such Distribution Date, and (ii) the Class Principal Amount of the Class
      M2-I Certificates after the allocation of Net Negative Amortization, if any,
      for
      such Distribution Date and immediately prior to such Distribution Date exceeds
      (y) the M2-I Target Amount.

     

    M2-I
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (i) (x) for each distribution prior to the Distribution Date in
      September 2013, 80.63% and (y) thereafter, 84.50% and (ii) the Pool Balance
      for
      Pool 1 for such Distribution Date determined as of the last day of the related
      Collection Period immediately prior to such Distribution Date and (b) the
      amount, if any, by which (1) the Pool Balance for Pool 1 for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Pool 1 Overcollateralization Floor.

     

    M3-I
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Pool 1 Stepdown Date and as
      long as a Pool 1 Trigger Event is not in effect with respect to such
      Distribution Date, the amount, if any, by which (x) the sum of (i) the aggregate
      Class Principal Amount of the Group I Senior Certificates, Class M1-I
      Certificates and Class M2-I Certificates, in each case after giving effect
      to
      distributions on such Distribution Date and after the allocation of Net Negative
      Amortization, if any, for such Distribution Date, and (ii) the Class Principal
      Amount of the Class M3-I Certificates after the allocation of Net Negative
      Amortization, if any, for such Distribution Date and immediately prior to such
      Distribution Date exceeds (y) the M3-I Target Amount.

     

    M3-I
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (i) (x) for each distribution prior to the Distribution Date in
      September 2013, 83.38% and (y) thereafter, 86.70% and (ii) the Pool Balance
      for
      Pool 1 for such Distribution Date determined as of the last day of the related
      Collection Period immediately prior to such Distribution Date and (b) the
      amount, if any, by which (1) the Pool Balance for Pool 1 for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Pool 1 Overcollateralization Floor.

     

    M4-I
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Pool 1 Stepdown Date and as
      long as a Pool 1 Trigger Event is not in effect with respect to such
      Distribution Date, the amount, if any, by which (x) the sum of (i) the aggregate
      Class Principal Amount of the Group I Senior Certificates, Class M1-I
      Certificates, Class M2-I Certificates and Class M3-I Certificates, in each
      case
      after giving effect to distributions on such Distribution Date and after the
      allocation of Net Negative Amortization, if any, for such Distribution Date,
      and
      (ii) the Class Principal Amount of the Class M4-I Certificates after the
      allocation of Net Negative Amortization, if any, for such Distribution Date
      and
      immediately prior to such Distribution Date exceeds (y) the M4-I Target
      Amount.

     

    
      
        
        

      

      
        -44-

        
          

        

      

      
        
        

      

    

     

    M4-I
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (i) (x) for each distribution prior to the Distribution Date in
      September 2013, 85.75% and (y) thereafter, 88.60% and (ii) the Pool Balance
      for
      Pool 1 for such Distribution Date determined as of the last day of the related
      Collection Period immediately prior to such Distribution Date and (b) the
      amount, if any, by which (1) the Pool Balance for Pool 1 for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Pool 1 Overcollateralization Floor.

     

    M5-I
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Pool 1 Stepdown Date and as
      long as a Pool 1 Trigger Event is not in effect with respect to such
      Distribution Date, the amount, if any, by which (x) the sum of (i) the aggregate
      Class Principal Amount of the Group I Senior Certificates, Class M1-I
      Certificates, Class M2-I Certificates, Class M3-I Certificates and Class M4-I
      Certificates, in each case after giving effect to distributions on such
      Distribution Date and after the allocation of Net Negative Amortization, if
      any,
      for such Distribution Date, and (ii) the Class Principal Amount of the Class
      M5-I Certificates after the allocation of Net Negative Amortization, if any,
      for
      such Distribution Date and immediately prior to such Distribution Date exceeds
      (y) the M5-I Target Amount.

     

    M5-I
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (i) (x) for each distribution prior to the Distribution Date in
      September 2013, 88.00% and (y) thereafter, 90.40% and (ii) the Pool Balance
      for
      Pool 1 for such Distribution Date determined as of the last day of the related
      Collection Period immediately prior to such Distribution Date and (b) the
      amount, if any, by which (1) the Pool Balance for Pool 1 for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Pool 1 Overcollateralization Floor.

     

    M6-I
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Pool 1 Stepdown Date and as
      long as a Pool 1 Trigger Event is not in effect with respect to such
      Distribution Date, the amount, if any, by which (x) the sum of (i) the aggregate
      Class Principal Amount of the Group I Senior Certificates, Class M1-I
      Certificates, Class M2-I Certificates, Class M3-I Certificates, Class M4-I
      Certificates and Class M5-I Certificates, in each case after giving effect
      to
      distributions on such Distribution Date and after the allocation of Net Negative
      Amortization, if any, for such Distribution Date, and (ii) the Class Principal
      Amount of the Class M6-I Certificates after the allocation of Net Negative
      Amortization, if any, for such Distribution Date and immediately prior to such
      Distribution Date exceeds (y) the M6-I Target Amount.

     

    M6-I
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (i) (x) for each distribution prior to the Distribution Date in
      September 2013, 90.25% and (y) thereafter, 92.20% and (ii) the Pool Balance
      for
      Pool 1 for such Distribution Date determined as of the last day of the related
      Collection Period immediately prior to such Distribution Date and (b) the
      amount, if any, by which (1) the Pool Balance for Pool 1 for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Pool 1 Overcollateralization Floor.

     

    
      
        
        

      

      
        -45-

        
          

        

      

      
        
        

      

    

     

    M7-I
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Pool 1 Stepdown Date and as
      long as a Pool 1 Trigger Event is not in effect with respect to such
      Distribution Date, the amount, if any, by which (x) the sum of (i) the aggregate
      Class Principal Amount of the Group I Senior Certificates, Class M1-I
      Certificates, Class M2-I Certificates, Class M3-I Certificates, Class M4-I
      Certificates, Class M5-I Certificates and Class M6-I Certificates, in each
      case
      after giving effect to distributions on such Distribution Date and after the
      allocation of Net Negative Amortization, if any, for such Distribution Date,
      and
      (ii) the Class Principal Amount of the Class M7-I Certificates after the
      allocation of Net Negative Amortization, if any, for such Distribution Date
      and
      immediately prior to such Distribution Date exceeds (y) the M7-I Target
      Amount.

     

    M7-I
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (i) (x) for each distribution prior to the Distribution Date in
      September 2013, 93.75% and (y) thereafter, 95.00% and (ii) the Pool Balance
      for
      Pool 1 for such Distribution Date determined as of the last day of the related
      Collection Period immediately prior to such Distribution Date and (b) the
      amount, if any, by which (1) the Pool Balance for Pool 1 for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Pool 1 Overcollateralization Floor.

     

    M8-I
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Pool 1 Stepdown Date and as
      long as a Pool 1 Trigger Event is not in effect with respect to such
      Distribution Date, the amount, if any, by which (x) the sum of (i) the aggregate
      Class Principal Amount of the Group I Senior Certificates, Class M1-I
      Certificates, Class M2-I Certificates, Class M3-I Certificates, Class M4-I
      Certificates, Class M5-I Certificates, Class M6-I Certificates and Class M7-I
      Certificates, in each case after giving effect to distributions on such
      Distribution Date and after the allocation of Net Negative Amortization, if
      any,
      for such Distribution Date, and (ii) the Class Principal Amount of the Class
      M8-I Certificates after the allocation of Net Negative Amortization, if any,
      for
      such Distribution Date and immediately prior to such Distribution Date exceeds
      (y) the M8-I Target Amount.

     

    M8-I
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (i) (x) for each distribution prior to the Distribution Date in
      September 2013, 95.00% and (y) thereafter, 96.00% and (ii) the Pool Balance
      for
      Pool 1 for such Distribution Date determined as of the last day of the related
      Collection Period immediately prior to such Distribution Date and (b) the
      amount, if any, by which (1) the Pool Balance for Pool 1 for such Distribution
      Date determined as of the last day of the related Collection Period exceeds
      (2)
      the Pool 1 Overcollateralization Floor.

     

    M1-II
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Pool 2-3 Stepdown Date and
      as
      long as a Pool 2-3 Trigger Event is not in effect with respect to such
      Distribution Date, the amount, if any, by which (x) the sum of (i) the aggregate
      Class Principal Amount of the Group II Senior Certificates (other than the
      Exchangeable Certificates), in each case after giving effect to distributions
      on
      such Distribution Date and after the allocation of Net Negative Amortization,
      if
      any, for such Distribution Date, and (ii) the Class Principal Amount of the
      Class M1-II Certificates after the allocation of Net Negative Amortization,
      if
      any, for such Distribution Date and immediately prior to such Distribution
      Date
      exceeds (y) the M1-II Target Amount.

     

    
      
        
        

      

      
        -46-

        
          

        

      

      
        
        

      

    

     

    M1-II
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (i) (x) for each distribution prior to the Distribution Date in
      September 2013, 75.75% and (y) thereafter, 80.60% and (ii) the Pool 2-3
      Aggregate Loan Balance for such Distribution Date determined as of the last
      day
      of the related Collection Period immediately prior to such Distribution Date
      and
      (b) the amount, if any, by which (1) the Pool 2-3 Aggregate Loan Balance for
      such Distribution Date determined as of the last day of the related Collection
      Period exceeds (2) the Pool 2-3 Overcollateralization Floor.

     

    M2-II
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Pool 2-3 Stepdown Date and
      as
      long as a Pool 2-3 Trigger Event is not in effect with respect to such
      Distribution Date, the amount, if any, by which (x) the sum of (i) the aggregate
      Class Principal Amount of the Group II Senior Certificates (other than the
      Exchangeable Certificates) and Class M1-II Certificates, in each case after
      giving effect to distributions on such Distribution Date and after the
      allocation of Net Negative Amortization, if any, for such Distribution Date,
      and
      (ii) the Class Principal Amount of the Class M2-II Certificates after the
      allocation of Net Negative Amortization, if any, for such Distribution Date
      and
      immediately prior to such Distribution Date exceeds (y) the M2-II Target
      Amount.

     

    M2-II
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (i) (x) for each distribution prior to the Distribution Date in
      September 2013, 80.38% and (y) thereafter, 84.30% and (ii) the Pool 2-3
      Aggregate Loan Balance for such Distribution Date determined as of the last
      day
      of the related Collection Period immediately prior to such Distribution Date
      and
      (b) the amount, if any, by which (1) the Pool 2-3 Aggregate Loan Balance for
      such Distribution Date determined as of the last day of the related Collection
      Period exceeds (2) the Pool 2-3 Overcollateralization Floor.

     

    M3-II
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Pool 2-3 Stepdown Date and
      as
      long as a Pool 2-3 Trigger Event is not in effect with respect to such
      Distribution Date, the amount, if any, by which (x) the sum of (i) the aggregate
      Class Principal Amount of the Group II Senior Certificates (other than the
      Exchangeable Certificates), Class M1-II Certificates and Class M2-II
      Certificates, in each case after giving effect to distributions on such
      Distribution Date and after the allocation of Net Negative Amortization, if
      any,
      for such Distribution Date, and (ii) the Class Principal Amount of the Class
      M3-II Certificates after the allocation of Net Negative Amortization, if any,
      for such Distribution Date and immediately prior to such Distribution Date
      exceeds (y) the M3-II Target Amount.

     

    M3-II
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (i) (x) for each distribution prior to the Distribution Date in
      September 2013, 83.00% and (y) thereafter, 86.40% and (ii) the Pool 2-3
      Aggregate Loan Balance for such Distribution Date determined as of the last
      day
      of the related Collection Period immediately prior to such Distribution Date
      and
      (b) the amount, if any, by which (1) the Pool 2-3 Aggregate Loan Balance for
      such Distribution Date determined as of the last day of the related Collection
      Period exceeds (2) the Pool 2-3 Overcollateralization Floor.

     

    
      
        
        

      

      
        -47-

        
          

        

      

      
        
        

      

    

     

    M4-II
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Pool 2-3 Stepdown Date and
      as
      long as a Pool 2-3 Trigger Event is not in effect with respect to such
      Distribution Date, the amount, if any, by which (x) the sum of (i) the aggregate
      Class Principal Amount of the Group II Senior Certificates (other than the
      Exchangeable Certificates), Class M1-II Certificates, Class M2-II Certificates
      and Class M3-II Certificates, in each case after giving effect to distributions
      on such Distribution Date and after the allocation of Net Negative Amortization,
      if any, for such Distribution Date, and (ii) the Class Principal Amount of
      the
      Class M4-II Certificates after the allocation of Net Negative Amortization,
      if
      any, for such Distribution Date and immediately prior to such Distribution
      Date
      exceeds (y) the M4-II Target Amount.

     

    M4-II
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (i) (x) for each distribution prior to the Distribution Date in
      September 2013, 85.50% and (y) thereafter, 88.40% and (ii) the Pool 2-3
      Aggregate Loan Balance for such Distribution Date determined as of the last
      day
      of the related Collection Period immediately prior to such Distribution Date
      and
      (b) the amount, if any, by which (1) the Pool 2-3 Aggregate Loan Balance for
      such Distribution Date determined as of the last day of the related Collection
      Period exceeds (2) the Pool 2-3 Overcollateralization Floor.

     

    M5-II
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Pool 2-3 Stepdown Date and
      as
      long as a Pool 2-3 Trigger Event is not in effect with respect to such
      Distribution Date, the amount, if any, by which (x) the sum of (i) the aggregate
      Class Principal Amount of the Group II Senior Certificates (other than the
      Exchangeable Certificates), Class M1-II Certificates, Class M2-II Certificates,
      Class M3-II Certificates and Class M4-II Certificates, in each case after giving
      effect to distributions on such Distribution Date and after the allocation
      of
      Net Negative Amortization, if any, for such Distribution Date, and (ii) the
      Class Principal Amount of the Class M5-II Certificates after the allocation
      of
      Net Negative Amortization, if any, for such Distribution Date and immediately
      prior to such Distribution Date exceeds (y) the M5-II Target
      Amount.

     

    M5-II
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (i) (x) for each distribution prior to the Distribution Date in
      September 2013, 88.00% and (y) thereafter, 90.40% and (ii) the Pool 2-3
      Aggregate Loan Balance for such Distribution Date determined as of the last
      day
      of the related Collection Period immediately prior to such Distribution Date
      and
      (b) the amount, if any, by which (1) the Pool 2-3 Aggregate Loan Balance for
      such Distribution Date determined as of the last day of the related Collection
      Period exceeds (2) the Pool 2-3 Overcollateralization Floor.

     

    M6-II
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Pool 2-3 Stepdown Date and
      as
      long as a Pool 2-3 Trigger Event is not in effect with respect to such
      Distribution Date, the amount, if any, by which (x) the sum of (i) the aggregate
      Class Principal Amount of the Group II Senior Certificates (other than the
      Exchangeable Certificates), Class M1-II Certificates, Class M2-II Certificates,
      Class M3-II Certificates, Class M4-II Certificates and Class M5-II Certificates,
      in each case after giving effect to distributions on such Distribution Date
      and
      after the allocation of Net Negative Amortization, if any, for such Distribution
      Date, and (ii) the Class Principal Amount of the Class M6-II Certificates after
      the allocation of Net Negative Amortization, if any, for such Distribution
      Date
      and immediately prior to such Distribution Date exceeds (y) the M6-II Target
      Amount.

     

    
      
        
        

      

      
        -48-

        
          

        

      

      
        
        

      

    

     

    M6-II
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (i) (x) for each distribution prior to the Distribution Date in
      September 2013, 89.99% and (y) thereafter, 91.90% and (ii) the Pool 2-3
      Aggregate Loan Balance for such Distribution Date determined as of the last
      day
      of the related Collection Period immediately prior to such Distribution Date
      and
      (b) the amount, if any, by which (1) the Pool 2-3 Aggregate Loan Balance for
      such Distribution Date determined as of the last day of the related Collection
      Period exceeds (2) the Pool 2-3 Overcollateralization Floor.

     

    M7-II
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Pool 2-3 Stepdown Date and
      as
      long as a Pool 2-3 Trigger Event is not in effect with respect to such
      Distribution Date, the amount, if any, by which (x) the sum of (i) the aggregate
      Class Principal Amount of the Group II Senior Certificates (other than the
      Exchangeable Certificates), Class M1-II Certificates, Class M2-II Certificates,
      Class M3-II Certificates, Class M4-II Certificates, Class M5-II Certificates
      and
      Class M6-II Certificates, in each case after giving effect to distributions
      on
      such Distribution Date and after the allocation of Net Negative Amortization,
      if
      any, for such Distribution Date, and (ii) the Class Principal Amount of the
      Class M7-II Certificates after the allocation of Net Negative Amortization,
      if
      any, for such Distribution Date and immediately prior to such Distribution
      Date
      exceeds (y) the M7-II Target Amount.

     

    M7-II
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (i) (x) for each distribution prior to the Distribution Date in
      September 2013, 93.00% and (y) thereafter, 94.40% and (ii) the Pool 2-3
      Aggregate Loan Balance for such Distribution Date determined as of the last
      day
      of the related Collection Period immediately prior to such Distribution Date
      and
      (b) the amount, if any, by which (1) the Pool 2-3 Aggregate Loan Balance for
      such Distribution Date determined as of the last day of the related Collection
      Period exceeds (2) the Pool 2-3 Overcollateralization Floor.

     

    M8-II
      Principal Distribution Amount:
      With
      respect to any Distribution Date on or after the Pool 2-3 Stepdown Date and
      as
      long as a Pool 2-3 Trigger Event is not in effect with respect to such
      Distribution Date, the amount, if any, by which (x) the sum of (i) the aggregate
      Class Principal Amount of the Group II Senior Certificates (other than the
      Exchangeable Certificates), Class M1-II Certificates, Class M2-II Certificates,
      Class M3-II Certificates, Class M4-II Certificates, Class M5-II Certificates,
      Class M6-II Certificates and Class M7-II Certificates, in each case after giving
      effect to distributions on such Distribution Date and after the allocation
      of
      Net Negative Amortization, if any, for such Distribution Date, and (ii) the
      Class Principal Amount of the Class M8-II Certificates after the allocation
      of
      Net Negative Amortization, if any, for such Distribution Date and immediately
      prior to such Distribution Date exceeds (y) the M8-II Target
      Amount.

     

    M8-II
      Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (i) (x) for each distribution prior to the Distribution Date in
      September 2013, 94.25% and (y) thereafter, 95.40% and (ii) the Pool 2-3
      Aggregate Loan Balance for such Distribution Date determined as of the last
      day
      of the related Collection Period immediately prior to such Distribution Date
      and
      (b) the amount, if any, by which (1) the Pool 2-3 Aggregate Loan Balance for
      such Distribution Date determined as of the last day of the related Collection
      Period exceeds (2) the Pool 2-3 Overcollateralization Floor.

     

    
      
        
        

      

      
        -49-

        
          

        

      

      
        
        

      

    

     

    Master
      Servicer:
      Aurora
      Loan Services LLC, or any successor in interest, or if any successor master
      servicer shall be appointed as herein provided, then such successor master
      servicer.

     

    Master
      Servicing Fee:
      As to
      any Distribution Date, an amount equal to one-twelfth the product of (a) the
      Master Servicing Fee Rate and (b) the outstanding principal balance of each
      Mortgage Loan.

     

    Master
      Servicing Fee Rate:
      0.00%
      per annum.

     

    Material
      Defect:
      As
      defined in Section 2.02(c).

     

    Maximum
      Rate:
      For any
      Mortgage Loan, the rate specified in the related Mortgage Note which the related
      mortgage rate will never exceed.

     

    MERS:
      Mortgage Electronic Registration Systems, Inc., a Delaware corporation, or
      any
      successor in interest thereto.

     

    MERS
      Mortgage Loan:
      Any
      Mortgage Loan as to which the related Mortgage, or an Assignment of Mortgage,
      has been or will be recorded in the name of MERS, as nominee for the holder
      from
      time to time of the Mortgage Note.

     

    Monthly
      Excess Cashflow:
      Not
      applicable.

     

    Monthly
      Excess Interest:
      Not
      applicable.

     

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

     

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

     

    Mortgage
      File:
      As
      defined in Section 2.01(b).

     

    Mortgage
      Group:
      Any of
      Mortgage Group I or Mortgage Group II.

     

    Mortgage
      Group I:
      Pool
      1.

     

    Mortgage
      Group II:
      Pool 2
      and Pool 3.

     

    Mortgage
      Loan:
      A
      Mortgage and the related notes or other evidences of indebtedness secured by
      each such Mortgage conveyed, transferred, sold, assigned to or deposited with
      the Trustee pursuant to Section 2.01 or Section 2.05, including without
      limitation, each Mortgage Loan listed on the Mortgage Loan Schedule, as amended
      from time to time.

     

    
      
        
        

      

      
        -50-

        
          

        

      

      
        
        

      

    

     

     

    Mortgage
      Loan Sale Agreement:
      The
      mortgage loan sale and assignment agreement dated as of August 1, 2007 for
      the
      sale of the Mortgage Loans by the Seller to the Depositor.

     

    Mortgage
      Loan Schedule:
      The
      schedule attached hereto as Schedule A, which shall identify each Mortgage
      Loan,
      as such schedule may be amended from time to time to reflect the addition of
      Mortgage Loans to, or the deletion of Mortgage Loans from, the Trust Fund.
      Such
      schedule shall set forth, among other things, the following information with
      respect to each Mortgage Loan: (i) the Mortgage Loan identifying number; (ii)
      the Mortgagor’s name; (iii) the street address of the Mortgaged Property
      including the city, state and zip code; (iv) the original principal amount
      of
      the Mortgage Loan; (v) the Mortgage Rate at origination; (vi) the monthly
      payment of principal and interest at origination; (vii) the Seller of such
      Mortgage Loan to the Depositor; (viii) the Servicer servicing such Mortgage
      Loan
      and the applicable Servicing Fee; (ix) the applicable prepayment premium, if
      any, and the method of calculation and (x) the Custodian with respect to the
      Mortgage File related to such Mortgage Loan. The Depositor shall be responsible
      for providing the Trustee and the Master Servicer with all amendments to the
      Mortgage Loan Schedule.

     

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

     

    Mortgage
      Pool:
      Any of
      Pool 1, Pool 2 or Pool 3.

     

    Mortgage
      Rate:
      As to
      any Mortgage Loan, the per annum rate at which interest accrues on such Mortgage
      Loan, determined under in the related Mortgage Note as reduced by any Relief
      Act
      Reductions.

     

    Mortgaged
      Property:
      Either
      of (x) the fee simple interest in real property, together with improvements
      thereto including any exterior improvements to be completed within 120 days
      of
      disbursement of the related Mortgage Loan proceeds, or (y) in the case of a
      Cooperative Loan, the related Cooperative Shares and Proprietary Lease, securing
      the indebtedness of the Mortgagor under the related Mortgage Loan.

     

    Mortgagor:
      The
      obligor on a Mortgage Note.

     

    Negative
      Amortization:
      With
      respect to each Distribution Date, the amount of interest on the Mortgage Loans
      that the related Mortgagors are not obligated to pay as interest (and which
      shall be added to the Scheduled Principal Balance of each such Mortgage Loan)
      due to the negative amortization feature of such Mortgage Loans, in each case
      during the related Collection Period.

     

    Negative
      Amortization Certificate:
      Any
      Certificate other than the Class R Certificate.

     

    Net
      Funds Cap:
      Any of
      the Pool 1 Net Funds Cap, the Pool 2 Net Funds Cap, the Pool 3 Net Funds Cap
      or
      the Group II Subordinate Net Funds Cap.

     

    Net
      Liquidation Proceeds:
      With
      respect to any Liquidated Mortgage Loan, the related Liquidation Proceeds net
      of
      (i) unreimbursed expenses and (ii) any unreimbursed Advances, if any, received
      and retained in connection with the liquidation of such Mortgage
      Loan.

     

    
      
        
        

      

      
        -51-

        
          

        

      

      
        
        

      

    

     

    Net
      Mortgage Rate:
      With
      respect to any Mortgage Loan, the Mortgage Rate thereof reduced by the Servicing
      Fee Rate and any mortgage insurance premium rate, as applicable.

     

    Net
      Negative Amortization:
      For any
      Distribution Date and each Mortgage Pool, the excess, if any, of (i) the
      Negative Amortization with respect to all Mortgage Loans in such Mortgage Pool
      for the calendar month prior to that Distribution Date, over (ii) the aggregate
      amount of all scheduled monthly principal payments received with respect to
      all
      Mortgage Loans in such Mortgage Pool during the related Collection Period,
      prepayments in full and partial prepayments received with respect to all
      Mortgage Loans in such Mortgage Pool during the related Prepayment Period
      (including principal received in connection with the repurchase of a Mortgage
      Loan from the Trust Fund and all other principal received other than scheduled
      monthly payments) and recoveries in respect of the Mortgage Loans in such
      Mortgage Pool received during the related Prepayment Period.

     

    Net
      Prepayment Interest Shortfall:
      With
      respect to any Deposit Date and any Class of Certificates, the excess, if any,
      of any Prepayment Interest Shortfalls with respect to the Mortgage Loans in
      a
      Mortgage Pool for such date over (i) any Prepayment Interest Excess with respect
      to such Mortgage Loans for such date and (ii) any amounts paid with respect
      to
      such shortfalls by a Servicer pursuant to the applicable Servicing Agreement
      or
      by the Master Servicer.

     

    Net
      Rate:
      Not
      applicable.

     

    Net
      Swap Payment:
      With
      respect to each Distribution Date and either Swap Agreement, the net payment
      required to be made pursuant to the terms of the related Swap Agreement, which
      net payment shall not take into account any related Swap Termination Payment,
      and any unpaid amounts due on previous Swap Payment Dates and accrued interest
      thereon as provided in such Swap Agreement, as calculated by the Swap
      Counterparty and furnished to the Trustee.

     

    Net
      WAC:
      For
      each Mortgage Pool and for each Distribution Date, the weighted average of
      the
      Net Mortgage Rates of the Mortgage Loans in such Mortgage Pool at the beginning
      of the related Collection Period, weighted on the basis of their Scheduled
      Principal Balances at the beginning of the related Collection
      Period.

     

    NIM
      Redemption Amount:
      As
      defined in Section 7.01(b).

     

    NIM
      Securities:
      Any net
      interest margin securities issued subsequent to the Closing Date by an owner
      trust or other special purpose entity, the principal assets of which include
      some or all of the Class AP-I, Class 2-AP, Class 3-AP, Class X-I and Class
      X-II
      Certificates and the payments received thereon, which principal assets back
      such
      securities.

     

    NIMS
      Agreement:
      Not
      applicable.

     

    NIMS
      Insurer:
      One or
      more insurers issuing financial guaranty insurance policies in connection with
      the issuance of NIM Securities.

     

    Non-Book-Entry
      Certificate:
      Not
      applicable.

     

    
      
        
        

      

      
        -52-

        
          

        

      

      
        
        

      

    

     

    Non-MERS
      Mortgage Loan:
      Any
      Mortgage Loan other than a MERS Mortgage Loan.

     

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

     

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

     

    Nonpayment:
      With
      respect to any Distribution Date, an Insured Amount that is due for Payment
      but
      has not been paid pursuant to this Agreement.

     

    Notice:
      The
      telephonic or telegraphic notice, promptly confirmed in writing by telecopy
      substantially in the form of Exhibit A to the Certificate Insurance Policy,
      the
      original of which is subsequently delivered by registered or certified mail,
      from the Trustee specifying the Insured Amount or Preference Amount which shall
      be due and owing on the applicable Distribution Date.

     

    Notice
      of Nonpayment.
      The
      notice of claim to be delivered by the Trustee to the Certificate Insurer with
      respect to any Distribution Date pursuant to Section 5.13(a), which shall be
      in
      the form attached to the Certificate Insurance Policy.

     

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

     

    Notional
      Certificate: Not applicable.

     

    Offered
      Certificates:
      Collectively, the Class 1-A1, Class 1-A2, Class 2-A1, Class 2-A2, Class 2-A3,
      Class 2-A4, Class 3-A1, Class 3-A2, Class 3-A3, Class M1-I, Class M2-I, Class
      M3-I, Class M4-I, Class M5-I, Class M6-I, Class M7-I, Class M8-I, Class M1-II,
      Class M2-II, Class M3-II, Class M4-II, Class M5-II, Class M6-II, Class M7-II
      and
      Class M8-II Certificates.

     

    Offering
      Document:
      Either
      of the private placement memorandum, dated August 31, 2007, relating to the
      Privately Offered Certificates or the Prospectus.

     

    Officer’s
      Certificate:
      A
      certificate signed by the Chairman of the Board, any Vice Chairman, the
      President, any Vice President or any Assistant Vice President of a Person,
      and
      in each case delivered to the Trustee.

     

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

     

    Optimal
      Interest Remittance Amount:
      With
      respect to each Mortgage Pool for each Distribution Date, the product of (A)
      (x)
      the weighted average of the Net Mortgage Rates for the Mortgage Loans in such
      Mortgage Pool (based on their Scheduled Principal Balances as of the first
      day
      of the related Collection Period) divided by (y) 12 and (B) the Pool Balance
      for
      such Mortgage Pool as of the first day of the related Collection Period (not
      including for this purpose Mortgage Loans for which prepayments in full have
      been received and distributed in the month prior to that Distribution
      Date).

     

    
      
        
        

      

      
        -53-

        
          

        

      

      
        
        

      

    

     

    Original
      Loan-to-Value Ratio:
      Not
      applicable.

     

    Original
      Value:
      The
      lesser of (a) the Appraised Value of a Mortgaged Property at the time the
      related Mortgage Loan was originated and (b) if the Mortgage Loan was made
      to
      finance the acquisition of the related Mortgaged Property, the purchase price
      paid for the Mortgaged Property by the Mortgagor at the time the related
      Mortgage Loan was originated.

     

    Originators:
      Countrywide Home Loans, Inc., Lehman Brothers Bank, FSB, Quicken Loans, Inc.
      and
      GreenPoint.

     

    Overcollateralization
      Amount:
      Either
      of the Pool 1 Overcollateralization Amount or the Pool 2-3 Overcollateralization
      Amount.

     

    Overcollateralization
      Deficiency:
      Not
      applicable.

     

    Overcollateralization
      Floor:
      Not
      applicable.

     

    Overcollateralization
      Release Amount:
      Not
      applicable.

     

    Payahead:
      With
      respect to any Mortgage Loan and any Due Date therefor, any Scheduled Payment
      received by the Servicer during any Collection Period in addition to the
      Scheduled Payment due on such Due Date, intended by the related Mortgagor to
      be
      applied on a subsequent Due Date or Due Dates.

     

    Paying
      Agent:
      Any
      paying agent appointed pursuant to Section 3.08.

     

    PCAOB:
      The
      Public Company Accounting Oversight Board.

     

    Percentage
      Interest:
      With
      respect to any Certificate, its percentage interest in the undivided beneficial
      ownership interest in the Trust Fund evidenced by all Certificates of the same
      Class as such Certificate. With respect to any Certificate other than the Class
      C-I, Class C-II, Class X-I, Class X-II and Class R Certificates, the Percentage
      Interest evidenced thereby shall equal the initial Certificate Principal Amount
      thereof divided by the initial Class Principal Amount of all Certificates of
      the
      same Class. With respect to the Class C-I, Class C-II, Class X-I, Class X-II
      and
      Class R Certificates, the Percentage Interest evidenced thereby shall be as
      specified on the face thereof, or otherwise be equal to 100%.

     

    Permitted
      Servicing Amendment:
      Any
      amendment to a Servicing Agreement pursuant to Section 11.03(a)(iii) hereunder
      in connection with any servicing transfer or transfer of any servicing
      rights.

     

    Permitted
      Transferee:
      As
      defined in Section 3.03(f).

     

    
      
        
        

      

      
        -54-

        
          

        

      

      
        
        

      

    

     

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

     

    Placement
      Agent:
      Lehman
      Brothers Inc.

     

    Plan:
      As
      defined in Section 3.03(d).

     

    Plan
      Asset Regulations:
      The
      Department of Labor regulations set forth in 29 C.F.R. 2510.3 101, as modified
      by Section 3(42) of ERISA.

     

    Policy
      Payments Account:
      A
      separate trust account created and maintained by the Trustee to which payments
      under the Certificate Insurer Policy are deposited.

     

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

     

    Pool
      1
      Applied Loss Amount:
      With
      respect to any Distribution Date, the amount, if any, by which (x) the aggregate
      Certificate Principal Amount of the Group I Certificates after giving effect
      to
      all Realized Losses incurred with respect to the Pool 1 Mortgage Loans during
      the related Collection Period and distributions of principal on such
      Distribution Date, but before giving effect to any application of the Pool
      1
      Applied Loss Amount with respect to such date, exceeds (y) the Pool Balance
      for
      Pool 1 for such Distribution Date.

     

    Pool
      1
      Assets:
      As
      defined in Section 7.01(b)(i).

     

    Pool
      1
      Basis Risk Payment:
      For any
      Distribution Date and the Group I Certificates, the excess, if any of (A) the
      sum of (1) any Basis Risk Shortfall for the Group I Certificates for such
      Distribution Date not otherwise funded out of amounts received on the Group
      I
      Interest Rate Cap Agreement and (2) any Unpaid Basis Risk Shortfall for the
      Group I Certificates for such Distribution Date not otherwise funded out of
      amounts received on the Group I Interest Rate Cap Agreement over (B) the amount
      of payments of Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls made
      to
      the Group I Certificates pursuant to Section 5.02(h)(vi); provided, however,
      that the amount of the Pool 1 Basis Risk Payment for any Distribution Date
      cannot exceed the amount of Pool 1 Monthly Excess Cashflow otherwise
      distributable in respect of the Class X-I Certificates pursuant to Section
      5.02(h)(x) hereof on such Distribution Date (as determined under the definition
      of “X-I Component Distributable Amount” without regard to the Pool 1 Basis Risk
      Payment for such Distribution Date).

     

    Pool
      1
      Basis Risk Reserve Fund:
      A fund
      created as part of the Trust Fund pursuant to Section 5.06 of this Agreement
      but
      which is not an asset of any of the REMICs.

     

    Pool
      1
      Cumulative Loss Trigger Event:
      With
      respect to any Distribution Date, a Pool 1 Cumulative Loss Trigger Event will
      have occurred if the fraction, expressed as a percentage, obtained by dividing
      (x) the aggregate amount of cumulative Realized Losses incurred on the Pool
      1
      Mortgage Loans from the Cut-off Date through the last day of the related
      Collection Period by (y) the Pool Balance for Pool 1 as of the Cut-off Date,
      exceeds the applicable percentages described below with respect to such
      Distribution Date.

     

    
      
        
        

      

      
        -55-

        
          

        

      

      
        
        

      

    

     

    
      	
              Distribution
                Date

            	 	
              Loss
                Percentage

            
	
              September
                2010 through August 2011

            	 	
              0.60%
                for the first month plus an additional 1/12th of 0.50% for each month
                thereafter.

            
	
              September
                2011 through August 2012

            	 	
              1.10%
                for the first month plus an additional 1/12th of 0.45% for each month
                thereafter.

            
	
              September
                2012 through August 2013

            	 	
              1.55%
                for the first month plus an additional 1/12th of 0.60% for each month
                thereafter.

            
	
              September
                2013 through August 2014

            	 	
              2.15%
                for the first month plus an additional 1/12th of 0.20% for each month
                thereafter.

            
	
              September
                2014 and thereafter

            	 	
              2.35%

            

    

    

    Pool
      1
      Delinquency Event:
      With
      respect to any Distribution Date, a “Pool 1 Delinquency Event” shall occur if
      the Pool 1 Rolling Three Month Delinquency Rate as of the last day of the
      immediately preceding month equals or exceeds, for Distribution Dates prior
      to
      September 2013, 24.56%, and, for Distribution Dates during or after September
      2013, 30.70% of the Pool 1 Senior Enhancement Percentage for such Distribution
      Date.

     

    Pool
      1
      Delinquency Rate:
      For any
      month, the fraction, expressed as a percentage, the numerator of which is the
      aggregate outstanding principal balance of all Mortgage Loans in Pool 1 that
      are
      60 or more days delinquent (including all Pool 1 Mortgage Loans 60 or more
      days
      delinquent for which the Mortgagor has filed for bankruptcy after the closing
      date), (ii) each Pool 1 Mortgage Loan in foreclosure and all REO Properties
      as
      of the close of business on the last day of such month, (iii) all Pool 1
      Mortgage Loans repurchased within 12 months prior to such Distribution Date
      and
      (iv) all
      Pool
      1 Mortgage Loans modified within 12 months prior to such Distribution
      Date,
      and the
      denominator of which is the Pool Balance for Pool 1 as of the close of business
      on the last day of such month.

     

    Pool
      1
      Initial Optional Termination Date:
      The
      Distribution Date following the month in which the Pool Balance for Pool 1
      initially declines to less than 10% of the Pool Balance for Pool 1 as of the
      Cut-off Date.

     

    Pool
      1
      Monthly Excess Cashflow:
      With
      respect to any Distribution Date, the sum of (x) the Pool 1 Monthly Excess
      Interest for such date, (y) Pool 1 Overcollateralization Release Amount for
      such
      date and (z) that portion, if any, of the Principal Distribution Amount for
      such
      date available for distribution pursuant to Sections 5.02(d)(i)(5) and
      5.02(d)(ii)(L) hereof.

     

    Pool
      1
      Monthly Excess Interest:
      With
      respect to any Distribution Date, that portion, if any, of the Interest
      Remittance Amount available for distribution pursuant to Section 5.02(b)(vii)
      hereof for such date.

     

    Pool
      1
      Mortgage Loan:
      A
      Mortgage in Pool 1 and the related notes or other evidences of indebtedness
      secured by each such Mortgage conveyed, transferred, sold, assigned to or
      deposited with the Trustee pursuant to Section 2.01 or Section 2.05, including
      without limitation, each Pool 1 Mortgage Loan listed on the Mortgage Loan
      Schedule, as amended from time to time.

     

    
      
        
        

      

      
        -56-

        
          

        

      

      
        
        

      

    

     

    Pool
      1
      Net Funds Cap:
      For
      each Distribution Date, an annual rate equal to (a) a fraction, expressed as
      a
      percentage, the numerator of which is the product of (1) the excess, if any,
      of
      (x) the Optimal Interest Remittance Amount for Pool 1 for such Distribution
      Date
      over (y) the amount of any Net Swap Payment or Swap Termination Payment not
      due
      to a Swap Counterparty Trigger Event owed to the Swap Counterparty on the
      related due date allocable to Pool 1 and the Certificate Insurer Premium and
      (2)
      12, and the denominator of which is the Pool Balance for Pool 1 as of the first
      day of the related Collection Period (not including for this purpose Mortgage
      Loans for which prepayments in full have been received and distributed in the
      month prior to that Distribution Date), multiplied by, in the case of the Pool
      1
      Senior Certificates only, (b) a fraction, the numerator of which is 30 and
      the
      denominator of which is the actual number of days in the Accrual Period related
      to such Distribution Date.

     

    Pool
      1
      Net Rate:
      The per
      annum rate set forth in footnote 1 to the description of REMIC I-1 in the
      Preliminary Statement hereto (such rate being based on the weighted average
      of
      the interest rates on the SWAP I REMIC Regular Interests as adjusted and as
      set
      forth in such footnote).

     

    Pool
      1
      Overcollateralization Amount:
      With
      respect to any Distribution Date, the amount, if any, by which (x) the Pool
      Balance for Pool 1 for such Distribution Date determined as of the last day
      of
      the related Collection Period exceeds (y) the aggregate Class Principal Amount
      of the Group I Certificates after giving effect to distributions on such
      Distribution Date.

     

    Pool
      1
      Overcollateralization Deficiency:
      With
      respect to any Distribution Date, the amount, if any, by which (x) the Pool
      1
      Targeted Overcollateralization Amount for such Distribution Date exceeds (y)
      the
      Pool 1 Overcollateralization Amount for such Distribution Date, calculated
      for
      this purpose after giving effect to the reduction on such Distribution Date
      of
      the aggregate Certificate Principal Amount of the Group I Certificates resulting
      from the distribution of the Principal Distribution Amount for Pool 1 on such
      Distribution Date but prior to allocation of any Pool 1 Applied Loss Amount
      on
      such Distribution Date.

     

    Pool
      1
      Overcollateralization Floor:
      For any
      Distribution Date, $2,109,579 (0.50% of the Pool Balance for Pool 1 as of the
      Cut-off Date).

     

    Pool
      1
      Overcollateralization Release Amount:
      With
      respect to any Distribution Date, the lesser of (x) the Principal Remittance
      Amount for Pool 1 for such Distribution Date and (y) the amount, if any, by
      which (1) the Pool 1 Overcollateralization Amount for such Distribution Date
      (calculated for this purpose on the basis of the assumption that 100% of the
      Principal Remittance Amount for Pool 1 for such date is applied on such
      Distribution Date in reduction of the aggregate Certificate Principal Amount
      of
      the Group I Certificates), exceeds (2) the Pool 1 Targeted Overcollateralization
      Amount for such Distribution Date.

     

    Pool
      1
      Purchase Price:
      With
      respect to the purchase of a Pool 1 Mortgage Loan or related REO Property
      pursuant to this Agreement, an amount equal to the sum of (a) 100% of the unpaid
      principal balance of such Mortgage Loan, (b) accrued interest thereon at the
      applicable Mortgage Rate, from the date as to which interest was last paid
      to
      (but not including) the Due Date in the Collection Period immediately preceding
      the related Distribution Date; (c) any unreimbursed Servicing Advances with
      respect to such Mortgage Loan; (d) any costs and damages incurred by the Trust
      Fund with respect to such Mortgage Loan in connection with any violation of
      any
      federal, state or local predatory or abusive lending laws or other similar
      laws;
      and (e) the fair market value of all other property being purchased (reduced,
      in
      the case of REO Property relating to a Pool 1 Mortgage Loan, by (1) reasonably
      anticipated disposition costs and (2) any amount by which the fair market value
      as so reduced exceeds the outstanding principal balance of the related Mortgage
      Loan). The Master Servicer and the Servicer (or the Trustee, in its capacity
      as
      successor master servicer, if applicable) shall be reimbursed from the Pool
      1
      Purchase Price for any Pool 1 Mortgage Loan or related REO Property for any
      Advances made or other amounts advanced with respect to such Mortgage Loan
      that
      are reimbursable to the Master Servicer or the Servicer under this Agreement
      or
      the Servicing Agreement (or to the Trustee hereunder in its capacity as
      successor master servicer), together with any accrued and unpaid compensation
      due to the Master Servicer, the Servicer or the Trustee hereunder or
      thereunder.

     

    
      
        
        

      

      
        -57-

        
          

        

      

      
        
        

      

    

     

    Pool
      1
      REMIC Net WAC:
      For
      each Distribution Date (and the related Accrual Period), an annual rate equal
      to
      (a) a fraction, expressed as a percentage, the numerator of which is the product
      of (1) the excess, if any, of (x) the Optimal Interest Remittance Amount for
      Pool 1 for such Distribution Date over (y) the Certificate Insurer Premium
      for
      such Distribution Date and (2) 12, and the denominator of which is the Pool
      Balance for Pool 1 as of the first day of the related Collection Period (not
      including for this purpose Mortgage Loans for which prepayments in full have
      been received and distributed in the month prior to that Distribution Date)
      multiplied by (b) a fraction, the numerator of which is 30 and the denominator
      of which is the actual number of days in the Accrual Period related to such
      Distribution Date.

     

    Pool
      1
      Repurchase Price:
      As
      defined in Section 7.01(b)(i).

     

    Pool
      1
      Rolling Three Month Delinquency Rate:
      With
      respect to any Distribution Date, the average of the Pool 1 Delinquency Rates
      for each of the three (or one and two, in the case of the first and second
      Distribution Dates, respectively) immediately preceding calendar
      months.

     

    Pool
      1
      Senior Certificates:
      The
      Class 1-A1 and Class 1-A2 Certificates.

     

    Pool
      1
      Senior Enhancement Percentage:
      With
      respect to any Distribution Date, the fraction, expressed as a percentage,
      the
      numerator of which is the sum of the aggregate Class Principal Amount of the
      Group I Subordinate Certificates and the Pool 1 Overcollateralization Amount
      (which amount, for purposes of this definition only, shall not be less than
      zero
      and assuming for purposes of this definition that the Principal Distribution
      Amount has been distributed on such Distribution Date and no Pool 1 Trigger
      Event has occurred) and the denominator of which is the Pool Balance for Pool
      1
      for such Distribution Date, in each case after giving effect to distributions
      on
      such Distribution Date.

     

    Pool
      1
      Senior Principal Distribution Amount:
      For any
      Distribution Date, an amount equal to (a) prior to the Pool 1 Stepdown Date
      or
      if a Pool 1 Trigger Event is in effect with respect to such Distribution Date,
      100% of the Principal Distribution Amounts for Pool 1 and (b) on or after the
      Pool 1 Stepdown Date and as long as a Pool 1 Trigger Event is not in effect
      with
      respect to such Distribution Date, the amount, if any, by which (x) the
      aggregate Class Principal Amount of the Group I Senior Certificates after the
      allocation of Net Negative Amortization, if any, for each Distribution Date
      and
      immediately prior to distributions on such Distribution Date exceeds (y) the
      Pool 1 Senior Target Amount.

     

    
      
        
        

      

      
        -58-

        
          

        

      

      
        
        

      

    

     

    Pool
      1
      Senior Priority: For the Pool 1 Senior Certificates, sequentially in the
      following order: (i) up to the amount of any Net Negative Amortization
      previously allocated to such Certificates and not repaid, to the Pool 1 Senior
      Certificates pro rata based on the amount of such unpaid prior allocations
      of
      Net Negative Amortization to each class thereof and (ii) pro rata, to the Pool
      1
      Senior Certificates.

     

    Pool
      1
      Senior Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (1) (i) for each distribution prior to the Distribution Date in
      September 2013, 71.50%; and (ii) thereafter, 77.20% and (2) the Pool Balance
      for
      Pool 1 for such Distribution Date determined as of the last day of the related
      Collection Period and (b) the amount, if any, by which (1) the Pool Balance
      for
      Pool 1 for such Distribution Date determined as of the last day of the related
      Collection Period exceeds (2) the Pool 1 Overcollateralization
      Floor.

     

    Pool
      1
      Stepdown Date:
      The
      later to occur of (x) the Distribution Date in September 2010 and (y) the first
      Distribution Date on which the Pool 1 Senior Enhancement Percentage (calculated
      for this purpose after giving effect to payments or other recoveries in respect
      of the Pool 1 Mortgage Loans during the related Collection Period, but before
      giving effect to distributions on any Certificates on such Distribution Date)
      is
      greater than or equal to (i) prior to the Distribution Date in September 2013,
      28.50% and (ii) on or after the Distribution Date in September 2013,
      22.80%.

     

    Pool
      1
      Target Amount:
      an
      amount equal to the Pool Balance for Pool 1 as of such Distribution Date minus
      the Pool 1 Targeted Overcollateralization Amount for such Distribution
      Date.

     

    Pool
      1
      Targeted Overcollateralization Amount:
      With
      respect to any Distribution Date (x) prior to the Pool 1 Stepdown Date an amount
      equal to $8,438,317 (2.00% of the Pool Balance for Pool 1 as of the Cut-off
      Date), (y) on or after the Pool 1 Stepdown Date, the greater of (1) the lesser
      of (a) the amount of $8,438,317 and (b) the product of (i) for each distribution
      prior to the Distribution Date in September 2013, 5.000%, and thereafter, 4.000%
      and (ii) the Pool Balance for Pool 1 as of the last day of the related
      Collection Period and (2) the Pool 1 Overcollateralization Floor and (z) on
      and
      after the Pool 1 Stepdown Date and for which a Pool 1 Trigger Event is in
      effect, the amount calculated under this definition for the immediately
      preceding Distribution Date.

     

    Pool
      1
      Trigger Event:
      With
      respect to any Distribution Date, means that either a Pool 1 Delinquency Event
      or a Pool 1 Cumulative Loss Trigger Event is in effect for such Distribution
      Date.

     

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

     

    
      
        
        

      

      
        -59-

        
          

        

      

      
        
        

      

    

     

    Pool
      2
      Mortgage Loan:
      A
      Mortgage in Pool 2 and the related notes or other evidences of indebtedness
      secured by each such Mortgage conveyed, transferred, sold, assigned to or
      deposited with the Trustee pursuant to Section 2.01 or Section 2.05, including
      without limitation, each Pool 2 Mortgage Loan listed on the Mortgage Loan
      Schedule, as amended from time to time.

     

    Pool
      2
      Net Funds Cap:
      For
      each Distribution Date, an annual rate equal to (a) a fraction, expressed as
      a
      percentage, the numerator of which is the product of (1) the excess, if any,
      of
      (x) the Optimal Interest Remittance Amount for Pool 2 for such Distribution
      Date
      over (y) the amount of any Net Swap Payment or Swap Termination Payment not
      due
      to a Swap Counterparty Trigger Event owed to the Swap Counterparty on the
      related due date allocable to Pool 2 (based on the applicable Swap Allocation
      Percentage) and (2) 12, and the denominator of which is the Pool Balance for
      Pool 2 as of the first day of the related Collection Period (not including
      for
      this purpose Mortgage Loans for which prepayments in full have been received
      and
      distributed in the month prior to that Distribution Date), multiplied by (b)
      a
      fraction, the numerator of which is 30 and the denominator of which is the
      actual number of days in the Accrual Period related to such Distribution
      Date.

     

    Pool
      2
      Senior Certificates:
      The
      Class 2-A1, Class 2-A2, Class 2-A3 and Class 2-A4 Certificates.

     

    Pool
      2
      Senior Priority: For the Pool 2 Senior Certificates, sequentially in the
      following order: (i) up to the amount of any Net Negative Amortization
      previously allocated to such Certificates and not repaid, to the Pool 2 Senior
      Certificates pro rata based on the amount of such unpaid prior allocations
      of
      Net Negative Amortization to each class thereof and (ii) pro rata, to the Pool
      2
      Senior Certificates.

     

    Pool
      2
      Swap Allocation Percentage: For
      Pool
      2, a fraction, the numerator of which is the sum of (a) the aggregate Class
      Principal Amount of the Pool 2 Senior Certificates and (b) the sum of the
      Apportioned Principal Balances for the Group II Subordinate Certificates, and
      the denominator of which is the aggregate Class Principal Amount of the Group
      II
      Senior Certificates and the Group II Subordinate Certificates.

     

    Pool
      2-3 Aggregate Loan Balance: With
      respect to any Distribution Date, the total Scheduled Principal Balance of
      the
      Mortgage Loans in Pool 2 and Pool 3 for that Distribution Date.

     

    Pool
      2-3 Applied Loss Amount:
      With
      respect to any Distribution Date, the amount, if any, by which (x) the aggregate
      Certificate Principal Amount of the Group II Certificates after giving effect
      to
      all Realized Losses incurred with respect to the Pool 2 and Pool 3 Mortgage
      Loans during the related Collection Period and distributions of principal on
      such Distribution Date, but before giving effect to any application of the
      Pool
      2-3 Applied Loss Amount with respect to such date, exceeds (y) the Pool 2-3
      Aggregate Loan Balance for such Distribution Date.

     

    Pool
      2-3 Assets:
      As
      defined in Section 7.01(b)(ii).

     

    
      
        
        

      

      
        -60-

        
          

        

      

      
        
        

      

    

     

    Pool
      2-3 Basis Risk Payment:
      For any
      Distribution Date and the Group II Certificates, the excess, if any of (A)
      the
      sum of (1) any Basis Risk Shortfall for the Group II Certificates for such
      Distribution Date not otherwise funded out of amounts received on the Group
      II
      Interest Rate Cap Agreement and (2) any Unpaid Basis Risk Shortfall for the
      Group II Certificates for such Distribution Date not otherwise funded out of
      amounts received on the Group II Interest Rate Cap Agreement over (B) the amount
      of payments of Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls made
      to
      the Group II Certificates pursuant to Section 5.02(i)(v); provided, however,
      that the amount of the Pool 2-3 Basis Risk Payment for any Distribution Date
      cannot exceed the amount of Pool 2-3 Monthly Excess Cashflow otherwise
      distributable in respect of the Class X-II Certificates pursuant to Section
      5.02(i)(ix) hereof on such Distribution Date (as determined under the definition
      of “X-II Component Distributable Amount” without regard to the Pool 2-3 Basis
      Risk Payment for such Distribution Date).

     

    Pool
      2-3 Basis Risk Reserve Fund:
      A fund
      created as part of the Trust Fund pursuant to Section 5.06 of this Agreement
      but
      which is not an asset of any of the REMICs.

     

    Pool
      2-3 Cumulative Loss Trigger Event:
      With
      respect to any Distribution Date, a Pool 2-3 Cumulative Loss Trigger Event
      will
      have occurred if the fraction, expressed as a percentage, obtained by dividing
      (x) the aggregate amount of cumulative Realized Losses incurred on the Pool
      2
      and Pool 3 Mortgage Loans from the Cut-off Date through the last day of the
      related Collection Period by (y) the Pool 2-3 Aggregate Loan Balance as of
      the
      Cut-off Date, exceeds the applicable percentages described below with respect
      to
      such Distribution Date.

     

    
      	
              Distribution
                Date

            	 	
              Loss
                Percentage

            
	
              September
                2010 through August 2011

            	 	
              0.60%
                for the first month plus an additional 1/12th of 0.45% for each month
                thereafter.

            
	
              September
                2011 through August 2012

            	 	
              1.05%
                for the first month plus an additional 1/12th of 0.45% for each month
                thereafter.

            
	
              September
                2012 through August 2013

            	 	
              1.50%
                for the first month plus an additional 1/12th of 0.55% for each month
                thereafter.

            
	
              September
                2013 through August 2014

            	 	
              2.05%
                for the first month plus an additional 1/12th of 0.20% for each month
                thereafter.

            
	
              September
                2014 and thereafter

            	 	
              2.25%

            

    

    

    Pool
      2-3 Delinquency Event:
      With
      respect to any Distribution Date, a “Pool 2-3 Delinquency Event” shall occur if
      the Pool 2-3 Rolling Three Month Delinquency Rate as of the last day of the
      immediately preceding month equals or exceeds, for Distribution Dates prior
      to
      September 2013, 23.93%, and, for Distribution Dates during or after September
      2013, 30.30% of the Pool 2-3 Senior Enhancement Percentage for such Distribution
      Date.

     

    Pool
      2-3 Delinquency Rate:
      For any
      month, the fraction, expressed as a percentage, the numerator of which is the
      aggregate outstanding principal balance of all Mortgage Loans in Pool 2 and
      Pool
      3 that are 60 or more days delinquent (including all Pool 2 and Pool 3 Mortgage
      Loans 60 or more days delinquent for which the Mortgagor has filed for
      bankruptcy after the closing date), (ii) each Pool 2 and Pool 3 Mortgage Loan
      in
      foreclosure and all REO Properties as of the close of business on the last
      day
      of such month, (iii) all Pool 2 and Pool 3 Mortgage Loans repurchased within
      12
      months prior to such Distribution Date and (iv) all Pool 2 and Pool 3 Mortgage
      Loans modified within 12 months prior to such Distribution Date, and the
      denominator of which is the Pool 2-3 Aggregate Loan Balance as of the close
      of
      business on the last day of such month.

     

    
      
        
        

      

      
        -61-

        
          

        

      

      
        
        

      

    

     

    Pool
      2-3 Initial Optional Termination Date:
      The
      Distribution Date following the month in which the Pool 2-3 Aggregate Loan
      Balance initially declines to less than 10% of the Pool 2-3 Aggregate Loan
      Balance as of the Cut-off Date.

     

    Pool
      2-3 Monthly Excess Cashflow:
      With
      respect to any Distribution Date, the sum of (x) the Pool 2-3 Monthly Excess
      Interest for such date, (y) Pool 2-3 Overcollateralization Release Amount for
      such date and (z) that portion, if any, of the Principal Distribution Amount
      for
      such date available for distribution pursuant to Sections 5.02(e)(i)(F) and
      5.02(e)(ii)(L) hereof.

     

    Pool
      2-3 Monthly Excess Interest:
      With
      respect to any Distribution Date, that portion, if any, of the Interest
      Remittance Amount for Pool 2 and Pool 3 available for distribution pursuant
      to
      Section 5.02(c)(iii)(4) hereof for such date.

     

    Pool
      2-3 Net Rate:
      The per
      annum rate set forth in footnote 1 to the description of REMIC II-1 in the
      Preliminary Statement hereto (such rate being based on the weighted average
      of
      the interest rates on the SWAP II REMIC Regular Interests as adjusted and as
      set
      forth in such footnote).

     

    Pool
      2-3 Net WAC:
      For
      each
      Distribution Date (and the related Accrual Period), an annual rate equal to
      (a)
      a fraction, expressed as a percentage, the numerator of which is the product
      of
      (1) the Optimal Interest Remittance Amount for Pool 2 and Pool 3 for such
      Distribution Date and (2) 12, and the denominator of which is the Pool Balance
      for Pool 2 and Pool 3 as of the first day of the related Collection Period
      (not
      including for this purpose Mortgage Loans for which prepayments in full have
      been received and distributed in the month prior to that Distribution Date)
      multiplied by (b) a fraction, the numerator of which is 30 and the denominator
      of which is the actual number of days in the Accrual Period related to such
      Distribution Date.

     

    Pool
      2-3 Overcollateralization Amount:
      With
      respect to any Distribution Date, the amount, if any, by which (x) the Pool
      2-3
      Aggregate Loan Balance for such Distribution Date determined as of the last
      day
      of the related Collection Period exceeds (y) the aggregate Class Principal
      Amount of the Group II Certificates after giving effect to distributions on
      such
      Distribution Date.

     

    Pool
      2-3 Overcollateralization Deficiency:
      With
      respect to any Distribution Date, the amount, if any, by which (x) the Pool
      2-3
      Targeted Overcollateralization Amount for such Distribution Date exceeds (y)
      the
      Pool 2-3 Overcollateralization Amount for such Distribution Date, calculated
      for
      this purpose after giving effect to the reduction on such Distribution Date
      of
      the aggregate Certificate Principal Amount of the Group II Certificates
      resulting from the distribution of the Principal Distribution Amount for Pool
      2
      and Pool 3 on such Distribution Date but prior to allocation of any Pool 2-3
      Applied Loss Amount on such Distribution Date.

     

    
      
        
        

      

      
        -62-

        
          

        

      

      
        
        

      

    

     

    Pool
      2-3 Overcollateralization Floor:
      For any
      Distribution Date, $6,363,301 (0.50% of the Pool 2-3 Aggregate Loan Balance
      as
      of the Cut-off Date).

     

    Pool
      2-3 Overcollateralization Release Amount:
      With
      respect to any Distribution Date, the lesser of (x) the Principal Remittance
      Amount for Pool 2 and Pool 3 for such Distribution Date and (y) the amount,
      if
      any, by which (1) the Pool 2-3 Overcollateralization Amount for such
      Distribution Date (calculated for this purpose on the basis of the assumption
      that 100% of the Principal Remittance Amount for Pool 2 and Pool 3 for such
      date
      is applied on such Distribution Date in reduction of the aggregate Certificate
      Principal Amount of the Group II Certificates), exceeds (2) the Pool 2-3
      Targeted Overcollateralization Amount for such Distribution Date.

     

    Pool
      2-3 Purchase Price:
      With
      respect to the purchase of a Pool 2 or Pool 3 Mortgage Loan or related REO
      Property pursuant to this Agreement, an amount equal to the sum of (a) 100%
      of
      the unpaid principal balance of such Mortgage Loan, (b) accrued interest thereon
      at the applicable Mortgage Rate, from the date as to which interest was last
      paid to (but not including) the Due Date in the Collection Period immediately
      preceding the related Distribution Date; (c) any unreimbursed Servicing Advances
      with respect to such Mortgage Loan; (d) any costs and damages incurred by the
      Trust Fund with respect to such Mortgage Loan in connection with any violation
      of any federal, state or local predatory or abusive lending laws or other
      similar laws; and (e) the fair market value of all other property being
      purchased (reduced, in the case of REO Property relating to a Pool 2 or Pool
      3
      Mortgage Loan, by (1) reasonably anticipated disposition costs and (2) any
      amount by which the fair market value as so reduced exceeds the outstanding
      principal balance of the related Mortgage Loan). The Master Servicer and the
      Servicer (or the Trustee, in its capacity as successor master servicer, if
      applicable) shall be reimbursed from the Pool 2-3 Purchase Price for any Pool
      2
      and Pool 3 Mortgage Loan or related REO Property for any Advances made or other
      amounts advanced with respect to such Mortgage Loan that are reimbursable to
      the
      Master Servicer or the Servicer under this Agreement or the Servicing Agreement
      (or to the Trustee hereunder in its capacity as successor master servicer),
      together with any accrued and unpaid compensation due to the Master Servicer,
      the Servicer or the Trustee hereunder or thereunder.

     

    Pool
      2-3 Repurchase Price:
      As
      defined in Section 7.01(b)(ii).

     

    Pool
      2-3 Rolling Three Month Delinquency Rate:
      With
      respect to any Distribution Date, the average of the Pool 2-3 Delinquency Rates
      for each of the three (or one and two, in the case of the first and second
      Distribution Dates, respectively) immediately preceding calendar
      months.

     

    Pool
      2-3 Senior Enhancement Percentage:
      With
      respect to any Distribution Date, the fraction, expressed as a percentage,
      the
      numerator of which is the sum of the aggregate Class Principal Amount of the
      Group II Subordinate Certificates and the Pool 2-3 Overcollateralization Amount
      (which amount, for purposes of this definition only, shall not be less than
      zero
      and assuming for purposes of this definition that the Principal Distribution
      Amount has been distributed on such Distribution Date and no Pool 2-3 Trigger
      Event has occurred) and the denominator of which is the Pool 2-3 Aggregate
      Loan
      Balance for such Distribution Date, in each case after giving effect to
      distributions on such Distribution Date.

     

    
      
        
        

      

      
        -63-

        
          

        

      

      
        
        

      

    

     

    Pool
      2-3 Senior Principal Distribution Amount:
      For any
      Distribution Date, an amount equal to (a) prior to the Pool 2-3 Stepdown Date
      or
      if a Pool 2-3 Trigger Event is in effect with respect to such Distribution
      Date,
      100% of the Principal Distribution Amounts for Pool 2 and Pool 3 and (b) on
      or
      after the Pool 2-3 Stepdown Date and as long as a Pool 2-3 Trigger Event is
      not
      in effect with respect to such Distribution Date, the amount, if any, by which
      (x) the aggregate Class Principal Amount of the Group II Senior Certificates
      after the allocation of Net Negative Amortization, if any, for each Distribution
      Date and immediately prior to distributions on such Distribution Date exceeds
      (y) the Pool 2-3 Senior Target Amount.

     

    Pool
      2-3 Senior Target Amount:
      With
      respect to any Distribution Date an amount equal to the lesser of (a) the
      product of (1) (i) for each distribution prior to the Distribution Date in
      September 2013, 70.75%; and (ii) thereafter, 76.60% and (2) the Pool 2-3
      Aggregate Loan Balance for such Distribution Date determined as of the last
      day
      of the related Collection Period and (b) the amount, if any, by which (1) the
      Pool 2-3 Aggregate Loan Balance for such Distribution Date determined as of
      the
      last day of the related Collection Period exceeds (2) the Pool 2-3
      Overcollateralization Floor.

     

    Pool
      2-3 Stepdown Date:
      The
      later to occur of (x) the Distribution Date in September 2010 and (y) the first
      Distribution Date on which the Pool 2-3 Senior Enhancement Percentage
      (calculated for this purpose after giving effect to payments or other recoveries
      in respect of the Pool 2 and Pool 3 Mortgage Loans during the related Collection
      Period, but before giving effect to distributions on any Certificates on such
      Distribution Date) is greater than or equal to (i) prior to the Distribution
      Date in September 2013, 29.25% and (ii) on or after the Distribution Date in
      September 2013, 23.40%.

     

    Pool
      2-3 Target Amount:
      an
      amount equal to the Pool 2-3 Aggregate Loan Balance as of such Distribution
      Date
      minus the Pool 2-3 Targeted Overcollateralization Amount for such Distribution
      Date.

     

    Pool
      2-3 Targeted Overcollateralization Amount:
      With
      respect to any Distribution Date (x) prior to the Pool 1 Stepdown Date an amount
      equal to $29,271,185 (2.30% of the Pool 2-3 Aggregate Loan Balance as of the
      Cut-off Date), (y) on or after the Pool 2-3 Stepdown Date, the greater of (1)
      the lesser of (a) the amount of $29,271,185 and (b) the product of (i) for
      each
      distribution prior to the Distribution Date in September 2013, 5.75%, and
      thereafter, 4.60% and (ii) the Pool 2-3 Aggregate Loan Balance as of the last
      day of the related Collection Period and (2) the Pool 2-3 Overcollateralization
      Floor and (z) on and after the Pool 2-3 Stepdown Date and for which a Pool
      2-3
      Trigger Event is in effect, the amount calculated under this definition for
      the
      immediately preceding Distribution Date.

     

    Pool
      2-3 Trigger Event:
      With
      respect to any Distribution Date, means that either a Pool 2-3 Delinquency
      Event
      or a Pool 2-3 Cumulative Loss Trigger Event is in effect for such Distribution
      Date.

     

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

     

    Pool
      3
      Assets:
      Not
      applicable.

     

    
      
        
        

      

      
        -64-

        
          

        

      

      
        
        

      

    

     

    Pool
      3
      Mortgage Loan:
      A
      Mortgage in Pool 3 and the related notes or other evidences of indebtedness
      secured by each such Mortgage conveyed, transferred, sold, assigned to or
      deposited with the Trustee pursuant to Section 2.01 or Section 2.05, including
      without limitation, each Pool 3 Mortgage Loan listed on the Mortgage Loan
      Schedule, as amended from time to time.

     

    Pool
      3
      Net Funds Cap:
      For
      each Distribution Date, an annual rate equal to (a) a fraction, expressed as
      a
      percentage, the numerator of which is the product of (1) the excess, if any,
      of
      (x) the Optimal Interest Remittance Amount for Pool 3 for such Distribution
      Date
      over (y) the amount of any Net Swap Payment or Swap Termination Payment not
      due
      to a Swap Counterparty Trigger Event owed to the Swap Counterparty on the
      related due date allocable to Pool 3 (based on the applicable Swap Allocation
      Percentage) and (2) 12, and the denominator of which is the Pool Balance for
      Pool 3 as of the first day of the related Collection Period (not including
      for
      this purpose Mortgage Loans for which prepayments in full have been received
      and
      distributed in the month prior to that Distribution Date), multiplied by (b)
      a
      fraction, the numerator of which is 30 and the denominator of which is the
      actual number of days in the Accrual Period related to such Distribution
      Date.

     

    Pool
      3
      Senior Certificates:
      The
      Class 3-A1, Class 3-A2 and Class 3-A3 Certificates.

     

    Pool
      3
      Senior Priority: For the Pool 3 Senior Certificates, sequentially in the
      following order: (i) up to the amount of any Net Negative Amortization
      previously allocated to such Certificates and not repaid, to the Pool 3 Senior
      Certificates pro rata based on the amount of such unpaid prior allocations
      of
      Net Negative Amortization to each class thereof and (ii) pro rata, to the Pool
      3
      Senior Certificates.

     

    Pool
      3
      Swap Allocation Percentage: For
      Pool
      3, a fraction, the numerator of which is the sum of (a) the aggregate Class
      Principal Amount of the Pool 3 Senior Certificates and (b) the sum of the
      Apportioned Principal Balances for the Group II Subordinate Certificates, and
      the denominator of which is the aggregate Class Principal Amount of the Group
      II
      Senior Certificates and the Group II Subordinate Certificates.

     

    Pool
      Assets:
      Not
      applicable.

     

    Pool
      Balance:
      As to
      each Mortgage Pool and any Distribution Date or the Cut-off Date, the sum of
      the
      Scheduled Principal Balances of the Mortgage Loans included in such Mortgage
      Pool for that date.

     

    Pool
      Percentage:
      For
      Pool 2 or Pool 3 and any Distribution Date, a fraction, the numerator of which
      is the Pool Balance for such Mortgage Pool for such Distribution Date and the
      denominator of which is the Pool 2-3 Aggregate Loan Balance for such
      Distribution Date.

     

    Pool
      Subordinate Amount:
      With
      respect to any Mortgage Pool and any Distribution Date, the excess of the Pool
      Balance for such Mortgage Pool for the immediately preceding Distribution Date
      (or on the Cut-off Date in the case of the first Distribution Date) over the
      aggregate Class Principal Amount of the related Senior Certificates immediately
      prior to the related Distribution Date.

     

    
      
        
        

      

      
        -65-

        
          

        

      

      
        
        

      

    

     

    Preference
      Amount:
      Any
      payment of principal or interest previously distributed to a Holder on a
      Guaranteed Certificate which would have been covered under the Certificate
      Insurance Policy as an Insured Amount, which has been deemed a preferential
      transfer and was previously recovered from its Holder pursuant to the United
      States Bankruptcy Code in accordance with a final, nonappealable order of a
      court of competent jurisdiction.

     

    Preference
      Claim:
      Not
      applicable.

     

    Premium
      Letter:
      The
      Premium Letter dated as of August 31, 2007 between the Depositor and the
      Certificate Insurer.

     

    Premium
      Percentage:
      0.15%
      per annum.

     

    Prepayment
      Interest Excess:
      With
      respect to any Distribution Date and any Principal Prepayment in full received
      on the Mortgage Loans serviced by Aurora from the first day through the
      sixteenth day of the month during which such Distribution Date occurs, all
      amounts paid in respect of interest at the applicable Net Mortgage Rate on
      such
      Principal Prepayment in full.

     

    Prepayment
      Interest Shortfall:
      With
      respect to any Distribution Date and any Principal Prepayment, the difference
      between (i) one full month’s interest at the applicable Net Mortgage Rate (after
      giving effect to any applicable Relief Act Reduction) on the outstanding
      principal balance of such Mortgage Loan immediately prior to such prepayment
      and
      (ii) the amount of interest actually received with respect to such Mortgage
      Loan
      in connection with such Principal Prepayment.

     

    Prepayment
      Period:
      With
      respect to any Distribution Date and (i) any Principal Prepayment in part
      received by Aurora, the calendar month immediately preceding the month in which
      such Distribution Date occurs; (ii) any Principal Prepayments in full for
      Mortgage Loans serviced by Aurora, the seventeenth day of the calendar month
      immediately preceding the month in which such Distribution Date occurs through
      the sixteenth day of the calendar month in which such Distribution Date occurs;
      and (iii) any Principal Prepayments in full or in part for Countrywide
      Servicing, the 2nd day of the calendar month immediately preceding the month
      in
      which such Distribution Date occurs through the first day of the calendar month
      in which such Distribution Date occurs.

     

    Prepayment
      Premiums:
      With
      respect to any Distribution Date, all premiums or charges paid by the obligors
      under the related Mortgage Notes due to Principal Prepayments and required
      to be
      remitted to the Custodial Accounts pursuant to the Servicing Agreements and
      are
      remitted to the Collection Account during the immediately preceding Prepayment
      Period, if any.

     

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

     

    Principal
      Allocation Percentage:
      For
      Pool 2 with respect to any Distribution Date, a fraction, expressed as a
      percentage, the numerator of which is the Principal Remittance Amount for Pool
      2
      for such Distribution Date and the denominator of which is the aggregate of
      the
      Principal Remittance Amounts for Pool 2 and Pool 3 for such date. For Pool
      3
      with respect to any Distribution Date, a fraction, expressed as a percentage,
      the numerator of which is the Principal Remittance Amount for Pool 3 for such
      Distribution Date, and the denominator of which is the aggregate of the
      Principal Remittance Amounts for Pool 2 and Pool 3 for such date.

     

    
      
        
        

      

      
        -66-

        
          

        

      

      
        
        

      

    

     

    Principal
      Distribution Amount:
      With
      respect to any Distribution Date and for Pool 1, an amount equal to the
      Principal Remittance Amount for such date for such Mortgage Pool minus the
      Pool
      1 Overcollateralization Release Amount attributable to such Mortgage Pool,
      based
      on the Principal Allocation Percentage for such Pool, if any, for such
      Distribution Date. With respect to any Distribution Date and for Pool 2 and
      Pool
      3, an amount equal to the Principal Remittance Amount for such date for such
      Mortgage Pool minus the Pool 2-3 Overcollateralization Release Amount
      attributable to such Mortgage Pool, based on the Principal Allocation Percentage
      for such Pool, if any, for such Distribution Date.

     

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

     

    Principal
      Remittance Amount:
      With
      respect to each Mortgage Pool and any Distribution Date, an amount equal to
      (a)
      the sum of (1) all principal collected (other than in connection with Payaheads)
      or advanced in respect of Scheduled Payments on the Mortgage Loans in such
      Mortgage Pool during the related Collection Period whether by a Servicer, the
      Master Servicer or the Trustee in its capacity as successor master servicer
      (less unreimbursed Advances due to the Master Servicer, the applicable Servicer
      or the Trustee, in its capacity as successor master servicer, with respect
      to
      the related Mortgage Loans, to the extent allocable to principal, and any
      unreimbursed Servicing Advances), (2) all Principal Prepayments in full or
      in
      part received during the related Prepayment Period with respect to the Mortgage
      Loans in such Mortgage Pool, (3) the outstanding principal balance of each
      Mortgage Loan in such Mortgage Pool that was repurchased by the Seller or the
      Transferor during the related Prepayment Period or any NIMS Insurer (in the
      case
      of certain Mortgage Loans 90 days or more delinquent), (4) the principal portion
      of any Substitution Amount paid with respect to any Deleted Mortgage Loan in
      such Mortgage Pool during the related Prepayment Period allocable to principal
      and (5) all Net Liquidation Proceeds, Insurance Proceeds, any Subsequent
      Recovery and other recoveries collected with respect to the Mortgage Loans
      in
      such Mortgage Pool during the related Prepayment Period, to the extent allocable
      to principal, as reduced (but not by more than the sum of items (1) through
      (5)
      above) by the aggregate amount of Negative Amortization with respect to the
      Mortgage Loans in such Mortgage Pool during the related Collection Period,
      reduced by (b) other costs, expenses or liabilities reimbursable to the Trustee,
      the Master Servicer, the Certificate Insurer and any Servicer to the extent
      provided in this Agreement and the applicable Servicing Agreement or to the
      Custodian pursuant to the Custodial Agreement, as applicable to each Mortgage
      Pool from the Interest Remittance Amount described in clause (b) of the
      definition thereof and not reimbursed therefrom or otherwise.

     

    Privately
      Offered Certificates:
      The
      Class AP-I, Class 2-AP and Class 3-AP Certificates.

     

    
      
        
        

      

      
        -67-

        
          

        

      

      
        
        

      

    

     

    Proceeding:
      Not
      applicable.

     

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

     

    Prospectus:
      The
      prospectus supplement dated August 30, 2007 together with the accompanying
      prospectus dated August 16, 2007, relating to the Offered
      Certificates.

     

    PTCE:
      As
      defined in Section 3.03(d).

     

    Purchase
      Price:
      Either
      of the Pool 1 Purchase Price or the Pool 2-3 Purchase Price.

     

    QIB:
      As
      defined in Section 3.03(c).

     

    QIB-Restricted
      Certificate:
      Any
      Class C Certificate.

     

    Qualified
      GIC:
      A
      guaranteed investment contract or surety bond providing for the investment
      of
      funds in the Collection Account or the Certificate Account and insuring a
      minimum, fixed or floating rate of return on investments of such funds, which
      contract or surety bond shall:

     

    (i) be
      an
      obligation of an insurance company or other corporation whose long term debt
      is
      rated by each Rating Agency in one of its two highest rating categories or,
      if
      such insurance company has no long term debt, whose claims paying ability is
      rated by each Rating Agency in one of its two highest rating categories, and
      whose short-term debt is rated by each Rating Agency in its highest rating
      category;

     

    (ii) provide
      that the Trustee may exercise all of the rights under such contract or surety
      bond without the necessity of taking any action by any other
      Person;

     

    (iii) provide
      that if at any time the then current credit standing of the obligor under such
      guaranteed investment contract is such that continued investment pursuant to
      such contract of funds would result in a downgrading of any rating of the
      Certificates (which in the case of the Guaranteed Certificates shall be
      determined without regard to the Certificate Insurance Policy) or the NIM
      Securities, the Trustee shall terminate such contract without penalty and be
      entitled to the return of all funds previously invested thereunder, together
      with accrued interest thereon at the interest rate provided under such contract
      to the date of delivery of such funds to the Trustee;

     

    (iv) provide
      that the Trustee’s interest therein shall be transferable to any successor
      trustee hereunder; and

     

    (v) provide
      that the funds reinvested thereunder and accrued interest thereon be returnable
      to the Collection Account or the Certificate Account, as the case may be, not
      later than the Business Day prior to any Distribution Date.

     

    
      
        
        

      

      
        -68-

        
          

        

      

      
        
        

      

    

     

    Qualified
      Insurer:
      Not
      applicable.

     

    Qualifying
      Substitute Mortgage Loan:
      In the
      case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to
      the
      terms of this Agreement, a Mortgage Loan that, on the date of such substitution,
      (i) has an outstanding Scheduled Principal Balance (or in the case of a
      substitution of more than one mortgage loan for a Deleted Mortgage Loan, an
      aggregate Scheduled Principal Balance), after application of all Scheduled
      Payments due during or prior to the month of substitution, not in excess of,
      and
      not more than 5% less than, the outstanding Scheduled Principal Balance of
      the
      Deleted Mortgage Loan as of the Due Date in the calendar month during which
      the
      substitution occurs, (ii) has a Mortgage Rate not less than the Mortgage Rate
      on
      the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate
      not
      less than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) if
      applicable, has a minimum Mortgage Rate not less than the minimum Mortgage
      Rate
      of the Deleted Mortgage Loan, (v) if applicable, has a gross margin equal to
      or
      greater than the gross margin of the Deleted Mortgage Loan, (vi) is not a
      Cooperative Loan unless the related Deleted Mortgage Loan was a Cooperative
      Loan, (vii) if applicable, has a next adjustment date not later than the next
      adjustment date on the Deleted Mortgage Loan, (viii) has the same Due Date
      as
      the Deleted Mortgage Loan, (ix) has a remaining stated term to maturity not
      longer than 18 months and not more than 18 months shorter than the remaining
      stated term to maturity of the related Deleted Mortgage Loan, (x) is current
      as
      of the date of substitution, (xi) has a Loan-to-Value Ratio as of the date
      of
      substitution equal to or lower than the Loan-to-Value Ratio of the Deleted
      Mortgage Loan as of such date, (xii) has been underwritten by a Transferor
      in
      accordance with the same underwriting criteria and guidelines as the Deleted
      Mortgage Loan, (xiii) has a risk grading determined by the Seller at least
      equal
      to the risk grading assigned on the Deleted Mortgage Loan, (xiv) is secured
      by
      the same property type as the Deleted Mortgage Loan, (xv) conforms to each
      representation and warranty applicable to the Deleted Mortgage Loan made in
      the
      Mortgage Loan Sale Agreement, (xvi) has the same or higher lien position as
      the
      Deleted Mortgage Loan, (xvii) is covered by a Primary Mortgage Insurance Policy
      if the Deleted Mortgage Loan was so covered and (xviii) contains provisions
      covering the payment of Prepayment Premium by the Mortgagor for early prepayment
      of the Mortgage Loan at least as favorable as the Deleted Mortgage Loan. In
      the
      event that one or more mortgage loans are substituted for one or more Deleted
      Mortgage Loans, the amounts described in clause (i) hereof shall be determined
      on the basis of aggregate Scheduled Principal Balances, the Mortgage Rates
      described in clause (ii) hereof shall be determined on the basis of weighted
      average Mortgage Rates, the risk gradings described in clause (xiii) hereof
      shall be satisfied as to each such mortgage loan, the terms described in clause
      (ix) hereof shall be determined on the basis of weighted average remaining
      term
      to maturity, the Loan-to-Value Ratios described in clause (xi) hereof shall
      be
      satisfied as to each such mortgage loan and, except to the extent otherwise
      provided in this sentence, the representations and warranties described in
      clause (xv) hereof must be satisfied as to each Qualified Substitute Mortgage
      Loan or in the aggregate, as the case may be.

     

    Rate
      of Payment: For each Distribution Date and for either Swap Agreement, the
      rates of payment set forth in Schedule B hereto. 

     

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

     

    
      
        
        

      

      
        -69-

        
          

        

      

      
        
        

      

    

     

    Realized
      Loss:
      With
      respect to each Liquidated Mortgage Loan, an amount equal to (i) the unpaid
      principal balance of such Mortgage Loan as of the date of liquidation, minus
      (ii) Liquidation Proceeds received, to the extent allocable to principal, net
      of
      amounts that are reimbursable therefrom to the Master Servicer or the Servicer
      with respect to such Mortgage Loan (other than Advances of principal) including
      expenses of liquidation. In determining whether a Realized Loss is a Realized
      Loss of principal, Liquidation Proceeds shall be allocated, first,
      to
      payment of expenses related to such Liquidated Mortgage Loan, then to accrued
      unpaid interest and finally to reduce the principal balance of the Mortgage
      Loan.

     

    Recognition
      Agreement:
      With
      respect to any Cooperative Loan, an agreement between the related Cooperative
      Corporation and the originator of such Mortgage Loan to establish the rights
      of
      such originator in the related Cooperative Property.

     

    Record
      Date:
      With
      respect to the Book-Entry Certificates other than the Class AP-I, Class 2-AP,
      Class 3-AP Certificates, Group I Subordinate Certificates and Group II
      Subordinate Certificates and any Distribution Date, the close of business on
      the
      Business Day immediately preceding such Distribution Date. With respect to
      the
      Group I Subordinate Certificates and Group II Subordinate Certificates, the
      close of business on the last Business Day of the month immediately before
      the
      month in which the Distribution Date occurs. With respect to the Class C-I,
      Class C-II, Class X-I, Class X-II, Class AP-I, Class 2-AP, Class 3-AP and Class
      R Certificates and any Class of Definitive Certificates and any Distribution
      Date, the last Business Day of the month immediately preceding the month in
      which the Distribution Date occurs (or, in the case of the first Distribution
      Date, the Closing Date).

     

    Regulation
      AB:
      Subpart
      229.1100 - Asset Backed Securities (Regulation AB), 17 C.F.R.
§§229.1100-229.1123, as such may be amended from time to time, and subject to
      such clarification and interpretation as have been provided by the Commission
      in
      the adopting release (Asset-Backed Securities, Securities Act Release No.
      33-8518, 70 Fed Reg. 1,506, 1,531 (Jan. 7, 2005)) or by the staff of the
      Commission, or as may otherwise be provided by the Commission or its staff
      from
      time to time; and all references to any rule, item, section or subsection of,
      or
      definition or term contained in, Regulation AB mean such rule, item, section,
      subsection, definition or term, as the case may be, or any successor thereto,
      in
      each case as the same may be amended from time to time.

     

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

     

    Regulation
      S Global Security:
      As
      defined in Section 3.01(d).

     

    Reimbursement
      Amount:
      As to
      any Distribution Date, the sum of (i) all Insured Payments paid by the
      Certificate Insurer, but for which the Certificate Insurer has not been
      reimbursed prior to such Distribution Date pursuant to Section 5.02, 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.

     

    
      
        
        

      

      
        -70-

        
          

        

      

      
        
        

      

    

     

    Related
      Certificates:
      For any
      REMIC I-2 Interest, the Class of Certificates set forth on the same row in
      the
      table under “REMIC I-2” in the Preliminary Statement hereto. For any REMIC II-2
      Interest, the Class of Certificates set forth on the same row in the table
      under
“REMIC II-2” in the Preliminary Statement hereto. 

     

    Related
      Exchange or Exchangeable Classes:
      Not
      applicable.

     

    Related
      Mortgage Pool:
      Not
      applicable.

     

    Related
      REMIC I-2 Interest:
      For any
      Related Certificates listed in the table under “REMIC I-2” in the Preliminary
      Statement, the REMIC I-2 Interest set forth on the same row in the table under
      “REMIC I-2” in the Preliminary Statement hereto.

     

    Related
      REMIC II-2 Interest:
      For any
      Related Certificates listed in the table under “REMIC II-2” in the Preliminary
      Statement, the REMIC II-2 Interest set forth on the same row in the table under
      “REMIC II-2” in the Preliminary Statement hereto.

     

    Related
      Senior Certificates:
      Not
      applicable.

     

    Related
      Underlying REMIC Certificates:
      Not
      applicable.

     

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

     

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

     

    Relief
      Act Reduction:
      With
      respect to any Mortgage Loan as to which there has been a reduction in the
      amount of interest collectible thereon as a result of application of the Relief
      Act, any amount by which interest collectible on such Mortgage Loan for the
      Due
      Date in the related Collection Period is less than interest accrued thereon
      for
      the applicable one-month period at the Mortgage Rate without giving effect
      to
      such reduction.

     

    REMIC:
      Each of the SWAP I REMIC, REMIC I-1, REMIC I-2, the SWAP II REMIC, REMIC II-1
      and REMIC II-2, as described in the Preliminary Statement hereto.

     

    REMIC
      I-1:
      As
      described in the Preliminary Statement.

     

    REMIC
      I-1 Interests:
      Any
      one
      of the classes of REMIC I-1 Interests as described in the Preliminary Statement
      hereto.

     

    REMIC
      I-1 Marker Classes: Any of the REMIC I-1 Regular Interests other than the
      Class LTI1-X Interest and other than the Class LTI1-IO Interest.

     

    
      
        
        

      

      
        -71-

        
          

        

      

      
        
        

      

    

     

    REMIC
      I-1 Regular Interests:
      Each
      of
      the REMIC I-1 Interests other than the Class LTI1-R Interest.

     

    REMIC
      I-2:
      As
      described in the Preliminary Statement.

     

    REMIC
      I-2 Interests:
      Any
      one
      of the classes of REMIC I-2 Interests as described in the Preliminary Statement
      hereto.

     

    REMIC
      I-2 Regular Interest: Any of the REMIC I-2 Interests other than the Residual
      I Interest. Alternatively, any of the REMIC regular interests represented by
      (i)
      the rights associated with any Class of Group I Certificates other than the
      rights to payments in respect of Excess Interest (and disregarding any
      obligation to make payments in respect of Class I-I Shortfalls), (ii) the
      Uncertificated Class X-I Interest and (iii) the Class LTI2-IO
      Interest.

     

    REMIC
      II-1:
      As
      described in the Preliminary Statement.

     

    REMIC
      II-1 Interests:
      Any
      one
      of the classes of REMIC II-1 Interests as described in the Preliminary Statement
      hereto.

     

    REMIC
      II-1 Marker Classes: Any of the REMIC II-1 Regular Interests other than the
      Class LTII1-X Interest and other than the Class LTII1-IO Interest.

     

    REMIC
      II-1 Regular Interests:
      Each
      of
      the REMIC II-1 Interests other than the Class LTII1-R Interest.

     

    REMIC
      II-2:
      As
      described in the Preliminary Statement.

     

    REMIC
      II-2 Interests:
      Any
      one
      of the classes of REMIC II-2 Interests as described in the Preliminary Statement
      hereto.

     

    REMIC
      II-2 Regular Interest: Any of the REMIC II-2 Interests other than the
      Residual II Interest. Alternatively, any of the REMIC regular interests
      represented by (i) the rights associated with any Class of Group II Certificates
      other than the rights to payments in respect of Excess Interest (and
      disregarding any obligation to make payments in respect of Class I-II
      Shortfalls), (ii) the Uncertificated Class X-II Interest and (iii) the Class
      LTII2-IO Interest.

     

    REMIC
      Pass-Through Rate: For any Distribution Date, (i) for any Group I Senior
      Certificate and its Related REMIC I-2 Interest, the Pool 1 Net Rate for such
      Distribution Date (as adjusted, in the case of any Class of Certificates or
      REMIC I-2 Interest that accrues interest on the basis of a 360-day year
      consisting of twelve 30-day months, to reflect accruals on such basis); (ii)
      for
      any Group I Subordinate Certificate and its Related REMIC I-2 Interest, the
      Pool
      1 Net Rate for such Distribution Date (as adjusted, in the case of any Class
      of
      Certificates or REMIC I-2 Interest that accrues interest on the basis of a
      360-day year consisting of twelve 30-day months, to reflect accruals on such
      basis) minus 0.50%; (iii) for any Group II Senior Certificate and its Related
      REMIC II-2 Interest, the Pool 2-3 Net Rate for such Distribution Date (as
      adjusted, in the case of any Class of Certificates or REMIC II-2 Interest that
      accrues interest on the basis of a 360-day year consisting of twelve 30-day
      months, to reflect accruals on such basis); and (iv) for any Group II
      Subordinate Certificate and its Related REMIC II-2 Interest, the Pool 2-3 Net
      Rate for such Distribution Date (as adjusted, in the case of any Class of
      Certificates or REMIC II-2 Interest that accrues interest on the basis of a
      360-day year consisting of twelve 30-day months, to reflect accruals on such
      basis) minus 0.50%.

     

    
      
        
        

      

      
        -72-

        
          

        

      

      
        
        

      

    

     

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

     

    REMIC
      Swap I Rate:
      For
      each Distribution Date (and the related Accrual Period), a per annum rate equal
      to the rate used to compute the monthly gross amount due to the applicable
      Swap
      Counterparty under the Group I Swap Agreement for such Distribution Date (such
      rate, as described in the Prospectus, being the Rate of Payment set forth in
      Annex D of the Prospectus).

     

    REMIC
      Swap II Rate:
      For
      each Distribution Date (and the related Accrual Period), a per annum rate equal
      to the rate used to compute the monthly gross amount due to the applicable
      Swap
      Counterparty under the Group II Swap Agreement for such Distribution Date (such
      rate, as described in the Prospectus, being the Rate of Payment set forth in
      Annex D of the Prospectus).

     

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

     

    Replacement
      Receipts:
      Not
      applicable.

     

    Replacement
      Receipts Account:
      Not
      applicable.

     

    Reportable
      Event:
      As
      defined in Section 6.20(e)(i).

     

    Reporting
      Servicer:
      As
      defined in Section 6.20(d)(i).

     

    Repurchase
      Price:
      Either
      the Pool 1 Repurchase Price or the Pool 2-3 Repurchase Price.

     

    Required
      Reserve Fund Amount:
      Not
      applicable.

     

    Residual
      Certificates:
      The
      Class R Certificates.

     

    Residual
      I Interest: An interest in REMIC I-2 that is entitled to all distributions
      on the Class R Certificate relating to Pool 1 other than distributions in
      respect of (i) the Class SWI-R Interest and (ii) the Class LTI1-R
      Interest.

     

    Residual
      II Interest: An interest in REMIC II-2 that is entitled to all distributions
      on the Class R Certificate relating to Pool 2 and Pool 3 other than
      distributions in respect of (i) the Class SWII-R Interest and (ii) the Class
      LTII1-R Interest.

     

    Responsible
      Officer:
      When
      used with respect to the Trustee, any Vice President, Assistant Vice President,
      the Secretary, any assistant secretary, or any officer, working in its Corporate
      Trust Office and having direct responsibility for the administration of this
      Agreement, and any other officer to whom a matter arising under this Agreement
      may be referred.

     

    
      
        
        

      

      
        -73-

        
          

        

      

      
        
        

      

    

     

    Restricted
      Certificate:
      Any
      Class P, Class X or Class R Certificate.

     

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

     

    Rolling
      Three Month Delinquency Rate:
      Not
      applicable.

     

    Rules:
      As
      defined in Section 6.20(c).

     

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

     

    S-X-I
      Component:
      The
      portion of the Class X-I Certificates representing the right to distributions
      to
      the Class X-I Certificates from the Group I Swap Agreement.

     

    S-X-II
      Component:
      The
      portion of the Class X-II Certificates representing the right to distributions
      to the Class X-II Certificates from the Group II Swap Agreement.

     

    Scheduled
      Notional Amount:
      For
      each Distribution Date and for either Swap Agreement, the amounts set forth
      on
      Schedule B.

     

    Scheduled
      Payment:
      Each
      scheduled payment of principal and interest (or of interest only, if applicable)
      to be paid by the Mortgagor on a Mortgage Loan, as reduced (except where
      otherwise specified herein) by the amount of any related Debt Service Reduction
      or as a result of any related Deficient Valuation (in each case, excluding
      all
      amounts of principal and interest that were due on or before the Cut-off Date
      whenever received) and, in the case of an REO Property, an amount equivalent
      to
      the Scheduled Payment that would have been due on the related Mortgage Loan
      if
      such Mortgage Loan had remained in existence.

     

    Scheduled
      Principal Balance:
      With
      respect to (i) any Mortgage Loan as of any Distribution Date, the principal
      balance of such Mortgage Loan at the close of business on the Cut-off Date
      after
      giving effect to principal payments due on or before the Cut-off Date, whether
      or not received, less an amount equal to principal payments due after the
      Cut-off Date, and on or before the Due Date in the related Collection Period,
      whether or not received from the Mortgagor or advanced by the applicable
      Servicer or the Master Servicer, and all amounts received thereon which are
      allocable to unscheduled principal payments (including Principal Prepayments,
      Liquidation Proceeds, Insurance Proceeds and condemnation proceeds, in each
      case
      to the extent identified and applied prior to or during the related Prepayment
      Period) and as increased by the amounts of any Negative Amortization with
      respect to such Mortgage Loan after the Cut-off Date through the Due Date in
      the
      related Collection Period and (ii) any REO Property as of any Distribution
      Date,
      the Scheduled Principal Balance of the related Mortgage Loan on the Due Date
      immediately preceding the date of acquisition of such REO Property by or on
      behalf of the Trustee (reduced by any amount applied as a reduction of principal
      on the Mortgage Loan). With respect to any Mortgage Loan and the Cut-off Date,
      as specified in the Mortgage Loan Schedule. The Scheduled Principal Balance
      of a
      Liquidated Mortgage Loan shall be zero.

     

    
      
        
        

      

      
        -74-

        
          

        

      

      
        
        

      

    

     

    Security
      Agreement:
      With
      respect to any Cooperative Loan, the agreement between the owner of the related
      Cooperative Shares and the originator of the related Mortgage Note that defines
      the terms of the security interest in such Cooperative Shares and the related
      Proprietary Lease.

     

    Seller:
      Lehman
      Brothers Holdings Inc. or any successor in interest thereto.

     

    Senior
      Certificates:
      The
      Group I Senior Certificates and Group II Senior Certificates.

     

    Senior
      Enhancement Percentage:
      Not
      applicable.

     

    Senior
      Principal Distribution Amount:
      Not
      applicable.

     

    Senior
      Priority:
      Not
      applicable.

     

    Senior
      Proportionate Percentage:
      For
      Pool 2 with respect to any Distribution Date, a fraction, expressed as a
      percentage, the numerator of which is the aggregate of the current Class
      Principal Amounts of each class of the Pool 2 Senior Certificates for such
      Distribution Date and the denominator of which is the aggregate of the current
      Class Principal Amounts for the Group II Senior Certificates for such date.
      For
      Pool 3 with respect to any Distribution Date, a fraction, expressed as a
      percentage, the numerator of which is the aggregate of the current Class
      Principal Amounts of each class of the Pool 3 Senior Certificates for such
      Distribution Date and the denominator of which is the aggregate of the current
      Class Principal Amounts for the Group II Senior Certificates for such date.
      

     

    Senior
      Target Amount:
      Not
      applicable.

     

    Servicer:
      Each
      Servicer that has entered into one of the Servicing Agreements attached as
      Exhibit E hereto, or any successor in interest. Initially, the Servicers are
      Aurora and Countrywide Home Loans Servicing LP. 

     

    Service(s)(ing):
      In
      accordance with Regulation AB, the act of managing or collecting payments on
      the
      Mortgage Loans or any other assets of the Trust Fund by an entity that meets
      the
      definition of “servicer” set forth in Item 1101 of Regulation AB. For
      clarification purposes, any uncapitalized occurrence of this term shall have
      the
      meaning commonly understood by participants in the residential mortgage-backed
      securitization market.

     

    Servicer
      Remittance Date:
      The day
      in each calendar month on which the applicable Servicer is required to remit
      payments to the Collection Account, as specified in the related Servicing
      Agreement, which is the 18th day of each month (or if such 18th day is not
      a
      Business Day, the first Business Day immediately following).

     

    Servicing
      Advances:
      Expenditures incurred by a Servicer in connection with the liquidation or
      foreclosure of a Mortgage Loan which are eligible for reimbursement under the
      applicable Servicing Agreement.

     

    Servicing
      Agreement:
      Any of
      the servicing agreements between a Servicer and the Seller, dated as of August
      1, 2007, and attached hereto in Exhibit E, and any other servicing agreement
      entered into between a successor servicer and the Seller or the Trustee pursuant
      to the terms hereof.

     

    
      
        
        

      

      
        -75-

        
          

        

      

      
        
        

      

    

     

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

     

    Servicing
      Fee:
      A
      monthly fee retained out of collections on the Mortgage Loans by the related
      Servicer as specified in the applicable Servicing Agreement. 

     

    Servicing
      Fee Rate:
      0.375%
      per annum.

     

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

     

    Similar
      Law:
      As
      defined in Section 3.03(d).

     

    Sponsor:
      Lehman
      Brothers Holdings Inc. and any successor in interest thereto.

     

    Stack
      I REMICs:
      The
      SWAP I REMIC, REMIC I-1 and REMIC I-2.

     

    Stack
      II REMICs:
      The
      SWAP II REMIC, REMIC II-1 and REMIC II-2.

     

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

     

    Stepdown
      Date:
      Not
      applicable.

     

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

     

    Subordinate
      Certificates:
      Collectively, the Group I Subordinate Certificates and Group II Subordinate
      Certificates.

     

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

     

    Subservicer:
      Any
      Person that (i) is considered to be a Servicing Function Participant, (ii)
      services Mortgage Loans on behalf of any Servicer or an Additional Servicer,
      and
      (iii) is responsible for the performance (whether directly or through
      subservicers or Subcontractors) of material servicing functions required to
      be
      performed by the Servicer or Master Servicer under this Agreement, the Servicing
      Agreements, the Custodial Agreements or other Servicing agreements entered
      into
      with respect to some or all of the Mortgage Loans, that are identified in Item
      1122(d) of Regulation AB.

     

    
      
        
        

      

      
        -76-

        
          

        

      

      
        
        

      

    

     

    Substitution
      Amount:
      The
      amount, if any, by which the Scheduled Principal Balance of a Deleted Mortgage
      Loan exceeds the Scheduled Principal Balance of the related Qualifying
      Substitute Mortgage Loan, or aggregate Scheduled Principal Balance, if
      applicable, plus unpaid interest thereon, and any related unpaid Advances or
      Servicing Advances or unpaid Servicing Fees, plus any costs and damages incurred
      by the Trust Fund associated with violation of any federal, state or local
      predatory or abusive lending laws.

     

    Supplemental
      Interest Trust:
      Either
      of the Group I Supplemental Interest Trust or the Group II Supplemental Interest
      Trust. 

     

    Supplemental
      Interest Trust Account(s):
      Each
      account created pursuant to Section 5.07 of this Agreement.

     

    Supplemental
      Interest Trust Amount(s):
      Either
      of the Group I Supplemental Interest Trust Amount or the Group I Supplemental
      Interest Trust Amount.

     

    Swap
      Agreement:
      Either
      of the Group I Swap Agreement or the Group II Swap Agreement.

     

    Swap
      Allocation Payment Amount: Beginning with the Distribution Date in October
      2007, the Swap Allocation Payment Amount will be equal to the product of (i)
      the
      Swap Allocation Percentage and (ii) Net Swap Payment or Swap Termination Payment
      for such Date. After the Distribution Date in August 2012, the Swap Allocation
      Payment Amount will be equal to zero.

     

    Swap
      Allocation Percentage: Either of the Pool 2 Swap Allocation Percentage or
      the Pool 3 Swap Allocation Percentage. 

     

    Swap
      Counterparty:
      ABN
      AMRO Bank N.V., as swap counterparty under the Group I Swap Agreement and Swiss
      Re Financial Products Corporation, as swap counterparty under the Group II
      Swap
      Agreement.

     

    Swap
      Counterparty Trigger Event:
      A Swap
      Counterparty Trigger Event shall have occurred if any of (i) a Swap Default
      with
      respect to which the Swap Counterparty is a Defaulting Party, (ii) a Termination
      Event with respect to which the Swap Counterparty is the sole Affected Party
      or
      (iii) an Additional Termination Event with respect to which the Swap
      Counterparty is the sole Affected Party has occurred.

     

    Swap
      Default:
      Any of
      the circumstances constituting an “Event of Default” under the related Swap
      Agreement.

     

    Swap
      Early Termination:
      The
      occurrence of an early termination date under the related Swap
      Agreement.

     

    
      
        
        

      

      
        -77-

        
          

        

      

      
        
        

      

    

     

    Swap
      I
      LIBOR:
      With
      respect to any Distribution Date (and the related Accrual Period), the product
      of (i) the Floating Rate Option (as defined under “Floating Amounts” in the
      Group I Swap Agreement) for the related Swap Payment Date and (ii) two, as
      calculated by the applicable Swap Counterparty and furnished to the
      Trustee.

     

    Swap
      II LIBOR:
      With
      respect to any Distribution Date (and the related Accrual Period), the product
      of (i) the Floating Rate Option (as defined under “Floating Amounts” in the
      Group II Swap Agreement) for the related Swap Payment Date and (ii) two, as
      calculated by the applicable Swap Counterparty and furnished to the
      Trustee.

     

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

     

    SWAP
      I
      REMIC:
      As
      described in the Preliminary Statement.

     

    SWAP
      I
      REMIC Interests:
      Any one
      of the classes of SWAP I REMIC Interests described in the Preliminary Statement
      hereto.

     

    SWAP
      I
      REMIC Regular Interests:
      Any of
      the SWAP I REMIC Interests other than the Class SWI-R Interest.

     

    SWAP
      II REMIC:
      As
      described in the Preliminary Statement.

     

    SWAP
      II REMIC Interests:
      Any one
      of the classes of SWAP II REMIC Interests described in the Preliminary Statement
      hereto.

     

    SWAP
      II REMIC Regular Interests:
      Any of
      the SWAP II REMIC Interests other than the Class SWII-R Interest.

     

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

     

    Target
      Amount:
      Not
      applicable.

     

    Targeted
      Overcollateralization Amount:
      Not
      applicable.

     

    Tax
      Matters Person:
      Not
      applicable.

     

    Telerate
      Page 3750:
      The
      display currently so designated as “Page 3750” on the Moneyline Telerate Service
      (or such other page selected by the Trustee as may replace Page 3750 on that
      service for the purpose of displaying daily comparable rates on
      prices).

     

    Termination
      Event:
      As
      defined in the related Swap Agreement.

     

    
      
        
        

      

      
        -78-

        
          

        

      

      
        
        

      

    

     

    Termination
      Receipts:
      Not
      applicable.

     

    Termination
      Receipts Account:
      Not
      applicable.

     

    Title
      Insurance Policy:
      A title
      insurance policy maintained with respect to a Mortgage Loan.

     

    Total
      Distribution Amount:
      With
      respect to any Distribution Date, the sum of (i) the Interest Remittance Amount
      for all five Mortgage Pools for such date; (ii) the Principal Remittance Amount
      for all five Mortgage Pools for such date; and (iii) the Prepayment
      Premiums.

     

    Transfer
      Agreements:
      As
      defined in the Mortgage Loan Sale Agreement.

     

    Transferors:
      Countrywide Home Loans, Inc., Lehman Brothers Bank, FSB, Quicken Loans, Inc.
      and
      GreenPoint.

     

    Trigger
      Event:
      With
      respect to any Distribution Date, means that either a Delinquency Event or
      a
      Cumulative Loss Trigger Event is in effect for such Distribution
      Date.

     

    Trust
      Fund:
      The
      corpus of the Lehman XS Trust, Series 2007-16N created pursuant to this
      Agreement consisting of the Mortgage Loans, the assignment of the Depositor’s
      rights under the Transfer Agreements, the Mortgage Loan Sale Agreement and
      the
      Servicing Agreements, such amounts as shall from time to time be held in the
      Pool 1 Basis Risk Reserve Fund, Pool 2-3 Basis Risk Reserve Fund, Collection
      Account, Certificate Account, any Custodial Account and any Escrow Account,
      the
      Insurance Policies, any REO Property and the other items referred to in, and
      conveyed to the Trustee under, Section 2.01(a), including without limitation,
      for the benefit of the Guaranteed Certificates only, the Certificate Insurance
      Policy and the Policy Payments Account. For the avoidance of doubt, the assets
      of the Trust Fund shall not include the Swap Agreements, the Interest Rate
      Cap
      Agreements and the Interest Rate Cap Accounts. 

     

    Trust
      REMIC:
      Any
      REMIC created hereunder.

     

    Trustee:
      U.S.
      Bank National Association, a national banking association, not in its individual
      capacity, but solely in its capacity as trustee or as grantor trustee, as
      applicable, for the benefit of the related Certificateholders and the
      Certificate Insurer under this Agreement, and any successor thereto, and any
      corporation or national banking association resulting from or surviving any
      consolidation or merger to which it or its successors may be a party and any
      successor trustee as may from time to time be serving as successor trustee
      hereunder.

     

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

     

    Uncertificated
      Class X-I Interest:
      An
      uncertificated regular interest in REMIC I-2 with an initial principal balance
      equal to the excess of (i) the aggregate Pool Balance for Pool 1 as of the
      Cut-off Date over (ii) the aggregate initial principal amounts of the Group
      II
      Certificates and bearing interest on a each Distribution Date in an amount
      equal
      to the X-I Component Current Interest for such Distribution Date; provided,
      however, that such interest shall have no obligation or right to make or receive
      any payments treated as paid or received by the Class X-I Certificates pursuant
      to interest rate cap agreements or notional principal contracts under Section
      10.01 and shall have no rights to receive payments in respect of Class X-I
      Shortfalls from the Master Servicer as described in Section 10.01.

     

    
      
        
        

      

      
        -79-

        
          

        

      

      
        
        

      

    

     

    Uncertificated
      Class X-II Interest:
      An
      uncertificated regular interest in REMIC II-2 with an initial principal balance
      equal to the excess of (i) the aggregate Pool Balance for Pool 2 and Pool 3
      as
      of the Cut-off Date over (ii) the aggregate initial principal amounts of the
      Group II Certificates and bearing interest on a each Distribution Date in an
      amount equal to the X-II Component Current Interest for such Distribution Date;
      provided, however, that such interest shall have no obligation or right to
      make
      or receive any payments treated as paid or received by the Class X-II
      Certificates pursuant to interest rate cap agreements or notional principal
      contracts under Section 10.01 and shall have no rights to receive payments
      in
      respect of Class X-II Shortfalls from the Master Servicer as described in
      Section 10.01.

     

    Underlying
      REMIC Certificates: Each of the rights with respect to each following Class
      of Certificates, issued hereunder in uncertificated form to the Exchange Trustee
      (such rights determined for this purpose as if no Exchangeable Certificates
      existed): Class 2-A3, Class 3-A2, Class 2-A4 and Class 3-A3
      Certificates.

     

    Underwriter:
      Lehman
      Brothers Inc.

     

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

     

    Unpaid
      Basis Risk Shortfall:
      With
      respect to any Distribution Date and any Class of Group I and Group II
      Certificates, the aggregate of all Basis Risk Shortfalls with respect to such
      Class remaining unpaid from previous Distribution Dates, plus interest accrued
      thereon at the applicable Certificate Interest Rate (calculated without giving
      effect to the applicable Net Funds Cap).

     

    Upper
      Tier REMIC:
      Not
      applicable.

     

    Voting
      Interests:
      The
      portion of the voting rights of all the Certificates that is allocated to any
      Certificate for purposes of the voting provisions of this Agreement. At all
      times during the term of this Agreement, 92% of all Voting Interests shall
      be
      allocated to the Offered Certificates, 1% of all Voting Interests shall be
      allocated to each Class of the Class C-I, Class C-II, Class X-I, Class X-II,
      Class AP-I, Class 2-AP, Class 3-AP and Class R Certificates; provided, however,
      that on and after the date, if any, on which the Certificate Insurer has paid
      a
      claim under the Certificate Insurance Policy in respect of any of the Guaranteed
      Certificates, the Certificate Insurer shall be entitled to exercise all consent,
      voting and related rights of such Certificates. Voting Interests shall be
      allocated among such Classes of Certificates (other than the Class C-I, Class
      C-II, Class X-I, Class X-II, Class AP-I, Class 2-AP and Class 3-AP Certificates)
      in proportion to their Class Principal Amounts or Class Notional Amounts or
      Class Notional Amounts and among the Certificates of each Class in proportion
      to
      their Percentage Interests. Voting Interests allocated to a Class of Exchange
      Certificates shall be proportionately allocated to the related Class or Classes
      of Exchangeable Certificates on the basis of the related exchange
      proportions.

     

    
      
        
        

      

      
        -80-

        
          

        

      

      
        
        

      

    

     

    X-I
      Component:
      The
      portion of the Class X-I Certificates representing the right to distributions
      to
      the Class X-I Certificates as described herein.

     

    X-I
      Component Account:
      An
      account established as part of the Trust Fund pursuant to Section 5.12 of this
      Agreement but which is not an asset of any of the REMICs for the benefit of
      the
      X-I Component of the Class X-I Certificates and the Class C-I
      Certificates.

     

    X-I
      Component Account Termination Date:
      The
      Distribution Date in March 2010.

     

    X-I
      Component Current Interest:
      For any
      Distribution Date, the interest accrued during the related Accrual Period on
      the
      X-I Component Notional Balance at the X-I Component Interest Rate.

     

    X-I
      Component Distributable Amount:
      On any
      Distribution Date, the excess of (i) the sum of (x) the excess of (1) the
      aggregate Cut-off Date Balance for Mortgage Group I over (2) the aggregate
      initial principal amounts of the Group I Certificates, (y) the aggregate X-I
      Component Current Interest for such Distribution Date and all prior Distribution
      Dates and (z) amounts treated as received by the Class X-I Certificates in
      respect of Class I-I Shortfalls described in Section 10.01(n) over (ii) the
      sum
      of (w) the aggregate payments in respect of Excess Interest for the Group I
      Certificates for such Distribution Date and all prior Distribution Dates (to
      the
      extent not derived from proceeds of the Group I Swap Agreement or the Group
      I
      Interest Rate Cap Agreements), (x) all prior distributions to the X-I Component
      of the Class X-I Certificate under Section 5.02(h)(x) hereof, (y) all payments
      treated as distributed by REMIC I-2 to the Uncertificated Class X-I Interest
      then paid to the applicable Swap Counterparty as described in Section 10.01(o)
      and (z) all payments treated as paid by the Group I Certificates to the Class
      X-I Certificates in respect of Class I-I Shortfalls then paid to the applicable
      Swap Counterparty as described in Section 10.01(o).

     

    X-I
      Component Interest Rate:
      For any
      Distribution Date, the excess of (i) the weighted average of the interest rates
      on the REMIC I-1 Regular Interests (other than the Class LTI1-IO Interest)
      over
      (ii) two times the weighted average of the interest rates on the REMIC I-1
      Regular Interests (other than the Class LTI1-IO Interest) (treating for purposes
      of this clause (ii) the interest rate on each of the REMIC I-1 Marker Classes
      as
      being capped at the interest rate of the Related REMIC I-2 Interest of the
      Corresponding Classes of Certificates (as adjusted, if necessary, to reflect
      accruals on an “actual/360” basis) and treating the interest rate on the Class
      LTI1-X Interest as capped at zero). The average described in the preceding
      sentence shall be weighted on the basis of the respective principal balances
      of
      the REMIC I-1 Regular Interests immediately prior to such Distribution
      Date.

     

    X-I
      Component Notional Balance:
      With
      respect to any Distribution Date (and the related Accrual Period), the aggregate
      principal balance of the REMIC I-1 Regular Interests (other than the Class
      LTI1-IO Interest) immediately prior to such Distribution Date.

     

    X-II
      Component:
      The
      portion of the Class X-II Certificates representing the right to distributions
      to the Class X-II Certificates as described herein.

     

    
      
        
        

      

      
        -81-

        
          

        

      

      
        
        

      

    

     

    X-II
      Component Account:
      An
      account established as part of the Trust Fund pursuant to Section 5.12 of this
      Agreement but which is not an asset of any of the REMICs for the benefit of
      the
      X-II Component of the Class X-II Certificates and the Class C-II
      Certificates.

     

    X-II
      Component Account Termination Date:
      The
      Distribution Date in March 2010.

     

    X-II
      Component Current Interest:
      For any
      Distribution Date, the interest accrued during the related Accrual Period on
      the
      X-II Component Notional Balance at the X-II Component Interest
      Rate.

     

    X-II
      Component Distributable Amount:
      On any
      Distribution Date, the excess of (i) the sum of (x) the excess of (1) the
      aggregate Cut-off Date Balance for Mortgage Group II over (2) the aggregate
      initial principal amounts of the Group II Certificates, (y) the aggregate X-II
      Component Current Interest for such Distribution Date and all prior Distribution
      Dates and (z) amounts treated as received by the Class X-II Certificates in
      respect of Class I-II Shortfalls described in Section 10.01(n) over (ii) the
      sum
      of (w) the aggregate payments in respect of Excess Interest for the Group II
      Certificates for such Distribution Date and all prior Distribution Dates (to
      the
      extent not derived from proceeds of the Group II Swap Agreement or the Group
      II
      Interest Rate Cap Agreement), (x) all prior distributions to the X-II Component
      of the Class X-II Certificate under Section 5.02(i)(ix) hereof, (y) all payments
      treated as distributed by REMIC II-2 to the Uncertificated Class X-II Interest
      then paid to the applicable Swap Counterparty as described in Section 10.01(o)
      and (z) all payments treated as paid by the Group II Certificates to the Class
      X-II Certificates in respect of Class I-II Shortfalls then paid to the
      applicable Swap Counterparty as described in Section 10.01(o).

     

    X-II
      Component Interest Rate:
      For any
      Distribution Date, the excess of (i) the weighted average of the interest rates
      on the REMIC II-1 Regular Interests (other than the Class LTII1-IO Interest)
      over (ii) two times the weighted average of the interest rates on the REMIC
      II-1
      Regular Interests (other than the Class LTII1-IO Interest) (treating for
      purposes of this clause (ii) the interest rate on each of the REMIC II-1 Marker
      Classes as being capped at the interest rate of the Related REMIC II-2 Interest
      of the Corresponding Classes of Certificates (as adjusted, if necessary, to
      reflect accruals on an “actual/360” basis) and treating the interest rate on the
      Class LTII1-X Interest as capped at zero). The average described in the
      preceding sentence shall be weighted on the basis of the respective principal
      balances of the REMIC II-1 Regular Interests immediately prior to such
      Distribution Date.

     

    X-II
      Component Notional Balance:
      With
      respect to any Distribution Date (and the related Accrual Period), the aggregate
      principal balance of the REMIC II-1 Regular Interests (other than the Class
      LTII1-IO Interest) immediately prior to such Distribution Date.

     

    Section
      1.02. Calculations
      Respecting Mortgage Loans.

     

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

     

    
      
        
        

      

      
        -82-

        
          

        

      

      
        
        

      

    

     

    Section
      1.03. Calculations
      Respecting Accrued Interest.

     

    Accrued
      interest, if any, on any Group I Senior Certificate and Group II Senior
      Certificate shall be calculated based upon a 360-day year and the actual number
      of days elapsed in each Accrual Period. Accrued interest, if any, on any Group
      I
      Subordinate Certificate and Group II Subordinate Certificate shall be calculated
      based upon a 360-day year consisting of twelve 30-day months.

     

    Section
      1.04. Rights
      of the NIMS Insurer.

     

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

     

    ARTICLE
      II.

     

    DECLARATION
      OF TRUST;

    ISSUANCE
      OF CERTIFICATES

     

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

     

    (a) Concurrently
      with the execution and delivery of this Agreement, the Depositor does hereby
      transfer, assign, set over, deposit with and otherwise convey to the Trustee,
      without recourse, subject to Sections 2.02, 2.04, 2.05 and 2.06, in trust,
      all
      the right, title and interest of the Depositor in and to the Mortgage Loans.
      Such conveyance includes, without limitation, the right to all payments of
      principal and interest received on or with respect to the Mortgage Loans on
      and
      after the Cut-off Date (other than payments of principal and interest due on
      or
      before such date), and all such payments due after such date but received prior
      to such date and intended by the related Mortgagors to be applied after such
      date together with all of the Depositor’s right, title and interest in and to
      the Collection Account, the Interest Rate Cap Accounts, the Certificate Account
      and all amounts from time to time credited to and the proceeds of the
      Certificate Account, any Custodial Accounts, any Escrow Account established
      pursuant to Section 9.06, the Pool 1 Basis Risk Reserve Fund and the Pool 2-3
      Basis Risk Reserve Fund established pursuant to Section 5.06 and all amounts
      from time to time credited to and the proceeds of each such account, the Class
      X
      Account and X-I Component Account established pursuant to Section 5.12 and
      all
      amounts from time to time credited to and the proceeds of each such account,
      any
      REO Property and the proceeds thereof, the Depositor’s rights under any
      Insurance Policies related to the Mortgage Loans, the Depositor’s security
      interest in any collateral pledged to secure the Mortgage Loans, including
      the
      Mortgaged Properties, and any proceeds of the foregoing, to have and to hold,
      in
      trust; and the Trustee declares that, subject to the review provided for in
      Section 2.02, it has received and shall hold the Trust Fund, as trustee, in
      trust, for the benefit and use of the Holders of the related Certificates
      (except that the Certificate Insurance Policy and the Policy Payments Account
      shall be held in trust for the benefit of the Holders of the Guaranteed
      Certificates) and for the purposes and subject to the terms and conditions
      set
      forth in this Agreement, and, concurrently with such receipt, has caused to
      be
      executed, authenticated and delivered to or upon the order of the Depositor,
      in
      exchange for the Trust Fund, Certificates in the authorized denominations
      evidencing the entire ownership of the Trust Fund. 

     

    
      
        
        

      

      
        -83-

        
          

        

      

      
        
        

      

    

     

    Concurrently
      with the execution of this Agreement, the Swap Agreements shall be delivered
      to
      the Trustee. In connection therewith, the Depositor hereby directs the Trustee
      (solely in its capacity as such) and the Trustee is hereby authorized to execute
      and deliver the Swap Agreements (on behalf of the Supplemental Interest Trusts)
      for the benefit of, the Certificateholders. The Seller, the Master Servicer,
      the
      Depositor, the Servicers and the Certificateholders (by their acceptance of
      such
      Certificates) acknowledge and agree that the Trustee is executing and delivering
      the Swap Agreements solely in its capacity as Trustee of the Supplemental
      Interest Trusts and the Trust Fund not in its individual capacity. The Trustee
      shall have no duty or responsibility to enter into any other interest rate
      swap
      agreement upon the expiration or termination of a Swap Agreement.

     

    Concurrently
      with the execution and delivery of this Agreement, the Depositor does hereby
      assign to the Trustee all of its rights and interest under the Mortgage Loan
      Sale Agreement, including all rights of the Seller under the Servicing
      Agreements and each related Transfer Agreement (including the right to enforce
      the related Early Payment Default Mortgage Loans) but, in each case, only to
      the
      extent assigned under the Mortgage Loan Sale Agreement. The Trustee hereby
      accepts such assignment and delegation, and shall be entitled to exercise all
      the rights of the Depositor under the Mortgage Loan Sale Agreement as if, for
      such purpose, it were the Depositor. The foregoing sale, transfer, assignment,
      set-over, deposit, delegation and conveyance does not and is not intended to
      result in the creation or assumption by the Trustee of any obligation of the
      Depositor, the Sellers or any other Person in connection with the Mortgage
      Loans
      or any other agreement or instrument relating thereto except as specifically
      set
      forth herein.

     

    Concurrently
      with the execution of this Agreement, the Certificate Insurance Policy shall
      be
      delivered to the Trustee.

     

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

     

    (i) with
      respect to each Mortgage Loan, the original Mortgage Note endorsed without
      recourse in proper form to the order of the Trustee, as shown on Exhibit B-4
      hereto, or in blank (in each case, with all necessary intervening endorsements,
      as applicable) or with respect to any lost Mortgage Note, a lost note affidavit
      stating that the original Mortgage Note was lost, misplaced or destroyed,
      together with a copy of the related Mortgage Note;

     

    
      
        
        

      

      
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    (ii) if
      applicable, the original of any guarantee, security agreement or pledge
      agreement executed in connection with the Mortgage Note, assigned to the
      Trustee;

     

    (iii) with
      respect to any Mortgage Loan other than a Cooperative Loan, the original
      recorded Mortgage with evidence of recording indicated thereon and the original
      recorded power of attorney, with evidence of recording thereon. If, in
      connection with any Mortgage Loan, the Depositor cannot deliver the Mortgage
      or
      power of attorney with evidence of recording thereon on or prior to the Closing
      Date because of a delay caused by the public recording office where such
      Mortgage has been delivered for recordation or because such Mortgage or power
      of
      attorney has been lost, the Depositor shall deliver or cause to be delivered
      to
      the Trustee (or the Custodian), in the case of a delay due to recording, a
      true
      copy of such Mortgage or power of attorney, pending delivery of the original
      thereof, together with an Officer’s Certificate of the Depositor certifying that
      the copy of such Mortgage or power of attorney delivered to the Trustee (or
      its
      Custodian) is a true copy and that the original of such Mortgage or power of
      attorney has been forwarded to the public recording office, or, in the case
      of a
      Mortgage or power of attorney that has been lost, a copy thereof (certified
      as
      provided for under the laws of the appropriate jurisdiction) and a written
      Opinion of Counsel delivered to the Trustee and the Depositor that an original
      recorded Mortgage or power of attorney is not required to enforce the Trustee’s
      interest in the Mortgage Loan;

     

    (iv) the
      original of each assumption, modification or substitution agreement, if any,
      relating to the Mortgage Loans, or, as to any assumption, modification or
      substitution agreement which cannot be delivered on or prior to the Closing
      Date
      because of a delay caused by the public recording office where such assumption,
      modification or substitution agreement has been delivered for recordation,
      a
      photocopy of such assumption, modification or substitution agreement, pending
      delivery of the original thereof, together with an Officer’s Certificate of the
      Depositor certifying that the copy of such assumption, modification or
      substitution agreement delivered to the Trustee (or the Custodian) is a true
      copy and that the original of such agreement has been forwarded to the public
      recording office;

     

    (v) with
      respect to each Non-MERS Mortgage Loan, an original Assignment of Mortgage,
      in
      form and substance acceptable for recording. The related Mortgage shall be
      assigned either (A) in blank, without recourse or (B) to “U.S. Bank National
      Association, as Trustee of the Lehman XS Trust Mortgage Pass-Through
      Certificates, Series 2007-16N,” without recourse;

     

    (vi) if
      applicable, such original intervening assignments of the Mortgage, notice of
      transfer or equivalent instrument (each, an “Intervening Assignment”), as may be
      necessary to show a complete chain of assignment from the originator, or, in
      the
      case of an Intervening Assignment that has been lost, a written Opinion of
      Counsel delivered to the Trustee that such original Intervening Assignment
      is
      not required to enforce the Trustee’s interest in the Mortgage
      Loans;

     

    
      
        
        

      

      
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    (vii) with
      respect to any Mortgage Loan other than a Cooperative Loan, the original
      mortgagee title insurance policy or attorney’s opinion of title and abstract of
      title, and, if applicable, the original Primary Mortgage Insurance Policy or
      certificate;

     

    (viii) the
      original of any security agreement, chattel mortgage or equivalent instrument
      executed in connection with the Mortgage or as to any security agreement,
      chattel mortgage or their equivalent instrument that cannot be delivered on
      or
      prior to the Closing Date because of a delay caused by the public recording
      office where such document has been delivered for recordation, a photocopy
      of
      such document, pending delivery of the original thereof, together with an
      Officer’s Certificate of the Depositor certifying that the copy of such security
      agreement, chattel mortgage or their equivalent instrument delivered to the
      Trustee (or the Custodian) is a true copy and that the original of such document
      has been forwarded to the public recording office;

     

    (ix) it
      is
      agreed and understood by the Depositor and the Trustee (and the Seller has
      so
      represented and recognized in the Mortgage Loan Sale Agreement) that it is
      not
      intended that any Mortgage Loan to be included in the Trust Fund be (i) a
“High-Cost Home Loan” as defined in the New Jersey Home Ownership Act effective
      November 27, 2003, (ii) a “High-Cost Home Loan” as defined in the New Mexico
      Home Loan Protection Act effective January 1, 2004, (iii) a “High-Cost Home
      Mortgage Loan” as defined in the Massachusetts Predatory Home Loan Practices Act
      effective November 7, 2004 or (iv) a “High Cost Home Loan” as defined in the
      Indiana Home Loan Practices Act effective January 1, 2005;

     

    (x) with
      respect to any manufactured housing contract, any related manufactured housing
      sales contract, installment loan agreement or participation interest;
      and

     

    (xi) with
      respect to any Cooperative Loan, the Cooperative Loan Documents.

     

    The
      parties hereto acknowledge and agree that the form of endorsement attached
      hereto as Exhibit B-4 is intended to effect the transfer to the Trustee, for
      the
      benefit of the Certificateholders, of the Mortgage Notes and the
      Mortgages.

     

    (c) (i) Assignments
      of Mortgage with respect to each Non-MERS Mortgage Loan other than a Cooperative
      Loan shall be recorded; provided, however, that such Assignments need not be
      recorded if, on or prior to the Closing Date, the Depositor delivers, at its
      own
      expense, an Opinion of Counsel addressed to the Trustee (which must be
      Independent counsel) acceptable to the Trustee, the Rating Agencies and any
      NIMS
      Insurer, to the effect that recording in such states is not required to protect
      the Trustee’s interest in the related Non-MERS Mortgage Loans; provided,
      further, that notwithstanding the delivery of any Opinion of Counsel, the Master
      Servicer shall cause the Servicer to submit each Assignment of Mortgage for
      recording upon the occurrence of a bankruptcy, insolvency or foreclosure
      relating to the Mortgagor under the related Mortgage. Subject to the preceding
      sentence, as soon as practicable after the Closing Date (but in no event more
      than three months thereafter except to the extent delays are caused by the
      applicable recording office), the Master Servicer, at the expense of the
      Depositor and with the cooperation of the applicable Servicer, shall cause
      to be
      properly recorded by such Servicer in each public recording office where the
      related Mortgages are recorded each Assignment of Mortgage referred to in
      subsection (b)(v) above with respect to each Non-MERS Mortgage Loan. With
      respect to each Cooperative Loan, the Master Servicer, at the expense of the
      Depositor and with the cooperation of the applicable Servicer, shall cause
      such
      Servicer to take such actions as are necessary under applicable law in order
      to
      perfect the interest of the Trustee in the related Mortgaged
      Property.

     

    
      
        
        

      

      
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    (ii) With
      respect to each MERS Mortgage Loan, the Master Servicer, at the expense of
      the
      Depositor and with the cooperation of the Servicer, shall cause the Servicer
      to
      take such actions as are necessary to cause the Trustee to be clearly identified
      as the owner of each such Mortgage Loan on the records of MERS for purposes
      of
      the system of recording transfers of beneficial ownership of mortgages
      maintained by MERS.

     

    (d) In
      instances where a Title Insurance Policy is required to be delivered to the
      Trustee or the Custodian on behalf of the Trustee under clause (b)(vii) above
      and is not so delivered, the Depositor will provide a copy of such Title
      Insurance Policy to the Trustee, or to the Custodian on behalf of the Trustee,
      as promptly as practicable after the execution and delivery hereof, but in
      any
      case within 180 days of the Closing Date.

     

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

     

    (f) The
      issuing entity is hereby named Lehman XS Trust, Series 2007-16N.

     

    Section
      2.02. Acceptance
      of Trust Fund by Trustee: Review of Documentation for Trust Fund.

     

    (a) The
      Trustee, by execution and delivery hereof, acknowledges receipt by it or by
      the
      Custodian on its behalf of the Mortgage Files pertaining to the Mortgage Loans
      listed on the Mortgage Loan Schedule, subject to review thereof by the Trustee,
      or by the Custodian on behalf of the Trustee, under this Section 2.02. The
      Trustee, or the Custodian on behalf of the Trustee, will execute and deliver
      to
      the Trustee, the Depositor, the Master Servicer and any NIMS Insurer on the
      Closing Date an Initial Certification in the form annexed hereto as Exhibit
      B-1
      (or in the form annexed to the Custodial Agreement as Exhibit B-1, as
      applicable).

     

    
      
        
        

      

      
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    (b) Within
      45
      days after the Closing Date, the Trustee or the Custodian on behalf of the
      Trustee, will, for the benefit of Holders of the Certificates and any NIMS
      Insurer, review each Mortgage File to ascertain that all required documents
      set
      forth in Section 2.01 have been received and appear on their face to contain
      the
      requisite signatures by or on behalf of the respective parties thereto, and
      shall deliver to the Trustee, the Depositor, the Master Servicer and any NIMS
      Insurer an Interim Certification in the form annexed hereto as Exhibit B-2
      (or
      in the form annexed to the applicable Custodial Agreement as Exhibit B-2, as
      applicable) to the effect that, as to each Mortgage Loan listed in the Mortgage
      Loan Schedule (other than any Mortgage Loan prepaid in full or any specifically
      identified in such certification as not covered by such certification), (i)
      all
      of the applicable documents specified in Section 2.01(b) are in its possession
      and (ii) such documents have been reviewed by it and appear to relate to such
      Mortgage Loan. The Trustee, or the Custodian on behalf of the Trustee, shall
      determine whether such documents are executed and endorsed, but shall be under
      no duty or obligation to inspect, review or examine any such documents,
      instruments, certificates or other papers to determine that the same are valid,
      binding, legally effective, properly endorsed, genuine, enforceable or
      appropriate for the represented purpose or that they have actually been recorded
      or are in recordable form or that they are other than what they purport to
      be on
      their face. Neither the Trustee nor the Custodian shall have any responsibility
      for verifying the genuineness or the legal effectiveness of or authority for
      any
      signatures of or on behalf of any party or endorser.

     

    (c) If
      in the
      course of the review described in paragraph (b) above the Trustee or the
      Custodian discovers any document or documents constituting a part of a Mortgage
      File that is missing, does not appear regular on its face (i.e., is mutilated,
      damaged, defaced, torn or otherwise physically altered) or appears to be
      unrelated to the Mortgage Loans identified in the Mortgage Loan Schedule (each,
      a “Material Defect”), the Trustee, or the Custodian on behalf of the Trustee,
      discovering such Material Defect shall promptly identify the Mortgage Loan
      to
      which such Material Defect relates in the Interim Certification delivered to
      the
      Trustee, the Depositor, the Master Servicer and any NIMS Insurer. Within 90
      days
      of its receipt of such notice, the Transferor, or, if the Transferor does not
      do
      so, the Depositor shall be required to cure such Material Defect (and, in such
      event, the Depositor shall provide the Trustee with an Officer’s Certificate
      confirming that such cure has been effected). If the applicable Transferor
      or
      the Depositor, as applicable, does not so cure such Material Defect, the
      Transferor, or, if the Transferor does not do so, the Depositor, shall, if
      a
      loss has been incurred with respect to such Mortgage Loan that would, if such
      Mortgage Loan were not purchased from the Trust Fund, constitute a Realized
      Loss, and such loss is attributable to the failure of the Depositor to cure
      such
      Material Defect, repurchase the related Mortgage Loan from the Trust Fund at
      the
      Purchase Price. A loss shall be deemed to be attributable to the failure of
      the
      Depositor to cure a Material Defect if, as determined by the Depositor, upon
      mutual agreement with the Trustee each acting in good faith, absent such
      Material Defect, such loss would not have been incurred. Within the two-year
      period following the Closing Date, the Depositor may, in lieu of repurchasing
      a
      Mortgage Loan pursuant to this Section 2.02, substitute for such Mortgage Loan
      a
      Qualifying Substitute Mortgage Loan subject to the provisions of Section 2.05.
      The failure of the Trustee or the Custodian to give the notice contemplated
      herein within 45 days after the Closing Date shall not affect or relieve the
      Depositor of its obligation to repurchase any Mortgage Loan pursuant to this
      Section 2.02 or any other Section of this Agreement requiring the repurchase
      of
      Mortgage Loans from the Trust Fund.

     

    
      
        
        

      

      
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    (d) Within
      180 days following the Closing Date, the Trustee, or the Custodian, shall
      deliver to the Trustee, the Depositor, the Master Servicer and any NIMS Insurer
      a Final Certification substantially in the form attached as Exhibit B-3 (or
      in
      the form annexed to the Custodial Agreement as Exhibit B-3, as applicable)
      evidencing the completeness of the Mortgage Files in its possession or control,
      with any exceptions noted thereto.

     

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

     

    (f) Each
      of
      the parties hereto acknowledges that the Custodian shall perform the applicable
      review of the Mortgage Loans and respective certifications thereof as provided
      in this Section 2.02 and in the Custodial Agreement.

     

    (g) Upon
      execution of this Agreement, the Depositor hereby delivers to the Trustee and
      the Trustee acknowledges a receipt of the Mortgage Loan Sale Agreement and
      the
      Servicing Agreement.

     

    Section
      2.03. Representations
      and Warranties of the Depositor.

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

    (b) The
      representations and warranties of the Transferor with respect to the related
      Mortgage Loans in the applicable Transfer Agreement, which have been assigned
      to
      the Trustee hereunder, were made as of the date specified in the applicable
      Transfer Agreement (or underlying agreement, if such Transfer Agreement is
      in
      the form of an assignment of a prior agreement). To the extent that any fact,
      condition or event with respect to a Mortgage Loan constitutes a breach of
      both
      (i) a representation or warranty of the applicable Transferor under the
      applicable Transfer Agreement and (ii) a representation or warranty of the
      Seller under the Mortgage Loan Sale Agreement, the only right or remedy of
      the
      Trustee or any Certificateholder hereunder (other than a breach by the Seller
      of
      the representations made pursuant to Sections 1.04(b)(xii), 1.04(b)(xvii),
      1.04(b)(xviii), 1.04(b)(ix) and 1.04(b)(xx) of the Mortgage Loan Sale Agreement)
      shall be their rights to enforce the obligations of the applicable Transferor
      under any applicable representation or warranty made by it. Pursuant to the
      terms of the Mortgage Loan Sale Agreement, the representations and warranties
      made by the Seller pursuant to Sections 1.04(b)(xii), 1.04(b)(xvii),
      1.04(b)(xviii), 1.04(b)(ix) and 1.04(b)(xx) of the Mortgage Loan Sale Agreement
      shall be the direct obligations of the Seller. With the exception of the
      immediately proceeding sentence, the Seller shall not have any other obligation
      or liability with respect to any breach of a representation or warranty made
      by
      it with respect to the Mortgage Loans sold by it if the fact, condition or
      event
      constituting such breach also constitutes a breach of a representation or
      warranty made by the applicable Transferor in the applicable Transfer Agreement,
      without regard to whether such Transferor fulfills its contractual obligations
      in respect of such representation or warranty. The Depositor shall have no
      obligation or liability with respect to any breach of any representation or
      warranty with respect to the Mortgage Loans (except as set forth in Section
      2.03(a)(vi)) under any circumstances.

     

    
      
        
        

      

      
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    Section
      2.04. Discovery
      of Breach.

     

    It
      is
      understood and agreed that the representations and warranties (i) set forth
      in
      Section 2.03, (ii) of the Seller set forth in the Mortgage Loan Sale Agreement
      and assigned to the Depositor by the Seller under the Mortgage Loan Sale
      Agreement and to the Trustee by the Depositor hereunder and (iii) of the
      Transferor and of the Servicer assigned by the Seller to the Depositor pursuant
      to the Mortgage Loan Sale Agreement and assigned to the Trustee by the Depositor
      hereunder, shall each survive delivery of the Mortgage Files and the Assignment
      of Mortgage of each Mortgage Loan to the Trustee and shall continue throughout
      the term of this Agreement. Upon discovery by any of the Depositor, any NIMS
      Insurer, the Certificate Insurer, the Master Servicer or the Trustee of a breach
      of any of such representations and warranties that materially and adversely
      affects the value of the related Mortgage Loan, the party discovering such
      breach shall give prompt written notice to the other parties; provided, to
      the
      extent that knowledge of such breach with respect to any Mortgage Loan is known
      by any officer, director, employee or agent of Aurora acting in any capacity
      other than as Master Servicer hereunder, the Master Servicer shall not be deemed
      to have knowledge of any such breach until an officer of Aurora acting in a
      capacity as Master Servicer has actual knowledge thereof. Within 90 days of
      the
      discovery of a breach of any representation or warranty given to the Trustee
      and
      the Certificate Insurer by the Depositor or given by a Transferor or the Seller
      and assigned to the Trustee, the Depositor, such Transferor or the Seller,
      as
      applicable, shall either (a) cure such breach in all material respects, (b)
      repurchase such Mortgage Loan or any property acquired in respect thereof from
      the Trustee at the Purchase Price (or, with respect to Mortgage Loans as to
      which there is a breach of a representation or warranty set forth in Section
      1.04(b)(v) of the Mortgage Loan Sale Agreement, at the purchase price therefor
      paid by the Seller under the Mortgage Loan Sale Agreement) or (c) within the
      two-year period following the Closing Date, substitute a Qualifying Substitute
      Mortgage Loan for the affected Mortgage Loan. In the event of discovery of
      a
      breach of any representation and warranty of a Transferor assigned to the
      Trustee, the Trustee shall enforce its rights under the applicable Transfer
      Agreement and the Mortgage Loan Sale Agreement for the benefit of
      Certificateholders. As provided in the Mortgage Loan Sale Agreements, if a
      Transferor substitutes a mortgage loan for a Deleted Mortgage Loan pursuant
      to
      the Transfer Agreement and such substitute mortgage loan is not a Qualifying
      Substitute Mortgage Loan, then pursuant to the terms of the Mortgage Loan Sale
      Agreement the Seller will, in exchange for such substitute mortgage loan, (i)
      pay to the Trust Fund the applicable Purchase Price for the affected Mortgage
      Loan or (ii) within two years of the Closing Date, substitute a Qualifying
      Substitute Mortgage Loan.

     

    
      
        
        

      

      
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    Section
      2.05. Repurchase,
      Purchase or Substitution of Mortgage Loans.

     

    (a) With
      respect to any Mortgage Loan repurchased by the Depositor pursuant to this
      Agreement, by the Seller pursuant to the Mortgage Loan Sale Agreement, or by
      the
      Transferor pursuant to the applicable Transfer Agreement, the principal portion
      of the funds received by the Master Servicer in respect of such repurchase
      of a
      Mortgage Loan will be considered a Principal Prepayment and the Purchase Price
      shall be deposited in the Collection Account or a Custodial Account, as
      applicable. The Trustee (i) upon receipt of the full amount of the Purchase
      Price for a Deleted Mortgage Loan, (ii) upon receipt of a written certification
      from the Master Servicer that it has received the full amount of the Purchase
      Price for a Deleted Mortgage Loan and has deposited such amount in the
      Collection Account or (iii) upon receipt of notification from the Custodian
      that
      it had received the Mortgage File for a Qualifying Substitute Mortgage Loan
      substituted for a Deleted Mortgage Loan (and any applicable Substitution
      Amount), shall release or cause to be released and reassign to the Depositor,
      the Seller or the Transferor, as applicable, the related Mortgage File for
      the
      Deleted Mortgage Loan and shall execute and deliver such instruments of transfer
      or assignment, in each case without recourse, representation or warranty, as
      shall be necessary to vest in such party or its designee or assignee title
      to
      any Deleted Mortgage Loan released pursuant hereto, free and clear of all
      security interests, liens and other encumbrances created by this Agreement,
      which instruments shall be prepared by the applicable Servicer and the Trustee
      shall have no further responsibility with respect to the Mortgage File relating
      to such Deleted Mortgage Loan. The Seller indemnifies and holds the Trust Fund,
      the Master Servicer, the Trustee, the Certificate Insurer, the Depositor and
      each Certificateholder harmless against any and all taxes, claims, losses,
      penalties, fines, forfeitures, reasonable legal fees and related costs,
      judgments, and any other costs, fees and expenses that the Trust Fund, the
      Trustee, the Master Servicer, the Certificate Insurer, the Depositor and any
      Certificateholder may sustain in connection with any actions of the Seller
      relating to a repurchase of a Mortgage Loan other than in compliance with the
      terms of this Section 2.05 and the Mortgage Loan Sale Agreement, to the extent
      that any such action causes an Adverse REMIC Event.

     

    (b) With
      respect to each Qualifying Substitute Mortgage Loan to be delivered to the
      Trustee (or the Custodian) pursuant to the terms of this Article II in exchange
      for a Deleted Mortgage Loan: (i) the Depositor, the Transferor or the Seller,
      as
      applicable, must deliver to the Trustee (or the Custodian) the Mortgage File
      for
      the Qualifying Substitute Mortgage Loan containing the documents set forth
      in
      Section 2.01(b) along with a written certification certifying as to the delivery
      of such Mortgage File and containing the granting language set forth in Section
      2.01(a); and (ii) the Depositor will be deemed to have made, with respect to
      such Qualifying Substitute Mortgage Loan, each of the representations and
      warranties made by it with respect to the related Deleted Mortgage Loan. As
      soon
      as practicable after the delivery of any Qualifying Substitute Mortgage Loan
      hereunder, the Master Servicer, at the expense of the Depositor and with the
      cooperation of the applicable Servicer, shall (i) with respect to a Qualifying
      Substitute Mortgage Loan that is a Non-MERS Mortgage Loan, cause the Assignment
      of Mortgage to be recorded by the applicable Servicer if required pursuant
      to
      Section 2.01(c), or (ii) with respect to a Qualifying Substitute Mortgage Loan
      that is a MERS Mortgage Loan, cause to be taken such actions as are necessary
      to
      cause the Trustee to be clearly identified as the owner of each such Mortgage
      Loan on the records of MERS if required pursuant to Section
      2.01(c).

     

    
      
        
        

      

      
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    (c) Notwithstanding
      any other provision of this Agreement, the right to substitute Mortgage Loans
      pursuant to this Article II shall be subject to the additional limitations
      that
      no substitution of a Qualifying Substitute Mortgage Loan for a Deleted Mortgage
      Loan shall be made unless the Trustee and the NIMS Insurer have received an
      Opinion of Counsel (at the expense of the party seeking to make the
      substitution) that, under current law, such substitution will not result in
      an
      Adverse REMIC Event.

     

    Section
      2.06. Grant
      Clause.

     

    (a) It
      is
      intended that the conveyance of the Depositor’s right, title and interest in and
      to property constituting the Trust Fund pursuant to this Agreement shall
      constitute, and shall be construed as, a sale of such property and not a grant
      of a security interest to secure a loan. However, if such conveyance is deemed
      to be in respect of a loan, it is intended that: (1) the rights and obligations
      of the parties shall be established pursuant to the terms of this Agreement;
      (2)
      the Depositor hereby grants to the Trustee for the benefit of the Holders of
      the
      Certificates and the Certificate Insurer a first priority security interest
      to
      secure repayment of an obligation in an amount equal to the aggregate Class
      Principal Amount of the Certificates in all of the Depositor’s right, title and
      interest in, to and under, whether now owned or hereafter acquired, the Trust
      Fund and the Supplemental Interest Trust and all proceeds of any and all
      property constituting the Trust Fund and the Supplemental Interest Trust to
      secure payment of the Certificates (such security interest being, to the extent
      of the assets that constitute the Supplemental Interest Trust, pari passu with
      the security interest as provided in clause (4) below); (3) this Agreement
      shall
      constitute a security agreement under applicable law; and (4) each Swap
      Counterparty shall be deemed, during the term of such agreement and while such
      agreement is the property of the Trustee, to have a security interest in all
      of
      the assets that constitute the related Supplemental Interest Trust, but only
      to
      the extent of such Swap Counterparty’s right to payment under the related Swap
      Agreement (such security interest being pari passu with the security interest
      as
      provided in clause (2) above). If such conveyance is deemed to be in respect
      of
      a loan and the trust created by this Agreement terminates prior to the
      satisfaction of the claims of any Person holding any Certificate, the security
      interest created hereby shall continue in full force and effect and the Trustee
      shall be deemed to be the collateral agent for the benefit of such Person,
      and
      all proceeds shall be distributed as herein provided.

     

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

     

    
      
        
        

      

      
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    ARTICLE
      III.

     

    THE
      CERTIFICATES

     

    Section
      3.01. The
      Certificates.

     

    (a) The
      Certificates shall be issuable in registered form only and shall be securities
      governed by Article 8 of the New York Uniform Commercial Code. The Book-Entry
      Certificates will be evidenced by one or more certificates, beneficial ownership
      of which will be held in the dollar denominations in Certificate Principal
      Amount (or Notional Amount), or in the Percentage Interests, specified herein.
      Each Class of Group I and Group II Certificates and the Class AP-I, Class 2-AP
      and Class 3-AP Certificates will be issued in the minimum denominations in
      Certificate Principal Amount specified in the Preliminary Statement hereto
      and
      in integral multiples of $1 in excess thereof. The Class C-I, Class C-II, Class
      X-I, and Class X-II Certificates shall be maintained in definitive, fully
      registered form in a minimum denomination equal to 10% of the Percentage
      Interest of the Class. The Class R Certificate shall be issued as a single
      Certificate and maintained in definitive, fully registered form in a minimum
      denomination equal to 100% of the Percentage Interest of such Class. The
      Certificates may be issued in the form of typewritten certificates.

     

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

     

    
      
        
        

      

      
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    (c) The
      Privately Offered Certificates offered and sold in reliance on the exemption
      from registration under Rule 144A under the Act shall be issued initially in
      the
      form of one or more permanent global Certificates in definitive, fully
      registered form without interest coupons with the applicable legends set forth
      in Exhibit A added to the forms of such Certificates (each, a “Restricted Global
      Security”), which shall be deposited on behalf of the subscribers for such
      Certificates represented thereby with the Trustee, as custodian for The
      Depository Trust Company (“DTC”) and registered in the name of a nominee of DTC,
      duly executed and authenticated by the Trustee as hereinafter provided. The
      aggregate principal amounts of the Restricted Global Securities may from time
      to
      time be increased or decreased by adjustments made on the records of the Trustee
      or DTC or its nominee, as the case may be, as hereinafter provided.

     

    (d) The
      Privately Offered Certificates sold in offshore transactions in reliance on
      Regulation S shall be issued initially in the form of one or more permanent
      global Certificates in definitive, fully registered form without interest
      coupons with the applicable legends set forth in Exhibit A hereto added to
      the
      forms of such Certificates (each, a “Regulation S Global Security”), which shall
      be deposited on behalf of the subscribers for such Certificates represented
      thereby with the Trustee, as custodian for DTC and registered in the name of
      a
      nominee of DTC, duly executed and authenticated by the Trustee as hereinafter
      provided. The aggregate principal amounts of the Regulation S Global Securities
      may from time to time be increased or decreased by adjustments made on the
      records of the Trustee or DTC or its nominee, as the case may be, as hereinafter
      provided.

     

    (e) The
      Privately Offered Certificates sold to an “accredited investor” under Rule
      501(a)(1), (2), (3) or (7) under the Act shall be issued initially in the form
      of one or more Definitive Certificates.

     

    Section
      3.02. Registration.

     

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

     

    
      
        
        

      

      
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    Section
      3.03. Transfer
      and Exchange of Certificates.

     

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

     

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

     

    (c) By
      acceptance of a Restricted Certificate, QIB-Restricted Certificate or Regulation
      S Global Security, whether upon original issuance or subsequent transfer, each
      Holder of such a Certificate acknowledges the restrictions on the transfer
      of
      such Certificate set forth thereon and agrees that it will transfer such a
      Certificate only as provided herein. In addition, each Holder of a Regulation
      S
      Global Security shall be deemed to have represented and warranted to the
      Trustee, the Certificate Registrar and any of their respective successors that:
      (i) such Person is not a U.S. person within the meaning of Regulation S and
      was,
      at the time the buy order was originated, outside the United States and (ii)
      such Person understands that such Certificates have not been registered under
      the Act, and that (x) until the expiration of the 40-day distribution compliance
      period (within the meaning of Regulation S), no offer, sale, pledge or other
      transfer of such Certificates or any interest therein shall be made in the
      United States or to or for the account or benefit of a U.S. person (each as
      defined in Regulation S), (y) if in the future it decides to offer, resell,
      pledge or otherwise transfer such Certificates, such Certificates may be
      offered, resold, pledged or otherwise transferred only (A) to a person which
      the
      seller reasonably believes is a “qualified institutional buyer” (a “QIB”) as
      defined in Rule 144A under the Act, that is purchasing such Certificates for
      its
      own account or for the account of a qualified institutional buyer to which
      notice is given that the transfer is being made in reliance on Rule 144A or
      (B)
      in an offshore transaction (as defined in Regulation S) in compliance with
      the
      provisions of Regulation S, in each case in compliance with the requirements
      of
      this Agreement; and it will notify such transferee of the transfer restrictions
      specified in this Section.

     

    
      
        
        

      

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

     

    (i) The
      Certificate Registrar shall register the transfer of a Restricted Certificate
      if
      the requested transfer is (x) to the Depositor, the Placement Agent or an
      affiliate (as defined in Rule 405 under the Securities Act of 1933, as amended
      (the “Act”)) of the Depositor or the Placement Agent or (y) being made to a
“qualified institutional buyer” (a “QIB”) as defined in Rule 144A under the Act
      by a transferor that has provided the Trustee with a certificate in the form
      of
      Exhibit F hereto; and

     

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

     

    (d) No
      transfer of a Senior Certificate will be registered unless the Trustee, the
      Certificate Registrar and the Depositor receive a representation as set forth
      in
      Exhibit H to the effect either (A) that such transferee is not, and is not
      acting for, on behalf of or with any assets of, an employee benefit plan or
      other arrangement subject to Title I of ERISA or plan subject to Section 4975
      of
      the Code, or (B) until the termination of the related Swap Agreement, the
      acquisition and holding of the Senior Certificate will not constitute or result
      in a non-exempt prohibited transaction under Title I of ERISA or Section 4975
      of
      the Code.

     

    No
      Transfer of an ERISA-Restricted Certificate or a Class R Certificate will be
      registered unless the Trustee, the Certificate Registrar and the Depositor
      receive (A) a representation as set forth in Exhibit D-1 for Class R
      Certificates or Exhibit H for ERISA-Restricted Certificates to the effect that
      such transferee is not an employee benefit plan or other arrangement subject
      to
      Title I of ERISA, a plan subject to Section 4975 of the Code or a plan subject
      to any provisions under any federal, state, local, non-U.S. or other laws or
      regulations that are substantively similar to the foregoing provisions of ERISA
      or the Code (“Similar Law”) (collectively, a “Plan”), and is not directly or
      indirectly acquiring the Class R Certificate for, on behalf of, or with any
      assets of any such Plan, or (B) solely in the case of an ERISA-Restricted
      Certificate (I) a representation as set forth in Exhibit H for ERISA-Restricted
      Certificates that, if the Certificate has been the subject of an
      ERISA-Qualifying Underwriting, such transferee is an insurance company that
      is
      acquiring the Certificate with assets contained in an “insurance company general
      account,” as defined in Section V(e) of Prohibited Transaction Class Exemption
      (“PTCE”) 95-60, and the acquisition and holding of the Certificate are covered
      and exempt under Sections I and III of PTCE 95-60, or (II) solely in the case
      of
      an ERISA-Restricted Certificate that is a Definitive Certificate, an Opinion
      of
      Counsel satisfactory to the Trustee, the Certificate Registrar and the
      Depositor, and upon which the Trustee, the Certificate Registrar and the
      Depositor shall be entitled to rely, to the effect that the acquisition and
      holding of such Certificate will not constitute or result in a nonexempt
      prohibited transaction under ERISA or the Code, or a violation of Similar Law,
      and will not subject the Trustee, the Certificate Registrar, the Master
      Servicer, any Servicer or the Depositor to any obligation in addition to those
      expressly undertaken in this Agreement, which Opinion of Counsel shall not
      be an
      expense of the Trustee, the Certificate Registrar, the Master Servicer, any
      Servicer or the Depositor.

     

    
      
        
        

      

      
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    The
      representations set forth in the preceding paragraphs applicable to Exchange
      Certificates shall also apply to Exchangeable Certificates. Except in the case
      of Definitive Certificates, the representations set forth in the preceding
      paragraphs, other than clause (B)(II) in the immediately preceding paragraph,
      shall be deemed to have been made to the Trustee, the Certificate Registrar
      and
      the Depositor by the transferee’s acceptance of a Senior Certificate,
      ERISA-Restricted Certificate or Class R Certificate (or the acceptance by a
      Certificate Owner of the beneficial interest in any Class of Senior Certificate,
      ERISA Restricted Certificate or Class R Certificate). The Trustee, the
      Certificate Registrar and the Depositor shall not have any obligation to monitor
      transfers of Book-Entry Certificates or Restricted Global Securities that are
      Senior Certificates, ERISA-Restricted Certificates or Class R Certificates
      or
      any liability for transfers of such Certificates in violation of the transfer
      restrictions.

     

    Notwithstanding
      any other provision herein to the contrary, any purported transfer of a Senior
      Certificate, ERISA-Restricted Certificate or Class R Certificate to or on behalf
      of a Plan without the delivery to the Trustee, the Certificate Registrar and
      the
      Depositor of a representation or an Opinion of Counsel satisfactory to the
      Trustee, the Certificate Registrar and the Depositor as described above shall
      be
      void and of no effect and the next preceding permitted beneficial owner will
      be
      treated as the beneficial owner of that Certificate, retroactive to the date
      of
      transfer to the purported beneficial owner. The Trustee, the Certificate
      Registrar and the Depositor shall not have any liability to any Person for
      any
      registration or transfer of any Senior Certificate, ERISA Restricted Certificate
      or Class R Certificate that is in fact not permitted by this Section 3.03(d)
      and
      the Trustee, the Certificate Registrar and the Depositor shall not have any
      liability for making any payments due on such Certificate to the Holder thereof
      or taking any other action with respect to such Holder under the provisions
      of
      this Agreement so long as the transfer was registered by the Certificate
      Registrar in accordance with the foregoing requirements. The Trustee, the
      Certificate Registrar and the Depositor shall be entitled, but not obligated,
      to
      recover from any Holder of any Senior Certificate, ERISA Restricted Certificate
      or Class R Certificate that was in fact a Plan and that held such Certificate
      in
      violation of this Section 3.03(d) all payments made on such Senior Certificate,
      ERISA Restricted Certificate or Class R Certificate at and after the time it
      commenced such holding. Any such payments so recovered shall be paid and
      delivered to the last preceding Holder of such Certificate that is not a
      Plan.

     

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

     

    
      
        
        

      

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

     

    Prior
      to
      and as a condition of the registration of any transfer, sale or other
      disposition of a Residual Certificate, the proposed transferee shall deliver
      to
      the Trustee an affidavit in substantially the form attached hereto as Exhibit
      D-1 representing and warranting, among other things, that such transferee is
      neither a Disqualified Organization, an agent or nominee acting on behalf of
      a
      Disqualified Organization, nor a Non-permitted Foreign Holder (any such
      transferee, a “Permitted Transferee”), and the proposed transferor shall deliver
      to the Trustee an affidavit in substantially the form attached hereto as Exhibit
      D-2. In addition, the Trustee may (but shall have no obligation to) require,
      prior to and as a condition of any such transfer, the delivery by the proposed
      transferee of an Opinion of Counsel, addressed to the Depositor, the Master
      Servicer, any NIMS Insurer and the Trustee satisfactory in form and substance
      to
      the Depositor, that such proposed transferee or, if the proposed transferee
      is
      an agent or nominee, the proposed beneficial owner, is not a Disqualified
      Organization, agent or nominee thereof, or a Non-permitted Foreign Holder.
      Notwithstanding the registration in the Certificate Register of any transfer,
      sale, or other disposition of a Residual Certificate to a Disqualified
      Organization, an agent or nominee thereof, or Non-permitted Foreign Holder,
      such
      registration shall be deemed to be of no legal force or effect whatsoever and
      such Disqualified Organization, agent or nominee thereof, or Non-permitted
      Foreign Holder shall not be deemed to be a Certificateholder for any purpose
      hereunder, including, but not limited to, the receipt of distributions on such
      Residual Certificate. The Trustee shall not be under any liability to any person
      for any registration or transfer of a Residual Certificate to a Disqualified
      Organization, agent or nominee thereof or Non-permitted Foreign Holder or for
      the maturity of any payments due on such Residual Certificate to the Holder
      thereof or for taking any other action with respect to such Holder under the
      provisions of the Agreement, so long as the transfer was effected in accordance
      with this Section 3.03(f), unless a Responsible Officer of the Trustee shall
      have actual knowledge at the time of such transfer or the time of such payment
      or other action that the transferee is a Disqualified Organization, or an agent
      or nominee thereof, or Non-permitted Foreign Holder. The Trustee shall be
      entitled, but not obligated, to recover from any Holder of a Residual
      Certificate that was a Disqualified Organization, agent or nominee thereof,
      or
      Non-permitted Foreign Holder at the time it became a Holder or any subsequent
      time it became a Disqualified Organization, agent or nominee thereof, or
      Non-permitted Foreign Holder, all payments made on such Residual Certificate
      at
      and after either such times (and all costs and expenses, including but not
      limited to attorneys’ fees, incurred in connection therewith). Any payment (not
      including any such costs and expenses) so recovered by the Trustee shall be
      paid
      and delivered to the last preceding Holder of such Residual
      Certificate.

     

    
      
        
        

      

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

     

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

     

    (h) Notwithstanding
      any provision to the contrary herein, so long as a Global Security representing
      any Privately Offered Certificate remains outstanding and is held by or on
      behalf of DTC, transfers of a Global Security representing any such
      Certificates, in whole or in part, shall only be made in accordance with Section
      3.01 and this Section 3.03(h).

     

    (i) Subject
      to clauses (ii) and (iii) of this Section 3.03(h), transfers of a Global
      Security representing any Privately Offered Certificate shall be limited to
      transfers of such Global Security, in whole or in part, to nominees of DTC
      or to
      a successor of DTC or such successor’s nominee.

     

    (ii) Restricted
      Global Security to Regulation S Global Security. If a holder of a beneficial
      interest in a Restricted Global Security deposited with or on behalf of DTC
      wishes at any time to exchange its interest in such Restricted Global Security
      for an interest in a Regulation S Global Security, or to transfer its interest
      in such Restricted Global Security to a Person who wishes to take delivery
      thereof in the form of an interest in a Regulation S Global Security, such
      holder, provided such holder is not a U.S. person, may, subject to the rules
      and
      procedures of DTC, exchange or cause the exchange of such interest for an
      equivalent beneficial interest in the Regulation S Global Security. Upon receipt
      by the Trustee, as Certificate Registrar, of (I) instructions from DTC directing
      the Trustee, as Certificate Registrar, to be credited a beneficial interest
      in a
      Regulation S Global Security in an amount equal to the beneficial interest
      in
      such Restricted Global Security to be exchanged but not less than the minimum
      denomination applicable to such holder’s Certificates held through a Regulation
      S Global Security, (II) a written order given in accordance with DTC’s
      procedures containing information regarding the participant account of DTC
      and,
      in the case of a transfer pursuant to and in accordance with Regulation S,
      the
      Euroclear or Clearstream account to be credited with such increase and (III)
      a
      certificate in the form of Exhibit V-1 hereto given by the holder of such
      beneficial interest stating that the exchange or transfer of such interest
      has
      been made in compliance with the transfer restrictions applicable to the Global
      Securities, including that the holder is not a U.S. person, and pursuant to
      and
      in accordance with Regulation S, the Trustee, as Certificate Registrar, shall
      reduce the principal amount of the Restricted Global Security and increase
      the
      principal amount of the Regulation S Global Security by the aggregate principal
      amount of the beneficial interest in the Restricted Global Security to be
      exchanged, and shall instruct Euroclear or Clearstream, as applicable,
      concurrently with such reduction, to credit or cause to be credited to the
      account of the Person specified in such instructions a beneficial interest
      in
      the Regulation S Global Security equal to the reduction in the principal amount
      of the Restricted Global Security.

     

    
      
        
        

      

      
        -100-

        
          

        

      

      
        
        

      

    

     

    (iii) Regulation
      S Global Security to Restricted Global Security. If a holder of a beneficial
      interest in a Regulation S Global Security deposited with or on behalf of DTC
      wishes at any time to transfer its interest in such Regulation S Global Security
      to a Person who wishes to take delivery thereof in the form of an interest
      in a
      Restricted Global Security, such holder may, subject to the rules and procedures
      of DTC, exchange or cause the exchange of such interest for an equivalent
      beneficial interest in a Restricted Global Security. Upon receipt by the
      Trustee, as Certificate Registrar, of (I) instructions from DTC directing the
      Trustee, as Certificate Registrar, to cause to be credited a beneficial interest
      in a Restricted Global Security in an amount equal to the beneficial interest
      in
      such Regulation S Global Security to be exchanged but not less than the minimum
      denomination applicable to such holder’s Certificates held through a Restricted
      Global Security, to be exchanged, such instructions to contain information
      regarding the participant account with DTC to be credited with such increase,
      and (II) a certificate in the form of Exhibit V-2 hereto given by the holder
      of
      such beneficial interest and stating, among other things, that the Person
      transferring such interest in such Regulation S Global Security reasonably
      believes that the Person acquiring such interest in a Restricted Global Security
      is a QIB, is obtaining such beneficial interest in a transaction meeting the
      requirements of Rule 144A under the Act and in accordance with any applicable
      securities laws of any State of the United States or any other jurisdiction,
      then the Trustee, as Certificate Registrar, will reduce the principal amount
      of
      the Regulation S Global Security and increase the principal amount of the
      Restricted Global Security by the aggregate principal amount of the beneficial
      interest in the Regulation S Global Security to be transferred and the Trustee,
      as Certificate Registrar, shall instruct DTC, concurrently with such reduction,
      to credit or cause to be credited to the account of the Person specified in
      such
      instructions a beneficial interest in the Restricted Global Security equal
      to
      the reduction in the principal amount of the Regulation S Global
      Security.

     

    (iv) Other
      Exchanges. In the event that a Global Security is exchanged for Certificates
      in
      definitive registered form without interest coupons, pursuant to Section 3.09(c)
      hereof, such Certificates may be exchanged for one another only in accordance
      with such procedures as are substantially consistent with the provisions above
      (including certification requirements intended to insure that such transfers
      comply with Rule 144A, comply with Rule 501(a)(1), (2), (3) or (7) or are to
      non-U.S. persons in compliance with Regulation S under the Act, as the case
      may
      be), and as may be from time to time adopted by the Trustee.

     

    
      
        
        

      

      
        -101-

        
          

        

      

      
        
        

      

    

     

    (v) Restrictions
      on U.S. Transfers. Transfers of interests in the Regulation S Global Security
      to
      U.S. persons (as defined in Regulation S) shall be limited to transfers made
      pursuant to the provisions of Section 3.03(h)(iii).

     

    Section
      3.04. Cancellation
      of Certificates.

     

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

     

    Section
      3.05. Replacement
      of Certificates.

     

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

     

    Section
      3.06. Persons
      Deemed Owners.

     

    Subject
      to the provisions of Section 3.09 with respect to Book Entry Certificates,
      the
      Depositor, the Master Servicer, the Trustee, any NIMS Insurer, the Certificate
      Registrar and any agent of any of them may treat the Person in whose name any
      Certificate is registered upon the books of the Certificate Registrar as the
      owner of such Certificate for the purpose of receiving distributions pursuant
      to
      Sections 5.01 and 5.02 and for all other purposes whatsoever, and neither the
      Depositor, the Master Servicer, the Trustee, any NIMS Insurer, the Certificate
      Registrar nor any agent of any of them shall be affected by notice to the
      contrary.

     

    Section
      3.07. Temporary
      Certificates.

     

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

     

    
      
        
        

      

      
        -102-

        
          

        

      

      
        
        

      

    

     

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

     

    Section
      3.08. Appointment
      of Paying Agent.

     

    (a) The
      Trustee hereby appoints itself as Paying Agent. The Trustee may appoint a
      successor Paying Agent acceptable to the NIMS Insurer, for the purpose of making
      distributions to Certificateholders hereunder. The Trustee shall cause such
      Paying Agent (if other than the Trustee) to execute and deliver to the Trustee
      an instrument in which such Paying Agent shall agree with the Trustee that
      such
      Paying Agent will hold all sums held by it for the payment to Certificateholders
      in an Eligible Account in trust for the benefit of the Certificateholders
      entitled thereto until such sums shall be paid to the Certificateholders. All
      funds remitted by the Trustee to any such Paying Agent for the purpose of making
      distributions shall be paid to Certificateholders on each Distribution Date
      and
      any amounts not so paid shall be returned on such Distribution Date to the
      Trustee. If the Paying Agent is not the Trustee, the Trustee shall cause to
      be
      remitted to the Paying Agent on or before the Business Day prior to each
      Distribution Date, by wire transfer in immediately available funds, the funds
      to
      be distributed on such Distribution Date.

     

    (b) Any
      Paying Agent shall be either a bank or trust company or otherwise authorized
      under law to exercise corporate trust powers. A Paying Agent shall comply with
      its reporting obligations under Regulation AB with respect to the Trust Fund
      in
      form and substance similar to those of the Trustee pursuant to Section
      6.20(d)(iv) and Section 9.25, and the related assessment of compliance and
      attestation shall cover, at a minimum, the matters indicated as obligations
      with
      respect to the Paying Agent on Exhibit R attached hereto; provided that if
      the
      Trustee is the Paying Agent, any reporting obligations under Regulation AB
      specific to the Paying Agent shall be undertaken by the Trustee in the course
      of
      its own reporting and not separately, as further specified in Section
      6.20(d)(iv) and Section 9.25. In addition, the Paying Agent (if other than
      the
      Trustee) shall notify the Sponsor, the Master Servicer and the Depositor within
      five (5) calendar days of knowledge thereof (i) of any legal proceedings pending
      against the Paying Agent of the type described in Item 1117 (§ 229.1117) of
      Regulation AB, (ii) any merger, consolidation or sale of substantially all
      of
      the assets of the Paying Agent and (iii) if the Paying Agent shall become (but
      only to the extent not previously disclosed) at any time an Affiliate of any
      of
      the parties listed on Exhibit S hereto or any of their Affiliates.

     

    
      
        
        

      

      
        -103-

        
          

        

      

      
        
        

      

    

     

    (c) Any
      Paying Agent agrees to indemnify the Depositor, the Trustee (if other than
      the
      Paying Agent) and the Master Servicer, and each of their respective directors,
      officers, employees and agents and the Trust Fund and hold each of them harmless
      from and against any losses, damages, penalties, fines, forfeitures, legal
      fees
      and expenses and related costs, judgments, and any other costs, fees and
      expenses that any of them may sustain arising out of or based upon the failure
      by such Paying Agent to deliver any information, report or certification when
      and as required under Section 6.20 and Section 9.25(a), provided, however,
      that
      this sentence shall not apply if the Paying Agent is the Trustee. This
      indemnification shall survive the termination of this Agreement or the
      termination of such Paying Agent hereunder.

     

    Section
      3.09. Book
      Entry Certificates.

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        -104-

        
          

        

      

      
        
        

      

    

     

    (c) If
      (i)
      (A) the Depositor advises the Trustee in writing that the Clearing Agency is
      no
      longer willing or able to discharge properly its responsibilities with respect
      to the Book-Entry Certificates, and (B) the Trustee or the Depositor is unable
      to locate a qualified successor, or (ii) after the occurrence of an Event of
      Default, Certificate Owners representing beneficial interests aggregating not
      less than 50% of the Class Principal Amount of a Class of Book Entry
      Certificates identified as such to the Trustee by an Officer’s Certificate from
      the Clearing Agency advise the Trustee and the Clearing Agency through the
      Clearing Agency Participants in writing that the continuation of a book entry
      system through the Clearing Agency is no longer in the best interests of the
      Certificate Owners of a Class of Book Entry Certificates, the Trustee shall
      notify or cause the Certificate Registrar to notify the Clearing Agency to
      effect notification to all Certificate Owners, through the Clearing Agency,
      of
      the occurrence of any such event and of the availability of Definitive
      Certificates to Certificate Owners requesting the same. Upon surrender to the
      Trustee of the Book Entry Certificates by the Clearing Agency, accompanied
      by
      registration instructions from the Clearing Agency for registration, the Trustee
      shall issue the Definitive Certificates. Neither the Depositor nor the Trustee
      shall be liable for any delay in delivery of such instructions and may
      conclusively rely on, and shall be protected in relying on, such instructions.
      Upon the issuance of Definitive Certificates all references herein to
      obligations imposed upon or to be performed by the Clearing Agency shall be
      deemed to be imposed upon and performed by the Trustee, to the extent
      applicable, with respect to such Definitive Certificates and the Trustee shall
      recognize the holders of the Definitive Certificates as Certificateholders
      hereunder.

     

    Section
      3.10. Deposit
      of Underlying REMIC Certificates under the Exchange Trust
      Agreement.

     

    The
      Underlying REMIC Certificates shall be issued in uncertificated form to the
      Underwriter and transferred by the Underwriter to the Exchange Trustee to be
      held in trust pursuant to terms of the Exchange Trust Agreement.

     

    ARTICLE
      IV.

     

    ADMINISTRATION
      OF THE TRUST FUND

     

    Section
      4.01. Collection
      Account.

     

    (a) On
      the
      Closing Date, the Master Servicer shall open and shall thereafter maintain
      a
      segregated account held in trust (the “Collection Account”), entitled “Aurora
      Loan Services LLC, as Master Servicer, in trust for the benefit of the Holders
      of Lehman XS Trust Mortgage Pass-Through Certificates, Series 2007-16N.” The
      Collection Account shall relate solely to the Certificates issued by the Trust
      Fund hereunder, and funds in such Collection Account shall not be commingled
      with any other monies.

     

    (b) The
      Collection Account shall be an Eligible Account. If an existing Collection
      Account ceases to be an Eligible Account, the Master Servicer shall establish
      a
      new Collection Account that is an Eligible Account within 15 days and transfer
      all funds and investment property on deposit in such existing Collection Account
      into such new Collection Account.

     

    
      
        
        

      

      
        -105-

        
          

        

      

      
        
        

      

    

     

    (c) The
      Master Servicer shall give to the Trustee and any NIMS Insurer prior written
      notice of the name and address of the depository institution at which the
      Collection Account is maintained and the account number of such Collection
      Account. The Master Servicer shall take such actions as are necessary to cause
      the depository institution holding the Collection Account to hold such account
      in the name of the Master Servicer under this Agreement. No later than 2:00
      p.m.
      New York City time on each Deposit Date, the entire amount on deposit in the
      Collection Account (subject to permitted withdrawals set forth in Section 4.02),
      other than amounts not included in the Total Distribution Amount for such
      Distribution Date, shall be remitted to the Trustee for deposit into the
      Certificate Account by wire transfer in immediately available funds. The Master
      Servicer, at its option (but with prior notice to the Trustee), may choose
      to
      make daily remittances from the Collection Account to the Trustee for deposit
      into the Certificate Account.

     

    (d) The
      Master Servicer shall deposit or cause to be deposited into the Collection
      Account, no later than the second Business Day following the Closing Date,
      any
      amounts received with respect to the Mortgage Loans representing Scheduled
      Payments on the Mortgage Loans due after the Cut-off Date and unscheduled
      payments received on or after the Cut-off Date and on or before the Closing
      Date. Thereafter, the Master Servicer shall deposit or cause to be deposited
      in
      the Collection Account on the earlier of the applicable Deposit Date and two
      Business Days following receipt thereof, the following amounts received or
      payments made by it (other than in respect of principal of and interest on
      the
      Mortgage Loans due on or before the Cut-off Date):

     

    (i) all
      payments on account of principal, including Principal Prepayments, late
      collections, and any Prepayment Premiums, on the Mortgage Loans;

     

    (ii) all
      payments on account of interest on the Mortgage Loans, in all cases, net of
      the
      Servicing Fee, as applicable, with respect to each such Mortgage Loan, but
      only
      to the extent of the amount permitted to be withdrawn or withheld from the
      Collection Account in accordance with Sections 5.04 and 9.21;

     

    (iii) any
      unscheduled payment or other recovery with respect to a Mortgage Loan not
      otherwise specified in this paragraph (d), including any Subsequent Recovery,
      all Net Liquidation Proceeds with respect to the Mortgage Loans and REO
      Property, and all amounts received in connection with the operation of any
      REO
      Property, net of (x) any unpaid Servicing Fees, as applicable, with respect
      to
      such Mortgage Loans (but only to the extent of the amount permitted to be
      withdrawn or withheld from the Collection Account in accordance with Sections
      5.04 and 9.21) and (y) any amounts reimbursable to the applicable Servicer
      with
      respect to such Mortgage Loan under the related Servicing Agreement and retained
      by such Servicer;

     

    
      
        
        

      

      
        -106-

        
          

        

      

      
        
        

      

    

     

    (iv) all
      Insurance Proceeds;

     

    (v) all
      Advances made by the Master Servicer or the applicable Servicer pursuant to
      Section 5.04 or the related Servicing Agreement;

     

    (vi) all
      amounts paid by a Servicer with respect to Prepayment Interest Shortfalls;
      and

     

    (vii) the
      Purchase Price or Repurchase Price of any Mortgage Loan repurchased by
      the Depositor, the Seller, the Master Servicer or any other Person and any
      Substitution Amount related to any Qualifying Substitute Mortgage Loan and
      any
      purchase price paid by any NIMS Insurer for the purchase of any Distressed
      Mortgage Loan under Section 7.04.

     

    (e) Funds
      in
      the Collection Account may be invested in Eligible Investments selected by
      and
      at the written direction of the Master Servicer, which shall mature not later
      than one Business Day prior to the Deposit Date (except that if such Eligible
      Investment is an obligation of the Trustee, then such Eligible Investment shall
      mature not later than such applicable Deposit Date) and any such Eligible
      Investment shall not be sold or disposed of prior to its maturity. All such
      Eligible Investments shall be made in the name of the Master Servicer in trust
      for the benefit of the Trustee and the Holders of Lehman XS Trust Mortgage
      Pass-Through Certificates, Series 2007-16N. All income and gain realized from
      any Eligible Investment shall be for the benefit of the Master Servicer and
      shall be subject to its withdrawal or order from time to time and shall not
      be
      part of the Trust Fund. The amount of any losses incurred in respect of any
      such
      investments shall be deposited in such Collection Account by the Master Servicer
      out of its own funds, without any right of reimbursement therefor, immediately
      as realized. The foregoing requirements for deposit in the Collection Account
      are exclusive, it being understood and agreed that, without limiting the
      generality of the foregoing, payments of interest on funds in the Collection
      Account and payments in the nature of late payment charges, assumption fees,
      prepayment penalties with respect to mortgages for which the Seller does not
      own
      the servicing rights, and other incidental fees and charges relating to the
      Mortgage Loans (other than Prepayment Premiums) need not be deposited by the
      Master Servicer in the Collection Account and may be retained by the Master
      Servicer or the applicable Servicer as additional servicing compensation. If
      the
      Master Servicer deposits in the Collection Account any amount not required
      to be
      deposited therein, it may at any time withdraw such amount from such Collection
      Account.

     

    Section
      4.02. Application
      of Funds in the Collection Account.

     

    (a) The
      Master Servicer may, from time to time, make, or cause to be made, withdrawals
      from the Collection Account for the following purposes:

     

    (i) to
      reimburse itself or any Servicer for Advances or Servicing Advances made by
      it
      or by such Servicer pursuant to Section 5.04 or the applicable Servicing
      Agreement; such right to reimbursement pursuant to this sub-clause (i) is
      limited to amounts received on or in respect of a particular Mortgage Loan
      (including, for this purpose, Liquidation Proceeds and amounts representing
      Insurance Proceeds with respect to the property subject to the related Mortgage)
      which represent late recoveries (net of the Servicing Fee) of payments of
      principal or interest respecting which any such Advance was made, it being
      understood, in the case of any such reimbursement, that the Master Servicer’s or
      Servicer’s right thereto shall be prior to the rights of the
      Certificateholders;

     

    
      
        
        

      

      
        -107-

        
          

        

      

      
        
        

      

    

     

    (ii) to
      reimburse itself or any Servicer, following a final liquidation of a Mortgage
      Loan (except as otherwise provided in the applicable Servicing Agreement) for
      any previously unreimbursed Advances or Servicing Advances made by it or by
      such
      Servicer (A) that it or such Servicer determines in good faith will not be
      recoverable from amounts representing late recoveries of payments of principal
      or interest respecting the particular Mortgage Loan as to which such Advance
      or
      Servicing Advance was made or from Liquidation Proceeds or Insurance Proceeds
      with respect to such Mortgage Loan and/or (B) to the extent that such
      unreimbursed Advances or Servicing Advances exceed the related Liquidation
      Proceeds or Insurance Proceeds, it being understood, in the case of each such
      reimbursement, that such Master Servicer’s or Servicer’s right thereto shall be
      prior to the rights of the Certificateholders;

     

    (iii) to
      reimburse itself or any Servicer from Liquidation Proceeds for Liquidation
      Expenses and for amounts expended by it pursuant to Sections 9.20 and 9.22(c)
      or
      the applicable Servicing Agreement in good faith in connection with the
      restoration of damaged property and, to the extent that Liquidation Proceeds
      after such reimbursement exceed the unpaid principal balance of the related
      Mortgage Loan, together with accrued and unpaid interest thereon at the
      applicable Mortgage Rate less the Servicing Fee Rate, as applicable, for such
      Mortgage Loan to the Due Date next succeeding the date of its receipt of such
      Liquidation Proceeds, to pay to itself out of such excess the amount of any
      unpaid assumption fees, late payment charges or other Mortgagor charges on
      the
      related Mortgage Loan and to retain any excess remaining thereafter as
      additional servicing compensation, it being understood, in the case of any
      such
      reimbursement or payment, that such Master Servicer’s or Servicer’s right
      thereto shall be prior to the rights of the Certificateholders;

     

    (iv) to
      reimburse itself or any Servicer for expenses incurred by and recoverable by
      or
      reimbursable to it or such Servicer pursuant to Sections 9.04, 9.05, 9.06,
      9.07(a), 9.16, 9.30 or 11.15 or pursuant to the applicable Servicing
      Agreement;

     

    (v) to
      pay to
      the Depositor, the Seller or the Transferor, as applicable, with respect to
      each
      Mortgage Loan or REO Property acquired in respect thereof that has been
      purchased pursuant to this Agreement, all amounts received thereon and not
      distributed on the date on which the related repurchase was effected, and to
      pay
      to the applicable Person any Advances and Servicing Advances to the extent
      specified in the definition of Purchase Price;

     

    (vi) subject
      to Section 5.05, to pay to itself income earned on the investment of funds
      deposited in the Collection Account;

     

    
      
        
        

      

      
        -108-

        
          

        

      

      
        
        

      

    

     

    (vii) to
      make
      payments to the Trustee on each Deposit Date for deposit into the Certificate
      Account in the amount provided in Section 4.04;

     

    (viii) to
      make
      payment to itself, the Trustee and others pursuant to any other provision of
      this Agreement;

     

    (ix) to
      withdraw funds deposited in error in the Collection Account;

     

    (x) to
      clear
      and terminate the Collection Account pursuant to Section 7.02;

     

    (xi) to
      reimburse the Trustee and a successor master servicer (solely in its capacity
      as
      successor master servicer), for any fee or advance occasioned by a termination
      of the Master Servicer, and the assumption of such duties by the Trustee or
      a
      successor master servicer appointed by the Trustee pursuant to Section 6.14,
      in
      each case to the extent not reimbursed by the terminated Master Servicer, it
      being understood, in the case of any such reimbursement or payment, that the
      right of the Master Servicer or the Trustee thereto shall be prior to the rights
      of the Certificateholders; and

     

    (xii) to
      reimburse any Servicer for such amounts as are due thereto under the applicable
      Servicing Agreement and have not been retained by or paid to such Servicer,
      to
      the extent provided in such Servicing Agreement.

     

    If
      provided in its applicable Servicing Agreement, a Servicer shall be entitled
      to
      retain as additional servicing compensation any Prepayment Interest Excess
      (to
      the extent not offset by Prepayment Interest Shortfalls).

     

    In
      the
      event that the Master Servicer fails on any Deposit Date to remit to the Trustee
      any amounts required to be so remitted to the Trustee pursuant to sub-clause
      (viii) by such date, the Master Servicer shall pay the Trustee, for the account
      of the Trustee, interest calculated at the “prime rate” (as published in the
“Money Rates” section of The Wall Street Journal) on such amounts not timely
      remitted for the period from and including that Deposit Date to but not
      including the related Distribution Date. The Master Servicer shall only be
      required to pay the Trustee interest for the actual number of days such amounts
      are not timely remitted (e.g., one day’s interest, if such amounts are remitted
      one day after the Deposit Date).

     

    In
      connection with withdrawals pursuant to sub-clauses (i), (ii), (iii), and (vi)
      above, the Master Servicer’s, any Servicer’s or such other Person’s entitlement
      thereto is limited to collections or other recoveries on the related Mortgage
      Loan. The Master Servicer shall therefore keep and maintain a separate
      accounting for each Mortgage Loan it master services for the purpose of
      justifying any withdrawal from the Collection Account it maintains pursuant
      to
      such sub-clause (i), (ii), (iii) and (vi).

     

    Any
      withdrawals described in this section shall be allocated and limited to
      collections or other recoveries on the related Mortgage Pool and shall be
      accounted for in such manner.

     

    
      
        
        

      

      
        -109-

        
          

        

      

      
        
        

      

    

     

    (b) The
      Trustee shall afford the NIMS Insurer upon reasonable notice, during normal
      business hours, access to all records maintained by the Trustee in respect
      of
      its duties hereunder and access to officers of the Trustee responsible for
      performing such duties. The Trustee shall cooperate fully with the NIMS Insurer
      and shall make available to the NIMS Insurer for review and copying at the
      expense of the NIMS Insurer such books, documents or records as may be requested
      with respect to the Trustee’s duties hereunder. The NIMS Insurer shall not have
      any responsibility or liability for any action or failure to act by the Trustee
      and is not obligated to supervise the performance of the Trustee under this
      Agreement or otherwise. The Trustee shall also afford the NIMS Insurer, upon
      reasonable notice, during normal business hours, access to the Mortgage Files
      and shall cause the Master Servicer and the Servicer to provide such access
      to
      the Mortgage Files.

     

    Section
      4.03. Reports
      to Certificateholders.

     

    (a) On
      each
      Distribution Date, the Trustee shall prepare (to the extent based on information
      provided by the Master Servicer, the Cap Providers or the Swap Counterparty,
      based on such information) and shall make available to the
      Certificateholders, the Swap Counterparty, the Certificate Insurer and any
      NIMS
      Insurer a written report setting forth the following information by Mortgage
      Pool (on the basis of Mortgage Loan level information obtained from the
      Servicers and in the case of clauses (xviii), (xx) and (xxii) below,
      based
      on information provided by the Trustee (or the Paying Agent on behalf of the
      Trustee):

     

    (i) the
      aggregate amount of the distribution to be made on such Distribution Date to
      the
      Holders of each Class of Group I and Group II Certificates allocable to
      principal on the Mortgage Loans, including any Subsequent Recovery, Liquidation
      Proceeds and Insurance Proceeds, stating separately the amount attributable
      to
      scheduled principal payments and unscheduled payments in the nature of principal
      in each Mortgage Pool;

     

    (ii) the
      aggregate amount of the distribution to be made on such Distribution Date to
      the
      Holders of each Class of Group I and Group II Certificates allocable to interest
      and the calculation thereof;

     

    (iii) the
      amount, if any, of any distributions to the Holders of the Class C-I, Class
      C-II, Class AP-I, Class 2-AP, Class 3-AP, Class X-I, Class X-II (including
      the
      X-I Component, the X-II Component, the C-X-I Component, the C-X-II Component,
      the S-X-I Component and the S-X-II Component) and Class R Certificates on such
      Distribution Date, stated separately, and the aggregate amounts, if any, of
      distributions to the Holders of the Class C-I, Class C-II, Class X-I, Class
      X-II
      (including the X-I Component, the X-II Component, the C-X-I Component, the
      C-X-II Component, the S-X-I Component and the S-X-II Component) and Class R
      Certificates on all Distribution Dates, stated separately;

     

    (iv) by
      Mortgage Pool and in the aggregate (A) the aggregate amount of any Advances
      required to be made as of the end of the month immediately preceding the month
      in which such Distribution Date occurs by a Servicer or the Master Servicer
      (or
      by the Trustee as successor master servicer) with respect to such Distribution
      Date, (B) the aggregate amount of such Advances actually made, and (C) the
      amount, if any, by which (A) above exceeds (B) above;

     

    
      
        
        

      

      
        -110-

        
          

        

      

      
        
        

      

    

     

    (v) by
      Mortgage Pool and in the aggregate, the total number of Mortgage Loans, the
      aggregate Scheduled Principal Balance of all the Mortgage Loans as of the close
      of business on the last day of the related Collection Period, after giving
      effect to payments allocated to principal reported under clause (i)
      above;

     

    (vi) the
      Class
      Principal Amount (or Class Notional Amount) of each Class of Certificates,
      to
      the extent applicable, as of such Distribution Date after giving effect to
      payments allocated to principal reported under clause (i) above, separately
      identifying any reduction of any of the foregoing Certificate Principal Amounts
      due to Pool 1 Applied Loss Amounts or Pool 2-3 Applied Loss Amounts, as
      applicable;

     

    (vii) by
      Mortgage Pool and in the aggregate, the amount of any Realized Losses incurred
      with respect to the Mortgage Loans (x) in the applicable Prepayment Period
      and
      (y) in the aggregate since the Cut-off Date;

     

    (viii) by
      Mortgage Pool and in the aggregate, the amount of the Servicing Fees paid during
      the Collection Period to which such distribution relates;

     

    (ix) by
      Mortgage Pool and in the aggregate, the number and aggregate Scheduled Principal
      Balance of Mortgage Loans, as reported to the Trustee by the Master Servicer,
      (a) remaining outstanding, (b) Delinquent 30 to 59 days on a contractual basis,
      (c) Delinquent 60 to 89 days on a contractual basis, (d) Delinquent 90 or more
      days on a contractual basis, (e) as to which foreclosure proceedings have been
      commenced, all as of the close of business on the last Business Day of the
      calendar month immediately preceding the month in which such Distribution Date
      occurs, (f) in bankruptcy and (g) that are REO Properties (the information
      in
      this item (xi) to be calculated utilizing the ABS delinquency
      method);

     

    (x) by
      Mortgage Pool and in the aggregate, the aggregate Scheduled Principal Balance
      of
      any Mortgage Loans with respect to which the related Mortgaged Property became
      a
      REO Property as of the close of business on the last Business Day of the
      calendar month immediately preceding the month in which such Distribution Date
      occurs;

     

    (xi) with
      respect to substitution of Mortgage Loans in the preceding calendar month,
      the
      Scheduled Principal Balance of each Deleted Mortgage Loan, and of each
      Qualifying Substitute Mortgage Loan;

     

    (xii) the
      aggregate outstanding Carryforward Interest, Net Prepayment Interest Shortfalls,
      Deferred Amounts, Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls, if
      any, for each applicable Class of Certificates, after giving effect to the
      distribution made on such Distribution Date;

     

    
      
        
        

      

      
        -111-

        
          

        

      

      
        
        

      

    

     

    (xiii) the
      Certificate Interest Rate applicable to such Distribution Date with respect
      to
      each Class of Certificates (with a notation if such Certificate Interest Rate
      reflects the application of the applicable Net Funds Cap);

     

    (xiv) by
      Mortgage Pool and in the aggregate, the Interest Remittance Amount, the
      Principal Remittance Amount, the Principal Distribution Amount, the Pool 1
      Overcollateralization Release Amount and the Pool 2-3 Overcollateralization
      Release Amount applicable to such Distribution Date;

     

    (xv) if
      applicable, the amount of any shortfall (i.e., the difference between the
      aggregate amounts of principal and interest which Certificateholders would
      have
      received if there were sufficient available amounts in the Certificate Account
      and the amounts actually distributed);

     

    (xvi) the
      Pool
      1 Overcollateralization Amount and Pool 2-3 Overcollateralization Amount after
      giving effect to the distributions made on such Distribution Date;

     

    (xvii) the
      amount of any Pool 1 Overcollateralization Deficiency and Pool 2-3
      Overcollateralization Deficiency after giving effect to the distributions made
      in such Distribution Date;

     

    (xviii) the
      level
      of LIBOR;

     

    (xix) the
      amount of any payments made to each Class of Certificates that are treated
      as
      payments received in respect of a REMIC I-2 Regular Interest or REMIC II-2
      Regular Interest and the amount of any payments to each Class of Certificates
      that are not treated as payments received in respect of a REMIC I-2 Regular
      Interest or REMIC II-2 Regular Interest;

     

    (xx) the
      amount of the monthly Certificate Insurer Premium (and the Aggregate Certificate
      Insurer Premium if different) due to the Certificate Insurer on the related
      Distribution Date and the amount of any Insured Amounts paid in respect of
      the
      Guaranteed Distributions to the Guaranteed Certificates paid out of the Policy
      Payment Account under the Certificate Insurance Policy;

     

    (xxi) a
      statement as to whether any exchanges of Exchangeable Certificates or Exchange
      Certificates have taken place since the preceding Distribution Date, and, if
      applicable, the Class of Certificates, certificate balances, including notional
      balances, certificate interest rates, and any interest and principal paid,
      including any shortfalls allocated, of any classes of certificates that were
      received by the Certificateholder as a result of such exchange;

     

    (xxii) the
      amount of any Net Swap Payment to the Supplemental Interest Trust made pursuant
      to Section 5.02, any Net Swap Payment to the Swap Counterparty made pursuant
      to
      Section 5.02, any Swap Termination Payment to the Supplemental Interest Trust
      made pursuant to Sections 5.02 and any Swap Termination Payment to the Swap
      Counterparty made pursuant to Section 5.02; and

     

    
      
        
        

      

      
        -112-

        
          

        

      

      
        
        

      

    

     

    (xxiii) the
      amount of any payments made by the applicable Cap Provider under each Interest
      Rate Cap Agreement.

     

    In
      the
      case of information furnished pursuant to sub-clauses (i), (ii) and (viii)
      above, the amounts shall (except with respect to the Class X-I and Class X-II
      Certificates) be expressed as a dollar amount per $1,000 of original principal
      amount of Certificates.

     

    In
      addition to the information listed above for any year in which the Depositor
      is
      subject to Exchange Act reporting with respect to the Certificates, such
      Distribution Date report shall also include such other information as is
      required by Form 10-D, including, but not limited to, the information required
      by Item 1121 (§ 229.1121) of Regulation AB to the extent that the Trustee shall
      have received any such information from the Depositor, the Sponsor, the Master
      Servicer, any Servicer, the Custodian, the Cap Providers or any Subservicer
      or
      Subcontractor therefor, as applicable, no later than four Business Days prior
      to
      the Distribution Date.

     

    The
      Trustee will make such report and additional loan level information (and, at
      its
      option, any additional files containing the same information in an alternative
      format) provided to it by the Master Servicer available each month to
      Certificateholders, the Certificate Insurer, any NIMS Insurer, and the Rating
      Agencies via the Trustee’s internet website. The Trustee’s internet website
      shall initially be located at http://trustinvestorreporting.com and assistance
      in using the website can be obtained by emailing the Trustee’s customer service
      desk at ct.information.delivery@usbank.com. Such parties that are unable to
      use
      the website are entitled to have a paper copy mailed to them via first class
      mail by calling the customer service desk and indicating such. The Trustee
      shall
      have the right to change the way such statements are distributed in order to
      make such distribution more convenient and/or more accessible to the above
      parties and the Trustee shall provide timely and adequate notification to all
      above parties regarding any such changes.

     

    The
      Trustee shall provide a “zero settlement file” to Bloomberg L.P. within seven
      (7) calendar days after the receipt of the collateral data file from the
      Depositor, but in no event later than the first Distribution Date, which shall
      contain all of the information in the initial Monthly Report (without giving
      effect to any distributions); provided, however, that in no event will such
      zero
      settlement file contain any mortgagor-specific information.

     

    The
      foregoing information and reports shall be prepared and determined by the
      Trustee based solely on Mortgage Loan data provided to the Trustee by the Master
      Servicer (in a format agreed to by the Trustee and the Master Servicer) no
      later
      than 2:00 p.m. Eastern Time four Business Days prior to the Distribution Date
      or
      such other time period as set forth in Section 9.23(c). In preparing or
      furnishing the foregoing information, the Trustee shall be entitled to rely
      conclusively on the accuracy and completeness of the information or data (i)
      regarding the Mortgage Loans (including any Early Payment Default Mortgage
      Loans) and the related REO Property that has been provided to the Master
      Servicer by the Servicer and to the Trustee by the Master Servicer, (ii)
      regarding each Interest Rate Cap Agreement that has been provided to the Trustee
      by the applicable Cap Providers and (iii) regarding each Swap Agreement that
      has
      been provided to the Trustee by the applicable Swap Counterparty, and the
      Trustee shall not be obligated to verify, recompute, reconcile or recalculate
      any such information or data. The Trustee shall be entitled to conclusively
      rely
      on the Mortgage Loan data provided by the Master Servicer and shall have no
      liability for any errors or omissions in such Mortgage Loan data. The Master
      Servicer shall be entitled to conclusively rely on the Mortgage Loan data
      provided by each Servicer and shall have no liability for any errors or
      omissions in such Mortgage Loan data.

     

    
      
        
        

      

      
        -113-

        
          

        

      

      
        
        

      

    

     

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

     

    (c) Within
      90
      days, or such shorter period as may be required by statute or regulation, after
      the end of each calendar year, the Trustee shall, upon written request, have
      prepared and shall make available to each Person who at any time during the
      calendar year was a Certificateholder of record, and to any NIMS Insurer, and
      make available to Certificate Owners (identified as such by the Clearing Agency)
      in accordance with applicable regulations, a report summarizing the items
      provided to the Certificateholders pursuant to Section 4.03(a)(i) and (ii)
      on an
      annual basis as may be required to enable such Holders to prepare their federal
      income tax returns; provided, however that this Section 4.03(c) shall not be
      applicable where relevant reports or summaries are required elsewhere in this
      Agreement. Such information shall include the amount of original issue discount
      accrued on each Class of Certificates and information regarding the expenses
      of
      the Trust Fund. The Trustee shall be deemed to have satisfied this requirement
      if it forwards such information in any other format permitted by the Code.
      The
      Master Servicer shall provide the Trustee with such information (to the extent
      readily available to the Master Servicer) as is necessary for the Trustee to
      prepare such reports.

     

    (d) The
      Trustee shall prepare and file with the IRS, on behalf of the Trust Fund, an
      application for an employer identification number on IRS Form SS-4 or by any
      other acceptable method. The Trustee shall also file a Form 8811 as required.
      The Trustee, upon receipt from the IRS of the Notice of Taxpayer Identification
      Number Assigned, shall upon request promptly forward a copy of such notice
      to
      the Master Servicer and the Depositor. The Trustee shall furnish any other
      information that is required by the Code and regulations thereunder to be made
      available to Certificateholders. The Master Servicer shall provide the Trustee
      with such information (to the extent readily available to the Master Servicer)
      as is necessary for the Trustee to comply with the foregoing.

     

    
      
        
        

      

      
        -114-

        
          

        

      

      
        
        

      

    

     

    Section
      4.04. The
      Certificate Account.

     

    (a) The
      Trustee shall establish and maintain in its name, as trustee, a trust account
      (the “Certificate Account”) entitled “Certificate Account, U.S. Bank National
      Association, as Trustee, in trust for the benefit of the Holders of Lehman
      XS
      Trust Mortgage Pass-Through Certificates, Series 2007-16N” until disbursed
      pursuant to the terms of this Agreement. The Certificate Account shall be an
      Eligible Account and shall be for the benefit of the Certificateholders and
      the
      Certificate Insurer. If the existing Certificate Account ceases to be an
      Eligible Account, the Trustee shall establish a new Certificate Account that
      is
      an Eligible Account within 20 Business Days and transfer all funds and
      investment property on deposit in such existing Certificate Account into such
      new Certificate Account. The Certificate Account shall relate solely to the
      Certificates issued hereunder and funds in the Certificate Account shall be
      held
      separate and apart from and shall not be commingled with any other monies
      including, without limitation, other monies of the Trustee held under this
      Agreement. The Trustee shall give to the Depositor, Master Servicer and any
      NIMS
      Insurer prior written notice of the name and address of the depository
      institution at which the Certificate Account is maintained and the account
      number of such Certificate Account.

     

    (b) The
      Trustee shall deposit or cause to be deposited into the Certificate Account,
      on
      the day on which, or, if such day is not a Business Day, the Business Day
      immediately following the day on which, any monies are remitted by the Master
      Servicer to the Trustee, all such amounts. The Trustee shall make withdrawals
      from the Certificate Account only for the following purposes:

     

    (i) to
      pay
      itself any investment income earned with respect to funds in the Certificate
      Account invested in Eligible Investments as set forth in subsection (c) below,
      and to make payments to itself and others prior to making distributions pursuant
      to Section 5.02 for any expenses or other indemnification owing to itself and
      others pursuant to any provision of this Agreement or any Custodial Agreement;
      provided that such payments are for “unanticipated expenses” within the meaning
      of Treasury Regulation Section 1.860G-1(b)(3)(ii);

     

    (ii) to
      make
      payment to itself pursuant to any provision of this Agreement, or to reimburse
      itself or its agents for any amounts reimbursable to it pursuant to Sections
      6.11, 6.12 or 7.01; provided that such payments are for “unanticipated expenses”
within the meaning of Treasury Regulation Section
      1.860G-1(b)(3)(ii);

     

    (iii) to
      withdraw amounts deposited in the Certificate Account in error;

     

    (iv) to
      make
      payments to itself and others pursuant to any provision of this
      Agreement;

     

    (v) to
      make
      distributions to Certificateholders and the Certificate Insurer pursuant to
      Article V; and

     

    
      
        
        

      

      
        -115-

        
          

        

      

      
        
        

      

    

     

     

    (vi) to
      clear
      and terminate the Certificate Account pursuant to Section 7.02.

     

    Any
      withdrawals described in the preceding sentence shall be allocated and limited
      to collections or other recoveries on the related Mortgage Pool and shall be
      accounted for in such manner.

     

    (c) The
      Trustee may invest, or cause to be invested, funds held in the Certificate
      Account, which funds, if invested, shall be invested in Eligible Investments
      (which may be obligations of the Trustee). All such investments must be payable
      on demand or mature no later than the next Distribution Date, and shall not
      be
      sold or disposed of prior to their maturity. All such Eligible Investments
      will
      be made in the name of the Trustee (in its capacity as such) or its nominee.
      All
      income and gain realized from any such investment shall be compensation to
      the
      Trustee and shall be subject to its withdrawal on order from time to time.
      The
      amount of any losses incurred in respect of any such investments shall be paid
      by the Trustee for deposit in the Certificate Account out of its own funds,
      without any right of reimbursement therefor, immediately as
      realized.

     

    Except
      as
      otherwise expressly provided in this Agreement, if any default occurs in the
      making of a payment due under any Eligible Investment, or if a default occurs
      in
      any other performance required under any Eligible Investment, the Trustee may
      and, subject to Section 6.01 and Section 6.02(iv), upon the request of the
      NIMS
      Insurer, shall take such action as may be appropriate to enforce such payment
      or
      performance, including the institution and prosecution of appropriate
      proceedings.

     

    ARTICLE
      V.

     

    DISTRIBUTIONS
      TO HOLDERS OF CERTIFICATES

     

    Section
      5.01. Distributions
      Generally.

     

    (a) Subject
      to Section 7.01 respecting the final distribution on the Certificates, on each
      Distribution Date the Trustee or the Paying Agent shall make distributions
      in
      accordance with this Article V. Such distributions shall be made by wire
      transfer if the Certificateholder has provided the Trustee with wire
      instructions or by check mailed to the address of such Certificateholder as
      it
      appears in the books of the Trustee if the Certificateholder has not provided
      the Trustee with wire instructions in immediately available funds to an account
      specified in the request and at the expense of such Certificateholder; provided,
      however, that the final distribution in respect of any Certificate shall be
      made
      only upon presentation and surrender of such Certificate at the Corporate Trust
      Office; provided, further, that the foregoing provisions shall not apply to
      any
      Class of Certificates as long as such Certificate remains a Book-Entry
      Certificate in which case all payments made shall be made through the Clearing
      Agency and its Clearing Agency Participants. Notwithstanding such final payment
      of principal of any of the Certificates, each Residual Certificate will remain
      outstanding until the termination of each REMIC and the payment in full of
      all
      other amounts due with respect to the Residual Certificates and at such time
      such final payment in retirement of any Residual Certificate will be made only
      upon presentation and surrender of such Certificate at the Corporate Trust
      Office. If any payment required to be made on the Certificates or by the
      Certificate Insurer is to be made on a day that is not a Business Day, then
      such
      payment will be made on the next succeeding Business Day. Payments to the
      Certificate Insurer shall in all cases be made by wire transfer in immediately
      available funds to the account designated by the Certificate
      Insurer.

     

    
      
        
        

      

      
        -116-

        
          

        

      

      
        
        

      

    

     

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

     

    (c) The
      Trustee shall make payments to Certificateholders and the Swap Counterparty
      and
      any other person pursuant to this Article V based solely on the information
      set
      forth in the monthly report furnished by the Trustee in accordance with Section
      4.03(a), and shall be entitled to conclusively rely on such information and
      reports, and on the calculations contained therein, when making distributions
      to
      Certificateholders and the Swap Counterparty. The Trustee shall have no
      liability for any errors in such reports or information, and shall not be
      required to verify, recompute, reconcile or recalculate any such information
      or
      data.

     

    Section
      5.02. Distributions
      from the Certificate Account. 

     

    (a) On
      each
      Distribution Date, the Trustee (or the Paying Agent on behalf of the Trustee)
      shall withdraw from the Certificate Account the Total Distribution Amount
      (excluding all Prepayment Premiums) and amounts that are available for payment
      to the related Swap Counterparty and shall allocate such amount to the interests
      issued in respect of each REMIC and shall distribute such amount as specified
      in
      this Section.

     

    (b) On
      each
      Distribution Date (or, in the case of payments to the related Swap Counterparty,
      the Business Day prior to each Distribution Date), the Trustee shall distribute
      the Interest Remittance Amount for Pool 1 as follows:

     

    (i) for
      deposit into the Group I Supplemental Interest Trust Account, any Net Swap
      Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger
      Event) owed to the related Swap Counterparty (including amounts remaining unpaid
      from previous Distribution Dates);

     

    (ii) to
      the
      Certificate Insurer, the Certificate Insurer Premium with respect to the Class
      1-A2 Certificates and such Distribution Date;

     

    (iii) concurrently,
      to each Class of Group I Senior Certificates, Current Interest and any
      Carryforward Interest for such Classes for such Distribution Date; provided,
      however, that if funds available are insufficient to pay such amounts, any
      resulting shortfalls will be allocated pro rata on the basis of Current Interest
      and Carryforward Interest due such Classes on such Distribution
      Date;

     

    (iv) to
      the
      Certificate Insurer, any unreimbursed Insured Payments with respect to the
      Class
      1-A2 Certificates, plus all amounts due to the Certificate Insurer under the
      Certificate Insurance Policy or the Premium Letter, together with interest
      thereon at the rate specified in the Premium Letter; 

     

    
      
        
        

      

      
        -117-

        
          

        

      

      
        
        

      

    

     

    (v) to
      each
      Class of Group I Subordinate Certificates, in accordance with the Group I
      Subordinate Priority, Current Interest and any Carryforward Interest for such
      Classes for such Distribution Date;

     

    (vi) to
      the
      Trustee, previously unreimbursed extraordinary costs, liabilities and expenses
      related to the Group I Certificates; and

     

    (vii) for
      application as part of Pool 1 Monthly Excess Cashflow for such Distribution
      Date, as provided in Section 5.02(f), any such Interest Remittance Amount
      remaining after application pursuant to clauses (i) through (vi)
      above.

     

    (c) On
      each
      Distribution Date (or, in the case of payments to the related Swap Counterparty,
      the Business Day prior to each Distribution Date), the Interest Remittance
      Amount for Pool 2 and Pool 3 for such date will be distributed concurrently
      as
      follows:

     

    (i) On
      each
      Distribution Date, the Trustee shall distribute the Interest Remittance Amount
      for Pool 2 in the following order of priority:

     

    (1) for
      deposit into the Group II Supplemental Interest Trust Account, the Pool 2 Swap
      Allocation Payment Amount (not due to a Swap Counterparty Trigger Event) owed
      to
      the related Swap Counterparty (including amounts remaining unpaid from previous
      Distribution Dates);

     

    (2) concurrently,
      to each Class of Pool 2 Senior Certificates, Current Interest and any
      Carryforward Interest for such Classes for such Distribution Date; provided,
      however, that if funds available are insufficient to pay such amounts, any
      resulting shortfalls will be allocated pro
      rata
      on the
      basis of Current Interest and Carryforward Interest due such Classes on such
      Distribution Date;

     

    (3) for
      application pursuant to Section 5.02(c)(iii), any such Interest Remittance
      Amount remaining after application pursuant to clauses (1) and (2)
      above.

     

    (ii) On
      each
      Distribution Date, the Interest Remittance Amount for Pool 3 for such date
      will
      be distributed in the following order of priority:

     

    (1) for
      deposit into the Group II Supplemental Interest Trust Account, the Pool 3 Swap
      Allocation Payment Amount (not due to a Swap Counterparty Trigger Event) owed
      to
      the related Swap Counterparty (including amounts remaining unpaid from previous
      Distribution Dates);

     

    (2) concurrently,
      to each Class of Pool 3 Senior Certificates, Current Interest and any
      Carryforward Interest for such Classes for such Distribution Date; provided,
      however, that if funds available are insufficient to pay such amounts, any
      resulting shortfalls will be allocated pro
      rata
      on the
      basis of Current Interest and Carryforward Interest due such Classes on such
      Distribution Date;

     

    
      
        
        

      

      
        -118-

        
          

        

      

      
        
        

      

    

     

    (3) for
      application pursuant to Section 5.02(c)(iii), any such Interest Remittance
      Amount remaining after application pursuant to clauses (1) and (2)
      above.

     

    (iii) On
      each
      Distribution Date, the Trustee will distribute the aggregate of any remaining
      Interest Remittance Amounts from Sections 5.02(c)(i)(3) and 5.02(c)(ii)(3),
      as
      applicable, as follows:

     

    (1) concurrently,
      to each Class of Group II Senior Certificates, Current Interest and any
      Carryforward Interest for such Classes for such Distribution Date to the extent
      not paid on such Distribution Date pursuant to Sections 5.02(c)(i) and
      5.02(c)(ii); provided, however, that if funds available are insufficient to
      pay
      such amounts, any resulting shortfalls will be allocated pro
      rata
      on the
      basis of Current Interest and Carryforward Interest due such Classes on such
      Distribution Date;

     

    (2) to
      each
      Class of Group II Subordinate Certificates, in accordance with the Group II
      Subordinate Priority, Current Interest and any Carryforward Interest for such
      Classes for such Distribution Date;

     

    (3) to
      the
      Trustee, previously unreimbursed extraordinary costs, liabilities and expenses
      related to the Group II Certificates; and

     

    (4) for
      application as part of Pool 2-3 Monthly Excess Cashflow for such Distribution
      Date, as provided in Section 5.02(g), any such Interest Remittance Amount
      remaining after application pursuant to clauses (1) through (3)
      above.

     

    (d) On
      each
      Distribution Date (or, in the case of payments to the related Swap Counterparty,
      the Business Day prior to each Distribution Date), the Trustee shall distribute
      the Principal Distribution Amount for Pool 1 for such date as
      follows:

     

    (i) On
      each
      Distribution Date (a) prior to the Pool 1 Stepdown Date or (b) with respect
      to
      which a Pool 1 Trigger Event is in effect, until the aggregate Certificate
      Principal Amount of the Group I Certificates equals the Pool 1 Target Amount
      for
      such Distribution Date, the Trustee shall distribute the Principal Distribution
      Amount for Pool 1 in the following order of priority:

     

    (1) for
      deposit into the Group I Supplemental Interest Trust Account, any Net Swap
      Payment or Swap Termination Payment not due to a Swap Counterparty Trigger
      Event
      owed to the related Swap Counterparty (to the extent not paid previously from
      the Interest Remittance Amount in accordance with Section 5.02(b));

     

    
      
        
        

      

      
        -119-

        
          

        

      

      
        
        

      

    

     

    (2) to
      the
      Group I Senior Certificates, in accordance with the Pool 1 Senior Priority,
      in
      each case until the Class Principal Amount of each such class has been reduced
      to zero;

     

    (3) to
      the
      Certificate Insurer, any unreimbursed Insured Payments with respect to the
      Class
      1-A2 Certificates, plus all amounts due to the Certificate Insurer under the
      Certificate Insurance Policy or the Premium Letter, together with interest
      thereon at the rate specified in the Premium Letter, to the extent not paid
      pursuant to Section 5.02(b);

     

    (4) to
      the
      Class M1-I, Class M2-I, Class M3-I, Class M4-I, Class M5-I, Class M6-I, Class
      M7-I and Class M8-I Certificates, sequentially, in that order, in each case
      until the Class Principal Amount of each such Class has been reduced to zero;
      and

     

    (5) for
      application as part of the Pool 1 Monthly Excess Cashflow for such Distribution
      Date, pursuant to Section 5.02(f), any such Principal Distribution Amount
      remaining after application pursuant to (1) through (4) above.

     

    (ii) On
      each
      Distribution Date (a) on or after the Pool 1 Stepdown Date and (b) with respect
      to which a Pool 1 Trigger Event is not in effect, the Principal Distribution
      Amount for Pool 1 for such date will be distributed in the following order
      of
      priority:

     

    (A) for
      deposit into the Group I Supplemental Interest Trust Account, any Net Swap
      Payment or Swap Termination Payment (unless due to a Swap Counterparty Trigger
      Event) owed to the related Swap Counterparty (to the extent not paid previously
      from the Interest Remittance Amount for Pool 1 in accordance with Section
      5.02(b));

     

    (B) for
      so
      long as any of the Group I Subordinate Certificates are outstanding, to the
      Group I Senior Certificates, in each case in accordance with the priorities
      set
      forth in Section 5.02(d)(i), in an amount equal to the lesser of (x) the
      Principal Distribution Amount for Pool 1 for such Distribution Date and (y)
      the
      Pool 1 Senior Principal Distribution Amount for such Distribution Date until
      the
      Class Principal Amount of each such Class has been reduced to zero; or (b)
      otherwise to the Group I Senior Certificates (in each case in accordance with
      Section 5.02(d)(i)), the Principal Distribution Amount for the related Mortgage
      Pool for such Distribution Date;

     

    (C) to
      the
      Certificate Insurer, any unreimbursed Insured Payments with respect to the
      Class
      1-A2 Certificates, plus all amounts due to the Certificate Insurer under the
      Certificate Insurance Policy or the Premium Letter, together with interest
      thereon at the rate specified in the Premium Letter, to
      the
      extent not paid pursuant to Section 5.02(b);

     

    
      
        
        

      

      
        -120-

        
          

        

      

      
        
        

      

    

     

    (D) to
      the
      Class M1-I Certificates, an amount equal to the lesser of (x) the excess of
      (a)
      the Principal Distribution Amount for Pool 1 for such Distribution Date over
      (b)
      the amount distributed to the Group I Senior Certificates and the Certificate
      Insurer on such Distribution Date pursuant to clauses (B) and (C) above and
      any
      Net Swap Payment or Swap Termination Payment paid on such Distribution Date
      pursuant to clause (A) above and (y) the M1-I Principal Distribution Amount
      for
      such Distribution Date, until the Class Principal Amount of such Class has
      been
      reduced to zero;

     

    (E) to
      the
      Class M2-I Certificates, an amount equal to the lesser of (x) the excess of
      (a)
      the Principal Distribution Amount for Pool 1 for such Distribution Date over
      (b)
      the amount distributed to the Group I Senior Certificates, the Certificate
      Insurer and the Class M1-I Certificates on such Distribution Date pursuant
      to
      clauses (B) through (D) above, and any Net Swap Payment or Swap Termination
      Payment paid on such Distribution Date pursuant to clause (A) above and (y)
      the
      M2-I Principal Distribution Amount for such Distribution Date, until the Class
      Principal Amount of such Class has been reduced to zero;

     

    (F) to
      the
      Class M3-I Certificates, an amount equal to the lesser of (x) the excess of
      (a)
      the Principal Distribution Amount for Pool 1 for such Distribution Date over
      (b)
      the amount distributed to the Group I Senior Certificates,
      the
      Certificate Insurer and
      the
      Class M1-I and Class M2-I Certificates on such Distribution Date pursuant to
      clauses (B) through (E) above, and any Net Swap Payment or Swap Termination
      Payment paid on such Distribution Date pursuant to clause (A) above and (y)
      the
      M3-I Principal Distribution Amount for such Distribution Date, until the Class
      Principal Amount of such Class has been reduced to zero;

     

    (G) to
      the
      Class M4-I Certificates, an amount equal to the lesser of (x) the excess of
      (a)
      the Principal Distribution Amount for Pool 1 for such Distribution Date over
      (b)
      the amount distributed to the Group I Senior Certificates, the Certificate
      Insurer and the Class M1-I, Class M2-I and Class M3-I Certificates on such
      Distribution Date pursuant to clauses (B) through (F) above, and any Net Swap
      Payment or Swap Termination Payment paid on such Distribution Date pursuant
      to
      clause (A) above and (y) the M4-I Principal Distribution Amount for such
      Distribution Date, until the Class Principal Amount of such Class has been
      reduced to zero;

     

    (H) to
      the
      Class M5-I Certificates, an amount equal to the lesser of (x) the excess of
      (a)
      the Principal Distribution Amount for Pool 1 for such Distribution Date over
      (b)
      the amount distributed to the Group I Senior Certificates, the Certificate
      Insurer and the Class M1-I, Class M2-I, Class M3-I and Class M4-I Certificates
      on such Distribution Date pursuant to clauses (B) through (G) above, and any
      Net
      Swap Payment or Swap Termination Payment paid on such Distribution Date pursuant
      to clause (A) above and (y) the M5-I Principal Distribution Amount for such
      Distribution Date, until the Class Principal Amount of such Class has been
      reduced to zero;

     

    
      
        
        

      

      
        -121-

        
          

        

      

      
        
        

      

    

     

    (I) to
      the
      Class M6-I Certificates, an amount equal to the lesser of (x) the excess of
      (a)
      the Principal Distribution Amount for Pool 1 for such Distribution Date over
      (b)
      the amount distributed to the Group I Senior Certificates, the Certificate
      Insurer and the Class M1-I, Class M2-I, Class M3-I, Class M4-I and Class M5-I
      Certificates on such Distribution Date pursuant to clauses (B) through (H)
      above, and any Net Swap Payment or Swap Termination Payment paid on such
      Distribution Date pursuant to clause (A) above and (y) the M6-I Principal
      Distribution Amount for such Distribution Date, until the Class Principal Amount
      of such Class has been reduced to zero;

     

    (J) to
      the
      Class M7-I Certificates, an amount equal to the lesser of (x) the excess of
      (a)
      the Principal Distribution Amount for Pool 1 for such Distribution Date over
      (b)
      the amount distributed to the Group I Senior Certificates, the Certificate
      Insurer and the Class M1-I, Class M2-I, Class M3-I, Class M4-I, Class M5-I
      and
      Class M6-I Certificates on such Distribution Date pursuant to clauses (B)
      through (I) above, and any Net Swap Payment or Swap Termination Payment paid
      on
      such Distribution Date pursuant to clause (A) above and (y) the M7-I Principal
      Distribution Amount for such Distribution Date, until the Class Principal Amount
      of such Class has been reduced to zero;

     

    (K) to
      the
      Class M8-I Certificates, an amount equal to the lesser of (x) the excess of
      (a)
      the Principal Distribution Amount for Pool 1 for such Distribution Date over
      (b)
      the amount distributed to the Group I Senior Certificates, the Certificate
      Insurer and the Class M1-I, Class M2-I, Class M3-I, Class M4-I, Class M5-I,
      Class M6-I and Class M7-I Certificates on such Distribution Date pursuant to
      clauses (B) through (J) above, and any Net Swap Payment or Swap Termination
      Payment paid on such Distribution Date pursuant to clause (A) above and (y)
      the
      M8-I Principal Distribution Amount for such Distribution Date, until the Class
      Principal Amount of such Class has been reduced to zero;

     

    (L) for
      application as part of the aggregate Pool 1 Monthly Excess Cashflow for such
      Distribution Date pursuant to Section 5.02(f), any Principal Distribution Amount
      remaining after application pursuant to clauses (A) through (K)
      above.

     

    
      
        
        

      

      
        -122-

        
          

        

      

      
        
        

      

    

     

    (e) On
      each
      Distribution Date (or, in the case of payments to the related Swap Counterparty,
      the Business Day prior to each Distribution Date), the Trustee shall distribute
      the Principal Distribution Amount for Pool 2 and Pool 3 for such date,
      concurrently, as follows:

     

    (i) On
      each
      Distribution Date (a) prior to the Pool 2-3 Stepdown Date or (b) with respect
      to
      which a Pool 2-3 Trigger Event is in effect, until the aggregate Certificate
      Principal Amount of the Group II Certificates equals the Pool 2-3 Target Amount
      for such Distribution Date, the Trustee shall distribute the Principal
      Distribution Amount for Pool 2 in the following order of priority:

     

    (A) for
      deposit into the Group II Supplemental Interest Trust Account, the Pool 2 Swap
      Allocation Payment Amount not due to a Swap Counterparty Trigger Event owed
      to
      the related Swap Counterparty (to the extent not paid previously or from the
      Interest Remittance Amount in accordance with Section 5.02(c));

     

    (B) for
      deposit into the Group II Supplemental Interest Trust Account, any Net Swap
      Payment or Swap Termination Payment not due to a Swap Counterparty Trigger
      Event
      owed to the Swap Counterparty allocable to Pool 3 (to the extent not paid
      previously from the Interest Remittance Amount in accordance with Section
      5.02(c) above, from the Principal Distribution Amount for Pool 3 in accordance
      with Section 5.02(e)(ii)(A), below, or pursuant to clause 5.02(e)(i)(A)
      above)

     

    (C) to
      the
      Pool 2 Senior Certificates, in accordance with the Pool 2 Senior Priority,
      in
      each case until the Class Principal Amount of each such Class has been reduced
      to zero;

     

    (D) to
      the
      Pool 3 Senior Certificates, in accordance with the Pool 3 Senior Priority,
      after
      giving effect to distributions in Section 5.02(e)(ii)(C) in each case until
      the
      Class Principal Amount of each such class has been reduced to zero;

     

    (E) to
      the
      Class M1-II, Class M2-II, Class M3-II, Class M4-II, Class M5-II, Class M6-II,
      Class M7-II and Class M8-II Certificates, sequentially, in that order, in each
      case until the Class Principal Amount of each such Class has been reduced to
      zero; and

     

    (F) for
      application as part of the Pool 2-3 Monthly Excess Cashflow for such
      Distribution Date, pursuant to Section 5.02(g), any such Principal Distribution
      Amount remaining after application pursuant to Sections 5.02(e)(i)(A) through
      (E) above.

     

    
      
        
        

      

      
        -123-

        
          

        

      

      
        
        

      

    

     

    (ii) On
      each
      Distribution Date (a) prior to the Pool 2-3 Stepdown Date or (b) with respect
      to
      which a Pool 2-3 Trigger Event is in effect, until the aggregate Certificate
      Principal Amount of the Group II Certificates equals the Pool 2-3 Target Amount
      for such Distribution Date, the Trustee shall distribute the Principal
      Distribution Amount for Pool 3 in the following order of priority:
      

     

    (A) for
      deposit into the Group II Supplemental Interest Trust Account, the Pool 3 Swap
      Allocation Payment Amount not due to a Swap Counterparty Trigger Event owed
      to
      the Swap Counterparty (to the extent not paid previously or from the Interest
      Remittance Amount in accordance with Section 5.02(c));

     

    (B) for
      deposit into the Group II Supplemental Interest Trust Account, any Net Swap
      Payment or Swap Termination Payment not due to a Swap Counterparty Trigger
      Event
      owed to the Swap Counterparty allocable to Pool 2 (to the extent not paid
      previously from the Interest Remittance Amount in accordance with Section
      5.02(c), from the Principal Distribution Amount for Pool 2 in accordance with
      clause 5.02(e)(i)(A) or pursuant to clause 5.02(e)(ii)(A) above);

     

    (C) to
      the
      Pool 3 Senior Certificates, in accordance with the Pool 3 Senior Priority,
      in
      each case until the Class Principal Amount of each such class has been reduced
      to zero; 

     

    (D) to
      the
      Pool 2 Senior Certificates, in accordance with the Pool 2 Senior Priority,
      after
      giving effect to distributions in Section 5.02(e)(i)(C), in each case until
      the
      Class Principal Amount of each such Class has been reduced to zero;

     

    (E) to
      the
      Class M1-II, Class M2-II, Class M3-II, Class M4-II, Class M5-II, Class M6-II,
      Class M7-II and Class M8-II Certificates, sequentially, in that order, in each
      case until the Class Principal Amount of each such Class has been reduced to
      zero; and

     

    (F) for
      application as part of the Pool 2-3 Monthly Excess Cashflow for such
      Distribution Date, pursuant to Section 5.02(g), any such Principal Distribution
      Amount remaining after application pursuant to Sections 5.02(e)(ii)(A) through
      (E) above.

     

    (iii) On
      each
      Distribution Date (a) on or after the Pool 2-3 Stepdown Date and (b) with
      respect to which a Pool 2-3 Trigger Event is not in effect, the Principal
      Distribution Amount for Pool 2 and Pool 3 for such date will be distributed
      in
      the following order of priority:

     

    (A) for
      deposit into the Group II Supplemental Interest Trust Account, the respective
      Swap Allocation Payment Amount for such Mortgage Pool owed to the related Swap
      Counterparty (to the extent not paid previously or from the Interest Remittance
      Amount in accordance with Section 5.02(c));

     

    
      
        
        

      

      
        -124-

        
          

        

      

      
        
        

      

    

     

    (B) for
      deposit into the Group II Supplemental Interest Trust Account, the allocable
      portion of any Net Swap Payment or Swap Termination Payment with respect to
      the
      other Mortgage Pool in the same Mortgage Group not due to a Swap Counterparty
      Trigger Event owed to the related Swap Counterparty (to the extent not paid
      on
      previous Distribution Dates, from the Interest Remittance Amount in accordance
      with Section 5.02(c) or pursuant to clause 5.02(e)(iii)(A) above);

     

    (C) (a)
      so
      long as any of the Group II Subordinate Certificates are outstanding, to the
      Pool 2 Senior Certificates and to the Pool 3 Senior Certificates, in each case
      in accordance with the priorities set forth in Section 5.02(e)(i) and
      5.02(e)(ii), concurrently by Principal Allocation Percentage, in an amount
      equal
      to the lesser of (x) the Principal Distribution Amount for Pool 2 or Pool 3,
      as
      applicable, for such Distribution Date and (y) the Pool 2 Senior Principal
      Distribution Amount or the Pool 3 Senior Principal Distribution Amount, as
      applicable, (allocated by Principal Allocation Percentage) for such Distribution
      Date until the Class Principal Amount of each such Class has been reduced to
      zero; or (b) otherwise to the Pool 2 Senior Certificates and Pool 3 Senior
      Certificates, concurrently by Principal Allocation Percentage, (in each case
      in
      accordance with Section 5.02(e)(i) and 5.02(e)(ii)), the Principal Distribution
      Amount for Pool 2 or Pool 3, as applicable, for such Distribution
      Date;

     

    (D) to
      the
      Class M1-II Certificates, an amount equal to the lesser of (x) the excess of
      (a)
      the Principal Distribution Amount for Pool 2 and Pool 3 for such Distribution
      Date over (b) the amount distributed to the Group II Senior Certificates on
      such
      Distribution Date pursuant to clause (C) above and any Net Swap Payment or
      Swap
      Termination Payment paid on such Distribution Date pursuant to clauses (A)
      and
      (B) above and (y) the M1-II Principal Distribution Amount for such Distribution
      Date, until the Class Principal Amount of such Class has been reduced to
      zero;

     

    (E) to
      the
      Class M2-II Certificates, an amount equal to the lesser of (x) the excess of
      (a)
      the Principal Distribution Amount for Pool 2 and Pool 3 for such Distribution
      Date over (b) the amount distributed to the Group II Senior Certificates and
      the
      Class M1-II Certificates on such Distribution Date pursuant to clauses (C)
      and
      (D) above and any Net Swap Payment or Swap Termination Payment paid on such
      Distribution Date pursuant to clauses (A) and (B) above and (y) the M2-II
      Principal Distribution Amount for such Distribution Date, until the Class
      Principal Amount of such Class has been reduced to zero;

     

    
      
        
        

      

      
        -125-

        
          

        

      

      
        
        

      

    

     

    (F) to
      the
      Class M3-II Certificates, an amount equal to the lesser of (x) the excess of
      (a)
      the Principal Distribution Amount for Pool 2 and Pool 3 for such Distribution
      Date over (b) the amount distributed to the Group II Senior Certificates and
      the
      Class M1-II and Class M2-II Certificates on such Distribution Date pursuant
      to
      clauses (C) through (E) above and any Net Swap Payment or Swap Termination
      Payment paid on such Distribution Date pursuant to clauses (A) and (B) above
      and
      (y) the M3-II Principal Distribution Amount for such Distribution Date, until
      the Class Principal Amount of such Class has been reduced to zero;

     

    (G) to
      the
      Class M4-II Certificates, an amount equal to the lesser of (x) the excess of
      (a)
      the Principal Distribution Amount for Pool 2 and Pool 3 for such Distribution
      Date over (b) the amount distributed to the Group II Senior Certificates and
      the
      Class M1-II, Class M2-II and Class M3-II Certificates on such Distribution
      Date
      pursuant to clauses (C) through (F) above and any Net Swap Payment or Swap
      Termination Payment paid on such Distribution Date pursuant to clauses (A)
      and
      (B) above and (y) the M4-II Principal Distribution Amount for such Distribution
      Date, until the Class Principal Amount of such Class has been reduced to
      zero;

     

    (H) to
      the
      Class M5-II Certificates, an amount equal to the lesser of (x) the excess of
      (a)
      the Principal Distribution Amount for Pool 2 and Pool 3 for such Distribution
      Date over (b) the amount distributed to the Group II Senior Certificates and
      the
      Class M1-II, Class M2-II, Class M3-II and Class M4-II Certificates on such
      Distribution Date pursuant to clauses (C) through (G) above and any Net Swap
      Payment or Swap Termination Payment paid on such Distribution Date pursuant
      to
      clauses (A) and (B) above and (y) the M5-II Principal Distribution Amount for
      such Distribution Date, until the Class Principal Amount of such Class has
      been
      reduced to zero;

     

    (I) to
      the
      Class M6-II Certificates, an amount equal to the lesser of (x) the excess of
      (a)
      the Principal Distribution Amount for Pool 2 and Pool 3 for such Distribution
      Date over (b) the amount distributed to the Group II Senior Certificates and
      the
      Class M1-II, Class M2-II, Class M3-II, Class M4-II and Class M5-II Certificates
      on such Distribution Date pursuant to clauses (C) through (H) above and any
      Net
      Swap Payment or Swap Termination Payment paid on such Distribution Date pursuant
      to clauses (A) and (B) above and (y) the M6-II Principal Distribution Amount
      for
      such Distribution Date, until the Class Principal Amount of such Class has
      been
      reduced to zero;

     

    (J) to
      the
      Class M7-II Certificates, an amount equal to the lesser of (x) the excess of
      (a)
      the Principal Distribution Amount for Pool 2 and Pool 3 for such Distribution
      Date over (b) the amount distributed to the Group II Senior Certificates and
      the
      Class M1-II, Class M2-II, Class M3-II, Class M4-II, Class M5-II and Class M6-II
      Certificates on such Distribution Date pursuant to clauses (C) through (I)
      above
      and any Net Swap Payment or Swap Termination Payment paid on such Distribution
      Date pursuant to clauses (A) and (B) above and (y) the M7-II Principal
      Distribution Amount for such Distribution Date, until the Class Principal Amount
      of such Class has been reduced to zero;

     

    
      
        
        

      

      
        -126-

        
          

        

      

      
        
        

      

    

     

    (K) to
      the
      Class M8-II Certificates, an amount equal to the lesser of (x) the excess of
      (a)
      the Principal Distribution Amount for Pool 2 and Pool 3, for such Distribution
      Date over (b) the amount distributed to the Group II Senior Certificates and
      the
      Class M1-II, Class M2-II, Class M3-II, Class M4-II, Class M5-II, Class M6-II
      and
      Class M7-II Certificates on such Distribution Date pursuant to clauses (C)
      through (J) above and any Net Swap Payment or Swap Termination Payment paid
      on
      such Distribution Date pursuant to clauses (A) and (B) above and (y) the M8-II
      Principal Distribution Amount for such Distribution Date, until the Class
      Principal Amount of such Class has been reduced to zero; and

     

    (L) for
      application as part of the Pool 2-3 Monthly Excess Cashflow for such
      Distribution Date pursuant to Section 5.02(g), any Principal Distribution Amount
      remaining after application pursuant to clauses (A) through (K)
      above.

     

    In
      the
      event that Exchange Certificates comprising a Combination Group are exchanged
      for their related Exchangeable Certificates, such Exchangeable Certificates
      will
      be entitled to a proportionate share of the principal distributions on each
      Class of Exchange Certificates in such Combination Group. In addition,
      Exchangeable Certificates will bear a proportionate share of losses and interest
      shortfalls allocable to each Class of Exchange Certificates in such Combination
      Group.

     

    (f) Any
      Pool
      1 Monthly Excess Cashflow will, on each Distribution Date,
      after
      distributions are made pursuant to Section 5.02(h),
      be
      distributed in the following order of priority:

     

    (i) to
      the
      extent unpaid pursuant to Section 5.02(b), sequentially:

     

    (1) pro
      rata,
      to the
      Group I Senior Certificates, Current Interest and Carryforward Interest for
      such
      Classes for such Distribution Date; 

     

    (2) to
      the
      Certificate Insurer any unreimbursed Insured Payments plus all amounts due
      to
      the Certificate Insurer under the Certificate Insurance Policy or the Premium
      Letter, together with interest thereon at the rate specified in the Premium
      Letter;

     

    (3) sequentially
      to the Group I Subordinate Certificates, Current Interest and Carryforward
      Interest for such Classes for such Distribution Date;

     

    
      
        
        

      

      
        -127-

        
          

        

      

      
        
        

      

    

     

    (ii) for
      each
      Distribution Date occurring (a) before the Pool 1 Stepdown Date or (b) on or
      after the Pool 1 Stepdown Date but for which a Pool 1 Trigger Event is in
      effect, then until the aggregate Certificate Principal Amount of the Group
      I
      Certificates equals the Pool 1 Target Amount for such Distribution Date, in
      the
      following order of priority:

     

    (A)
      after
      giving effect to principal distributions on such Distribution Date, to the
      Group
      I Senior Certificates, in each case in accordance with Section 5.02(d)(i),
      in
      reduction of their respective Class Principal Amounts, until the Class Principal
      Amount of each such Class has been reduced to zero; and

     

    (B) to
      the
      Certificate Insurer any unreimbursed Insured Payments plus all amounts due
      to
      the Certificate Insurer under the Certificate Insurance Policy or the Premium
      Letter, together with interest thereon at the rate specified in the Premium
      Letter;

     

    (C) to
      the
      Group I Subordinate Certificates, in accordance with the Group I Subordinate
      Priority, until the Class Principal Amount of each such Class has been reduced
      to zero;

     

    (iii) for
      each
      Distribution Date occurring on or after the Pool 1 Stepdown Date and for which
      a
      Pool 1 Trigger Event is not in effect, in the following order of
      priority:

     

    (A)
      after
      giving effect to principal distributions on such Distribution Date, to the
      Group
      I Senior Certificates, in each case in accordance with Section 5.02(d)(i),
      in
      reduction of their respective Class Principal Amounts, until the aggregate
      Class
      Principal Amount of the Group I Senior Certificates, after giving effect to
      distributions on such Distribution Date, equals the Pool 1 Senior Target
      Amount;

     

    (B) to
      the
      Certificate Insurer any unreimbursed Insured Payments plus all amounts due
      to
      the Certificate Insurer under the Certificate Insurance Policy or the Premium
      Letter, together with interest thereon at the rate specified in the Premium
      Letter;

     

    (C) to
      the
      Class M1-I Certificates, in reduction of their Class Principal Amount, until
      the
      aggregate Class Principal Amount of the Group I Senior Certificates and the
      Class M1-I Certificates, after giving effect to distributions on such
      Distribution Date, equals the M1-I Target Amount;

     

    (D) to
      the
      Class M2-I Certificates, in reduction of their Class Principal Amount, until
      the
      aggregate Class Principal Amount of the Group I Senior Certificates and the
      Class M1-I and Class M2-I Certificates, after giving effect to distributions
      on
      such Distribution Date, equals the M2-I Target Amount;

     

    
      
        
        

      

      
        -128-

        
          

        

      

      
        
        

      

    

     

    (E) to
      the
      Class M3-I Certificates, in reduction of their Class Principal Amount, until
      the
      aggregate Class Principal Amount of the Group I Senior Certificates and the
      Class M1-I, Class M2-I and Class M3-I Certificates, after giving effect to
      distributions on such Distribution Date, equals the M3-I Target
      Amount;

     

    (F) to
      the
      Class M4-I Certificates, in reduction of their Class Principal Amount, until
      the
      aggregate Class Principal Amount of the Group I Senior Certificates and the
      Class M1-I, Class M2-I, Class M3-I and Class M4-I Certificates, after giving
      effect to distributions on such Distribution Date, equals the M4-I Target
      Amount;

     

    (G) to
      the
      Class M5-I Certificates, in reduction of their Class Principal Amount, until
      the
      aggregate Class Principal Amount of the Group I Senior Certificates and the
      Class M1-I, Class M2-I, Class M3-I, Class M4-I and Class M5-I Certificates,
      after giving effect to distributions on such Distribution Date, equals the
      M5-I
      Target Amount;

     

    (H) to
      the
      Class M6-I Certificates, in reduction of their Class Principal Amount, until
      the
      aggregate Class Principal Amount of the Group I Senior Certificates and the
      Class M1-I, Class M2-I, Class M3-I, Class M4-I, Class M5-I and Class M6-I
      Certificates, after giving effect to distributions on such Distribution Date,
      equals the M6-I Target Amount;

     

    (I) to
      the
      Class M7-I Certificates, in reduction of their Class Principal Amount, until
      the
      aggregate Class Principal Amount of the Group I Senior Certificates and the
      Class M1-I, Class M2-I, Class M3-I, Class M4-I, Class M5-I, Class M6-I and
      Class
      M7-I Certificates, after giving effect to distributions on such Distribution
      Date, equals the M7-I Target Amount; and

     

    (J) to
      the
      Class M8-I Certificates, in reduction of their Class Principal Amount, until
      the
      aggregate Class Principal Amount of the Group I Senior Certificates and the
      Class M1-I, Class M2-I, Class M3-I, Class M4-I, Class M5-I, Class M6-I, Class
      M7-I and Class M8-I Certificates, after giving effect to distributions on such
      Distribution Date, equals the M8-I Target Amount; 

     

    (iv) to
      the
      Pool 1 Basis Risk Reserve Fund, the amount of any Pool 1 Basis Risk Payment
      and
      then from the Pool 1 Basis Risk Reserve Fund, in the following order of
      priority:

     

    (A) from
      any
      proceeds received under the Group I Interest Rate Cap Agreements, first, to
      the
      Group I Senior Certificates, any Basis Risk Shortfalls and Unpaid Basis Risk
      Shortfalls for each such class and such Distribution Date, pro rata in
      accordance with such shortfalls, and second, to the C-X-I Component of the
      Class
      X-I Certificates on such Distribution Date;

     

    
      
        
        

      

      
        -129-

        
          

        

      

      
        
        

      

    

     

    (B) pro
      rata,
      to the
      Group I Senior Certificates, the amount of any Basis Risk Shortfalls and Unpaid
      Basis Risk Shortfalls for each such Class and such Distribution Date, in
      proportion to such shortfalls, to the extent not paid pursuant to Sections
      5.02(f)(iv)(A) and 5.02(h);

     

    (C) to
      the
      Group I Subordinate Certificates, in accordance with the Group I Subordinate
      Priority, any applicable Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls
      for each such Class and such Distribution Date;

     

    (D) for
      addition to amounts distributable pursuant to Section 5.02(f)(vi), any amounts
      remaining in the Pool 1 Basis Risk Reserve Fund in excess of amounts required
      to
      be on deposit therein after satisfying clauses (A) through (C) above for such
      Distribution Date;

     

    (v) 
      (a)
first,
      in
      proportion to their respective Deferred Amounts, to the Group I Senior
      Certificates and (b) second,
      to the
      Group I Subordinate Certificates, in accordance with the Group I Subordinate
      Priority, any Deferred Amount for each such Class and such Distribution
      Date;

     

    (vi) to
      the
      Group I Supplemental Interest Trust for distribution pursuant to Section
      5.02(h)(ix) and 5.02(h)(x); and

     

    (vii) to
      the
      Residual Certificate, any remaining amount.

     

    (g) Any
      Pool
      2-3 Monthly Excess Cashflow will, on each Distribution Date, after distributions
      are made pursuant to Section 5.02(i), be distributed in the following order
      of
      priority:

     

    (i) pro
      rata,
      to the Group II Senior Certificates, Current Interest and Carryforward Interest
      for such Classes for such Distribution Date, to the extent unpaid, pursuant
      to
      5.02(c)(iii)(1) above, and sequentially to the Group II Subordinate Certificates
      Current Interest and Carryforward Interest for such Classes for such
      Distribution Date, to the extent unpaid, pursuant to 5.02(c)(iii)(2)
      above;

     

    (ii) for
      each
      Distribution Date occurring (a) before the Pool 2-3 Stepdown Date or (b) on
      or
      after the Pool 2-3 Stepdown Date but for which a Pool 2-3 Trigger Event is
      in
      effect, then until the aggregate Certificate Principal Amount of the Group
      II
      Certificates equals the Pool 2-3 Target Amount for such Distribution Date,
      in
      the following order of priority:

     

    (A) after
      giving effect to principal distributions on such Distribution Date, to the
      Group
      II Senior Certificates, pro rata, based upon the Senior Proportionate
      Percentage, in each case in accordance with Section 5.02(e)(i) and Section
      5.02(e)(ii), in reduction of their respective Class Principal Amounts, until
      the
      Class Principal Amount of each such Class has been reduced to zero;
      and

     

    
      
        
        

      

      
        -130-

        
          

        

      

      
        
        

      

    

     

    (B) to
      the
      Group II Subordinate Certificates, in accordance with the Group II Subordinate
      Priority, until the Class Principal Amount of each such Class has been reduced
      to zero;

     

    (iii) for
      each
      Distribution Date occurring on or after the Pool 2-3 Stepdown Date and for
      which
      a Pool 2-3 Trigger Event is not in effect, in the following order of
      priority:

     

    (A) pro
      rata,
      based
      upon the Senior Proportionate Percentage, after giving effect to principal
      distributions on such Distribution Date, to the Group II Senior Certificates,
      in
      each case in accordance with Sections 5.02(e)(i) and 5.02(e)(ii), in reduction
      of their respective Class Principal Amounts, until the aggregate Class Principal
      Amount of such Group II Senior Certificates, after giving effect to
      distributions on such Distribution Date, equals the Pool 2-3 Senior Target
      Amount;

     

    (B) to
      the
      Class M1-II Certificates, in reduction of their Class Principal Amount, until
      the aggregate Class Principal Amount of the Group II Senior Certificates and
      the
      Class M1-II Certificates, after giving effect to distributions on such
      Distribution Date, equals the M1-II Target Amount;

     

    (C) to
      the
      Class M2-II Certificates, in reduction of their Class Principal Amount, until
      the aggregate Class Principal Amount of the Group II Senior Certificates and
      the
      Class M1-II and Class M2-II Certificates, after giving effect to distributions
      on such Distribution Date, equals the M2-II Target Amount;

     

    (D) to
      the
      Class M3-II Certificates, in reduction of their Class Principal Amount, until
      the aggregate Class Principal Amount of the Group II Senior Certificates and
      the
      Class M1-II, Class M2-II and Class M3-II Certificates, after giving effect
      to
      distributions on such Distribution Date, equals the M3-II Target
      Amount;

     

    (E) to
      the
      Class M4-II Certificates, in reduction of their Class Principal Amount, until
      the aggregate Class Principal Amount of the Group II Senior Certificates and
      the
      Class M1-II, Class M2-II, Class M3-II and Class M4-II Certificates, after giving
      effect to distributions on such Distribution Date, equals the M4-II Target
      Amount;

     

    (F) to
      the
      Class M5-II Certificates, in reduction of their Class Principal Amount, until
      the aggregate Class Principal Amount of the Group II Senior Certificates and
      the
      Class M1-II, Class M2-II, Class M3-II, Class M4-II and Class M5-II Certificates,
      after giving effect to distributions on such Distribution Date, equals the
      M5-II
      Target Amount;

     

    
      
        
        

      

      
        -131-

        
          

        

      

      
        
        

      

    

     

    (G) to
      the
      Class M6-II Certificates, in reduction of their Class Principal Amount, until
      the aggregate Class Principal Amount of the Group II Senior Certificates and
      the
      Class M1-II, Class M2-II, Class M3-II, Class M4-II, Class M5-II and Class M6-II
      Certificates, after giving effect to distributions on such Distribution Date,
      equals the M6-II Target Amount;

     

    (H) to
      the
      Class M7-II Certificates, in reduction of their Class Principal Amount, until
      the aggregate Class Principal Amount of the Group II Senior Certificates and
      the
      Class M1-II, Class M2-II, Class M3-II, Class M4-II, Class M5-II, Class M6-II
      and
      Class M7-II Certificates, after giving effect to distributions on such
      Distribution Date, equals the M7-II Target Amount; and

     

    (I) to
      the
      Class M8-II Certificates, in reduction of their Class Principal Amount, until
      the aggregate Class Principal Amount of the Group II Senior Certificates and
      the
      Class M1-II, Class M2-II, Class M3-II, Class M4-II, Class M5-II, Class M6-II,
      Class M7-II and Class M8-II Certificates, after giving effect to distributions
      on such Distribution Date, equals the M8-II Target Amount; 

     

    (iv) to
      the
      Pool 2-3 Basis Risk Reserve Fund, the amount of any Pool 2-3 Basis Risk Payment
      and then from the Pool 2-3 Basis Risk Reserve Fund, in the following order
      of
      priority:

     

    (A) from
      any
      proceeds received under the Group II Interest Rate Cap Agreement, first, to
      the
      Group II Senior Certificates, any Basis Risk Shortfalls and Unpaid Basis Risk
      Shortfalls for each such class and such Distribution Date, pro rata in
      accordance with such shortfalls, and second, to the C-X-II Component of the
      Class X-II Certificates on such Distribution Date;

     

    (B) pro
      rata,
      to the
      Group II Senior Certificates, the amount of any Basis Risk Shortfalls and Unpaid
      Basis Risk Shortfalls for each such Class and such Distribution Date, in
      proportion to such shortfalls, to the extent not paid pursuant to Sections
      5.02(g)(iv)(A) and 5.02(i)(v);

     

    (C) to
      the
      Group II Subordinate Certificates, in accordance with the Group II Subordinate
      Priority, any applicable Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls
      for each such Class and such Distribution Date;

     

    (D) for
      addition to amounts distributable pursuant to Section 5.02(g)(vi), any amounts
      remaining in the Pool 2-3 Basis Risk Reserve Fund in excess of amounts required
      to be on deposit therein after satisfying clauses (A) through (C) above for
      such
      Distribution Date;

     

    
      
        
        

      

      
        -132-

        
          

        

      

      
        
        

      

    

     

    (v) 
      (a)
first,
      in
      proportion to their respective Deferred Amounts, to the Group II Senior
      Certificates and (b) second,
      to the
      Group II Subordinate Certificates, in accordance with the Group II Subordinate
      Priority, any Deferred Amount for each such Class and such Distribution
      Date;

     

    (vi) to
      the
      Group II Supplemental Interest Trust for distribution pursuant to Sections
      5.02
      (i)(viii) and 5.02(i)(ix); and

     

    (vii) to
      the
      Residual Certificate, any remaining amount.

     

    (h) On
      each
      Distribution Date (or, with respect to clauses (i), (ii) and (ix) below, on
      the
      related Swap Payment Date), the Trustee shall distribute the Group I
      Supplemental Interest Trust Amount, together with any investment earnings on
      deposit in the related Supplemental Interest Trust Account, before distributions
      are made pursuant to Section 5.02(f), for such date as follows:

     

    (i) to
      the
      related Swap Counterparty, any Net Swap Payment owed to the Swap Counterparty
      pursuant to the Group I Swap Agreement for the related Distribution
      Date;

     

    (ii) to
      the
      related Swap Counterparty, any unpaid Swap Termination Payment not due to a
      Swap
      Counterparty Trigger Event owed to the related Swap Counterparty pursuant to
      the
      Group I Swap Agreement;

     

    (iii) to
      the
      Group I Senior Certificates, Current Interest and any Carryforward Interest
      for
      each such Class for such Distribution Date, for each such Class for such
      Distribution Date, in the priority described in Section
      5.02(b)(iii);

     

    (iv) to
      the
      Certificate Insurer any unreimbursed Insured Payments plus all other amounts
      due
      to the Certificate Insurer under the Premium Letter or the Certificate Insurance
      Policy, together with interest thereon at the rate specified in the Premium
      Letter;

     

    (v) to
      the
      Group I Senior Certificates, an amount equal to the lesser of (A) the remaining
      amount available for distribution and (B) the product of (i) the applicable
      Scheduled Notional Amount, (ii) the excess, if any, of (x) the lesser of (1)
      1-Month LIBOR and (2) 6.720% over (y) the applicable Rate of Payment for such
      Distribution Date and (iii) a fraction, the numerator of which is the actual
      number of days in the related Accrual Period and the denominator of which is
      360, to pay certain amounts necessary to maintain the Pool 1
      Overcollateralization Target Amount set forth in Sections 5.02(f)(ii) and
      5.02(f)(iii);

     

    
      
        
        

      

      
        -133-

        
          

        

      

      
        
        

      

    

     

    (vi) to
      the
      Group I Senior Certificates, any Basis Risk Shortfalls and Unpaid Basis Risk
      Shortfalls for each such Class and for such Distribution Date, for application
      pursuant to the priorities set forth in Section 5.02(f)(iv)(A);

     

    (vii) in
      proportion to their respective Deferred Amounts, to the Group I Senior
      Certificates, any Deferred Amount for each such Class and such Distribution
      Date;

     

    (viii) if
      applicable, for application to the purchase of a replacement interest rate
      swap
      agreement;

     

    (ix) to
      the
      related Swap Counterparty, any unpaid Swap Termination Payment triggered by
      a
      Swap Counterparty Trigger Event owed to the Swap Counterparty pursuant to the
      Group I Swap Agreement; and

     

    (x) to
      the
      X-I Component of the Class X-I Certificates, the X-I Component Distributable
      Amount for such Distribution Date and to the S-X-I Component of the Class X-I
      Certificates any remaining Group I Supplemental Interest Trust
      Amount.

     

    Notwithstanding
      the foregoing, the sum of the amounts distributed on all Distribution Dates
      pursuant to Sections 5.02(h)(v) and Section 5.02(h)(vii) shall not exceed the
      aggregate amount of Realized Losses on Pool 1 Mortgage Loans incurred from
      the
      Cut-off Date through the last day of the related Collection Period.

     

    (i) On
      each
      Distribution Date (or, with respect to clauses (i), (ii) and (viii) below,
      on
      the related Swap Payment Date), the Trustee shall distribute the Group II
      Supplemental Interest Trust Amount, together with any investment earnings on
      deposit in the related Supplemental Interest Trust Account, before distributions
      are made pursuant to Section 5.02(g), for such date as follows:

     

    (i) to
      the
      related Swap Counterparty, any Net Swap Payment owed to the Swap Counterparty
      pursuant to the Group II Swap Agreement for the related Distribution
      Date;

     

    (ii) to
      the
      related Swap Counterparty, any unpaid Swap Termination Payment not due to a
      Swap
      Counterparty Trigger Event owed to the related Swap Counterparty pursuant to
      the
      Group II Swap Agreement;

     

    (iii) to
      the
      Group II Senior Certificates, Current Interest and any Carryforward Interest
      for
      each such Class for such Distribution Date, in the priority described in Section
      5.02(c)(iii)(1);

     

    (iv) to
      the
      Group II Senior Certificates, an amount equal to the lesser of (A) the remaining
      amount available for distribution and (B) the product of (i) the applicable
      Scheduled Notional Amount, (ii) the excess, if any, of (x) the lesser of (1)
      1-Month LIBOR and (2) 6.720% over (y) the applicable Rate of Payment for such
      Distribution Date and (iii) a fraction, the numerator of which is the actual
      number of days in the related Accrual Period and the denominator of which is
      360, to pay certain amounts necessary to maintain the Pool 2-3
      Overcollateralization Target Amount set forth in Sections 5.02(g)(ii) and
      5.02(g)(iii);

     

    
      
        
        

      

      
        -134-

        
          

        

      

      
        
        

      

    

     

    (v) to
      the
      Group II Senior Certificates, any Basis Risk Shortfalls and Unpaid Basis Risk
      Shortfalls for each such Class and for such Distribution Date, for application
      pursuant to the priorities set forth in Section 5.02(g)(iv)(A);

     

    (vi) in
      proportion to their respective Deferred Amounts, to the Group II Senior
      Certificates, any Deferred Amount for each such Class and such Distribution
      Date;

     

    (vii) if
      applicable, for application to the purchase of a replacement interest rate
      swap
      agreement;

     

    (viii) to
      the
      related Swap Counterparty, any unpaid Swap Termination Payment triggered by
      a
      Swap Counterparty Trigger Event owed to the Swap Counterparty pursuant to the
      Group II Swap Agreement; and

     

    (ix) to
      the
      X-II Component of the Class X-II Certificates, the X-II Component Distributable
      Amount for such Distribution Date and to the S-X-II Component of the Class
      X-II
      Certificates any remaining Group II Supplemental Interest Trust
      Amount.

     

    Notwithstanding
      the foregoing, the sum of the amounts distributed on all Distribution Dates
      pursuant to Sections 5.02(i)(iv) and Section 5.02(i)(vi) shall not exceed the
      aggregate amount of Realized Losses on Pool 2 and Pool 3 Mortgage Loans incurred
      from the Cut-off Date through the last day of the related Collection
      Period.

     

    (j) (1)
      On
      each Distribution Date on and prior to the X-I Component Account Termination
      Date, the Trustee shall withdraw the Class C-I Distributable Amount for such
      Distribution Date from the X-I Component Account, pursuant to Section 5.12
      herein, and shall distribute such amount to the Class C-I
      Certificates.

     

    (2) On
      each
      Distribution Date on or prior to the X-I Component Account Termination Date,
      the
      Trustee shall withdraw amounts on deposit in the X-I Component Account and
      distribute such amounts to the Class X-I Certificates, an amount equal to the
      excess, if any, of the sum of Realized Losses attributable to the Class C-I
      Mortgage Loans over the sum of all amounts distributed pursuant to this Section
      5.02(j)(2) on prior Distribution Dates to the Class X-I
      Certificates.

     

    (k) (1)
      On
      each Distribution Date on and prior to the X-II Component Account Termination
      Date, the Trustee shall withdraw the Class C-II Distributable Amount for such
      Distribution Date from the X-II Component Account, pursuant to Section 5.12
      herein, and shall distribute such amount to the Class C-II
      Certificates.

     

    
      
        
        

      

      
        -135-

        
          

        

      

      
        
        

      

    

     

    (2) On
      each
      Distribution Date on or prior to the X-II Component Account Termination Date,
      the Trustee shall withdraw amounts on deposit in the X-II Component Account
      and
      distribute such amounts to the Class X-II Certificates, an amount equal to
      the
      excess, if any, of the sum of Realized Losses attributable to the Class C-II
      Mortgage Loans over the sum of all amounts distributed pursuant to this Section
      5.02(k)(2) on prior Distribution Dates to the Class X-II
      Certificates.

     

    (l) On
      each
      Distribution Date, the Trustee (or Paying Agent, as applicable) shall distribute
      (i) to the Holders of the Class AP-I Certificates any Prepayment Premiums paid
      by borrowers upon voluntary full or partial prepayment of the Pool 1 Mortgage
      Loans, (ii) to the Holders of the Class 2-AP Certificates any Prepayment
      Premiums paid by borrowers upon voluntary full or partial prepayment of the
      Pool
      2 Mortgage Loans and (iii) to the Holders of the Class 3-AP Certificates any
      Prepayment Premiums paid by borrowers upon voluntary full or partial prepayment
      of the Pool 3 Mortgage Loans.

     

    (m) On
      the
      Closing Date, the Trustee shall establish and maintain in its name, in trust
      for
      the benefit of the holders of the Group I Senior Certificates, the Group I
      Interest Rate Cap Account and for the benefit of the holders of the Group II
      Senior Certificates, the Group II Interest Rate Cap Account. The Trustee shall
      deposit all amounts received on each Interest Rate Cap Agreement into the
      related Interest Rate Cap Account. Each Interest Rate Cap Account shall be
      an
      Eligible Account, and funds on deposit therein shall be held separate and apart
      from, and shall not be commingled with, any other moneys, including, without
      limitation, other moneys of the Trustee held pursuant to this Agreement. On
      each
      Distribution Date, the Trustee shall distribute the amounts in the Group I
      Interest Rate Cap Account and the Group II Interest Rate Cap Account pursuant
      to
      Sections 5.02(f)(iv) and 5.03(g)(iv) hereof.

     

    (n) Any
      Net
      Negative Amortization related to Pool 1 will be allocated to the Group I Senior
      Certificates and the Group I Subordinate Certificates, pro rata, according
      to
      the Class Principal Amount of each such class of Certificates, in reduction
      of
      the amount of interest otherwise distributable to such classes of Certificates;
      provided, however, that to the extent the amount of Net Negative Amortization
      allocated to such Certificates exceeds the amount of Current Interest accrued
      on
      the Related REMIC I-2 Interest of such Certificates, then such excess Net
      Negative Amortization shall be allocated to the Class X-I Certificates to the
      extent payments would otherwise be made to the Class X-I Certificates in respect
      of the Uncertificated Class X-I Interest and then, if necessary, among such
      related Certificates in proportion to, and up to, the amount of any remaining
      interest otherwise distributable on the Related REMIC I-2 Interest of such
      related Certificates. 

     

    Any
      Net
      Negative Amortization related to Pool 2 and Pool 3 will be allocated to the
      Group II Senior Certificates and the Group II Subordinate Certificates, pro
      rata, according to the Class Principal Amount of each such class of related
      Senior Certificates or Apportioned Principal Balance of the Group II Subordinate
      Certificates, in reduction of the amount of interest otherwise distributable
      to
      such classes of Certificates; provided, however, that to the extent the amount
      of Net Negative Amortization allocated to such Certificates exceeds the amount
      of Current Interest accrued on the Related REMIC II-2 Interest of such Group
      II
      Senior Certificates or Apportioned Principal Balance thereof, in the case of
      the
      Group II Subordinate Certificates, then such excess Net Negative Amortization
      shall be allocated to the Class X-II Certificates to the extent payments would
      otherwise be made to the Class X-II Certificates in respect of the
      Uncertificated Class X-II Interest and then, if necessary, among such related
      Certificates in proportion to, and up to, the amount of any remaining interest
      otherwise distributable on the Related REMIC II-2 Interest of such Certificates.
      

     

    
      
        
        

      

      
        -136-

        
          

        

      

      
        
        

      

    

     

    The
      amount of the reduction of Current Interest distributable to each Class of
      Certificates attributable to Net Negative Amortization will be added to the
      Class Principal Amount of that Class.

     

    Section
      5.03. Allocation
      of Losses.

     

    (a) On
      each
      Distribution Date, the aggregate Class Principal Amount of the Certificates
      shall be reduced by the amount of any Pool 1 Applied Loss Amount for such date,
      in the following order of priority:

     

    (i) to
      the
      Class M8-I Certificates, until the Class Principal Amount of such Class has
      been
      reduced to zero;

     

    (ii) to
      the
      Class M7-I Certificates, until the Class Principal Amount of such Class has
      been
      reduced to zero;

     

    (iii) to
      the
      Class M6-I Certificates, until the Class Principal Amount of such Class has
      been
      reduced to zero;

     

    (iv) to
      the
      Class M5-I Certificates, until the Class Principal Amount of such Class has
      been
      reduced to zero;

     

    (v) to
      the
      Class M4-I Certificates, until the Class Principal Amount of such Class has
      been
      reduced to zero;

     

    (vi) to
      the
      Class M3-I Certificates, until the Class Principal Amount of such Class has
      been
      reduced to zero;

     

    (vii) to
      the
      Class M2-I Certificates, until the Class Principal Amount of such Class has
      been
      reduced to zero;

     

    (viii) to
      the
      Class M1-I Certificates, until the Class Principal Amount of such Class has
      been
      reduced to zero; and

     

    (ix) (a)
      sequentially, first, to the Class 1-A2 Certificates and second, to the Class
      1-A1 Certificates, in each case until their respective Class Principal Amounts
      have been reduced to zero; provided, however, that certain losses allocated
      to
      the Class 1-A2 Certificates will be covered by the Certificate Insurance
      Policy.

     

    
      
        
        

      

      
        -137-

        
          

        

      

      
        
        

      

    

     

    (b) On
      each
      Distribution Date, the aggregate Class Principal Amount of the Certificates
      shall be reduced by the amount of any Pool 2-3 Applied Loss Amount for such
      date, in the following order of priority:

     

    (i) to
      the
      Class M8-II Certificates, until the Class Principal Amount of such Class has
      been reduced to zero;

     

    (ii) to
      the
      Class M7-II Certificates, until the Class Principal Amount of such Class has
      been reduced to zero;

     

    (iii) to
      the
      Class M6-II Certificates, until the Class Principal Amount of such Class has
      been reduced to zero;

     

    (iv) to
      the
      Class M5-II Certificates, until the Class Principal Amount of such Class has
      been reduced to zero;

     

    (v) to
      the
      Class M4-II Certificates, until the Class Principal Amount of such Class has
      been reduced to zero;

     

    (vi) to
      the
      Class M3-II Certificates, until the Class Principal Amount of such Class has
      been reduced to zero;

     

    (vii) to
      the
      Class M2-II Certificates, until the Class Principal Amount of such Class has
      been reduced to zero;

     

    (viii) to
      the
      Class M1-II Certificates, until the Class Principal Amount of such Class has
      been reduced to zero;

     

    (ix) concurrently,
      on the basis of Realized Lossees on the related Mortgage Pool, (a) sequentially,
      first, to the Class 2-A4 Certificates, second, to the Class 2-A3 Certificates
      and third, pro rata, to the Class 2-A1 and Class 2-A2 Certificates and (b)
      sequentially, first, to the Class 3-A3 Certificates, second, to the Class 3-A2
      Certificates and third, to the Class 3-A1 Certificates, in each case until
      their
      respective Class Principal Amounts have been reduced to zero.

     

    Section
      5.04. Advances
      by Master Servicer, Servicers and Trustee.

     

    (a) Subject
      to Section 9.07, Advances shall be made in respect of each Determination Date
      as
      provided herein. If, on any Determination Date, any Servicer determines that
      any
      Scheduled Payments due during the related Collection Period (other than Balloon
      Payments) and relating to any of the Mortgage Loans have not been received,
      such
      Servicer shall advance such amount to the extent provided in the related
      Servicing Agreement. If the applicable Servicer fails to remit Advances required
      to be made under the related Servicing Agreement, the Master Servicer shall
      itself make, or shall cause the successor Servicer to make, such Advance;
      provided, however, that required Advances remitted by the applicable Servicer
      or
      the Master Servicer may be reduced by an amount, if any, to be set forth in
      an
      Officer’s Certificate to be delivered to the Trustee on such Determination Date,
      which if advanced the Master Servicer or the applicable Servicer has determined
      would not be recoverable from amounts received with respect to such Mortgage
      Loan, including late payments, Liquidation Proceeds, Insurance Proceeds or
      otherwise. If the Master Servicer determines that an Advance is required, it
      shall on the Deposit Date immediately following such Determination Date either
      (i) remit to the Trustee from its own funds (or funds advanced by the applicable
      Servicer) for deposit in the Certificate Account immediately available funds
      in
      an amount equal to such Advance, (ii) cause to be made an appropriate entry
      in
      the records of the Collection Account that funds in such account being held
      for
      future distribution or withdrawal have been, as permitted by this Section 5.04,
      used by the Master Servicer to make such Advance, and remit such immediately
      available funds to the Trustee for deposit in the Certificate Account or (iii)
      make Advances in the form of any combination of clauses (i) and (ii) aggregating
      the amount of such Advance. Any funds being held in the Collection Account
      for
      future distribution to Certificateholders and so used shall be replaced by
      the
      Master Servicer from its own funds by remittance to the Trustee for deposit
      in
      the Certificate Account on or before any future Deposit Date to the extent
      that
      funds in the Certificate Account on such Deposit Date shall be less than
      payments to Certificateholders required to be made on the related Distribution
      Date. The Master Servicer and the Servicers shall be entitled to be reimbursed
      from the Collection Account for all Advances made by it as provided in Section
      4.02. Notwithstanding anything to the contrary herein, in the event the Master
      Servicer determines in its reasonable judgment that an Advance is
      non-recoverable, the Master Servicer shall be under no obligation to make such
      Advance. The Trustee shall be entitled to conclusively rely upon any
      determination by the Master Servicer that an Advance, if made, would constitute
      a non-recoverable Advance.

     

    
      
        
        

      

      
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    (b) In
      the
      event that the Master Servicer or any Servicer fails for any reason to make
      an
      Advance required to be made pursuant to this Section 5.04 on or before the
      Deposit Date, the Trustee, solely in its capacity as successor master servicer
      pursuant to Section 6.14, shall, on or before the related Distribution Date,
      deposit in the Certificate Account an amount equal to the excess of (a) Advances
      required to be made by the Master Servicer or any Servicer that would have
      been
      deposited in such Certificate Account over (b) the amount of any Advance made
      by
      the Master Servicer or such Servicer with respect to such Distribution Date;
      provided, however, that the Trustee shall be required to make such Advance
      only
      if it is not prohibited by law from doing so and it has determined that such
      Advance would be recoverable from amounts to be received with respect to such
      Mortgage Loan, including late payments, Liquidation Proceeds, Insurance
      Proceeds, or otherwise. The Trustee shall be entitled to be reimbursed from
      the
      Certificate Account for Advances made by it pursuant to this Section 5.04 as
      if
      it were the Master Servicer.

     

    Section
      5.05. Compensating
      Interest Payments.

     

    The
      Master Servicer shall not be responsible for making any Compensating Interest
      Payments not made by the Servicers. Any Compensating Interest Payments made
      by
      the Servicers shall be a component of the Interest Remittance
      Amount.

     

    Section
      5.06. Pool
      1
      Basis Risk Reserve Fund and Pool 2-3 Basis Risk Reserve Fund.

     

    (a) On
      the
      Closing Date, the Trustee shall establish and maintain in its name, in trust
      (i)
      for the benefit of the holders of the Group I Certificates, a Pool 1 Basis
      Risk
      Reserve Fund and (ii) for the benefit of the holders of the Group II
      Certificates, a Pool 2-3 Basis Risk Reserve Fund. The Pool 1 Basis Risk Reserve
      Fund and Pool 2-3 Basis Risk Reserve Fund shall each be an Eligible Account,
      and
      funds on deposit therein shall be held separate and apart from, and shall not
      be
      commingled with, any other moneys, including, without limitation, other moneys
      of the Trustee held pursuant to this Agreement.

     

    
      
        
        

      

      
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    (b) [Reserved]

     

    (c) Funds
      in
      the Pool 1 Basis Risk Reserve Fund and Pool 2-3 Basis Risk Reserve Fund shall
      be
      invested in Eligible Investments. The Class X-I Certificates shall evidence
      ownership of the Pool 1 Basis Risk Reserve Fund and the Class X-II Certificates
      shall evidence ownership of the Pool 2-3 Basis Risk Reserve Fund for federal
      income tax purposes and LBH, on behalf of the Holders thereof, shall direct
      the
      Trustee, in writing, as to investment of amounts on deposit therein. LBH shall
      be liable for any losses incurred on such investments. In the absence of written
      instructions from LBH as to the investment of funds on deposit in the Pool
      1
      Basis Risk Reserve Fund or Pool 2-3 Basis Risk Reserve Fund, such funds shall
      remain uninvested.

     

    Section
      5.07. Supplemental
      Interest Trusts.

     

    (a) Two
      separate trusts are hereby established (each a “Supplemental Interest Trust”),
      the corpus of which shall be held by the Trustee, in trust, for the benefit
      of
      the holders of the related Certificates and the applicable Swap Counterparty.
      The Trustee, as trustee of each Supplemental Interest Trust, shall establish
      two
      accounts (each a “Supplemental Interest Trust Account”). The Supplemental
      Interest Trust Accounts shall be an Eligible Account, and funds on deposit
      therein shall be held separate and apart from, and shall not be commingled
      with,
      any other moneys, including, without limitation, other moneys of the Trustee
      held pursuant to this Agreement.

     

    (b) The
      Trustee shall deposit into the related Supplemental Interest Trust Account
      any
Net
      Swap
      Payment and any Swap Termination Payment required pursuant to Sections 5.02(b),
      5.02(c), 5.02(d) and 5.02(e),
      any
      amounts received from the applicable Swap Counterparty under the related Swap
      Agreement and any amounts required pursuant to Sections 5.02(f)(vi) and
      5.02(g)(vi), and shall distribute from each Supplemental Interest Trust Account
      any Net Swap Payment required pursuant to Sections 5.02(h)(i) and 5.02(i)(i)
      or
      Swap Termination Payment required pursuant to Sections 5.02(h)(ii) and
      5.02(i)(ii).

     

    (c) Funds
      in
      each Supplemental Interest Trust Account shall be invested in Eligible
      Investments. Any earnings on such amounts shall be distributed on each
      Distribution Date pursuant to Sections 5.02(h) and 5.02(i). The S-X-I Component
      of the Class X-I Certificates shall evidence ownership of the Group I
      Supplemental Interest Trust Account for federal income tax purposes and the
      Holder thereof shall direct the Trustee, in writing, as to investment of amounts
      on deposit therein. The S-X-II Component of the Class X-II Certificates shall
      evidence ownership of the Group II Supplemental Interest Trust Account for
      federal income tax purposes and the Holder thereof shall direct the Trustee,
      in
      writing, as to investment of amounts on deposit therein. The Class X-I and
      Class
      X-II Certificateholders shall be liable for any losses incurred on such
      investments. In the absence of written instructions from the Class X-I and
      X-II
      Certificateholders, as applicable, as to investment of funds on deposit in
      the
      related Supplemental Interest Trust Account, such funds shall be invested in
      the
      First American Government Obligations Fund or comparable investment vehicle.
      Any
      amounts on deposit in either Supplemental Interest Trust Account in excess
      of
      the related Supplemental Interest Trust Amount on any Distribution Date shall
      be
      held for distribution pursuant to Sections 5.02(h) and 5.02(i) on the following
      Distribution Date.

     

    
      
        
        

      

      
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    (d) Upon
      termination of the Trust Fund, any amounts remaining in the Supplemental
      Interest Trust Accounts shall be distributed pursuant to the priorities set
      forth in Sections 5.02(h) and 5.02(i).

     

    (e) [Reserved]

     

    (f) To
      the
      extent that the Supplemental Interest Trusts are determined to be separate
      legal
      entities from the Trustee, any obligation of the Trustee under either Swap
      Agreement shall be deemed to be an obligation of the related Supplemental
      Interest Trust.

     

    Section
      5.08. Rights
      of each Swap Counterparty.

     

    Each
      Swap
      Counterparty shall be deemed a third-party beneficiary of this Agreement to
      the
      same extent as if it were a party hereto and shall have the right, upon
      designation of an “Early Termination Date” (as defined in the related Swap
      Agreement), to enforce its rights under this Agreement, which rights include
      but
      are not limited to the obligation of the Trustee (A) to deposit any Net Swap
      Payment and any Swap Termination Payment required pursuant to Sections 5.02(b),
      5.02(c), 5.02(d) and 5.02(e), into the related Supplemental Interest Trust
      Account, (B) to deposit any amounts required pursuant to Section 5.07(b) into
      the related Supplemental Interest Trust Account, (C) to pay any Net Swap Payment
      required pursuant to Sections 5.02(h)(i) and 5.02(i)(i) or Swap Termination
      Payment required pursuant to Sections 5.02(h)(ii) and 5.02(i)(ii) to the related
      Swap Counterparty and (D) to establish and maintain each Supplemental Interest
      Trust Account, to make such deposits thereto, investments therein and
      distributions therefrom as are required pursuant to Section 5.07. For the
      protection and enforcement of the provisions of this Section each Swap
      Counterparty shall be entitled to such relief as can be given either at law
      or
      in equity.

     

    Section
      5.09. Termination
      Receipts.

     

    In
      the
      event of an “Early Termination Event” as defined under the applicable Swap
      Agreement, (i) any Swap Termination Payment made by the related Swap
      Counterparty to the related Supplemental Interest Trust and paid pursuant to
      Sections 5.02(h)(viii) and 5.02(i)(vii) (“Termination Receipts”) will be
      deposited in a segregated non-interest bearing account which shall be an
      Eligible Account established by the Trustee (the “Termination Receipts Account”)
      and (ii) any amounts received from a replacement swap counterparty (“Replacement
      Receipts”) will be deposited in a segregated non-interest bearing account which
      shall be an Eligible Account established by the Trustee (the “Replacement
      Receipts Account”). The Trustee shall invest, or cause to be invested, funds
      held in the Termination Receipts Account and the Replacement Receipts Account
      in
      time deposits of the Trustee as permitted by clause (ii) of the definition
      of
      Eligible Investments or as otherwise directed in writing by a majority of the
      Certificateholders. All such investments must be payable on demand or mature
      on
      a Swap Payment Date or such other date as directed by the Certificateholders.
      All such Eligible Investments will be made in the name of the Trustee of the
      applicable Supplemental Interest Trust (in its capacity as such) or its nominee.
      All income and gain realized from any such investment shall be deposited in
      the
      Termination Receipts Account or the Replacement Receipts Account, as applicable,
      and all losses, if any, shall be borne by the related account.

     

    
      
        
        

      

      
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    Unless
      otherwise permitted by the Rating Agencies as evidenced in a written
      confirmation, the Depositor shall arrange for replacement Swap Agreement(s)
      and
      the Trustee shall promptly, with the assistance and cooperation of the
      Depositor, use amounts on deposit in the Termination Receipts Account, if
      necessary, to enter into replacement swap agreement(s) which shall be executed
      and delivered by the Trustee on behalf of the related Supplemental Interest
      Trust upon receipt of written confirmation from each Rating Agency that such
      replacement swap agreement(s) will not result in the reduction or withdrawal
      of
      the rating of any outstanding Class of Certificates with respect to which it
      is
      a Rating Agency.

     

    Amounts
      on deposit in the Replacement Receipts Account shall be held for the benefit
      of
      the related Swap Counterparty and paid to such Swap Counterparty if the
      applicable Supplemental Interest Trust is required to make a payment to such
      Swap Counterparty following an event of default or termination event with
      respect to the applicable Supplemental Interest Trust under the related Swap
      Agreement. Any amounts not so applied shall, following the termination or
      expiration of the related Swap Agreement, be paid to the S-X-I
      Component of the Class X-I Certificates
      or the
      S-X-II Component of the Class X-II Certificates, as applicable. Neither the
      Termination Receipts Account nor the Replacement Receipts Account shall be
      the
      asset of any REMIC.

     

    Section
      5.10. Collateral
      Account.

     

    In
      the
      event that either Swap Counterparty is required to post collateral pursuant
      to a
      downgrade event under the Swap Agreement, the Trustee, on behalf of the Trust
      Fund, is hereby authorized to establish on the Closing Date, a Collateral
      Account for the deposit of such monies. Funds in the Collateral Account shall
      not be commingled with any other monies and shall not be invested. Funds in
      the
      Collateral Account will be administered pursuant to the Credit Support Annex
      of
      the Swap Agreement. The Collateral Account shall not be an asset of any REMIC.
      On the first Distribution Date immediately following any Swap Payment Date
      as to
      which a shortfall exists with respect to a Net Swap Payment or a Swap
      Termination Payment owed by the applicable Swap Counterparty as a result of
      its
      failure to make payments pursuant to the related Swap Agreement, amounts
      necessary to cover such shortfall shall be removed from the Collateral Account
      and distributed as all or a portion of such Net Swap Payment or Swap Termination
      Payment pursuant to Section 5.02.

     

    Section
      5.11. Class
      AP-I, Class 2-AP and 3-AP Reserve Funds.

     

    (a) The
      Trustee shall establish and maintain three segregated trust accounts that are
      Eligible Accounts, which shall be titled “Class AP-I Reserve Fund, U.S. Bank
      National Association, as trustee, in trust for the registered holders of Lehman
      XS Trust Mortgage Pass-Through Certificates, Series 2007-16N” (the “Class AP-I
      Reserve Fund”), “Class 2-AP Reserve Fund, U.S. Bank National Association, as
      trustee, in trust for the registered holders of Lehman XS Trust Mortgage
      Pass-Through Certificates, Series 2007-16N” (the “Class 2-AP Reserve Fund”) and
“Class 3-AP Reserve Fund, U.S. Bank National Association, as trustee, in trust
      for the registered holders of Lehman XS Trust Mortgage Pass-Through
      Certificates, Series 2007-16N” (the “Class 3-AP Reserve Fund”). The Trustee
      shall credit each of the Class AP-I Reserve Fund, Class 2-AP Reserve Fund and
      the Class 3-AP Reserve Fund with $1000 remitted for such purpose on the Closing
      Date to the Trustee by LBH. Funds deposited in the Class AP-I Reserve Fund,
      Class 2-AP Reserve Fund and the Class 3-AP Reserve Fund shall be held in trust
      by the Trustee on behalf of the Certificateholders until distributed pursuant
      to
      Section 5.11(c). 

     

    
      
        
        

      

      
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    (b) Funds
      in
      each of the Class AP-I Reserve Fund, Class 2-AP Reserve Fund and the Class
      3-AP
      Reserve Fund shall remain uninvested.

     

    (c) Holder
      thereof shall direct the Trustee, in writing, as to investment of amounts on
      deposit therein. On the Distribution Date in September 2012, the Trustee shall
      distribute $1000 from the Class AP-I Reserve Fund to the Holders of the Class
      AP-I Certificates. On the Distribution Date in September 2012, the Trustee
      shall
      distribute $1000 from the Class 2-AP Reserve Fund to the Holders of the Class
      2-AP Certificates. On the Distribution Date in September 2012, the Trustee
      shall
      distribute $1000 from the Class 3-AP Reserve Fund to the Holders of the Class
      3-AP Certificates. 

     

    (d) None
      of
      the assets of the Class P Reserve Funds shall be an asset of any of the
      REMICs.

     

    Section
      5.12. X-I
      Component Account and X-II Component Account.

     

    (a) On
      the
      Closing Date, the Trustee shall establish and maintain in its name, in trust
      for
      the benefit of the holders of the Class X-I and Class X-II Certificates, the
      X-I
      Component Account and the X-II Component Account, respectively. No later than
      the first date on which any NIM Securities are issued, the Depositor may deposit
      a dollar amount into the X-I Component Account and the X-II Component Account.
      The X-I Component Account and the X-II Component Account shall be Eligible
      Accounts, and funds on deposit therein shall be held separate and apart from,
      and shall not be commingled with, any other moneys, including, without
      limitation, other moneys of the Trustee held pursuant to this
      Agreement.

     

    (b) Funds
      in
      the X-I Component Account and the X-II Component Account may be invested in
      Eligible Investments having fixed maturities described in clauses (i), (iv),
      (v)
      or (vii) of the definition thereof by the Trustee at the direction of the
      holders of the Class C-I and Class C-II Certificates, respectively, maturing
      on
      or prior to the next succeeding Distribution Date. No Eligible Investments
      shall
      be acquired or disposed of for the primary purpose of recognizing gains or
      decreasing losses from market value changes. Any funds held in the X-I Component
      Account and the X-II Component Account that are not invested shall be held
      in
      cash. In the absence of such written direction, all funds in the X-I Component
      Account and the X-II Component Account shall remain uninvested. Any investment
      earnings on such amounts in the X-I Component Account and the X-II Component
      Account shall be payable to the holders of the Class C-I and Class C-II
      Certificates, respectively. The Trustee shall account for each of the X-I
      Component Account and the X-II Component Account as an outside reserve fund
      within the meaning of Treasury regulation 1.860G-2(h) and not an asset of any
      REMIC created pursuant to this Agreement. The Class C-I and Class C-II
      Certificates shall evidence ownership of the X-I Component Account and the
      X-II
      Component Account, respectively, for federal tax purposes and the Holders
      thereof shall direct the Trustee in writing as to the investment of amounts
      therein. The Trustee shall have no liability for losses on investments in
      Eligible Investments made pursuant to this Section 5.12(b) (other than as
      obligor on any such investments). Upon termination of the X-I Component Account
      and the X-II Component Account, any amounts remaining in the X-I Component
      Account and the X-II Component Account shall be distributed to the Holders
      of
      the Class C-I and Class C-II Certificates, respectively, in the same manner
      as
      if distributed pursuant to Sections 5.02(j)(1) and 5.02(k)(1)
      hereof.

     

    
      
        
        

      

      
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    (c) On
      each
      Distribution Date on or prior to the X-I Component Account Termination Date
      and
      X-II Component Account Termination Date, amounts on deposit in the X-I Component
      Account and the X-II Component Account will be withdrawn and applied to make
      payments on the Class X-I, Class X-II, Class C-I and Class C-II Certificates,
      as
      provided in Sections
      5.02(j) and 5.02(k)
      of this
      Agreement. Any amounts that the Trustee is not required to distribute from
      the
      in the X-I Component Account and the X-II Component Account pursuant to Sections
      5.02(j) and 5.02(k) of this Agreement shall remain on deposit in the X-I
      Component Account and the X-II Component Account.

     

    (d) The
      X-I
      Component Account and the X-II Component Account shall terminate on the earlier
      of (i) the X-I Component Account Termination Date and the X-II Component Account
      Termination Date, respectively, or (ii) the Distribution Date on which the
      amount on deposit in the X-I Component Account and the X-II Component Account,
      respectively, is reduced to zero.

     

    Section
      5.13. The
      Certificate Insurance Policy.
      

     

    (a) If
      the
      Trustee determines that an Insured Amount is required to be made by the
      Certificate Insurer on such Distribution Date, the Trustee shall determine
      the
      amount of any such Insured Amount and shall give written notice to the
      Certificate Insurer by completing a Notice of Nonpayment in the form of Exhibit
      A to the Certificate Insurance Policy and submitting such Notice of Nonpayment
      by 12:00 noon, New York City time prior to the third Business Day before the
      related Distribution Date as a claim for an Insured Amount. The Trustee’s
      responsibility for delivering a Notice of Nonpayment to the Certificate Insurer,
      as provided in the preceding sentence, is limited to the availability,
      timeliness and accuracy of the information provided to it by the Master
      Servicer.

     

    In
      the
      event the Trustee receives a certified copy of an order of the appropriate
      court
      that any scheduled payment of principal or interest on a Guaranteed Certificate
      has been voided in whole or in part as a preference payment under applicable
      bankruptcy law, the Trustee shall promptly notify the Certificate Insurer in
      writing, as appropriate, and the fiscal agent, if any, and the Trustee shall
      make a claim on the Certificate Insurance Policy in accordance with the
      provisions thereof to obtain payment by the Certificate Insurer of such voided
      scheduled payment. In addition, the Trustee shall mail notice to all Holders
      of
      the Guaranteed Certificates so affected that, in the event that any such
      Holder’s scheduled payment is so recovered, such Holder will be entitled to
      payment pursuant to the terms of the Certificate Insurance Policy, a copy of
      which shall be made available to such Holders by the Trustee. The Trustee shall
      furnish to the Certificate Insurer and the appropriate fiscal agent, if any,
      its
      records listing the payments on the affected Guaranteed Certificates, if any,
      that have been made by the Trustee and subsequently recovered from the affected
      Holders, and the dates on which such payments were made by the
      Trustee.

     

    
      
        
        

      

      
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    (b) At
      the
      time of the execution hereof, and for the purposes hereof, the Trustee shall
      establish the Policy Payments Account over which the Trustee shall have
      exclusive control and sole right of withdrawal. The Policy Payments Account
      shall be an Eligible Account. The Trustee shall deposit any amount paid under
      the Certificate Insurance Policy into the Policy Payments Account and distribute
      such amount only for the purposes of making payments to Holders of the
      Guaranteed Certificates in respect of the Guaranteed Distributions (or other
      amounts payable pursuant to the second paragraph of subsection (a) above on
      the
      Guaranteed Certificates by the Certificate Insurer pursuant to the Certificate
      Insurance Policy) for which the related claim was made under the Certificate
      Insurance Policy. Such amounts shall be allocated by the Trustee to Holders
      of
      Guaranteed Certificates entitled to such payments in the same manner as
      principal and interest distributions are to be allocated with respect to such
      Certificates pursuant to Section 5.02. 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 make regular payments hereunder with funds withdrawn from
      the
      Certificate Account. However, any payments made on the Guaranteed Certificates
      from funds in the Policy Payments Account shall be noted as provided in
      subsection (e) below. Funds held in the Policy Payments Account shall not be
      invested by the Trustee.

     

    (c) Any
      funds
      received from the Certificate Insurer for deposit into the Policy Payments
      Account pursuant to the Certificate Insurance Policy in respect of a
      Distribution Date or otherwise as a result of any claim under such Certificate
      Insurance Policy shall be applied by the Trustee directly to the payment in
      full
      (i) of the Insured Amounts due on such Distribution Date on the Guaranteed
      Certificates or (ii) of other amounts to which payments under the Certificate
      Insurance Policy are to be applied. Funds received by the Trustee as a result
      of
      any claim under the Certificate Insurance Policy shall be used solely for
      payment to the Holders of the Guaranteed Certificates and may not be applied
      for
      any other purpose, including, without limitation, satisfaction of any costs,
      expenses or liabilities of the Trustee or the Trust Fund. Any funds remaining
      in
      the Policy Payments Account on the first Business Day after each Distribution
      Date (other than the final Distribution Date to the extent of funds remaining
      in
      the Policy Payments Account required to be paid to Holders of the Guaranteed
      Certificates) shall be remitted promptly to the Certificate Insurer pursuant
      to
      the written instruction of the Certificate Insurer.

     

    (d) The
      Trustee shall keep complete and accurate records in respect of (i) all funds
      remitted to the Trustee by the Certificate Insurer and deposited into the Policy
      Payments Account and (ii) the allocation of such funds to (A) payments of
      interest on and principal in respect of any Guaranteed Certificates (B) any
      Applied Loss Amount allocated to the Guaranteed Certificates and (C) payments
      in
      respect of Preference Amounts. The Certificate Insurer shall have the right
      to
      inspect such records at reasonable times during normal business hours upon
      three
      Business Days’ prior notice to the Trustee. Any Insured Amounts disbursed by the
      Trustee from proceeds of the Certificate Insurance Policy shall be considered
      payment by the Certificate Insurer and not by the Trust Fund with respect to
      the
      Guaranteed Certificates and the Certificate Insurer will be entitled to receive
      the related Reimbursement Amount as provided in Section 5.02.

     

    
      
        
        

      

      
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    (e) The
      Trustee acknowledges, and each Holder of a Guaranteed Certificate by their
      acceptance of such Certificate agree, that, without the need for any further
      action on the part of the Certificate Insurer or the Trustee, to the extent
      the
      Certificate Insurer pays Insured Amounts or Preference Amounts, directly or
      indirectly, on account of principal of or interest on any such Class of
      Certificates, the Certificate Insurer will be fully subrogated to the rights
      of
      the Holders of such Class to receive the related Reimbursement Amount as
      provided in Section 5.02. The Holders of each Guaranteed Certificate, by
      acceptance of their respective Classes of Certificates assign their rights
      as
      Holders of such Class of Certificates to the extent of the Certificate Insurer’s
      interest with respect to amounts paid under the Certificate Insurance Policy.
      Each of the Depositor and Trustee agrees to such subrogation and, further agrees
      to execute such instruments and to take such actions as, in the sole judgment
      of
      the Certificate Insurer are necessary to evidence such subrogation and, subject
      to the priority of payment provisions of this Agreement, to perfect the rights
      of the Certificate Insurer to receive any moneys paid or payable in respect
      of
      the Guaranteed Certificates under this Agreement or otherwise. Anything herein
      to the contrary notwithstanding, solely for purposes of determining the
      Certificate Insurer’s rights as subrogee for payments distributable pursuant to
      Section 5.02, any payment with respect to distributions to the Guaranteed
      Certificates that is made with funds received pursuant to the terms of the
      Certificate Insurance Policy shall not be considered payment of such Class
      of
      Certificates from the Trust Fund and shall not result in the distribution or
      the
      provision for the distribution in reduction of the Class Principal Amount of
      such Class of Certificates or Current Interest thereon, within the meaning
      of
      Article V.

     

    (f) The
      Trustee shall promptly notify the Certificate Insurer of either of the following
      as to which a Responsible Officer has actual knowledge: (A) the commencement
      of
      any proceeding by or against the Depositor commenced under the Bankruptcy Code
      or any other applicable bankruptcy, insolvency, receivership, rehabilitation
      or
      similar law (an “Insolvency Proceeding”) and (B) the making of any claim in
      connection with any Insolvency Proceeding seeking the avoidance as a
      preferential transfer (a “Preference Claim”) of any distribution made with
      respect to the Guaranteed Certificates. Each Holder of a Guaranteed Certificate,
      by its purchase of its respective Class of Certificate, and the Trustee hereby
      agree that the Certificate Insurer (so long as no Certificate Insurer Default
      exists) may at any time during the continuation of any proceeding relating
      to a
      Preference Claim direct all matters relating to such Preference Claim,
      including, without limitation, (i) the direction of any appeal of any order
      relating to any Preference Claim and (ii) the posting of any surety, supersedeas
      or performance bond pending any such appeal. In addition and without limitation
      of the foregoing, the Certificate Insurer shall be subrogated to the rights
      of
      the Trustee and each Holder of a Guaranteed Certificate in the conduct of any
      Preference Claim, including, without limitation, all rights of any party to
      an
      adversary proceeding action with respect to any court order issued in connection
      with any such Preference Claim.

     

    (g) The
      Trustee shall surrender the Certificate Insurance Policy to the Certificate
      Insurer for cancellation upon the termination of the Trust Fund pursuant to
      Article VII hereof.

     

    
      
        
        

      

      
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    ARTICLE
      VI.

     

    CONCERNING
      THE TRUSTEE; EVENTS OF DEFAULT

     

    Section
      6.01. Duties
      of Trustee.

     

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

     

    (b) The
      Trustee, upon receipt of all resolutions, certificates, statements, opinions,
      reports, documents, orders or other instruments furnished to the Trustee which
      are specifically required to be furnished pursuant to any provision of this
      Agreement, shall examine them to determine whether they are, on their face,
      in
      the form required by this Agreement; provided, however, that the Trustee shall
      not be responsible for the accuracy or content of any such resolution,
      certificate, statement, opinion, report, document, order or other instrument
      furnished by the Master Servicer, the Cap Providers, the Swap Counterparty
      or
      any Servicer to the Trustee pursuant to this Agreement, and shall not be
      required to recalculate or verify any numerical information furnished to the
      Trustee pursuant to this Agreement. Subject to the immediately preceding
      sentence, if any such resolution, certificate, statement, opinion, report,
      document, order or other instrument is found not to conform on its face to
      the
      form required by this Agreement in a material manner the Trustee shall notify
      the Person providing such resolutions, certificates, statements, opinions,
      reports or other documents of the non-conformity, and if the instrument is
      not
      corrected to the Trustee’s satisfaction, the Trustee will provide notice thereof
      to the Certificateholders and any NIMS Insurer and will, at the expense of
      the
      Trust Fund, which expense shall be reasonable given the scope and nature of
      the
      required action, take such further action as directed by the Certificateholders
      and any NIMS Insurer.

     

    (c) The
      Trustee shall not have any liability arising out of or in connection with this
      Agreement, except for its negligence or willful misconduct. Notwithstanding
      anything in this Agreement to the contrary, the Trustee shall not be liable
      for
      special, indirect or consequential losses or damages of any kind whatsoever
      (including, but not limited to, lost profits). No provision of this Agreement
      shall be construed to relieve the Trustee from liability for its own negligent
      action, its own negligent failure to act or its own willful misconduct;
      provided, however, that:

     

    (i) The
      Trustee shall not be personally liable with respect to any action taken,
      suffered or omitted to be taken by it in good faith in accordance with the
      consent or direction of the Holders of Certificates as provided in Section
      6.18
      hereof;

     

    
      
        
        

      

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

     

    (iii) The
      Trustee shall not be responsible for the acts or omissions of any Servicer,
      Custodian or the Master Servicer, it being understood that this Agreement shall
      not be construed to render any of them agents of one another; and

     

    (iv) The
      Trustee shall not be responsible for the acts or omissions of  the
      Master Servicer or the Certificate Insurer.

     

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

     

    (e) The
      Trustee shall not be personally liable with respect to any action taken,
      suffered or omitted to be taken by it in good faith in accordance with the
      direction of any NIMS Insurer, the Certificate Insurer or the Certificateholders
      of any Class holding Certificates which evidence, as to such Class, Percentage
      Interests aggregating not less than 25% as to the time, method and place of
      conducting any proceeding for any remedy available to the Trustee or exercising
      any trust or power conferred upon the Trustee under this Agreement.

     

    (f) The
      Trustee shall not be required to perform services under this Agreement, or
      to
      expend or risk its own funds or otherwise incur financial liability for the
      performance of any of its duties hereunder or the exercise of any of its rights
      or powers if there is reasonable ground for believing that the timely payment
      of
      its fees and expenses or the repayment of such funds or adequate indemnity
      against such risk or liability is not reasonably assured to it, and none of
      the
      provisions contained in this Agreement shall in any event require the Trustee
      to
      perform, or be responsible for the manner of performance of, any of the
      obligations of the Master Servicer or any Servicer under this Agreement or
      any
      Servicing Agreement except during such time, if any, as the Trustee shall be
      the
      successor to, and be vested with the rights, duties, powers and privileges
      of,
      the Master Servicer in accordance with the terms of this Agreement, except
      with
      respect to the Trustee, during such time, if any, as the Trustee shall be the
      successor to, and be vested with the rights, duties, powers and privileges
      of,
      the Master Servicer in accordance with the terms of this Agreement.

     

    
      
        
        

      

      
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    (g) The
      Trustee shall not be held liable by reason of any insufficiency in any account
      (including without limitation the Collection Account and the Certificate
      Account) held by or on behalf of the Trustee resulting from any investment
      loss
      on any Eligible Investment included therein (except to the extent that the
      Trustee is the obligor and has defaulted thereon).

     

    (h) Except
      as
      otherwise provided herein, the Trustee shall not have any duty (A) to see to
      any
      recording, filing, or depositing of this Agreement or any agreement referred
      to
      herein or any financing statement or continuation statement evidencing a
      security interest, or to see to the maintenance of any such recording or filing
      or depositing or to any rerecording, refiling or redepositing of any thereof,
      (B) to see to any insurance, (C) to see to the payment or discharge of any
      tax,
      assessment, or other governmental charge or any lien or encumbrance of any
      kind
      owing with respect to, assessed or levied against, any part of the Trust Fund
      other than from funds available in the Collection Account or the Certificate
      Account, or (D) to confirm or verify the contents of any reports or certificates
      of the Master Servicer, any Servicer, the Swap Counterparty, the Cap Providers
      or the Depositor delivered to the Trustee pursuant to this Agreement believed
      by
      the Trustee to be genuine and to have been signed or presented by the proper
      party or parties.

     

    (i) The
      Trustee shall not be liable in its individual capacity for an error of judgment
      made in good faith by a Responsible Officer or other officers of the Trustee
      unless it shall be proved that the Trustee was negligent in ascertaining the
      pertinent facts.

     

    (j) Notwithstanding
      anything in this Agreement to the contrary, the Trustee shall not be liable
      for
      special, indirect or consequential losses or damages of any kind whatsoever
      (including, but not limited to, lost profits), even if the Trustee has been
      advised of the likelihood of such loss or damage and regardless of the form
      of
      action.

     

    (k) This
      Agreement shall not be construed to render the Trustee an agent of the Master
      Servicer or any Servicer.

     

    (l) For
      so
      long as the Depositor is subject to Exchange Act reporting requirements for
      the
      Lehman XS Trust Mortgage Pass-Through Certificates, Series 2007-16N transaction,
      the Trustee shall give prior written notice to the Sponsor, the Master Servicer
      and the Depositor of the appointment of any Subcontractor by it and a written
      description (in form and substance satisfactory to the Sponsor and the
      Depositor) of the role and function of each Subcontractor utilized by the
      Trustee, specifying (A) the identity of each such Subcontractor and (B) which
      elements of the servicing criteria set forth under Item 1122(d) of Regulation
      AB
      will be addressed in assessments of compliance provided by each such
      Subcontractor.

     

    (m) The
      Trustee shall notify the Sponsor, the Master Servicer and the Depositor within
      five (5) calendar days of knowledge thereof (i) of any legal proceedings pending
      against the Trustee, of the type described in Item 1117 (§ 229.1117) of
      Regulation AB, (ii) of any merger, consolidation or sale of substantially all
      of
      the assets of the Trustee and (iii) if the Trustee shall become (but only to
      the
      extent not previously disclosed) at any time an affiliate of any of the parties
      listed on Exhibit S hereto or any of their affiliates. On or before March 1st
      of
      each year, the Depositor shall distribute the information in Exhibit S to the
      Trustee.

     

    
      
        
        

      

      
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    Section
      6.02. Certain
      Matters Affecting the Trustee.

     

    Except
      as
      otherwise provided in Section 6.01:

     

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

     

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

     

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

     

    (iv) Unless
      an
      Event of Default shall have occurred and be continuing, the Trustee shall not
      be
      bound to make any investigation into the facts or matters stated in any
      resolution, certificate, statement, instrument, opinion, report, notice,
      request, consent, order, approval, bond or other paper or document (provided
      the
      same appears regular on its face), unless requested in writing to do so by
      any
      NIMS Insurer, the Certificate Insurer (in the event that there is no NIMS
      Insurer) or the Holders of at least a majority in Class Principal Amount (or
      Percentage Interest) of each Class of Certificates; provided, however, that,
      if
      the payment within a reasonable time to the Trustee of the costs, expenses
      or
      liabilities likely to be incurred by it in the making of such investigation
      is,
      in the opinion of the Trustee not reasonably assured to the Trustee by the
      security afforded to it by the terms of this Agreement, the Trustee may require
      reasonable indemnity against such expense or liability or payment of such
      estimated expenses from any NIMS Insurer, the Certificate Insurer (in the event
      that there is no NIMS Insurer) or the Certificateholders, as applicable, as
      a
      condition to proceeding. The reasonable expense thereof shall be paid by the
      party requesting such investigation and if not reimbursed by the requesting
      party shall be reimbursed to the Trustee by the Trust Fund;

     

    (v) The
      Trustee may execute any of the trusts or powers hereunder or perform any duties
      hereunder either directly or by or through agents, custodians or attorneys,
      which agents, custodians or attorneys shall have any and all of the rights,
      powers, duties and obligations of the Trustee conferred on them by such
      appointment, provided that the Trustee shall continue to be responsible for
      its
      duties and obligations hereunder to the extent provided herein, and provided
      further that the Trustee shall not be responsible for any misconduct or
      negligence on the part of any such agent or attorney appointed with due care
      by
      the Trustee;

     

    
      
        
        

      

      
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    (vi) The
      Trustee shall not be under any obligation to exercise any of the trusts or
      powers vested in it by this Agreement or to institute, conduct or defend any
      litigation hereunder or in relation hereto, in each case at the request, order
      or direction of any of the Certificateholders, any NIMS Insurer or the
      Certificate Insurer (in the event that there is no NIMS Insurer) pursuant to
      the
      provisions of this Agreement, unless such Certificateholders, the Certificate
      Insurer (in the event that there is no NIMS Insurer) or any NIMS Insurer shall
      have offered to the Trustee reasonable security or indemnity against the costs,
      expenses and liabilities which may be incurred therein or thereby;

     

    (vii) The
      right
      of the Trustee to perform any discretionary act enumerated in this Agreement
      shall not be construed as a duty, and the Trustee shall not be answerable for
      other than its negligence or willful misconduct in the performance of such
      act;
      and

     

    (viii) The
      Trustee shall not be required to give any bond or surety in respect of the
      execution of the Trust Fund created hereby or the powers granted
      hereunder.

     

    Section
      6.03. Trustee
      Not Liable for Certificates.

     

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

     

    
      
        
        

      

      
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    Section
      6.04. Trustee
      May Own Certificates.

     

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

     

    Section
      6.05. Eligibility
      Requirements for Trustee.

     

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

     

    Section
      6.06. Resignation
      and Removal of Trustee.

     

    (a) The
      Trustee may at any time resign and be discharged from the trust hereby created
      by giving written notice thereof to the Depositor, any NIMS Insurer, the Swap
      Counterparty and the Master Servicer. Upon receiving such notice of resignation,
      the Depositor will promptly appoint a successor trustee acceptable to any NIMS
      Insurer by written instrument, one copy of which instrument shall be delivered
      to the resigning Trustee, one copy to the successor trustee, one copy to the
      Certificate Insurer and one copy to each of the Master Servicer, the Swap
      Counterparty and any NIMS Insurer. If no successor trustee shall have been
      so
      appointed and shall have accepted appointment within 30 days after the giving
      of
      such notice of resignation, the resigning Trustee may petition any court of
      competent jurisdiction for the appointment of a successor trustee.

     

    (b) If
      at any
      time (i) the Trustee shall cease to be eligible in accordance with the
      provisions of Section 6.05 and shall fail to resign after written request
      therefor by the Depositor or any NIMS Insurer, (ii) the Trustee shall become
      incapable of acting, or shall be adjudged a bankrupt or insolvent, or a receiver
      of the Trustee or of its property shall be appointed, or any public officer
      shall take charge or control of the Trustee or of its property or affairs for
      the purpose of rehabilitation, conservation or liquidation, (iii) a tax is
      imposed or threatened with respect to the Trust Fund by any state in which
      the
      Trustee or the Trust Fund held by the Trustee is located, (iv) the continued
      use
      of the Trustee would result in a downgrading of the rating by any Rating Agency
      of any Class of Certificates with a rating or (v) the Trustee shall fail to
      provide the information required pursuant to Section 6.01(l) or (m) or Section
      9.25 hereof, then the Depositor, any NIMS Insurer or the Master Servicer shall
      remove the Trustee and the Depositor shall appoint a successor trustee
      acceptable to any NIMS Insurer and the Master Servicer by written instrument,
      one copy of which instrument shall be delivered to each of the Trustee so
      removed, the successor trustee, the Master Servicer, the Certificate Insurer,
      the Swap Counterparty and any NIMS Insurer.

     

    
      
        
        

      

      
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    (c) The
      Holders of more than 50% of the Class Principal Amount (or Percentage Interest)
      of each Class of Certificates (or any NIMS Insurer in the event of failure
      of
      the Trustee to perform its obligations hereunder) may at any time upon 30 days’
written notice to the Trustee and the Depositor remove the Trustee by such
      written instrument, signed by such Holders or their attorney in fact duly
      authorized (or by any NIMS Insurer), one copy of which instrument shall be
      delivered to each of the Depositor, the Trustee, the Swap Counterparty, the
      Certificate Insurer, the Master Servicer and any NIMS Insurer; and the Depositor
      shall thereupon appoint a successor trustee in accordance with this Section
      mutually acceptable to the Depositor, the Master Servicer and any NIMS
      Insurer.

     

    (d) Any
      resignation or removal of the Trustee and appointment of a successor trustee
      pursuant to any of the provisions of this Section shall become effective upon
      (i) the payment of all unpaid amounts owed to the Trustee and (ii) the
      acceptance of appointment by the successor trustee as provided in Section
      6.07.

     

    Section
      6.07. Successor
      Trustee.

     

    (a) Any
      successor trustee appointed as provided in Section 6.06 shall execute,
      acknowledge and deliver to the Depositor, the Master Servicer and any NIMS
      Insurer, the Swap Counterparty and to its predecessor trustee an instrument
      accepting such appointment hereunder, and thereupon the resignation or removal
      of the predecessor trustee shall become effective and such successor trustee
      without any further act, deed or conveyance, shall become fully vested with
      all
      the rights, powers, duties and obligations of its predecessor hereunder, with
      like effect as if originally named as trustee herein. The predecessor trustee
      (or its custodian) shall deliver to the successor trustee (or assign to the
      Trustee its interest under the Custodial Agreement, to the extent permitted
      thereunder) all Mortgage Files and documents and statements related to each
      Mortgage File held by it hereunder, and shall duly assign, transfer, deliver
      and
      pay over to the successor trustee the entire Trust Fund, together with all
      necessary instruments of transfer and assignment or other documents properly
      executed necessary to effect such transfer and such of the records or copies
      thereof maintained by the predecessor trustee in the administration hereof
      as
      may be requested by the successor trustee and shall thereupon be discharged
      from
      all duties and responsibilities under this Agreement. In addition, the Master
      Servicer and the predecessor trustee shall execute and deliver such other
      instruments and do such other things as may reasonably be required to more
      fully
      and certainly vest and confirm in the successor trustee all such rights, powers,
      duties and obligations.

     

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

     

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

     

    
      
        
        

      

      
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    Section
      6.08. Merger
      or Consolidation of Trustee.

     

    Any
      Person into which the Trustee may be merged or with which it may be
      consolidated, or any Person resulting from any merger, conversion or
      consolidation to which the Trustee shall be a party, or any Persons succeeding
      to the corporate trust business of the Trustee shall be the successor to the
      Trustee hereunder, without the execution or filing of any paper or any further
      act on the part of any of the parties hereto, anything herein to the contrary
      notwithstanding, provided that such Person shall be eligible under the
      provisions of Section 6.05. As a condition to the succession to the Trustee
      under this Agreement by any Person (i) into which the Trustee may be merged
      or
      consolidated, or (ii) which may be appointed as a successor to the Trustee,
      the
      Trustee shall notify the Depositor and the Master Servicer, at least 15 calendar
      days prior to the effective date of such succession or appointment, of such
      succession or appointment and shall furnish to the Depositor in writing and
      in
      form and substance reasonably satisfactory to the Depositor, all information
      reasonably necessary for the Trustee to accurately and timely report, pursuant
      to Section 6.20, the event under Item 6.02 of Form 8-K pursuant to the Exchange
      Act (if such reports under the Exchange Act are required to be filed under
      the
      Exchange Act).

     

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

     

    (a) Notwithstanding
      any other provisions hereof, at any time, the Trustee, the Depositor or the
      Certificateholders evidencing more than 50% of the Class Principal Amount (or
      Percentage Interest) of every Class of Certificates shall have the power from
      time to time to appoint one or more Persons, approved by the Trustee and any
      NIMS Insurer, to act either as co-trustees jointly with the Trustee, or as
      separate trustees, or as custodians, for the purpose of holding title to,
      foreclosing or otherwise taking action with respect to any Mortgage Loan outside
      the state where the Trustee has its principal place of business where such
      separate trustee or co-trustee is necessary or advisable (or the Trustee has
      been advised by the Master Servicer that such separate trustee or co-trustee
      is
      necessary or advisable) under the laws of any state in which a property securing
      a Mortgage Loan is located or for the purpose of otherwise conforming to any
      legal requirement, restriction or condition in any state in which a property
      securing a Mortgage Loan is located or in any state in which any portion of
      the
      Trust Fund is located. The separate Trustees, co-trustees, or custodians so
      appointed shall be trustees or custodians for the benefit of all the
      Certificateholders and shall have such powers, rights and remedies as shall
      be
      specified in the instrument of appointment; provided, however, that no such
      appointment shall, or shall be deemed to, constitute the appointee an agent
      of
      the Trustee. The obligation of the Trustee to make Advances pursuant to Section
      5.04 and 6.14 shall not be affected or assigned by the appointment of a
      co-trustee. Prior to the appointment hereunder of any co-trustee, separate
      trustee, or custodian pursuant to this Section 6.09, such Person shall enter
      into an agreement, in form and substance satisfactory to the Depositor, the
      Master Servicer and the Trustee, relating to the satisfaction of such Person
      of
      its reporting obligations under Regulation AB with respect to the Trust Fund.
      The Trustee shall not be responsible for any action or omission of any separate
      trustee, co-trustee or custodian. Notwithstanding the foregoing, if such
      co-custodian or co-trustee is determined to be a Servicing Function Participant,
      no such co-custodian or co-trustee shall be vested with any powers, rights
      and
      remedies under this Agreement unless such party has agreed to comply with all
      Regulation AB requirements set forth under this Agreement or the Custodial
      Agreement, as applicable.

     

    
      
        
        

      

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

     

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

     

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

     

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

     

    (iv) the
      Trustee or the Certificateholders evidencing more than 50% of the Aggregate
      Voting Interests of the Certificates may at any time accept the resignation
      of
      or remove any separate trustee, co-trustee or custodian, so appointed by it
      or
      them, if such resignation or removal does not violate the other terms of this
      Agreement.

     

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

     

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

     

    
      
        
        

      

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

     

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

     

    (g) The
      Trustee shall pay the reasonable compensation of the co-trustees requested
      by
      the Trustee to be so appointed (which compensation shall not reduce any
      compensation payable to the Trustee) and, if paid by the Trustee, shall be
      a
      reimbursable expense pursuant to Section 6.12.

     

    (h) Notwithstanding
      the foregoing, for so long as reports are required to be filed with the
      Commission under the Exchange Act with respect to the Trust, the Trustee shall
      not utilize any Subcontractor for the performance of its duties hereunder if
      such Subcontractor would be “participating in the servicing function” within the
      meaning of Item 1122 of Regulation AB without (a) giving notice to the Seller,
      the Master Servicer and the Depositor and (b) requiring any such Subcontractor
      to provide to the Trustee an assessment of compliance as provided in Section
      9.25(a) and an attestation report as provided in Section 9.25(b), which reports
      the Trustee shall include in its assessment and attestation reports. The Trustee
      shall indemnify the Depositor and the Master Servicer and any director, officer,
      employee or agent of each of the Depositor and the Master Servicer and hold
      them
      harmless against any and all claims, losses, damages, penalties, fines,
      forfeitures, reasonable and necessary legal fees and related costs, judgments,
      and any other costs, fees and expenses that any of them may sustain arising
      out
      of or based upon (i) the failure by the Trustee to give notice of the engagement
      of any Subcontractor or (ii) the failure by such Subcontractor engaged by the
      Trustee to provide the Trustee or the Master Servicer and the Depositor, either
      directly or indirectly through the Trustee, an assessment of compliance as
      provided in Section 9.25(a) and an attestation report as provided in Section
      9.25(b). This indemnity shall survive the termination of this Agreement or
      the
      earlier resignation or removal of the Trustee.

     

    Section
      6.10. Authenticating
      Agents.

     

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

     

    
      
        
        

      

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

     

    (c) Any
      Authenticating Agent may at any time resign by giving at least 30 days’ advance
      written notice of resignation to the Trustee, any NIMS Insurer and the
      Depositor. The Trustee may at any time terminate the agency of any
      Authenticating Agent by giving written notice of termination to such
      Authenticating Agent, any NIMS Insurer and the Depositor. Upon receiving a
      notice of resignation or upon such a termination, or in case at any time any
      Authenticating Agent shall cease to be eligible in accordance with the
      provisions of this Section 6.10, the Trustee may appoint a successor
      Authenticating Agent, shall give written notice of such appointment to the
      Depositor and any NIMS Insurer and shall mail notice of such appointment to
      all
      Holders of Certificates. Any successor Authenticating Agent upon acceptance
      of
      its appointment hereunder shall become vested with all the rights, powers,
      duties and responsibilities of its predecessor hereunder, with like effect
      as if
      originally named as Authenticating Agent. No successor Authenticating Agent
      shall be appointed unless eligible under the provisions of this Section 6.10.
      No
      Authenticating Agent shall have responsibility or liability for any action
      taken
      by it as such at the direction of the Trustee. Any Authenticating Agent shall
      be
      entitled to reasonable compensation for its services and, if paid by the
      Trustee, it shall be a reimbursable expense pursuant to Section
      6.12.

     

    Section
      6.11. Indemnification
      of Trustee.

     

    The
      Trustee and its respective directors, officers, employees and agents shall
      be
      entitled to indemnification from the Trust Fund for any loss, liability or
      expense incurred in connection with any legal proceeding or incurred without
      negligence or willful misconduct on their part (it being understood that the
      negligence or willful misconduct of any Custodian shall not constitute
      negligence or willful misconduct on the part of the Trustee or its directors,
      officers, employees or agents for such purpose), arising out of, or in
      connection with, the acceptance or administration of the trusts created
      hereunder or under the Exchange Trust Agreement, or in connection with the
      performance of their duties hereunder, the Mortgage Loan Sale Agreement, the
      Interest Rate Cap Agreements, the Certificate Insurance Policy, the Swap
      Agreements, any Transfer Agreement, any Servicing Agreement or any Custodial
      Agreement, including any applicable fees and expenses payable pursuant to
      Section 6.12 and the costs and expenses of defending themselves against any
      claim in connection with the exercise or performance of any of their powers
      or
      duties hereunder, provided that:

     

    (i) with
      respect to any such claim, the Trustee shall have given the Depositor, the
      Master Servicer and the Holders written notice thereof promptly after the
      Trustee shall have knowledge thereof; provided that failure to so notify shall
      not relieve the Trust Fund of the obligation to indemnify the Trustee; however,
      any reasonable delay by the Trustee to provide written notice to the Depositor,
      the Master Servicer and the Holders promptly after the Trustee shall have
      obtained knowledge of a claim shall not relieve the Trust Fund of the obligation
      to indemnify the Trustee under this Section 6.11;

     

    
      
        
        

      

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

     

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

     

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

     

    Section
      6.12. Fees
      and Expenses of Trustee and Custodian.

     

    The
      Trustee shall be entitled to (i) receive, and is authorized to pay itself,
      the
      amount of income or gain earned from investment of funds in the Certificate
      Account and (ii) reimbursement of all reasonable expenses, disbursements and
      advances incurred or made by the Trustee in accordance with this Agreement
      (including fees and expenses of its counsel and all persons not regularly in
      its
      employment and any amounts described in Section 10.01 to which the Trustee
      is
      entitled as provided therein), except for expenses, disbursements and advances
      that either (i) do not constitute “unanticipated expenses” within the meaning of
      Treasury Regulations Section 1.860G-1(b)(3)(ii) or (ii) arise from its
      negligence, bad faith or willful misconduct. The Custodian shall receive
      compensation and reimbursement or payment of its expenses under the Custodial
      Agreement as provided therein; provided that, to the extent required under
      Section 6 or Section 20 of the Custodial Agreement, the Trustee is hereby
      authorized to pay such compensation or reimbursement from amounts on deposit
      in
      the Certificate Account prior to any distributions to Certificateholders
      pursuant to Section 5.02 hereof.

     

    Section
      6.13. Collection
      of Monies.

     

    Except
      as
      otherwise expressly provided in this Agreement, the Trustee may demand payment
      or delivery of, and shall receive and collect, all money and other property
      payable to or receivable by the Trustee pursuant to this Agreement. The Trustee
      shall hold all such money and property received by it as part of the Trust
      Fund
      and shall distribute it as provided in this Agreement. If the Trustee shall
      not
      have timely received amounts to be remitted with respect to the Mortgage Loans
      from the Master Servicer, the Trustee shall request the Master Servicer to
      make
      such distribution as promptly as practicable or legally permitted. If the
      Trustee shall subsequently receive any such amount, it may withdraw such
      request.

     

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

     

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

     

    
      
        
        

      

      
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    (i) Any
      failure by the Master Servicer to furnish to the Trustee the Mortgage Loan
      data
      sufficient to prepare the reports described in Section 4.03(a) which continues
      unremedied for a period of two (2) Business Days after the date upon which
      written notice of such failure shall have been given to such Master Servicer
      by
      the Trustee or to such Master Servicer and the Trustee by any NIMS Insurer,
      the
      Certificate Insurer (in the event that there is no NIMS Insurer) or Holders
      of
      not less than 25% of the Class Principal Amount of each Class of Certificates
      affected thereby; or

     

    (ii) Any
      failure on the part of the Master Servicer duly to observe or perform in any
      material respect any other of the covenants or agreements on the part of the
      Master Servicer contained in this Agreement which continues unremedied for
      a
      period of 30 days (or 15 days, in the case of failure to maintain any Insurance
      Policy required to be maintained pursuant to this Agreement) after the date
      on
      which written notice of such failure, requiring the same to be remedied, shall
      have been given to the Master Servicer by the Trustee or to the Master Servicer
      and the Trustee by any NIMS Insurer, the Certificate Insurer (in the event
      that
      there is no NIMS Insurer) or Holders of not less than 25% of the Class Principal
      Amount (or Class Notional Amount or Percentage Interest) of each Class of
      Certificates affected thereby; or

     

    (iii) A
      decree
      or order of a court or agency or supervisory authority having jurisdiction
      for
      the appointment of a conservator or receiver or liquidator in any insolvency,
      readjustment of debt, marshalling of assets and liabilities or similar
      proceedings, or for the winding up or liquidation of its affairs, shall have
      been entered against the Master Servicer, and such decree or order shall have
      remained in force undischarged or unstayed for a period of 60 days or any Rating
      Agency reduces or withdraws or threatens to reduce or withdraw the rating of
      the
      Certificates because of the financial condition or loan servicing capability
      of
      such Master Servicer; or

     

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

     

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

     

    (vi) The
      Master Servicer shall be dissolved, or shall dispose of all or substantially
      all
      of its assets, or consolidate with or merge into another entity or shall permit
      another entity to consolidate or merge into it, such that the resulting entity
      does not meet the criteria for a successor servicer as specified in Section
      9.27
      hereof; or

     

    
      
        
        

      

      
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    (vii) If
      a
      representation or warranty set forth in Section 9.14 hereof shall prove to
      be
      incorrect as of the time made in any respect that materially and adversely
      affects the interests of the Certificateholders, and the circumstance or
      condition in respect of which such representation or warranty was incorrect
      shall not have been eliminated or cured within 30 days after the date on which
      written notice of such incorrect representation or warranty shall have been
      given to the Master Servicer by the Trustee or to the Master Servicer and the
      Trustee by the Holders of not less than 50% of the Aggregate Voting Interests
      of
      the Certificates or by any NIMS Insurer or the Certificate Insurer (in the
      event
      that there is no NIMS Insurer); or

     

    (viii) A
      sale or
      pledge of any of the rights of the Master Servicer hereunder or an assignment
      of
      this Agreement by the Master Servicer or a delegation of the rights or duties
      of
      the Master Servicer hereunder shall have occurred in any manner not otherwise
      permitted hereunder and without the prior written consent of the Trustee, any
      NIMS Insurer, the Certificate Insurer (in the event that there is no NIMS
      Insurer) and Certificateholders holding not less than 50% of the Aggregate
      Voting Interests of the Certificates; or

     

    (ix) The
      Master Servicer has notice or actual knowledge that a Servicer at any time
      is
      not either a Fannie Mae- or Freddie Mac- approved Seller/Servicer, and the
      Master Servicer has not terminated the rights and obligations of such Servicer
      under the Servicing Agreement and replaced such Servicer with a Fannie Mae-
      or
      Freddie Mac-approved servicer within 60 days of the date the Master Servicer
      receives such notice or acquires such actual knowledge; or

     

    (x) After
      any
      receipt of notice from the Trustee, the Certificate Insurer (in the event that
      there is no NIMs Insurer) or any NIMS Insurer, any failure of the Master
      Servicer to remit to the Trustee any payment required to be made to the Trustee
      for the benefit of Certificateholders under the terms of this Agreement,
      including any Advance, on any Deposit Date, which failure continues unremedied
      for a period of one Business Day after the date upon which such written notice
      of such failure shall have been given to the Master Servicer by the
      Trustee.

     

    If
      an
      Event of Default described in clauses (i) through (ix) of this Section 6.14
      shall occur, then, in each and every case, subject to applicable law, so long
      as
      any such Event of Default shall not have been remedied within any period of
      time
      prescribed by this Section, the Trustee, by notice in writing to the Master
      Servicer may, and shall, if so directed by Certificateholders evidencing not
      less than 25% of the Class Principal Amount (or Class Notional Amount or
      Percentage Interest) of each Class of Certificates affected thereby or any
      NIMS
      Insurer or the Certificate Insurer (in the event that there is no NIMs Insurer),
      terminate all of the rights and obligations of the Master Servicer hereunder
      and
      in and to the Mortgage Loans and the proceeds thereof. If an Event of Default
      described in clause (x) of this Section 6.14 shall occur, then, in each and
      every case, subject to applicable law, so long as such Event of Default shall
      not have been remedied within the time period prescribed by clause (x) of this
      Section 6.14, the Trustee, by notice in writing to the Master Servicer, the
      NIMS
      Insurer or the Certificate Insurer (in the event that there is no NIMs Insurer),
      shall promptly terminate all the rights and obligations of the Master Servicer
      hereunder and in and to the Mortgage Loans and the proceeds thereof. On or
      after
      the receipt by the Master Servicer of such written notice, all authority and
      power of the Master Servicer, and only in its capacity as Master Servicer under
      this Agreement, whether with respect to the Mortgage Loans or otherwise, shall
      pass to and be vested in the Trustee and pursuant to and under the terms of
      this
      Agreement; provided, however, the parties acknowledge that notwithstanding
      the
      preceding sentence, there may be a transition period, not to exceed 90 days,
      in
      order to effect the transfer of the Master Servicer’s obligations to the
      Trustee, the Trustee is hereby authorized and empowered to execute and deliver,
      on behalf of the defaulting Master Servicer as attorney-in-fact or otherwise,
      any and all documents and other instruments, and to do or accomplish all other
      acts or things necessary or appropriate to effect the purposes of such notice
      of
      termination, whether to complete the transfer and endorsement or assignment
      of
      the Mortgage Loans and related documents or otherwise. The defaulting Master
      Servicer agrees to cooperate with the Trustee in effecting the termination
      of
      the defaulting Master Servicer’s responsibilities and rights hereunder as Master
      Servicer including, without limitation, notifying the Servicers of the
      assignment of the master servicing function and providing the Trustee or its
      designee all documents and records in electronic or other form reasonably
      requested by it to enable the Trustee or its designee to assume the defaulting
      Master Servicer’s functions hereunder and the transfer to the Trustee for
      administration by it of all amounts which shall at the time be or should have
      been deposited by the defaulting Master Servicer in the Collection Account
      maintained by such defaulting Master Servicer and any other account or fund
      maintained with respect to the Certificates or thereafter received with respect
      to the Mortgage Loans. The Master Servicer being terminated (or the Trust Fund,
      if the Master Servicer is unable to fulfill its obligations hereunder) as a
      result of an Event of Default shall bear all costs of a master servicing
      transfer, including but not limited to those of the Trustee reasonably allocable
      to specific employees and overhead, legal fees and expenses, accounting and
      financial consulting fees and expenses, and costs of amending the Agreement,
      if
      necessary.

     

    
      
        
        

      

      
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    The
      Trustee shall be entitled to be reimbursed from the Master Servicer (or by
      the
      Trust Fund, if the Master Servicer is unable to fulfill its obligations
      hereunder) for all costs associated with the transfer of master servicing from
      the predecessor Master Servicer, including, without limitation, any costs or
      expenses associated with the complete transfer of all master servicing data
      and
      the completion, correction or manipulation of such servicing data as may be
      required by the Trustee to correct any errors or insufficiencies in the master
      servicing data or otherwise to enable the Trustee to master service the Mortgage
      Loans properly and effectively. If the terminated Master Servicer does not
      pay
      such reimbursement within thirty (30) days of its receipt of an invoice
      therefor, such reimbursement shall be an expense of the Trust Fund and the
      Trustee shall be entitled to withdraw such reimbursement from amounts on deposit
      in the Certificate Account pursuant to Section 4.04(b); provided that the
      terminated Master Servicer shall reimburse the Trust Fund for any such expense
      incurred by the Trust Fund.

     

    Notwithstanding
      the termination of its activities as Master Servicer, each terminated Master
      Servicer shall continue to be entitled to reimbursement to the extent provided
      in Section 4.02(a)(i), (ii), (iii), (v), (vii), (ix) and (x) to the extent
      such
      reimbursement relates to the period prior to such Master Servicer’s
      termination.

     

    
      
        
        

      

      
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    If
      any
      Event of Default shall occur of which a Responsible Officer of the Trustee
      has
      actual knowledge, the Trustee, shall promptly notify any NIMS Insurer, the
      Certificate Insurer, the Swap Counterparty and each Rating Agency of the nature
      and extent of such Event of Default. The Trustee shall immediately give written
      notice to the Master Servicer upon the Master Servicer’s failure to remit funds
      on the Deposit Date.

     

    (b) On
      or
      after the time the Master Servicer (and the Trustee, if notice is sent by any
      NIMS Insurer or the Certificate Insurer (in the event that there is no NIMS
      Insurer)) receives a notice of termination from the Trustee pursuant to Section
      6.14(a) or the Trustee receives the resignation of the Master Servicer evidenced
      by an Opinion of Counsel pursuant to Section 9.28, the Trustee, within 90 days
      of such notice unless another master servicer acceptable to the NIMS Insurer
      or
      the Certificate Insurer (in the event that there is no NIMS Insurer) shall
      have
      been appointed, shall be the successor in all respects to the Master Servicer
      in
      its capacity as such under this Agreement and the transactions set forth or
      provided for herein and shall have all the rights and powers and be subject
      to
      all the responsibilities, duties and liabilities relating thereto and arising
      thereafter placed on the Master Servicer hereunder, including the obligation
      to
      make Advances; provided, however, that any failure to perform such duties or
      responsibilities caused by the Master Servicer’s failure to provide information
      required by this Agreement shall not be considered a default by the Trustee
      hereunder. In addition, the Trustee shall have no responsibility for any act
      or
      omission of the Master Servicer prior to the issuance of any notice of
      termination. The Trustee shall have no liability relating to the representations
      and warranties of the Master Servicer set forth in Section 9.14. In the
      Trustee’s capacity as such successor, the Trustee shall have the same
      limitations on liability herein granted to the Master Servicer. As compensation
      therefor, the Trustee shall be entitled to receive all compensation payable
      to
      the Master Servicer under this Agreement, including the Master Servicing Fee.
      The Trustee shall be entitled to be reimbursed from the Master Servicer (or
      by
      the Trust Fund if the Master Servicer is unable to fulfill its obligations
      hereunder) for all costs associated with the transfer of master servicing from
      the predecessor master servicer, including, without limitation, any costs or
      expenses associated with the complete transfer of all master servicing data
      and
      the completion, correction or manipulation of such master servicing data as
      may
      be required by the Trustee to correct any errors or insufficiencies in the
      master servicing data or otherwise to enable the Trustee to master service
      the
      Mortgage Loans properly and effectively.

     

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

     

    
      
        
        

      

      
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    Section
      6.15. Additional
      Remedies of Trustee Upon Event of Default.

     

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

     

    Section
      6.16. Waiver
      of Defaults.

     

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

     

    
      
        
        

      

      
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    Section
      6.17. Notification
      to Holders.

     

    Upon
      termination of the Master Servicer or appointment of a successor to the Master
      Servicer, in each case as provided herein, the Trustee shall promptly mail
      notice thereof by first class mail to the Certificate Insurer and to the
      Certificateholders at their respective addresses appearing on the Certificate
      Register, the Swap Counterparty and any NIMS Insurer (or the Certificate Insurer
      in the event that there is no NIMS Insurer). The Trustee shall also, within
      45
      days after the occurrence of any Event of Default known to a Responsible Officer
      of the Trustee, give written notice thereof to any NIMS Insurer (or the
      Certificate Insurer in the event that there is no NIMS Insurer) and the
      Certificateholders, unless such Event of Default shall have been cured or waived
      prior to the issuance of such notice and within such 45 day period.

     

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

     

    Subject
      to the provisions of Section 8.01 hereof, during the continuance of any Event
      of
      Default, Holders of Certificates evidencing not less than 25% of the Class
      Principal Amount (or Percentage Interest) of each Class of Certificates affected
      thereby may, with the consent of any NIMS Insurer (or the Certificate Insurer
      in
      the event that there is no NIMS Insurer), direct the time, method and place
      of
      conducting any proceeding for any remedy available to the Trustee, or exercising
      any trust or power conferred upon the Trustee, under this Agreement; provided,
      however, that the Trustee shall be under no obligation to pursue any such
      remedy, or to exercise any of the trusts or powers vested in it by this
      Agreement (including, without limitation, (i) the conducting or defending of
      any
      administrative action or litigation hereunder or in relation hereto and (ii)
      the
      terminating of the Master Servicer or any successor master servicer from its
      rights and duties as master servicer hereunder) at the request, order or
      direction of any of the Certificateholders, or any NIMS Insurer (or the
      Certificate Insurer in the event that there is no NIMS Insurer), unless such
      Certificateholders, or any NIMS Insurer (or the Certificate Insurer in the
      event
      that there is no NIMS Insurer), shall have offered to the Trustee reasonable
      security or indemnity against the cost, expenses and liabilities which may
      be
      incurred therein or thereby; and, provided further, that, subject to the
      provisions of Section 8.01, the Trustee shall have the right to decline to
      follow any such direction if the Trustee, in accordance with an Opinion of
      Counsel, determines that the action or proceeding so directed may not lawfully
      be taken or if the Trustee in good faith determines that the action or
      proceeding so directed would involve it in personal liability for which it
      is
      not indemnified to its satisfaction or be unjustly prejudicial to the non
      assenting Certificateholders.

     

    
      
        
        

      

      
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    Section
      6.19. Action
      Upon Certain Failures of the Master Servicer and Upon Event of
      Default.

     

    In
      the
      event that a Responsible Officer of the Trustee shall have actual knowledge
      of
      any action or inaction of the Master Servicer that would become an Event of
      Default upon the Master Servicer’s failure to remedy the same after notice, the
      Trustee shall give notice thereof to the Master Servicer and the Swap
      Counterparty. For all purposes of this Agreement, in the absence of actual
      knowledge by a Responsible Officer of the Trustee, the Trustee shall not be
      deemed to have knowledge of any failure of the Master Servicer or any other
      Event of Default unless notified in writing by the Depositor, the Master
      Servicer or the Certificateholders.

     

    Section
      6.20. Preparation
      of Tax Returns and Other Reports.

     

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

     

    (b) The
      Trustee shall prepare and file with the IRS, on behalf of each REMIC created
      hereby, an application on IRS Form SS-4. The Trustee, upon receipt from the
      IRS
      of the Notice of Taxpayer Identification Number Assigned for each REMIC, shall
      promptly forward copies of such notices to the Master Servicer and the
      Depositor. The Trustee will file an IRS Form 8811 for all REMICs created
      hereunder. The Trustee shall have no obligation to verify the information in
      any
      Form 8811 or Form SS-4 filing.

     

    (c) Reports
      Filed on Form 10-D.

     

    (i) Within
      15
      days after each Distribution Date (or, if applicable, within such shorter period
      of time as is required under the rules of the Commission as in effect from
      time
      to time (the “Rules”)) during each year in which the Trust Fund is subject to
      Exchange Act reporting requirements, the Trustee shall prepare and file on
      behalf of the Trust Fund any Form 10-D required by the Exchange Act, in form
      and
      substance as required by the Exchange Act. The Trustee shall file each Form
      10-D
      with a copy of the related Distribution Date Statement attached thereto. Any
      disclosure in addition to the Distribution Date Statement that is required
      to be
      included on Form 10-D (“Additional Form 10-D Disclosure”) shall be determined
      and prepared by and at the direction of the Depositor pursuant to the following
      paragraph and the Trustee will have no duty or liability for any failure
      hereunder to determine or prepare any Additional Form 10-D Disclosure, except
      as
      set forth in the next paragraph.

     

    
      
        
        

      

      
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    (ii) As
      set
      forth on Exhibit Q-1 hereto, within five calendar days after the related
      Distribution Date, (A) certain parties to the Lehman XS Trust Mortgage
      Pass-Through Certificates, Series 2007-16N transaction, as identified in Exhibit
      Q-1, shall provide to the Trustee, to the extent known by a Responsible Officer
      thereof, in EDGAR-compatible form (which may be Word or Excel documents easily
      convertible to EDGAR format), or in such other form as otherwise agreed upon
      by
      the Trustee and such party, the form and substance of any Additional Form 10-D
      Disclosure, if applicable, and included with such Additional Form 10-D
      Disclosure, an Additional Disclosure Notification in the form attached hereto
      as
      Exhibit Q-4, (B) the Trustee shall forward to the Depositor, the form and
      substance of the Additional Form 10-D Disclosure, and (C) the Depositor will
      approve, as to form and substance, or disapprove, as the case may be, the
      inclusion of the Additional Form 10-D Disclosure on Form 10-D. The Sponsor
      will
      be responsible for any reasonable fees and expenses assessed or incurred by
      the
      Trustee in connection with including any Additional Form 10-D Disclosure on
      Form
      10-D pursuant to this paragraph.

     

    (iii) After
      preparing the Form 10-D, the Trustee shall forward electronically a draft copy
      of the Form 10-D to the Exchange Act Signing Party for review and approval.
      If
      the Master Servicer is the Exchange Act Signing Party and the Form 10-D includes
      Additional Form 10-D Disclosure, then the Form 10-D shall also be electronically
      distributed to the Depositor for review and approval. No later than two Business
      Days prior to the 15th calendar day after the related Distribution Date, a
      senior officer of the Exchange Act Signing Party 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 Trustee. If a Form 10-D
      cannot be filed on time or if a previously filed Form 10-D needs to be amended,
      the Trustee will follow the procedures set forth in subsection (f)(ii) of this
      Section 6.20. Promptly (but no later than one Business Day) after the deadline
      for filing such report with the Commission, the Trustee will make available
      on
      its internet website a final executed copy of each Form 10-D. Each party to
      this
      Agreement acknowledges that the performance by the Trustee of its duties under
      this Section 6.20(c) related to the timely preparation and filing of Form 10-D
      is contingent upon such parties strictly observing all applicable deadlines
      in
      the performance of their duties under this Section 6.20(c). The Trustee shall
      have no liability for any loss, expense, damage, claim arising out of or with
      respect to any failure to properly prepare and/or timely file such Form 10-D,
      where such failure results from the Trustee’s inability or failure to obtain or
      receive, on a timely basis, any information from any other party hereto needed
      to prepare, arrange for execution or file such Form 10-D, not resulting from
      its
      own negligence, bad faith or willful misconduct.

     

    
      
        
        

      

      
        -166-

        
          

        

      

      
        
        

      

    

     

    (d) Reports
      Filed on Form 10-K.

     

    (i) Unless
      and until a Form 15 suspension notice shall have been filed, on or prior to
      the
      90th calendar day after the end of each fiscal year of the Trust Fund or such
      earlier date as may be required by the Exchange Act (the “10-K Filing Deadline”)
      (it being understood that the fiscal year for the Trust Fund ends on December
      31st of each year), commencing in March 2008, the Trustee shall prepare and
      file
      on behalf of the Trust Fund a Form 10-K, in form and substance as required
      by
      the Exchange Act. To facilitate the Trustee’s preparation of the Form 10-K, the
      Depositor shall provide to the Trustee, no later than 30 days prior to the
      10-K
      Filing Deadline, a template of the Form 10-K in an Edgar-compatible format.
      Each
      such Form 10-K shall include the following items, in each case to the extent
      they have been delivered to the Trustee within the applicable time frames set
      forth in this Agreement and in the Servicing Agreement and the Custodial
      Agreement, (A) an annual compliance statement for the Servicer, each Additional
      Servicer and the Master Servicer, as described under Section 9.26 hereof and
      in
      the Servicing Agreement, (B)(I) the annual reports on assessment of compliance
      with servicing criteria for the Servicer, the Custodian, each Additional
      Servicer, the Master Servicer, any Servicing Function Participant, the Paying
      Agent (if other than the Trustee) and the Trustee (each, a “Reporting
      Servicer”), as described under Section 9.25(a) hereof and in the Servicing
      Agreement and Custodial Agreement, and (II) if any Reporting Servicer’s report
      on assessment of compliance with servicing criteria described under Section
      9.25(a) hereof or in the Servicing Agreement or Custodial Agreement identifies
      any material instance of noncompliance, disclosure identifying such instance
      of
      noncompliance, or if any Reporting Servicer’s report on assessment of compliance
      with servicing criteria described under Section 9.25(a) hereof or in the
      Servicing Agreement or Custodial Agreement is not included as an exhibit to
      such
      Form 10-K, disclosure that such report is not included and an explanation why
      such report is not included, (C)(I) the registered public accounting firm
      attestation report for each Reporting Servicer, as described under Section
      9.25(b) hereof and in the Servicing Agreement and Custodial Agreement and (II)
      if any registered public accounting firm attestation report described under
      Section 9.25(b) hereof or in the Servicing Agreement or Custodial Agreement
      identifies any material instance of noncompliance, disclosure identifying such
      instance of noncompliance, or if any such registered public accounting firm
      attestation report is not included as an exhibit to such Form 10-K, disclosure
      that such report is not included and an explanation why such report is not
      included, and (D) a Sarbanes-Oxley Certification. Any disclosure or information
      in addition to (A) through (D) above that is required to be included on Form
      10-K (“Additional Form 10-K Disclosure”) shall be determined and prepared by and
      at the direction of the Depositor pursuant to the following paragraph and the
      Trustee will have no duty or liability for any failure hereunder to determine
      or
      prepare any Additional Form 10-K Disclosure, except as set forth in the next
      paragraph.

     

    
      
        
        

      

      
        -167-

        
          

        

      

      
        
        

      

    

     

    (ii) As
      set
      forth on Exhibit Q-2 hereto, no later than March 15 of each year that the Trust
      Fund is subject to the Exchange Act reporting requirements, commencing in 2008,
      (A) certain parties to the Lehman XS Trust Mortgage Pass-Through Certificates,
      Series 2007-16N transaction, as identified in Exhibit Q-2, shall provide to
      the
      Trustee, to the extent known by a Responsible Officer thereof, in
      EDGAR-compatible form (which may be Word or Excel documents easily convertible
      to EDGAR format), or in such other form as otherwise agreed upon by the Trustee
      and such party, the form and substance of any Additional Form 10-K Disclosure,
      if applicable, and include with such Additional Form 10-K Disclosure, an
      Additional Disclosure Notification in the form attached hereto as Exhibit Q-4,
      (B) the Trustee shall forward to the Depositor, the form and substance of the
      Additional Form 10-K Disclosure, and (C) the Depositor will approve, as to
      form
      and substance, or disapprove, as the case may be, the inclusion of the
      Additional Form 10-K Disclosure on Form 10-K. The Trustee has no duty under
      this
      Agreement to monitor or enforce the performance by the parties listed on Exhibit
      Q-2 of their duties under this paragraph or proactively solicit or procure
      from
      such parties any Form 10-K Disclosure Information. The Sponsor will be
      responsible for any reasonable fees and expenses assessed or incurred by the
      Trustee in connection with including any Additional Form 10-K Disclosure on
      Form
      10-K pursuant to this paragraph.

     

    (iii) After
      preparing the Form 10-K, the Trustee shall forward electronically a draft copy
      of the Form 10-K to the Exchange Act Signing Party for review and approval.
      If
      the Master Servicer is the Exchange Act Signing Party and the Form 10-K includes
      Additional Form 10-K Disclosure, then the Form 10-K shall also be electronically
      distributed to the Depositor for review and approval. No later than the close
      of
      business New York City time on the 4th Business Day prior to the 10-K Filing
      Deadline, a senior officer of the Exchange Act Signing Party 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 Trustee. If
      a
      Form 10-K cannot be filed on time or if a previously filed Form 10-K needs
      to be
      amended, the Trustee will follow the procedures set forth in subsection (f)
      of
      this Section 6.20. Promptly (but no later than one Business Day) after the
      deadline for filing such report with the Commission, the Trustee will make
      available on its internet website a final executed copy of each Form 10-K.
      The
      parties to this Agreement acknowledge that the performance by the Trustee of
      its
      duties under this Section 6.20(d) related to the timely preparation and filing
      of Form 10-K is contingent upon such parties (and any Additional Servicer or
      Servicing Function Participant) strictly observing all applicable deadlines
      in
      the performance of their duties under this Section 6.20(d), Section 9.25(a),
      Section 9.25(b) and Section 9.26. The Trustee shall have no liability for any
      loss, expense, damage, claim arising out of or with respect to any failure
      to
      properly prepare and/or timely file such Form 10-K, where such failure results
      from the Trustee’s inability or failure to obtain or receive, on a timely basis,
      any information from any other party hereto needed to prepare, arrange for
      execution or file such Form 10-K, not resulting from its own negligence, bad
      faith or willful misconduct.

     

    
      
        
        

      

      
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    (iv) Each
      Form
      10-K shall include the Sarbanes-Oxley Certification. The Trustee (including
      in
      its capacity as Paying Agent, if applicable), the Paying Agent (if other than
      the Trustee) and, if the Depositor is the Exchange Act Signing Party, the Master
      Servicer, shall, and the Trustee (including in its capacity as Paying Agent,
      if
      applicable), the Paying Agent (if other than the Trustee) and the Master
      Servicer (if applicable) shall cause any Servicing Function Participant engaged
      by it to, provide to the Person who signs the Sarbanes-Oxley Certification
      (the
“Certifying Person”), by March 15 of each year in which the Trust Fund is
      subject to the reporting requirements of the Exchange Act (each, a “Back-Up
      Certification”), in the form attached hereto as Exhibit T (or, in the case of
      (x) the Paying Agent (if other than the Trustee), such other form as agreed
      to
      between the Paying Agent and the Exchange Act Signing Party, and (y) the
      Trustee, the form attached hereto as Exhibit U), upon which the Certifying
      Person, the entity for which the Certifying Person acts as an officer, and
      such
      entity’s officers, directors and Affiliates (collectively with the Certifying
      Person, “Certification Parties”) can reasonably rely. The senior officer of the
      Exchange Act Signing Party shall serve as the Certifying Person on behalf of
      the
      Trust Fund. In the event the Master Servicer, the Trustee, the Paying Agent
      or
      any Servicing Function Participant engaged by such parties is terminated or
      resigns pursuant to the terms of this Agreement, such party or Servicing
      Function Participant shall provide a Back-Up Certification to the Certifying
      Person pursuant to this Section 6.20(d)(iv) with respect to the period of time
      it was subject to this Agreement.

     

    (v) Each
      person (including their officers or directors) that signs any Form 10-K
      Certification shall be entitled to indemnification from the Trust Fund for
      any
      liability or expense incurred by it in connection with such certification,
      other
      than any liability or expense attributable to such Person’s own bad faith,
      negligence or willful misconduct. The provisions of this subsection shall
      survive any termination of this Agreement and the resignation or removal of
      such
      Person.

     

    (e) Reports
      Filed on Form 8-K.

     

    (i) During
      any year in which the Trust Fund is subject to Exchange Act reports, within
      four
      Business Days after the occurrence of an event requiring disclosure on Form
      8-K
      (each such event, a “Reportable Event”) or such later date as may be required by
      the Commission, and if requested by the Depositor, the Trustee shall prepare
      and
      file on behalf of the Trust Fund any Form 8-K, as required by the Exchange
      Act;
      provided that the Depositor shall file the initial Form 8-K in connection with
      the issuance of the Certificates. Any disclosure or information related to
      a
      Reportable Event or that is otherwise required to be included on Form 8-K (“Form
      8-K Disclosure Information”) shall be determined and prepared by and at the
      direction of the Depositor pursuant to the following paragraphs and the Trustee
      will have no duty or liability for any failure hereunder to determine or prepare
      any Form 8-K Disclosure Information or any Form 8-K, except as set forth in
      the
      next paragraph.

     

    
      
        
        

      

      
        -169-

        
          

        

      

      
        
        

      

    

     

    (ii) As
      set
      forth on Exhibit Q-3 hereto, for so long as the Trust Fund is subject to the
      Exchange Act reporting requirements, no later than Noon New York City time
      on
      the 2nd Business Day after the occurrence of a Reportable Event (A) certain
      parties to the Lehman XS Trust Mortgage Pass-Through Certificates, Series
      2007-16N transaction, as identified in Exhibit Q-3, shall provide to the
      Trustee, to the extent known by a Responsible Officer thereof, in
      EDGAR-compatible form (which may be Word or Excel documents easily convertible
      to EDGAR format), or in such other form as otherwise agreed upon by the Trustee
      and such party, the form and substance of any Form 8-K Disclosure Information,
      if applicable, and include with such Form 8-K Disclosure Information, an
      Additional Disclosure Notification in the form attached hereto as Exhibit Q-4,
      (B) the Trustee shall forward to the Depositor, the form and substance of the
      Form 8-K Disclosure Information, and (C) the Depositor will approve, as to
      form
      and substance, or disapprove, as the case may be, the inclusion of the Form
      8-K
      Disclosure Information. The Trustee has no duty under this Agreement to monitor
      or enforce the performance by the parties listed on Exhibit Q-3 of their duties
      under this paragraph or proactively solicit or procure from such parties any
      Form 8-K Disclosure Information. The Sponsor will be responsible for any
      reasonable fees and expenses assessed or incurred by the Trustee in connection
      with including any Form 8-K Disclosure Information on Form 8-K pursuant to
      this
      paragraph.

     

    (iii) After
      preparing the Form 8-K, the Trustee shall forward electronically, no later
      than
      Noon New York city time on the 3rd Business Day after the Reportable Event,
      a
      draft copy of the Form 8-K to the Exchange Act Signing Party for review and
      approval. If the Master Servicer is the Exchange Act Signing Party, then the
      Form 8-K shall also be electronically distributed to the Depositor for review
      and approval. No later than Noon New York City time on the 4th Business Day
      after the Reportable Event, a senior officer of the Exchange Act Signing Party
      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
      Trustee. If a Form 8-K cannot be filed on time or if a previously filed Form
      8-K
      needs to be amended, the Trustee will follow the procedures set forth in
      subsection (f) of this Section 6.20. Promptly (but no later than one Business
      Day) after the deadline for filing such form with the Commission, the Trustee
      will, make available on its internet website a final executed copy of each
      Form
      8-K. The parties to this Agreement acknowledge that the performance by the
      Trustee of its duties under this Section 6.20(e) related to the timely
      preparation and filing of Form 8-K is contingent upon such parties strictly
      observing all applicable deadlines in the performance of their duties under
      this
      Section 6.20(e). The Trustee shall have no liability for any loss, expense,
      damage or claim arising out of or with respect to any failure to properly
      prepare and/or timely file such Form 8-K, where such failure results from the
      Trustee’s inability or failure to obtain or receive, on a timely basis, any
      information from any other party hereto needed to prepare, arrange for execution
      or file such Form 8-K, not resulting from its own negligence, bad faith or
      willful misconduct.

     

    
      
        
        

      

      
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    (f) Delisting;
      Amendments; Late Filings.

     

    (i) Prior
      to
      January 30 of the first year in which the Trustee is able to do so under
      applicable law, unless otherwise directed by the Depositor, the Trustee shall
      prepare and file a Form 15 relating to the automatic suspension of reporting
      in
      respect of the Trust Fund under the Exchange Act.

     

    (ii) In
      the
      event that the Trustee becomes aware that it will be unable to timely file
      with
      the Commission all or any required portion of any Form 8-K, 10-D or 10-K
      required to be filed by this Agreement because required disclosure information
      was either not delivered to it or delivered to it after the delivery deadlines
      set forth in this Agreement or for any other reason, the Trustee will
      immediately notify the Depositor. In the case of Form 10-D and 10-K, the parties
      to this Agreement and the Servicer will cooperate to prepare and file a Form
      12b-25 and a 10-D/A and 10-K/A as applicable, pursuant to Rule 12b-25 of the
      Exchange Act. In the case of Form 8-K, the Trustee will, upon receipt of all
      required Form 8-K Disclosure Information and upon the approval and direction
      of
      the Depositor, include such disclosure information on the next Form 10-D. In
      the
      event that any previously filed Form 8-K, 10-D or 10-K needs to be amended,
      the
      Trustee will notify the Depositor and the Servicer and such parties will
      cooperate to prepare any necessary 8-K/A, 10-D/A or 10-K/A. Any Form 15, Form
      12b-25 or any amendment to Form 8-K, 10-D or 10-K shall be signed by a senior
      officer of the Exchange Act Signing Party. The parties to this Agreement
      acknowledge that the performance by the Trustee of its duties under this Section
      6.20(f) related to the timely preparation and filing of Form 15, a Form 12b-25
      or any amendment to Form 8-K, 10-D or 10-K is contingent upon each such party
      performing its duties under this Section. The Trustee shall have no liability
      for any loss, expense, damage, claim arising out of or with respect to any
      failure to properly prepare and/or timely file any such Form 15, Form 12b-25
      or
      any amendments to Forms 8-K, 10-D or 10-K, where such failure results from
      the
      Trustee’s inability or failure to obtain or receive, on a timely basis, any
      information from any other party hereto needed to prepare, arrange for execution
      or file such Form 15, Form 12b-25 or any amendments to Forms 8-K, 10-D or 10-K,
      not resulting from its own negligence, bad faith or willful
      misconduct.

     

    (g) Any
      party
      that signs any Exchange Act report that the Trustee is required to file shall
      provide to the Trustee prompt notice of the execution of such Exchange Act
      report along with the name and contact information for the person signing such
      report and shall promptly deliver to the Trustee the original executed signature
      page for such report. In addition, each of the parties agrees to provide to
      the
      Trustee such additional information related to such party as the Trustee may
      reasonably request, including evidence of the authorization of the person
      signing any certification or statement, financial information and reports,
      and
      such other information related to such party or its performance
      hereunder.

     

    (h) The
      Depositor and the Master Servicer, by mutual agreement, shall determine which
      of
      the Depositor or the Master Servicer shall be the initial Exchange Act Signing
      Party. Upon such determination, the Depositor shall timely notify the Trustee,
      and such notice shall provide contact information for the Exchange Act Signing
      Party. If the Depositor and Master Servicer, at any time, mutually agree to
      change the identity of the Exchange Act Signing Party, the Depositor shall
      provide timely notice to the Trustee of any such change.

     

    
      
        
        

      

      
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    (i) The
      Trustee shall promptly send copies of each periodic report filed on Form 8-K,
      Form 10-D or other applicable form, each annual report on Form 10-K, and each
      Form 15 Suspension Notification, together in each case with the acceptance
      confirmation receipt from EDGAR, to McKee Nelson LLP and to the Depositor (i)
      by
      e-mail to the e-mail addresses provided in writing by each of McKee Nelson
      LLP
      and the Depositor, respectively and (ii) to McKee Nelson LLP at 1919 M Street,
      N.W., Washington, D.C. 20036, and to the Depositor at the address specified
      in
      Section 11.07, in each case to the attention of a designated contact specified
      by each of McKee Nelson LLP and the Depositor, respectively.

     

    Section
      6.21. Reporting
      Requirements of the Commission.

     

    Each
      of
      the parties hereto acknowledges and agrees that the purpose of Sections 6.01,
      6.20, 9.25(a) and 9.25(b) of this Agreement is to facilitate compliance by
      the
      Sponsor, the Master Servicer and the Depositor with the provisions of Regulation
      AB, as such may be amended or clarified 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 compliance with Regulation AB,
      (b)
      the parties’ obligations hereunder will be supplemented and modified as
      necessary to be consistent with any such amendments, interpretive advice or
      guidance, convention or consensus among active participants in the asset-backed
      securities markets, advice of counsel, or otherwise in respect of the
      requirements of Regulation AB and (c) the parties shall comply with reasonable
      requests made by the Sponsor, the Depositor, the Master Servicer or the Trustee
      for delivery of additional or different information as the Sponsor, the
      Depositor, the Master Servicer or the Trustee may determine in good faith is
      necessary to comply with the provisions of Regulation AB, provided that such
      information is available without unreasonable effort or expense and within
      such
      timeframe as may be reasonably requested.

     

    Section
      6.22. Indemnification
      by the Trustee.

     

    The
      Trustee (including in its capacity as Paying Agent) agrees to indemnify the
      Depositor and the Master Servicer, and each of their respective directors,
      officers, employees and agents and the Trust Fund and hold each of them harmless
      from and against any losses, damages, penalties, fines, forfeitures, legal
      fees
      and expenses and related costs, judgments, and any other costs, fees and
      expenses that any of them may sustain arising out of or based upon the
      engagement of any Subcontractor in violation of Section 6.01(l) or any failure
      by the Trustee to deliver when and as required the information pursuant to
      Section 6.01(m), the disclosure applicable to the Trustee pursuant to Sections
      6.20(c)(ii), 6.20(d)(ii) and 6.20(e)(ii), the certification applicable to the
      Trustee pursuant to Section 6.20(d)(iv) or any assessment of compliance pursuant
      to Section 9.25(a). This indemnification shall survive the termination of this
      Agreement or the termination of the Trustee hereunder.

     

    
      
        
        

      

      
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    ARTICLE
      VII.

     

    PURCHASE
      OF MORTGAGE LOANS AND

    TERMINATION
      OF THE TRUST FUND

     

    Section
      7.01. Purchase
      of Mortgage Loans; Termination of the Trust Fund Upon Purchase or Liquidation
      of
      Mortgage Loans.

     

    (a) The
      respective obligations and responsibilities of the Trustee and the Master
      Servicer created hereby (other than the obligation of the Trustee to make
      payments to Certificateholders and the Swap Counterparty as set forth in Section
      7.02, the obligation of the Master Servicer to make a final remittance to the
      Trustee pursuant to Section 4.01, and the obligations of the Master Servicer
      to
      the Trustee pursuant to Sections 9.10 and 9.14) shall terminate on the earliest
      of (i) the final payment or other liquidation of the last Mortgage Loan
      remaining in the Trust Fund and the disposition of all REO Property, (ii) the
      sale of the property held by the Trust Fund in accordance with Section 7.01(b)
      and (iii) the Latest Possible Maturity Date; provided, however, that in no
      event
      shall the Trust Fund created hereby continue beyond the expiration of 21 years
      from the death of the last survivor of the descendants of Joseph P. Kennedy,
      the
      late Ambassador of the United States to the Court of St. James’s, living on the
      date hereof. Any termination of the Trust Fund shall be carried out in such
      a
      manner so that the termination of each REMIC included therein shall qualify
      as a
“qualified liquidation” under the REMIC Provisions.

     

    
      
        
        

      

      
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    (b) (i) For
      Pool
      1 on any Distribution Date occurring on or after the Pool 1 Initial Optional
      Termination Date, the Master Servicer, with the prior written consent of any
      NIMS Insurer and the Seller, which consent shall not be unreasonably withheld,
      has the option to cause each of the Stack I REMICs to adopt a plan of complete
      liquidation and to purchase the Pool 1 Mortgage Loans and any REO Property
      related to Pool 1 (the “Pool 1 Assets”) for a price equal to the Pool 1
      Repurchase Price, pursuant to Section 7.03 hereof. Upon exercise of such option,
      the Pool 1 Assets shall be sold to the Master Servicer at a price (the “Pool 1
      Repurchase Price”) equal to the sum of (i) 100% of the unpaid principal balance
      of each Mortgage Loan in Pool 1 on the day of such purchase plus interest
      accrued thereon at the Mortgage Rate with respect to such Mortgage Loan to
      the
      Due Date in the Collection Period immediately preceding the Distribution Date
      on
      which the proceeds of such sale will be distributed to the holders of the Group
      I Certificates, (ii) the fair market value of any REO Property related to the
      Pool 1 Mortgage Loans and any other property related to the Pool 1 Mortgage
      Loans held by any REMIC, such fair market value to be determined by an
      independent appraiser or appraisers mutually agreed upon by the Master Servicer,
      any NIMS Insurer and the Trustee (reduced, in the case of REO Property, by
      (1)
      reasonably anticipated disposition costs and (2) any amount by which the fair
      market value as so reduced exceeds the outstanding principal balance of the
      related Mortgage Loan plus interest accrued thereon at the applicable Net
      Mortgage Rate to the date of such purchase), (iii) any unreimbursed Servicing
      Advances and other amounts to be reimbursed pursuant to the immediately
      following sentence related to the Pool 1 Mortgage Loans and
      (iv)
      any Cap Termination Payment or Swap Termination Payment related to any of the
      Group I Certificates payable to the Cap Provider or Swap Counterparty, as
      applicable, as a result of a termination pursuant to this Section
      7.01;
      provided, however, if there are any NIM Securities outstanding, the Master
      Servicer may only exercise its option after receiving the prior written consent
      of the holders of such NIM Securities and, if such consent is given, the Pool
      1
      Repurchase Price shall also include an amount equal to the sum of (1) any
      accrued interest on the NIM Securities related to the Pool 1 Mortgage Loans,
      (2)
      the unpaid principal balance of any such NIM Securities and (3) any other
      reimbursable expenses owed by the issuer of the NIM Securities (the “NIM
      Redemption Amount”); and provided, further, that if any Cap Termination Payment
      or Swap Termination Payment is payable to the Cap Provider or Swap Counterparty,
      as applicable, the Master Servicer may only exercise its option if the Cap
      Provider or Swap Counterparty, as applicable, does not object thereto in writing
      in a timely manner. The Master Servicer, the Servicer, the Trustee and the
      Custodian shall be reimbursed from the Pool 1 Repurchase Price for any Mortgage
      Loan in Pool 1 or related REO Property for any Advances made or other amounts
      advanced with respect to the Mortgage Loans in Pool 1 that are reimbursable
      to
      any such entity under this Agreement, the related Servicing Agreement or the
      Custodial Agreement, together with any accrued and unpaid compensation and
      any
      other amounts due to the Master Servicer or the Trustee hereunder or the
      applicable Servicer or the Custodian, to the extent such amounts relate to
      the
      Mortgage Loans in Pool 1. If the Master Servicer fails to exercise such right,
      the NIMS Insurer will have the option to direct the Master Servicer to exercise
      such option so long as it is insuring the NIM Securities or it is owed any
      amounts in connection with its guaranty of the NIM Securities. Following receipt
      of such notice from the NIMS Insurer, the Master Servicer shall advise the
      NIMS
      Insurer whether it will exercise the option under this Section 7.01(b) for
      its
      own account and using its own funds, or whether it will exercise such option
      in
      its own name but for the NIMS Insurer’s account and utilizing the NIMS Insurer’s
      funds. If the Master Servicer exercises such option for the NIMS Insurer’s
      account, the NIMS Insurer will remit the Pool 1 Repurchase Price to the Master
      Servicer one Business Day prior to the day the Master Servicer is required
      to
      remit the Pool 1 Repurchase Price to the Trustee. Following its receipt from
      the
      NIMS Insurer of the entire Pool 1 Repurchase Price and its subsequent remittance
      to the Trustee of the entire Pool 1 Repurchase Price, the Master Servicer will
      convey to the NIMS Insurer all of the rights it receives from the Trustee with
      respect to the related Mortgage Loans as a result of such remittance. Subject
      to
      Section 7.03, the Trustee shall distribute the assets of the Trust Fund related
      to Pool 1 on the Distribution Date on which the repurchase occurred. If the
      NIMS
      Insurer directs the Master Servicer to exercise such right as described above,
      then (i) the Master Servicer shall cause each related REMIC to adopt a plan
      of
      complete liquidation as described above and (ii) the NIMS Insurer shall remit
      the Pool 1 Repurchase Price in immediately available funds to the Master
      Servicer at least three Business Days prior to the applicable Distribution
      Date
      and, upon receipt of such funds from the NIMS Insurer, the Master Servicer
      shall
      promptly deposit such funds in the Collection Account. The NIMS Insurer shall
      be
      obligated to reimburse the Master Servicer and the Trustee for their reasonable
      out-of-pocket expenses incurred in connection with the purchase of the Pool
      1
      Mortgage Loans and REO Property related to Pool 1 at the direction of the NIMS
      Insurer and shall indemnify and hold harmless the Master Servicer and the
      Trustee for any losses, liabilities or expenses resulting from any claims
      arising out of or based upon the Master Servicer’s or Trustee’s purchase of the
      Pool 1 Assets at the direction of the NIMS Insurer at the direction of the
      NIMS
      Insurer, except to the extent such losses, liabilities or expenses arise out
      of
      or result from the Master Servicer’s or Trustee’s, as the case may be,
      negligence, bad faith or willful misconduct. Notwithstanding anything herein
      to
      the contrary, only an amount not to exceed to the Pool 1 Repurchase Price,
      reduced by the portion thereof consisting of any Swap Termination Payment (such
      portion, the “Pool 1 Swap Optional Termination Payment”), shall be made
      available for distribution to the Certificates. The Pool 1 Swap Optional
      Termination Payment shall be withdrawn by the Trustee from the Collection
      Account and remitted to the related Supplemental Interest Trust for payment
      to
      the Swap Counterparty. The Pool 1 Swap Optional Termination Payment shall not
      be
      part of any REMIC and shall not be paid into any account which is part of any
      REMIC. In
      addition, the Certificate Insurer shall have the option to cure certain payment
      defaults as specified in the Group I Swap Agreement.

     

    
      
        
        

      

      
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    (ii) For
      Pool
      2 and Pool 3 on any Distribution Date occurring on or after the Pool 2-3 Initial
      Optional Termination Date, the Master Servicer, with the prior written consent
      of any NIMS Insurer and the Seller, which consent shall not be unreasonably
      withheld, has the option to cause each of the Stack II REMICs to adopt a plan
      of
      complete liquidation and to purchase the Pool 2 and Pool 3 Mortgage Loans and
      any REO Property related to Pool 2 and Pool 3 (the “Pool 2-3 Assets”) for a
      price equal to the Pool 2-3 Repurchase Price, pursuant to Section 7.03 hereof.
      Upon exercise of such option, the Pool 2-3 Assets shall be sold to the Master
      Servicer at a price (the “Pool 2-3 Repurchase Price”) equal to the sum of (i)
      100% of the unpaid principal balance of each Mortgage Loan in Pool 2 and Pool
      3
      on the day of such purchase plus interest accrued thereon at the Mortgage Rate
      with respect to such Mortgage Loan to the Due Date in the Collection Period
      immediately preceding the Distribution Date on which the proceeds of such sale
      will be distributed to the holders of the Group II Certificates, (ii) the fair
      market value of any REO Property related to the Pool 2 and Pool 3 Mortgage
      Loans
      and any other property related to the Pool 2 and Pool 3 Mortgage Loans held
      by
      any REMIC, such fair market value to be determined by an independent appraiser
      or appraisers mutually agreed upon by the Master Servicer, any NIMS Insurer
      and
      the Trustee (reduced, in the case of REO Property, by (1) reasonably anticipated
      disposition costs and (2) any amount by which the fair market value as so
      reduced exceeds the outstanding principal balance of the related Mortgage Loan
      plus interest accrued thereon at the applicable Net Mortgage Rate to the date
      of
      such purchase), (iii) any unreimbursed Servicing Advances and other amounts
      to
      be reimbursed pursuant to the immediately following sentence related to the
      Pool
      2 and Pool 3 Mortgage Loans and (iv) any Cap Termination Payment or Swap
      Termination Payment related to any of the Group II Certificates payable to
      the
      Cap Provider or Swap Counterparty, as applicable, as a result of a termination
      pursuant to this Section 7.01; provided, however, if there are any NIM
      Securities outstanding, the Master Servicer may only exercise its option after
      receiving the prior written consent of the holders of such NIM Securities and,
      if such consent is given, the Pool 2-3 Repurchase Price shall also include
      an
      amount equal to the sum of (1) any accrued interest on the NIM Securities
      related to the Pool 2 and Pool 3 Mortgage Loans, (2) the unpaid principal
      balance of any such NIM Securities and (3) any other reimbursable expenses
      owed
      by the issuer of the NIM Securities (the “NIM Redemption Amount”); and provided,
      further, that if any Cap Termination Payment or Swap Termination Payment is
      payable to the Cap Counterparty or Swap Counterparty, the Master Servicer may
      only exercise its option if the Cap Counterparty or Swap Counterparty does
      not
      object thereto in writing in a timely manner. The Master Servicer, the Servicer,
      the Trustee and the Custodian shall be reimbursed from the Repurchase Pool
      2-3
      Repurchase Price for any Mortgage Loan in Pool 2 and Pool 3 or related REO
      Property for any Advances made or other amounts advanced with respect to the
      Mortgage Loans in Pool 2 and Pool 3 that are reimbursable to any such entity
      under this Agreement, the related Servicing Agreement or the Custodial
      Agreement, together with any accrued and unpaid compensation and any other
      amounts due to the Master Servicer or the Trustee hereunder or the applicable
      Servicer or the Custodian, to the extent such amounts relate to the Mortgage
      Loans in Pool 2 and Pool 3. If the Master Servicer fails to exercise such right,
      the NIMS Insurer will have the option to direct the Master Servicer to exercise
      such option so long as it is insuring the NIM Securities or it is owed any
      amounts in connection with its guaranty of the NIM Securities. Following receipt
      of such notice from the NIMS Insurer, the Master Servicer shall advise the
      NIMS
      Insurer whether it will exercise the option under this Section 7.01(b) for
      its
      own account and using its own funds, or whether it will exercise such option
      in
      its own name but for the NIMS Insurer’s account and utilizing the NIMS Insurer’s
      funds. If the Master Servicer exercises such option for the NIMS Insurer’s
      account, the NIMS Insurer will remit the Pool 2-3 Repurchase Price to the Master
      Servicer one Business Day prior to the day the Master Servicer is required
      to
      remit the Pool 2-3 Repurchase Price to the Trustee. Following its receipt from
      the NIMS Insurer of the entire Pool 2-3 Repurchase Price and its subsequent
      remittance to the Trustee of the entire Pool 2-3 Repurchase Price, the Master
      Servicer will convey to the NIMS Insurer all of the rights it receives from
      the
      Trustee with respect to the related Mortgage Loans as a result of such
      remittance. The Certificate Insurer shall be reimbursed from the Pool 2-3
      Repurchase Price for any Reimbursement Amount due to the Certificate Insurer
      under the Premium Letter or the Certificate Insurance Policy. Subject to Section
      7.03, the Trustee shall distribute the assets of the Trust Fund related to
      Pool
      2 and Pool 3 on the Distribution Date on which the repurchase occurred. If
      the
      NIMS Insurer directs the Master Servicer to exercise such right as described
      above, then (i) the Master Servicer shall cause each related REMIC to adopt
      a
      plan of complete liquidation as described above and (ii) the NIMS Insurer shall
      remit the Pool 2-3 Repurchase Price in immediately available funds to the Master
      Servicer at least three Business Days prior to the applicable Distribution
      Date
      and, upon receipt of such funds from the NIMS Insurer, the Master Servicer
      shall
      promptly deposit such funds in the Collection Account. The NIMS Insurer shall
      be
      obligated to reimburse the Master Servicer and the Trustee for their reasonable
      out-of-pocket expenses incurred in connection with the purchase of the Pool
      2
      and Pool 3 Mortgage Loans and REO Property related to Pool 2 and Pool 3 at
      the
      direction of the NIMS Insurer and shall indemnify and hold harmless the Master
      Servicer and the Trustee for any losses, liabilities or expenses resulting
      from
      any claims arising out of or based upon the Master Servicer’s or Trustee’s
      purchase of the Pool 2-3 Assets at the direction of the NIMS Insurer at the
      direction of the NIMS Insurer, except to the extent such losses, liabilities
      or
      expenses arise out of or result from the Master Servicer’s or Trustee’s, as the
      case may be, negligence, bad faith or willful misconduct. Notwithstanding
      anything herein to the contrary, only an amount not to exceed to the Pool
      2-3
      Repurchase Price, reduced by the portion thereof consisting of any Swap
      Termination Payment (such portion, the “Pool 2-3 Swap Optional Termination
      Payment”), shall be made available for distribution to the Certificates. The
      Pool 2-3 Swap Optional Termination Payment shall be withdrawn by the Trustee
      from the Collection Account and remitted to the related Supplemental Interest
      Trust for payment to the Swap Counterparty. The Pool 2-3 Swap Optional
      Termination Payment shall not be part of any REMIC and shall not be paid into
      any account which is part of any REMIC.

     

    
      
        
        

      

      
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    (iii) Upon
      the
      later of the exercise by the Master Servicer of the initial purchase option
      with
      respect to (a) Pool 1 or (b) Pool 2 and Pool 3, the Trust Fund will be
      terminated.

     

    (iv) For
      purposes of the REMIC provisions, any NIM Redemption Amount or Cap Termination
      Payment shall not be treated as having been paid into any REMIC.

     

    Section
      7.02. Procedure
      Upon Termination of Trust Fund.

     

    (a) Notice
      of
      any termination pursuant to the provisions of Section 7.01 (or the retirement
      of
      Certificates related to Pool 1 or Pool 2 and Pool 3, as applicable), specifying
      the Distribution Date upon which the final distribution shall be made, shall
      be
      given promptly by the Trustee by first class mail to the Certificateholders
      and
      any NIMS Insurer, mailed upon (x) no later than five Business Days after the
      Trustee has received notice from the Master Servicer of its intent to exercise
      its right to cause the termination of the Trust Fund pursuant to Section 7.01(b)
      (or the retirement of Certificates related to Pool 1, or Pool 2 and Pool 3,
      as
      applicable, to the extent that not all of the Mortgage Pools are terminated
      pursuant to such Section 7.01(b)) or (y) upon final payment or other liquidation
      of the last Mortgage Loan or REO Property in the Trust Fund. Such notice shall
      specify (A) the Distribution Date upon which final distribution on the
      Certificates of all amounts required to be distributed to Certificateholders
      pursuant to Section 5.02 will be made upon presentation and surrender of the
      related Certificates at the Corporate Trust Office, and (B) that the Record
      Date
      otherwise applicable to such Distribution Date is not applicable, distribution
      being made only upon presentation and surrender of the related Certificates
      at
      the office or agency of the Trustee therein specified. The Trustee shall give
      such notice to the Master Servicer, the Swap Counterparty and the Certificate
      Registrar at the time such notice is given to Holders of the related
      Certificates. The Master Servicer shall give notice to the Swap Counterparty
      on
      the date the Master Servicer elects its option pursuant to Section 7.01(b).
      Upon
      any termination pursuant to Section 7.01(b), the duties of the Certificate
      Registrar with respect to the applicable Certificates shall terminate and the
      Trustee shall terminate or request the Master Servicer to terminate, the
      Collection Account it maintains, the Certificate Account and any other account
      or fund maintained with respect to the related Certificates, subject to the
      Trustee’s obligation hereunder to hold all amounts payable to Certificateholders
      in trust without interest pending such payment.

     

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

     

    
      
        
        

      

      
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    (c) Any
      reasonable expenses incurred by the Trustee in connection with any termination
      or liquidation of the Trust Fund (or a Mortgage Pool thereof) shall be
      reimbursed from proceeds received from the liquidation of the related Mortgage
      Pool or Mortgage Pools.

     

    Section
      7.03. Additional
      Trust Fund Termination Requirements.

     

    Any
      sale
      pursuant to Section 7.01(b) shall be effected in accordance with the following
      additional requirements, unless the Trustee seeks (at the request of the party
      exercising the option to repurchase all of the Mortgage Loans pursuant to
      Section 7.01(b)), and subsequently receives, an Opinion of Counsel (at the
      expense of such requesting party), addressed to the Trustee and any NIMS Insurer
      to the effect that the failure of the Trust Fund to comply with the requirements
      of this Section 7.03 will not (I) result in the imposition of taxes on any
      REMIC
      under the REMIC Provisions or (II) cause any REMIC established hereunder to
      fail
      to qualify as a REMIC at any time that any Certificates are
      outstanding:

     

    (i) On
      the
      date specified for final payment of the Certificates, the Trustee shall make
      final distributions of principal and interest on the Certificates and shall
      pay
      any Swap Termination Payment owed to the Swap Counterparty on the related Swap
      Payment Date (to the extent not paid on previous Swap Payment Dates) in
      accordance with Section 5.02 and, after payment of, or provision for any
      outstanding expenses, distribute or credit, or cause to be distributed or
      credited, to the Holders of the Residual Certificates all cash on hand after
      such final payment (other than cash retained to meet claims), and the Trust
      Fund
      (and each related REMIC) shall terminate at that time;

     

    (ii) In
      the
      case of a sale of the assets of Pool 1:

     

    (A) The
      Trustee shall sell all of the assets of Pool 1 for cash and, within 90 days
      of
      such sale, shall distribute the proceeds of such sale to the Certificateholders
      in complete liquidation of each of the Stack I REMICs; and

     

    (B) The
      Trustee shall attach a statement to the final Federal income tax return for
      each
      of the Stack I REMICs stating that pursuant to Treasury Regulation § 1.860F-1,
      the first day of the 90-day liquidation period for each such REMIC was the
      date
      on which the Trustee sold such assets.

     

    (iii) In
      the
      case of a sale of the assets of Pool 2 and Pool 3:

     

    
      
        
        

      

      
        -177-

        
          

        

      

      
        
        

      

    

     

    (A) The
      Trustee shall sell all of the assets of Pool 2 and Pool 3 for cash and, within
      90 days of such sale, shall distribute the proceeds of such sale to the
      Certificateholders in complete liquidation of each of the Stack II REMICs;
      and

     

    (B) The
      Trustee shall attach a statement to the final Federal income tax return for
      each
      of the Stack II REMICs stating that pursuant to Treasury Regulation § 1.860F-1,
      the first day of the 90-day liquidation period for each such REMIC was the
      date
      on which the Trustee sold such assets.

     

    Section
      7.04. Optional
      Purchase Right of NIMS Insurer

     

    The
      NIMS
      Insurer may purchase any Distressed Mortgage Loan for a purchase price equal
      to
      the outstanding principal balance of such Mortgage Loan, plus accrued interest
      thereon to the date of repurchase plus any unreimbursed Advances, Servicing
      Advances, Servicing Fees or Trustee Fees and any unreimbursed expenses of the
      Trustee allocable to such Distressed Mortgage Loan. Any such purchase shall
      be
      accomplished by the NIM Insurer’s remittance of the purchase price for the
      Distressed Mortgage Loan to the Master Servicer for deposit into the Collection
      Account.

     

    ARTICLE
      VIII.

     

    RIGHTS
      OF CERTIFICATEHOLDERS

     

    Section
      8.01. Limitation
      on Rights of Holders

     

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

     

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

     

    
      
        
        

      

      
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    Section
      8.02. Access
      to List of Holders

     

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

     

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

     

    (c) Every
      Holder or Certificate Owner, if the Holder is a Clearing Agency, by receiving
      and holding a Certificate, agrees with the Depositor, the Master Servicer,
      the
      Certificate Registrar and the Trustee, that none of the Depositor, the Master
      Servicer, the Certificate Registrar, the Paying Agent or the Trustee shall
      be
      held accountable by reason of the disclosure of any such information as to
      the
      names and addresses of the Certificateholders hereunder, regardless of the
      source from which such information was derived.

     

    Section
      8.03. Acts
      of Holders of Certificates

     

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

     

    
      
        
        

      

      
        -179-

        
          

        

      

      
        
        

      

    

     

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

     

    (c) The
      ownership of Certificates (whether or not such Certificates shall be overdue
      and
      notwithstanding any notation of ownership or other writing thereon made by
      anyone other than the Trustee) shall be proved by the Certificate Register,
      and
      none of the Trustee, the Master Servicer, the Paying Agent or the Depositor
      shall be affected by any notice to the contrary.

     

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

     

    ARTICLE
      IX.

     

    ADMINISTRATION
      AND SERVICING OF MORTGAGE LOANS

    BY
      THE MASTER SERVICER

     

    Section
      9.01. Duties
      of the Master Servicer

     

    The
      Certificateholders, by their purchase and acceptance of the Certificates,
      appoint Aurora Loan Services LLC, as Master Servicer. For and on behalf of
      the
      Depositor, the Trustee and the Certificateholders, the Master Servicer shall
      master service the Mortgage Loans in accordance with the provisions of this
      Agreement and the provisions of the Servicing Agreements.

     

    
      
        
        

      

      
        -180-

        
          

        

      

      
        
        

      

    

     

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

     

    (a) The
      Master Servicer, at its expense, shall maintain in effect a Master Servicer
      Fidelity Bond and a Master Servicer Errors and Omissions Insurance Policy,
      affording coverage with respect to all directors, officers, employees and other
      Persons acting on such Master Servicer’s behalf, and covering errors and
      omissions in the performance of the Master Servicer’s obligations hereunder. The
      Master Servicer Errors and Omissions Insurance Policy and the Master Servicer
      Fidelity Bond shall be in such form and amount that would meet the requirements
      of Fannie Mae or Freddie Mac if it were the purchaser of the Mortgage Loans,
      and
      if the Master Servicer receives notice that such policy is or shall be
      cancelled, it shall immediately notify the NIMS Insurer. The Master Servicer
      shall provide the Trustee and any NIMS Insurer upon request, with a copy of
      such
      policy and fidelity bond. The Master Servicer shall (i) require each Servicer
      to
      maintain an Errors and Omissions Insurance Policy and the Servicer Fidelity
      Bond
      in accordance with the provisions of the applicable Servicing Agreement, (ii)
      cause each Servicer to provide to the Master Servicer certificates evidencing
      that such policy and bond is in effect and to furnish to the Master Servicer
      any
      notice of cancellation, non-renewal or modification of the policy or bond
      received by it, as and to the extent provided in the applicable Servicing
      Agreement, and (iii) furnish copies of such policies and of the certificates
      and
      notices referred to in clause (ii) to the Trustee upon request. The Fidelity
      Bond and Errors and Omissions Insurance Policy may be obtained and maintained
      in
      blanket form.

     

    (b) The
      Master Servicer shall promptly report to the Trustee any material changes that
      may occur in the Master Servicer Fidelity Bond or the Master Servicer Errors
      and
      Omissions Insurance Policy and shall furnish to the Trustee, on request,
      certificates evidencing that such bond and insurance policy are in full force
      and effect. The Master Servicer shall promptly report to the Trustee all cases
      of embezzlement or fraud, if such events involve funds relating to the Mortgage
      Loans. The total losses, regardless of whether claims are filed with the
      applicable insurer or surety, shall be disclosed in such reports together with
      the amount of such losses covered by insurance. If a bond or insurance claim
      report is filed with any of such bonding companies or insurers, the Master
      Servicer shall promptly furnish a copy of such report to the Trustee. Any
      amounts relating to the Mortgage Loans collected by the Master Servicer under
      any such bond or policy shall be promptly remitted by the Master Servicer to
      the
      Trustee for deposit into the Certificate Account. Any amounts relating to the
      Mortgage Loans collected by a Servicer under any such bond or policy shall
      be
      remitted to the Master Servicer to the extent provided in the applicable
      Servicing Agreement.

     

    Section
      9.03. Master
      Servicer’s Financial Statements and Related Information

     

    For
      each
      year this Agreement is in effect, the Master Servicer shall submit to the
      Trustee, each Rating Agency and the Depositor a copy of its corporate parent’s
      audited financial statements on or prior to March 31 of each year, beginning
      March 31, 2008. Such financial statements shall include comparative balance
      sheets, income statements, statement of changes in shareholder’s equity,
      statements of cash flows, a consolidating schedule showing consolidated
      subsidiaries and any related notes required pursuant to generally accepted
      accounting principles, certified by a nationally recognized firm of Independent
      Accountants to the effect that such financial statements were examined and
      prepared in accordance with generally accepted accounting principles applied
      on
      a basis consistent with that of the preceding year.

     

    
      
        
        

      

      
        -181-

        
          

        

      

      
        
        

      

    

     

    Section
      9.04. Power
      to Act; Procedures.

     

    (a) The
      Master Servicer shall master service the Mortgage Loans and shall have full
      power and authority, subject to the REMIC Provisions and the provisions of
      Article X hereof, and each Servicer shall have full power and authority (to
      the
      extent provided in the applicable Servicing Agreement) to do any and all things
      that it may deem necessary or desirable in connection with the servicing and
      administration of the Mortgage Loans, including but not limited to the power
      and
      authority (i) to execute and deliver, on behalf of the Certificateholders and
      the Trustee, customary consents or waivers and other instruments and documents,
      (ii) to consent to transfers of any Mortgaged Property and assumptions of the
      Mortgage Notes and related Mortgages, (iii) to collect any Insurance Proceeds
      and Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion
      of the ownership of the Mortgaged Property securing any Mortgage Loan, in each
      case, in accordance with the provisions of this Agreement and the applicable
      Servicing Agreement, as applicable; provided that the Master Servicer shall
      not
      take, or knowingly permit any Servicer to take, any action that is inconsistent
      with or prejudices the interests of the Trust Fund or the Certificateholders
      in
      any Mortgage Loan or the rights and interests of the Depositor, the Trustee,
      or
      the Certificateholders under this Agreement. The Master Servicer further is
      authorized and empowered by the Trustee, on behalf of the Certificateholders
      and
      the Trustee, in its own name or in the name of any Servicer (to the extent
      permitted in the applicable Servicing Agreement), when the Master Servicer
      or a
      Servicer, as the case may be, believes it is appropriate in its best judgment
      to
      register any Mortgage Loan with MERS, or cause the removal from the registration
      of any Mortgage Loan on the MERS system, to execute and deliver, on behalf
      of
      the Trustee and the Certificateholders or any of them, any and all instruments
      of assignment and other comparable instruments with respect to such assignment
      or re-recording of a Mortgage in the name of MERS, solely as nominee for the
      Trustee and its successors and assigns. The Master Servicer shall represent
      and
      protect the interests of the Trust Fund in the same manner as it protects its
      own interests in mortgage loans in its own portfolio in any claim, proceeding
      or
      litigation regarding a Mortgage Loan and shall not make or knowingly permit
      any
      Servicer to make any modification, waiver or amendment of any term of any
      Mortgage Loan that would cause an Adverse REMIC Event. Without limiting the
      generality of the foregoing, the Master Servicer in its own name or in the
      name
      of a Servicer, and each Servicer, to the extent such authority is delegated
      to
      such Servicer under the applicable Servicing Agreement, is hereby authorized
      and
      empowered by the Trustee when the Master Servicer or a Servicer, as the case
      may
      be, believes it appropriate in its best judgment and in accordance with Accepted
      Servicing Practices and the applicable Servicing Agreement, to execute and
      deliver, on behalf of itself and the Certificateholders, the Trustee or any
      of
      them, any and all instruments of satisfaction or cancellation, or of partial
      or
      full release or discharge and all other comparable instruments, with respect
      to
      the Mortgage Loans and with respect to the Mortgaged Properties. The Trustee
      shall execute, upon request, any powers of attorney furnished to it by the
      Master Servicer empowering the Master Servicer or such Servicer to execute
      and
      deliver instruments of satisfaction or cancellation, or of partial or full
      release or discharge, and to foreclose upon or otherwise liquidate Mortgaged
      Property, and to appeal, prosecute or defend in any court action relating to
      the
      Mortgage Loans or the Mortgaged Property, in accordance with the applicable
      Servicing Agreement and this Agreement, and the Trustee shall execute and
      deliver such other documents, as the Master Servicer may request, necessary
      or
      appropriate to enable the Master Servicer to master service the Mortgage Loans
      and carry out its duties hereunder and to allow each Servicer to service the
      Mortgage Loans, in each case in accordance with Accepted Servicing Practices
      (and the Trustee shall have no liability for misuse of any such powers of
      attorney by the Master Servicer or the applicable Servicer). If the Master
      Servicer or the Trustee has been advised that it is likely that the laws of
      the
      state in which action is to be taken prohibit such action if taken in the name
      of the Trustee or that the Trustee would be adversely affected under the “doing
      business” or tax laws of such state if such action is taken in its name, then
      upon request of the Trustee the Master Servicer shall join with the Trustee
      in
      the appointment of a co-trustee pursuant to Section 6.09 hereof. In the
      performance of its duties hereunder, the Master Servicer shall be an independent
      contractor and shall not, except in those instances where it is taking action
      in
      the name of the Trustee, be deemed to be the agent of the Trustee.
      Notwithstanding anything to the contrary, the Master Servicer shall not without
      the Trustee’s written consent: (i) initiate any action, suit or proceeding
      solely under the Trustee’s name without indicating the Master Servicer’s
      representative capacity or (ii) take any action with the intent to cause, and
      which actually does cause, the Trustee to be registered to do business in any
      state.

     

    
      
        
        

      

      
        -182-

        
          

        

      

      
        
        

      

    

     

    (b) In
      master
      servicing and administering the Mortgage Loans, the Master Servicer shall employ
      procedures, and shall exercise the same care that it customarily employs and
      exercises master servicing and administering loans for its own account, giving
      due consideration to Accepted Servicing Practices where such practices do not
      conflict with this Agreement. Consistent with the foregoing, the Master Servicer
      may, and may permit the Servicer to, in its discretion (i) waive any late
      payment charge (but not any Prepayment Premium, except as set forth below)
      and
      (ii) extend the due dates for payments due on a Mortgage Note;
      provided, however, that the maturity of any Mortgage Loan shall not be extended
      past the final Scheduled Distribution Date.
      In the
      event of any extension described in clause (ii) above, the Master Servicer
      shall
      make or cause the applicable Servicer (if required by the related Servicing
      Agreement) to make Advances on the related Mortgage Loan in accordance with
      the
      provisions of Section 5.04 on the basis of the amortization schedule of such
      Mortgage Loan with modification thereof by reason of such extension.
      Notwithstanding anything to the contrary in this Agreement, the Master Servicer
      shall not make or knowingly permit any modification, waiver or amendment of
      any
      material term of any Mortgage Loan unless: (1) such Mortgage Loan is in default
      or default by the related Mortgagor is, in the reasonable judgment of the Master
      Servicer or the applicable Servicer, reasonably foreseeable, (2) in the case
      of
      a waiver of a Prepayment Premium (a) if such waiver would maximize recovery
      of
      total proceeds taking into account the value of such Prepayment Premium and
      the
      related Mortgage Loan or (b) if the prepayment is not the result of a
      refinancing by the Servicer or any of its Affiliates (i) the collection of
      the
      Prepayment Premium would be in violation of applicable laws or (ii) the
      collection of such Prepayment Premium would be considered “predatory” pursuant
      to written guidance published or issued by any applicable federal, state or
      local regulatory authority acting in its official capacity and having
      jurisdiction over such matters and (3) such modification, waiver or amendment
      would not cause an Adverse REMIC Event.

     

    Section
      9.05. Enforcement
      of Servicers’ and Master Servicer’s Obligations.

     

    (a) Each
      Servicing Agreement requires the applicable Servicer to service the Mortgage
      Loans in accordance with the provisions thereof. References in this Agreement
      to
      actions taken or to be taken by the Master Servicer include actions taken or
      to
      be taken by a Servicer on behalf of the Master Servicer. Any fees, costs,
      expenses and other amounts payable to such Servicer shall be deducted from
      amounts remitted to the Master Servicer by the Servicer to the extent permitted
      by the applicable Servicing Agreement and shall not be an obligation of the
      Trust Fund, the Trustee or the Master Servicer.

     

    
      
        
        

      

      
        -183-

        
          

        

      

      
        
        

      

    

     

    (b) The
      Master Servicer shall not be required to (i) take any action with respect to
      the
      servicing of any Mortgage Loan that the applicable Servicer is not required
      to
      take under the related Servicing Agreement and (ii) cause a Servicer to take
      any
      action or refrain from taking any action if the related Servicing Agreement
      does
      not require such Servicer to take such action or refrain from taking such
      action; in both cases notwithstanding any provision of this Agreement that
      requires the Master Servicer to take such action or cause such Servicer to
      take
      such action.

     

    (c) The
      Master Servicer, for the benefit of the Trustee and the Certificateholders,
      shall use its reasonable best efforts to enforce the obligations of each
      Servicer under the related Servicing Agreement, and shall, upon obtaining actual
      knowledge of the failure of a Servicer to perform its obligations in accordance
      therewith, to the extent that such non-performance of such obligations would
      have a material adverse effect on a Mortgage Loan, the Trust Fund or the
      Certificateholders (determined in the case of the Guaranteed Certificates
      without regard to the Certificate Insurance Policy), terminate the rights and
      obligations of such Servicer thereunder and either act as servicer of the
      related Mortgage Loans or cause the other parties hereto to enter into a
      Servicing Agreement (and such parties hereby agree to execute and deliver any
      such successor Servicing Agreement), with a successor Servicer. Such
      enforcement, including, without limitation, the legal prosecution of claims,
      termination of Servicing Agreements and the pursuit of other appropriate
      remedies, shall be in such form and carried out to such an extent and at such
      time as the Master Servicer, in its good faith business judgment, would require
      were it the owner of the related Mortgage Loans. The Master Servicer shall
      pay
      the costs of such enforcement at its own expense, and shall be reimbursed
      therefor initially (i) from a general recovery resulting from such enforcement
      only to the extent, if any, that such recovery exceeds all amounts due in
      respect of the related Mortgage Loans, (ii) from a specific recovery of costs,
      expenses or attorneys’ fees against the party against whom such enforcement is
      directed, and then, (iii) to the extent that such amounts are insufficient
      to
      reimburse the Master Servicer for the costs of such enforcement, from the
      Collection Account.

     

    (d) The
      Master Servicer shall be entitled to conclusively rely on any certifications
      or
      other information provided by the Servicers under the terms of the applicable
      Servicing Agreement, in its preparation of any certifications, notifications,
      filings or reports, in accordance with the terms hereof or as may be required
      by
      applicable law or regulation.

     

    Section
      9.06. Collection
      of Taxes, Assessments and Similar Items.

     

    (a) To
      the
      extent provided in the applicable Servicing Agreement, the Master Servicer
      shall
      cause each Servicer to establish and maintain one or more custodial accounts
      at
      a depository institution (which may be a depository institution with which
      the
      Master Servicer or the Servicer establishes accounts in the ordinary course
      of
      its servicing activities), the accounts of which are insured to the maximum
      extent permitted by the FDIC (each, an “Escrow Account”) and to deposit therein
      any collections of amounts received with respect to amounts due for taxes,
      assessments, water rates, Standard Hazard Insurance Policy premiums, Payaheads,
      if applicable, or any comparable items for the account of the Mortgagors.
      Withdrawals from any Escrow Account may be made (to the extent amounts have
      been
      escrowed for such purpose) only in accordance with the Servicing Agreements.
      Each Servicer shall be entitled to all investment income not required to be
      paid
      to Mortgagors on any Escrow Account maintained by such Servicer. The Master
      Servicer shall make (or cause to be made) to the extent provided in the
      applicable Servicing Agreement advances to the extent necessary in order to
      effect timely payment of taxes, water rates, assessments, Standard Hazard
      Insurance Policy premiums or comparable items in connection with the related
      Mortgage Loan (to the extent that the Mortgagor is required, but fails, to
      pay
      such items), provided that it or the applicable Servicer has determined that
      the
      funds so advanced are recoverable from escrow payments, reimbursement pursuant
      to Section 4.02 or otherwise.

     

    
      
        
        

      

      
        -184-

        
          

        

      

      
        
        

      

    

     

    (b) Costs
      incurred by the Master Servicer or by the Servicers in effecting the timely
      payment of taxes and assessments on the properties subject to the Mortgage
      Loans
      may be added to the amount owing under the related Mortgage Note where the
      terms
      of the Mortgage Note so permit; provided, however, that the addition of any
      such
      cost shall not be taken into account for purposes of calculating the
      distributions to be made to Certificateholders. Such costs, to the extent that
      they are unanticipated, extraordinary costs, and not ordinary or routine costs
      shall be recoverable as a Servicing Advance by the Master Servicer pursuant
      to
      Section 4.02.

     

    Section
      9.07. Termination
      of Servicing Agreements; Successor Servicers.

     

    (a) The
      Master Servicer shall be entitled to terminate the rights and obligations of
      any
      Servicer under the applicable Servicing Agreement in accordance with the terms
      and conditions of such Servicing Agreement and without any limitation by virtue
      of this Agreement; provided, however, that in the event of termination of any
      Servicing Agreement by the Master Servicer or a related Servicer, the Master
      Servicer shall either act as Servicer of the related Mortgage Loans or provide
      for the servicing of the Mortgage Loans by a successor Servicer to be appointed
      as provided in the related Servicing Agreement.

     

    The
      parties acknowledge that notwithstanding the preceding sentence, there may
      be a
      transition period, not to exceed 90 days, in order to effect the transfer of
      servicing to a successor Servicer. The Master Servicer shall be entitled to
      be
      reimbursed from each Servicer (or by the Trust Fund, if such Servicer is unable
      to fulfill its obligations hereunder) for all costs associated with the transfer
      of servicing from the predecessor servicer, including without limitation, any
      costs or expenses associated with the complete transfer of all servicing data
      and the completion, correction or manipulation of such servicing data, as may
      be
      required by the Master Servicer to correct any errors or insufficiencies in
      the
      servicing data or otherwise to enable the Master Servicer to service the
      Mortgage Loans properly and effectively.

     

    (b) If
      the
      Master Servicer acts as a successor Servicer, it will not assume liability
      for
      the representations and warranties of the Servicer, if any, that it replaces.
      The Master Servicer shall use reasonable efforts to have the successor Servicer
      assume liability for the representations and warranties made by the terminated
      Servicer in the related Servicing Agreement, and in the event of any such
      assumption by the successor Servicer, the Trustee or the Master Servicer, as
      applicable, may, in the exercise of its business judgment, release the
      terminated Servicer from liability for such representations and
      warranties.

     

    
      
        
        

      

      
        -185-

        
          

        

      

      
        
        

      

    

     

    (c) If
      the
      Master Servicer acts as a successor servicer, it will have no obligation to
      make
      an Advance if it determines in its reasonable judgment that such Advance is
      non-recoverable. To the extent that the Master Servicer is unable to find a
      successor servicer that is willing to service the Mortgage Loans for the
      Servicing Fee because of the obligation of the servicer to make Advances
      regardless of whether such Advance is recoverable, the applicable Servicing
      Agreement may be amended to provide that the successor servicer shall have
      no
      obligation to make an Advance if it determines in its reasonable judgment that
      such Advance is non-recoverable and provides an Officer’s Certificate to such
      effect to the Master Servicer and the Trustee.

     

    Section
      9.08. Master
      Servicer Liable for Enforcement.

     

    Notwithstanding
      any Servicing Agreement, the Master Servicer shall remain obligated and liable
      to the Trustee and the Certificateholders in accordance with the provisions
      of
      this Agreement, to the extent of its obligations hereunder, without diminution
      of such obligation or liability by virtue of such Servicing Agreements. The
      Master Servicer shall use commercially reasonable efforts to ensure that the
      Mortgage Loans are serviced in accordance with the provisions of this Agreement
      and shall use commercially reasonable efforts to enforce the provisions of
      each
      Servicing Agreement for the benefit of the Certificateholders. The Master
      Servicer shall be entitled to enter into any agreement with the Servicers for
      indemnification of the Master Servicer and nothing contained in this Agreement
      shall be deemed to limit or modify such indemnification. Except as expressly
      set
      forth herein, the Master Servicer shall have no liability for the acts or
      omissions of any Servicer in the performance by such Servicer of its obligations
      under the related Servicing Agreement.

     

    Section
      9.09. No
      Contractual Relationship Between the Servicer, Any NIMS Insurer and Trustee
      or
      Depositor.

     

    Any
      Servicing Agreement and any other transactions or services relating to the
      Mortgage Loans involving a Servicer in its capacity as such and not as an
      originator shall be deemed to be between such Servicer, the Seller and the
      Master Servicer, and the Trustee and the Depositor shall not be deemed parties
      thereto and shall have no obligations, duties or liabilities with respect to
      such Servicer except as set forth in Section 9.10 hereof, but shall have rights
      thereunder as third party beneficiaries.

     

    Section
      9.10. Assumption
      of Servicing Agreement by the Trustee.

     

    (a) In
      the
      event the Master Servicer shall for any reason no longer be the Master Servicer
      (including by reason of any Event of Default under this Agreement), after a
      period not to exceed ninety days after the issuance of any notice of termination
      pursuant to Section 6.14 or Section 9.28, as applicable, the Trustee, or a
      successor master servicer appointed by it, with the prior written consent of
      the
      Certificate Insurer and in accordance with Section 6.14, shall assume all of
      the
      rights and obligations of such Master Servicer hereunder and under each
      Servicing Agreement entered into with respect to the Mortgage Loans. The
      Trustee, its designee or any successor master servicer appointed by the Trustee
      with the prior written consent of the Certificate Insurer shall be deemed to
      have assumed all of the Master Servicer’s interest herein and therein to the
      same extent as if such Servicing Agreement had been assigned to the assuming
      party, except that the Master Servicer shall not thereby be relieved of any
      liability or obligations of the Master Servicer under such Servicing Agreement
      accruing prior to its replacement as Master Servicer, and shall be liable to
      the
      Trustee, and hereby agrees to indemnify and hold harmless the Trustee from
      and
      against all costs, damages, expenses and liabilities (including reasonable
      attorneys’ fees) incurred by the Trustee as a result of such liability or
      obligations of the Master Servicer and in connection with the Trustee’s
      assumption (but not its performance, except to the extent that costs or
      liability of the Trustee are created or increased as a result of negligent
      or
      wrongful acts or omissions of the Master Servicer prior to its replacement
      as
      Master Servicer) of the Master Servicer’s obligations, duties or
      responsibilities thereunder; provided that the Master Servicer shall not
      indemnify or hold harmless the Trustee against negligent or willful misconduct
      of the Trustee.

     

    
      
        
        

      

      
        -186-

        
          

        

      

      
        
        

      

    

     

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

     

    Section
      9.11. Due-on-Sale
      Clauses; Assumption Agreements; Easements.

     

    (a) To
      the
      extent provided in the applicable Servicing Agreement, to the extent Mortgage
      Loans contain enforceable due on sale clauses, and to the extent that the Master
      Servicer has knowledge of the conveyance of a Mortgaged Property, the Master
      Servicer shall use its reasonable best efforts to cause the Servicers to enforce
      such clauses in accordance with the applicable Servicing Agreement. If
      applicable law prohibits the enforcement of a due on sale clause or such clause
      is otherwise not enforced in accordance with the applicable Servicing Agreement,
      and, as a consequence, a Mortgage Loan is assumed, the original Mortgagor may
      be
      released from liability in accordance with the applicable Servicing
      Agreement.

     

    (b) The
      Master Servicer or the related Servicer, as the case may be, shall be entitled
      to approve a request from a Mortgagor for the granting of an easement thereon
      in
      favor of another Person or any alteration or demolition of the related Mortgaged
      Property if it has determined, exercising its good faith business judgment
      in
      the same manner as it would if it were the owner of the related Mortgage Loan,
      that the security for, and the timely and full collectability of, such Mortgage
      Loan would not be materially adversely affected thereby. Any fee collected
      by
      the Master Servicer or the related Servicer for processing such a request will
      be retained by the Master Servicer or such Servicer as additional servicing
      compensation.

     

    Section
      9.12. Release
      of Mortgage Files.

     

    (a) Upon
      (i)
      becoming aware of the payment in full of any Mortgage Loan or (ii) the receipt
      by the Master Servicer of a notification that payment in full has been or will
      be escrowed in a manner customary for such purposes, the Master Servicer shall,
      or shall cause the applicable Servicer to, promptly notify the Trustee (or
      the
      Custodian) by a certification (which certification shall include a statement
      to
      the effect that all amounts received in connection with such payment that are
      required to be deposited in the Collection Account maintained by the Master
      Servicer pursuant to Section 4.01 hereof have been or will be so deposited)
      of a
      Servicing Officer and shall request (on the form attached hereto as Exhibit
      C or
      on the form attached to the Custodial Agreement) the Trustee or the Custodian,
      to deliver to the applicable Servicer the related Mortgage File; provided,
      however, that in lieu of sending a hard copy certification of a Servicing
      Officer, the Master Servicer may, or may cause the applicable Servicer to,
      deliver the request for release in a mutually agreeable electronic format,
      and
      to the extent that such a request, on its face, originates from a Servicing
      Officer, no original signature shall be required. Upon receipt of such
      certification and request, the Trustee or the Custodian, shall promptly release
      the related Mortgage File to the Servicer and neither the Trustee nor the
      Custodian shall have any further responsibility with regard to such Mortgage
      File. Upon any such payment in full, the Master Servicer is authorized, and
      the
      applicable Servicer, to the extent such authority is provided for under the
      related Servicing Agreement, is authorized, to give, as agent for the Trustee,
      as the mortgagee under the Mortgage that secured the Mortgage Loan, an
      instrument of satisfaction (or assignment of mortgage without recourse)
      regarding the Mortgaged Property subject to the Mortgage, which instrument
      of
      satisfaction or assignment, as the case may be, shall be delivered to the Person
      or Persons entitled thereto against receipt therefor of such payment, it being
      understood and agreed that no expenses incurred in connection with such
      instrument of satisfaction or assignment, as the case may be, shall be
      chargeable to the Collection Account.

     

    
      
        
        

      

      
        -187-

        
          

        

      

      
        
        

      

    

     

    (b) From
      time
      to time and as appropriate for the servicing or foreclosure of any Mortgage
      Loan
      and in accordance with Accepted Servicing Practices and the applicable Servicing
      Agreement, the Trustee shall execute such documents as shall be prepared and
      furnished to the Trustee by the Master Servicer, or by the applicable Servicer
      (in form reasonably acceptable to the Trustee) and as are necessary to the
      prosecution of any such proceedings. The Trustee or the Custodian, shall, upon
      request of the Master Servicer, or of the applicable Servicer, and delivery
      to
      the Trustee or the Custodian, of a trust receipt signed by a Servicing Officer
      substantially in the form of Exhibit C, release the related Mortgage File held
      in its possession or control to the Master Servicer (or the applicable
      Servicer). Such trust receipt shall obligate the Master Servicer or applicable
      Servicer to return the Mortgage File to the Trustee or the Custodian, as
      applicable, when the need therefor by the Master Servicer or applicable Servicer
      no longer exists unless (i) the Mortgage Loan shall be liquidated, in which
      case, upon receipt of a certificate of a Servicing Officer similar to that
      hereinabove specified, the trust receipt shall be released by the Trustee or
      the
      Custodian, as applicable, to the Master Servicer (or the applicable Servicer)
      or
      (ii) the Mortgage File has been delivered directly or through a Servicer to
      an
      attorney, or to a public trustee or other public official as required by law,
      for purposes of initiating or pursuing legal action or other proceedings for
      the
      foreclosure of the Mortgaged Property either judicially or non-judicially,
      and
      the Master Servicer has delivered directly or through a Servicer to the Trustee
      a certificate of a Servicing Officer certifying as to the name and address
      of
      the Person to which such Mortgage File or such document was delivered and the
      purpose of such delivery.

     

    
      
        
        

      

      
        -188-

        
          

        

      

      
        
        

      

    

     

    Section
      9.13. Documents,
      Records and Funds in Possession of Master Servicer To Be Held for
      Trustee.

     

    (a) The
      Master Servicer shall transmit, or shall cause the applicable Servicer to
      transmit, to the Trustee such documents and instruments coming into the
      possession of the Master Servicer or such Servicer from time to time as are
      required by the terms hereof or of the related Servicing Agreement to be
      delivered to the Trustee or the Custodian. Any funds received by the Master
      Servicer or by a Servicer in respect of any Mortgage Loan or which otherwise
      are
      collected by the Master Servicer or a Servicer as a Subsequent Recovery,
      Liquidation Proceeds or Insurance Proceeds in respect of any Mortgage Loan
      shall
      be held for the benefit of the Trustee and the Certificateholders subject to
      the
      Master Servicer’s right to retain or withdraw from the Collection Account the
      Master Servicing Fee and other amounts provided in this Agreement and to the
      right of each Servicer to retain its Servicing Fee and other amounts as provided
      in the Servicing Agreement. The Master Servicer shall, and shall (to the extent
      provided in the applicable Servicing Agreement) cause each Servicer to, provide
      access to information and documentation regarding the Mortgage Loans to the
      Trustee, its agents and accountants and any NIMS Insurer, at any time upon
      reasonable request and during normal business hours, and to Certificateholders
      that are savings and loan associations, banks or insurance companies, the Office
      of Thrift Supervision, the FDIC and the supervisory agents and examiners of
      such
      Office and Corporation or examiners of any other federal or state banking or
      insurance regulatory authority if so required by applicable regulations of
      the
      Office of Thrift Supervision or other regulatory authority, such access to
      be
      afforded without charge but only upon reasonable request in writing and during
      normal business hours at the offices of the Master Servicer designated by it.
      In
      fulfilling such a request the Master Servicer shall not be responsible for
      determining the sufficiency of such information. The Master Servicer shall
      afford the NIMS Insurer, and shall (to the extent provided in the Servicing
      Agreement) cause the Servicer to afford the NIMS Insurer, upon reasonable
      advance notice, during normal business hours access to all records related
      to
      their respective rights and obligations hereunder and access to officers of
      the
      Master Servicer and the Servicer responsible for such obligations.

     

    (b) All
      Mortgage Files and funds collected or held by, or under the control of, the
      Master Servicer, or any Servicer, in respect of any Mortgage Loans, whether
      from
      the collection of principal and interest payments or from a Subsequent Recovery,
      Liquidation Proceeds or Insurance Proceeds, shall be held by the Master
      Servicer, or by such Servicer, for and on behalf of the Trustee and the
      Certificateholders and shall be and remain the sole and exclusive property
      of
      the Trustee; provided, however, that the Master Servicer and each Servicer
      shall
      be entitled to setoff against, and deduct from, any such funds any amounts
      that
      are properly due and payable to the Master Servicer or such Servicer under
      this
      Agreement or the applicable Servicing Agreement and shall be authorized to
      remit
      such funds to the Trustee in accordance with this Agreement.

     

    (c) The
      Master Servicer hereby acknowledges that concurrently with the execution of
      this
      Agreement, the Trustee shall own or, to the extent that a court of competent
      jurisdiction shall deem the conveyance of the Mortgage Loans from the Seller
      to
      the Depositor not to constitute a sale, the Trustee shall have a security
      interest in the Mortgage Loans and in all Mortgage Files representing such
      Mortgage Loans and in all funds and investment property now or hereafter held
      by, or under the control of, a Servicer or the Master Servicer that are
      collected by such Servicer or the Master Servicer in connection with the
      Mortgage Loans, whether as scheduled installments of principal and interest
      or
      as full or partial prepayments of principal or interest or as a Subsequent
      Recovery, Liquidation Proceeds or Insurance Proceeds or otherwise, and in all
      proceeds of the foregoing and proceeds of proceeds (but excluding any fee or
      other amounts to which such Servicer is entitled under the applicable Servicing
      Agreement, or the Master Servicer or the Depositor is entitled to hereunder);
      and the Master Servicer agrees that so long as the Mortgage Loans are assigned
      to and held by the Trustee or the Custodian, all documents or instruments
      constituting part of the Mortgage Files, and such funds relating to the Mortgage
      Loans which come into the possession or custody of, or which are subject to
      the
      control of, the Master Servicer or any Servicer shall be held by the Master
      Servicer or such Servicer for and on behalf of the Trustee as the Trustee’s
      agent and bailee for purposes of perfecting the Trustee’s security interest
      therein as provided by the applicable Uniform Commercial Code or other
      applicable laws.

     

    
      
        
        

      

      
        -190-

        
          

        

      

      
        
        

      

    

     

    (d) The
      Master Servicer agrees that it shall not, and shall not authorize any Servicer
      to, create, incur or subject any Mortgage Loans, or any funds that are deposited
      in any Custodial Account, Escrow Account or the Collection Account, or any
      funds
      that otherwise are or may become due or payable to the Trustee, to any claim,
      lien, security interest, judgment, levy, writ of attachment or other
      encumbrance, nor assert by legal action or otherwise any claim or right of
      setoff against any Mortgage Loan or any funds collected on, or in connection
      with, a Mortgage Loan.

     

    Section
      9.14. Representations
      and Warranties of the Master Servicer.

     

    (a) The
      Master Servicer hereby represents and warrants to the Depositor, the Certificate
      Insurer and the Trustee, for the benefit of the Certificateholders, as of the
      Closing Date that:

     

    (i) it
      is
      validly existing and in good standing under the laws of the State of Delaware,
      and as Master Servicer has full power and authority to transact any and all
      business contemplated by this Agreement and to execute, deliver and comply
      with
      its obligations under the terms of this Agreement, the execution, delivery
      and
      performance of which have been duly authorized by all necessary company action
      on the part of the Master Servicer;

     

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

     

    
      
        
        

      

      
        -191-

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    (x) the
      Master Servicer has obtained an Errors and Omissions Insurance Policy and a
      Fidelity Bond in accordance with Section 9.02 each of which is in full force
      and
      effect, and each of which provides at least such coverage as is required
      hereunder; and

     

    (xi) the
      information about the Master Servicer under the heading “The Master Servicer” in
      the Prospectus relating to the Master Servicer does not include an untrue
      statement of a material fact and does not omit to state a material fact, with
      respect to the statements made, necessary in order to make the statements in
      light of the circumstances under which they were made not
      misleading.

     

    
      
        
        

      

      
        -192-

        
          

        

      

      
        
        

      

    

     

    (b) It
      is
      understood and agreed that the representations and warranties set forth in
      this
      Section 9.14 shall survive the execution and delivery of this Agreement. The
      Master Servicer shall indemnify the Depositor, the Certificate Insurer and
      the
      Trustee and hold them harmless against any loss, damages, penalties, fines,
      forfeitures, legal fees and related costs, judgments, and other costs and
      expenses arising out of or based upon any claim, demand, defense or assertion
      based on or grounded upon, or resulting from, a breach of the Master Servicer’s
      representations and warranties contained in Section 9.14(a). It is understood
      and agreed that the enforcement of the obligation of the Master Servicer set
      forth in this Section to indemnify the Depositor, the Certificate Insurer and
      the Trustee as provided in this Section constitutes the sole remedy (other
      than
      as set forth in Section 6.14) of the Depositor, the Certificate Insurer and
      the
      Trustee, respecting a breach of the foregoing representations and warranties.
      Such indemnification shall survive any termination of the Master Servicer as
      Master Servicer hereunder, and any termination of this Agreement.

     

    Any
      cause
      of action against the Master Servicer relating to or arising out of the breach
      of any representations and warranties made in this Section shall accrue upon
      discovery of such breach by any of the Depositor, the Master Servicer, the
      Certificate Insurer, any NIMS Insurer or the Trustee or notice thereof by any
      one of such parties to the other parties. Notwithstanding anything in this
      Agreement to the contrary, the Master Servicer shall not be liable for special,
      indirect or consequential losses or damages of any kind whatsoever (including,
      but not limited to, lost profits).

     

    (c) It
      is
      understood and agreed that the representations and warranties of the Depositor
      set forth in Sections 2.03(a)(i) through (vi) shall survive the execution and
      delivery of this Agreement. The Depositor shall indemnify the Master Servicer
      and hold it harmless against any loss, damages, penalties, fines, forfeitures,
      legal fees and related costs, judgments, and other costs and expenses resulting
      from any claim, demand, defense or assertion based on or grounded upon, or
      resulting from, a breach of the Depositor’s representations and warranties
      contained in Sections 2.03(a)(i) through (vi) hereof. It is understood and
      agreed that the enforcement of the obligation of the Depositor set forth in
      this
      Section to indemnify the Master Servicer as provided in this Section constitutes
      the sole remedy hereunder of the Master Servicer respecting a breach by the
      Depositor of the representations and warranties in Sections 2.03(a)(i) through
      (vi) hereof.

     

    Any
      cause
      of action against the Depositor relating to or arising out of the breach of
      the
      representations and warranties made in Sections 2.03(a)(i) through (vi) hereof
      shall accrue upon discovery of such breach by either the Depositor or the Master
      Servicer or notice thereof by any one of such parties to the other
      parties.

     

    Section
      9.15. Opinion.

     

    On
      or
      before the Closing Date, the Master Servicer shall cause to be delivered to
      the
      Depositor, the Seller, the Certificate Insurer and the Trustee one or more
      Opinions of Counsel, dated the Closing Date, in form and substance reasonably
      satisfactory to the Depositor and Lehman Brothers Inc., as to the due
      authorization, execution and delivery of this Agreement by the Master Servicer
      and the enforceability thereof.

     

    
      
        
        

      

      
        -193-

        
          

        

      

      
        
        

      

    

     

    Section
      9.16. Standard
      Hazard and Flood Insurance Policies.

     

    For
      each
      Mortgage Loan (other than a Cooperative Loan), the Master Servicer shall
      maintain, or cause to be maintained by each Servicer, standard fire and casualty
      insurance and, where applicable, flood insurance, all in accordance with the
      provisions of this Agreement and the Servicing Agreement, as applicable. It
      is
      understood and agreed that such insurance shall be with insurers meeting the
      eligibility requirements set forth in the applicable Servicing Agreement and
      that no earthquake or other additional insurance is to be required of any
      Mortgagor or to be maintained on property acquired in respect of a defaulted
      loan, other than pursuant to such applicable laws and regulations as shall
      at
      any time be in force and as shall require such additional
      insurance.

     

    Pursuant
      to Section 4.01, any amounts collected by the Master Servicer, or by any
      Servicer, under any insurance policies maintained pursuant to this Section
      9.16
      or the applicable Servicing Agreement (other than amounts to be applied to
      the
      restoration or repair of the property subject to the related Mortgage or
      released to the Mortgagor in accordance with such Servicing Agreement) shall
      be
      deposited into the Collection Account, subject to withdrawal pursuant to Section
      4.02. Any cost incurred by the Master Servicer or any Servicer in maintaining
      any such insurance if the Mortgagor defaults in its obligation to do so shall
      be
      added to the amount owing under the Mortgage Loan where the terms of the
      Mortgage Loan so permit; provided, however, that the addition of any such cost
      shall not be taken into account for purposes of calculating the distributions
      to
      be made to Certificateholders and shall be recoverable by the Master Servicer
      or
      such Servicer pursuant to Section 4.02.

     

    Section
      9.17. Presentment
      of Claims and Collection of Proceeds.

     

    The
      Master Servicer shall cause each Servicer (to the extent provided in the
      applicable Servicing Agreement) to, prepare and present on behalf of the Trustee
      and the Certificateholders all claims under the Insurance Policies with respect
      to the Mortgage Loans, and take such actions (including the negotiation,
      settlement, compromise or enforcement of the insured’s claim) as shall be
      necessary to realize recovery under such policies. Any proceeds disbursed to
      the
      Master Servicer (or disbursed to the Servicer and remitted to the Master
      Servicer) in respect of such policies or bonds shall be promptly deposited
      in
      the Collection Account or any Custodial Account upon receipt, except that any
      amounts realized that are to be applied to the repair or restoration of the
      related Mortgaged Property or released to the related Mortgagor in accordance
      with the Master Servicer’s or the applicable Servicer’s normal servicing
      procedures need not be so deposited (or remitted).

     

    Section
      9.18. Maintenance
      of the Primary Mortgage Insurance Policies.

     

    (a) The
      Master Servicer shall not take, or knowingly permit any Servicer (consistent
      with the applicable Servicing Agreement) to take, any action that would result
      in noncoverage under any applicable Primary Mortgage Insurance Policy of any
      loss which, but for the actions of such Master Servicer or such Servicer, would
      have been covered thereunder. To the extent that coverage is available, the
      Master Servicer shall use its best reasonable efforts to keep in force and
      effect, or to cause each Servicer to keep in force and effect (to the extent
      that the Mortgage Loan requires the Mortgagor to maintain such insurance),
      primary mortgage insurance applicable to each Mortgage Loan in accordance with
      the provisions of this Agreement and the applicable Servicing Agreement, as
      applicable. The Master Servicer shall not, and shall not knowingly permit any
      Servicer to, cancel or refuse to renew any such Primary Mortgage Insurance
      Policy that is in effect at the date of the initial issuance of the Certificates
      and is required to be kept in force hereunder except in accordance with the
      provisions of this Agreement and the applicable Servicing Agreement, as
      applicable.

     

    
      
        
        

      

      
        -194-

        
          

        

      

      
        
        

      

    

     

    (b) The
      Master Servicer agrees, to the extent provided in the related Servicing
      Agreement, to cause each Servicer to present, on behalf of the Trustee and
      the
      Certificateholders, claims to the insurer under any Primary Mortgage Insurance
      Policies and, in this regard, to take such reasonable action as shall be
      necessary to permit recovery under any Primary Mortgage Insurance Policies
      respecting defaulted Mortgage Loans. Pursuant to Section 4.01, any amounts
      collected by the Master Servicer or any Servicer under any Primary Mortgage
      Insurance Policies shall be deposited in the Collection Account, subject to
      withdrawal pursuant to Section 4.02.

     

    Section
      9.19. Trustee
      To Retain Possession of Certain Insurance Policies and Documents.

     

    The
      Trustee (or the Custodian) shall retain possession and custody of the originals
      of the Primary Mortgage Insurance Policies or certificate of insurance if
      applicable and any certificates of renewal as to the foregoing as may be issued
      from time to time as contemplated by this Agreement. Until all amounts
      distributable in respect of the Certificates have been distributed in full
      and
      the Master Servicer otherwise has fulfilled its obligations under this
      Agreement, the Trustee (or the Custodian) shall also retain possession and
      custody of each Mortgage File in accordance with and subject to the terms and
      conditions of this Agreement. The Master Servicer shall promptly deliver or
      cause the applicable Servicer to deliver to the Trustee (or the Custodian),
      upon
      the execution or receipt thereof the originals of the Primary Mortgage Insurance
      Policies and any certificates of renewal thereof, and such other documents
      or
      instruments that constitute portions of the Mortgage File that come into the
      possession of the Master Servicer or a Servicer from time to time.

     

    Section
      9.20. Realization
      Upon Defaulted Mortgage Loans.

     

    (a) The
      Master Servicer shall use its reasonable best efforts to, or to cause the
      applicable Servicer to, foreclose upon, repossess or otherwise comparably
      convert the ownership of Mortgaged Properties securing such of the Mortgage
      Loans as come into and continue in default and as to which no satisfactory
      arrangements can be made for collection of delinquent payments, all in
      accordance with the applicable Servicing Agreement. Alternatively, the Master
      Servicer may take, or authorize the applicable Servicer to take, other actions
      in respect of a defaulted Mortgage Loan, which may include (i) accepting a
      short
      sale (a payoff of the Mortgage Loan for an amount less than the total amount
      contractually owed in order to facilitate a sale of the Mortgaged Property
      by
      the Mortgagor) or permitting a short refinancing (a payoff of the Mortgage
      Loan
      for an amount less than the total amount contractually owed in order to
      facilitate refinancing transactions by the Mortgagor not involving a sale of
      the
      Mortgaged Property), (ii) arranging for a repayment plan or (iii) agreeing
      to a
      modification in accordance with Section 9.04. In connection with such
      foreclosure or other conversion or action, the Master Servicer shall, consistent
      with Section 9.18, follow such practices and procedures as it shall reasonably
      determine to be in the best interests of the Trust Fund and the
      Certificateholders and which shall be consistent with its customary practices
      in
      performing its general mortgage servicing activities; provided that the Master
      Servicer shall not be liable in any respect hereunder if the Master Servicer
      is
      acting in connection with any such foreclosure or other conversion or action
      in
      a manner that is consistent with the provisions of this Agreement. Neither
      the
      Master Servicer, nor any Servicer, shall be required to expend its own funds
      or
      incur other reimbursable charges in connection with any foreclosure, or
      attempted foreclosure which is not completed, or toward the correction of any
      default on a related senior mortgage loan, or towards the restoration of any
      property unless it shall determine (i) that such restoration and/or foreclosure
      will increase the proceeds of liquidation of the Mortgage Loan to the
      Certificateholders after reimbursement to itself for such expenses or charges
      and (ii) that such expenses and charges will be recoverable to it through
      Liquidation Proceeds or Insurance Proceeds (as provided in Section
      4.02).

     

    
      
        
        

      

      
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    (b) Notwithstanding
      the foregoing provisions of this Section 9.20 or any other provision of this
      Agreement, with respect to any Mortgage Loan as to which the Master Servicer
      has
      received actual notice of, or has actual knowledge of, the presence of any
      toxic
      or hazardous substance on the related Mortgaged Property, the Master Servicer
      shall not, on behalf of the Trustee, either (i) obtain title to such Mortgaged
      Property as a result of or in lieu of foreclosure or otherwise, or (ii)
      otherwise acquire possession of, or take any other action with respect to,
      such
      Mortgaged Property, if, as a result of any such action, the Trustee, the Trust
      Fund or the Certificateholders would be considered to hold title to, to be
      a
“mortgagee-in-possession” of, or to be an “owner” or “operator” of such
      Mortgaged Property within the meaning of the Comprehensive Environmental
      Response, Compensation and Liability Act of 1980, as amended from time to time,
      or any comparable law, unless the Master Servicer has obtained the prior written
      consent of the NIMS Insurer.

     

    Section
      9.21. Compensation
      to the Master Servicer.

     

    The
      Master Servicer shall be entitled to withdraw from the Collection Account,
      subject to Section 5.05, the Master Servicing Fee to the extent permitted by
      Section 4.02. Servicing compensation in the form of assumption fees, if any,
      late payment charges, as collected, if any, or otherwise (but not including
      any
      Prepayment Premium) shall be retained by the Master Servicer (or the applicable
      Servicer) and shall not be deposited in the Collection Account. If the Master
      Servicer does not retain or withdraw the Master Servicing Fee from the
      Collection Account as provided herein, the Master Servicer shall be entitled
      to
      direct the Trustee to pay the Master Servicing Fee to such Master Servicer
      by
      withdrawal from the Certificate Account to the extent that payments have been
      received with respect to the applicable Mortgage Loan. The Master Servicer
      shall
      be required to pay all expenses incurred by it in connection with its activities
      hereunder and shall not be entitled to reimbursement therefor except as provided
      in this Agreement. Pursuant to Section 4.01(e), all income and gain realized
      from any investment of funds in the Collection Account shall be for the benefit
      of the Master Servicer as compensation. The provisions of this Section 9.21
      are
      subject to the provisions of Section 6.14.

     

    
      
        
        

      

      
        -196-

        
          

        

      

      
        
        

      

    

     

    Section
      9.22. REO
      Property.

     

    (a) In
      the
      event the Trust Fund acquires ownership of any REO Property in respect of any
      Mortgage Loan, the deed or certificate of sale shall be issued to the Trustee,
      or to its nominee, on behalf of the Certificateholders. The Master Servicer
      shall use its reasonable best efforts to sell, or cause the applicable Servicer,
      to the extent provided in the related Servicing Agreement, to sell any REO
      Property as expeditiously as possible and in accordance with the provisions
      of
      this Agreement and such Servicing Agreement, as applicable, but in all events
      within the time period, and subject to the conditions set forth in Article
      X
      hereof. Pursuant to its efforts to sell such REO Property, the Master Servicer
      shall protect and conserve, or cause the applicable Servicer to protect and
      conserve, such REO Property in the manner and to such extent required by the
      related Servicing Agreement, subject to Article X hereof.

     

    (b) The
      Master Servicer shall deposit or cause to be deposited all funds collected
      and
      received by it, or recovered from the Servicer, in connection with the operation
      of any REO Property in the Collection Account.

     

    (c) The
      Master Servicer and the applicable Servicer, upon the final disposition of
      any
      REO Property, shall be entitled to reimbursement for any related unreimbursed
      Advances and other unreimbursed advances as well as any unpaid Master Servicing
      Fees or Servicing Fees from Liquidation Proceeds received in connection with
      the
      final disposition of such REO Property; provided, that (without limitation
      of
      any other right of reimbursement that the Master Servicer or any Servicer shall
      have hereunder) any such unreimbursed Advances as well as any unpaid Master
      Servicing Fees or Servicing Fees may be reimbursed or paid, as the case may
      be,
      prior to final disposition, out of any net rental income or other net amounts
      derived from such REO Property.

     

    (d) The
      Liquidation Proceeds from the final disposition of the REO Property, net of
      any
      payment to the Master Servicer and the applicable Servicer as provided above,
      shall be deposited in the Collection Account on or prior to the Determination
      Date in the month following receipt thereof (and the Master Servicer shall
      provide written notice to the Trustee upon such deposit) and be remitted by
      wire
      transfer in immediately available funds to the Trustee for deposit into the
      Certificate Account on the next succeeding Deposit Date.

     

    Section
      9.23. Notice
      to the Sponsor, the Depositor and the Trustee.

     

    (a) The
      Master Servicer shall promptly notify the Trustee, the Sponsor, the Depositor
      and the Certificate Insurer of any legal proceedings pending against the Master
      Servicer of the type described in Item 1117 (§ 229.1117) of Regulation
      AB.

     

    (b) On
      or
      before March 1st of each year, the Depositor shall distribute the information
      in
      Exhibit S to the Master Servicer. If the Master Servicer shall become at any
      time an affiliate of any of the parties listed on Exhibit S hereto or any of
      their affiliates who have been identified to the Master Servicer in writing,
      the
      Master Servicer shall notify the Trustee, the Sponsor and the Depositor of
      such
      affiliation by March 15 of each year (but only to the extent that the Master
      Servicer has not previously notified the Trustee, the Sponsor or the Depositor
      of such affiliation.)

     

    
      
        
        

      

      
        -197-

        
          

        

      

      
        
        

      

    

     

    (c) Not
      later
      than four Business Days prior to the Distribution Date of each month, the Master
      Servicer shall provide to the Trustee, the Sponsor and the Depositor notice
      of
      the occurrence of any material modifications, extensions or waivers of terms,
      fees, penalties or payments relating to the Mortgage Loans during the related
      Collection Period or that have cumulatively become material over time (Item
      1121(a)(11) of Regulation AB) along with all information, data, and materials
      related thereto as may be required to be included in the related Distribution
      Report on Form 10-D, in each case solely as reported to the Master Servicer
      by
      the applicable Servicer. The parties to this Agreement acknowledge that the
      performance by the Master Servicer of its duties under this Section 9.23(c)
      related to the timely preparation and delivery of such information is contingent
      upon each applicable Servicer strictly observing all requirements and deadlines
      in the performance of their duties under their related Servicing Agreements.
      The
      Master Servicer shall have no liability for any loss, expense, damage or claim
      arising out of or with respect to any failure to properly prepare and/or timely
      deliver all such information where such failure results from the Master
      Servicer’s inability or failure to obtain or receive, on a timely basis, any
      information from any Servicer needed to prepare or deliver such information,
      which failure does not result from the Master Servicer’s own negligence, bad
      faith or willful misconduct.

     

    Section
      9.24. Reports
      to the Trustee.

     

    (a) Not
      later
      than 30 days after each Distribution Date, the Master Servicer shall, upon
      request, forward to the Trustee and any NIMS Insurer a statement, deemed to
      have
      been certified by a Servicing Officer, setting forth the status of the
      Collection Account maintained by the Master Servicer as of the close of business
      on the related Distribution Date, indicating that all distributions required
      by
      this Agreement to be made by the Master Servicer have been made (or if any
      required distribution has not been made by the Master Servicer, specifying
      the
      nature and status thereof) and showing, for the period covered by such
      statement, the aggregate of deposits into and withdrawals from the Collection
      Account maintained by the Master Servicer. Copies of such statement shall be
      provided by the Master Servicer, upon request, to the Depositor, Attention:
      Contract Finance, to the Certificate Insurer and to any Certificateholders
      (or
      by the Trustee at the Master Servicer’s expense if the Master Servicer shall
      fail to provide such copies to the Certificateholders (unless (i) the Master
      Servicer shall have failed to provide the Trustee with such statement or (ii)
      the Trustee shall be unaware of the Master Servicer’s failure to provide such
      statement)).

     

    (b) Not
      later
      than two Business Days following each Distribution Date, the Master Servicer
      shall deliver to one Person designated by the Depositor, in a format consistent
      with other electronic loan level reporting supplied by the Master Servicer
      in
      connection with similar transactions, “loan level” information with respect to
      the Mortgage Loans as of the related Determination Date, to the extent that
      such
      information has been provided to the Master Servicer by the Servicers or by
      the
      Depositor.

     

    (c) All
      information, reports and statements prepared by the Master Servicer under this
      Agreement shall be based upon information supplied to the Master Servicer by
      the
      Servicers without independent verification thereof and the Master Servicer
      shall
      be entitled to rely on such information.

     

    
      
        
        

      

      
        -198-

        
          

        

      

      
        
        

      

    

     

    Section
      9.25. Assessment
      of Compliance and Attestation Reports.

     

    (a) Assessment
      of Compliance

     

    (i) On
      or
      before March 15th of each calendar year in which the Depositor is required
      to
      file reports with respect to the Trust Fund in accordance with the Exchange
      Act
      and the rules and regulations of the Commission, beginning with March 15, 2008,
      the Master Servicer, the Paying Agent (if other than the Trustee) and the
      Trustee, each at its own expense, shall furnish, and each such party shall
      cause
      any Servicing Function Participant engaged by it to furnish, each at its own
      expense, to the Sponsor, the Depositor, the Master Servicer, the Certificate
      Insurer and the Trustee, a report on an assessment of compliance with the
      Relevant Servicing Criteria that contains (A) a statement by such party of
      its
      responsibility for assessing compliance with the Relevant Servicing Criteria,
      (B) a statement that such party used the Servicing Criteria to assess compliance
      with the Relevant Servicing Criteria, (C) such party’s assessment of compliance
      with the Relevant Servicing Criteria as of and for the fiscal year covered
      by
      the Form 10-K required to be filed pursuant to Section 6.20(d), including,
      if
      there has been any material instance of noncompliance with the Relevant
      Servicing Criteria, a discussion of each such failure and the nature and status
      thereof, and (D) a statement that a registered public accounting firm has issued
      an attestation report on such party’s assessment of compliance with the Relevant
      Servicing Criteria as of and for such period. If the Trustee and the Paying
      Agent are the same party, the Relevant Servicing Criteria of the Paying Agent
      shall be included in the Trustee’s report. The Master Servicer shall furnish to
      the Trustee a copy of each assessment of compliance provided to it by the
      Custodian pursuant to the Custodial Agreement and by each Servicer pursuant
      to
      the related Servicing Agreement, to the extent that the Trustee is not entitled
      to receive such assessments pursuant to each such applicable
      agreement.

     

    (ii) When
      the
      Master Servicer, the Paying Agent (if other than the Trustee) and the Trustee
      (or any Servicing Function Participant engaged by it) submit their assessments
      to the Trustee and the Master Servicer, such parties will also at such time
      include the assessment (and attestation pursuant to subsection (b) of this
      Section 9.25) of each Servicing Function Participant engaged by it and shall
      indicate to the Trustee what Relevant Servicing Criteria will be addressed
      in
      any such reports prepared by any such Servicing Function
      Participant.

     

    (iii) Promptly
      after receipt of each report on assessment of compliance, the Trustee shall
      confirm that the assessments, taken as a whole, address all applicable Servicing
      Criteria and taken individually address the Relevant Servicing Criteria (and
      disclose the inapplicability of the Servicing Criteria not determined to be
      Relevant Servicing Criteria) for each party as set forth on Exhibit R and on
      any
      similar exhibit set forth in the applicable Servicing Agreement in respect
      of
      any Servicer, and the Custodial Agreement in respect of the Custodian, and
      shall
      notify the Depositor of any exceptions. By way of clarification and for the
      avoidance of doubt, it is acknowledged that the Trustee shall rely exclusively
      on Exhibit R to determine such applicable Servicing Criteria and Relevant
      Servicing Criteria, as the case may be, and shall not otherwise be reporting
      on
      the content of or sufficiency of such assessments.

     

    
      
        
        

      

      
        -199-

        
          

        

      

      
        
        

      

    

     

    (b) Attestation
      Reports

     

    (i) On
      or
      before March 15th of each calendar year in which the Depositor is required
      to
      file reports with respect to the Trust Fund in accordance with the Exchange
      Act
      and the rules and regulations of the Commission, beginning with March 15, 2008,
      the Master Servicer, the Paying Agent (if other than the Trustee) and the
      Trustee shall, at its own expense, cause a firm of independent public
      accountants (who may also render other services to the Master Servicer, Paying
      Agent or Trustee), which is a member of the American Institute of Certified
      Public Accountants, to furnish to the Sponsor, the Master Servicer, the
      Certificate Insurer, the Trustee and the Depositor a report to the effect that
      such firm attests to, and reports on, the assessment made by such asserting
      party pursuant to Section 6.01(l) above, which report shall be made in
      accordance with standards for attestation engagements issued or adopted by
      the
      PCAOB. In addition, on or before March 15th of each calendar year in which
      the
      Depositor is required to file reports with respect to the Trust Fund in
      accordance with the Exchange Act and the rules and regulations of the
      Commission, beginning with March 15, 2008, the Master Servicer, the Paying
      Agent
      (if other than the Trustee) and the Trustee shall cause any Subservicer or
      Subcontractor with respect to the Trustee to furnish to the Sponsor and the
      Depositor an assessment of compliance and attestation report. If the Trustee
      and
      the Paying Agent are the same party, the attestation report caused to be
      furnished by the Trustee shall also address the Relevant Servicing Criteria
      of
      the Paying Agent.

     

    (ii) Promptly
      after receipt of such report from the Master Servicer, the Paying Agent, the
      Trustee or any Servicing Function Participant engaged by such parties, the
      Trustee shall confirm that each assessment submitted pursuant subsection (a)
      of
      this Section 9.25 is coupled with an attestation meeting the requirements of
      this Section and notify the Depositor of any exceptions.

     

    (c) The
      Trustee’s, the Paying Agent’s and the Master Servicer’s obligation to provide
      assessments of compliance and attestations under this Section 9.25 shall
      terminate upon the filing of a Form 15 suspension notice on behalf of the Trust
      Fund. After the occurrence of such event, and provided the Depositor is not
      otherwise provided with such reports or copies of such reports, the Trustee,
      the
      Paying Agent and the Master Servicer shall be obligated to provide a copy of
      such reports, by March 15 of each year, to the Depositor.

     

    Section
      9.26. Annual
      Statement of Compliance with Applicable Servicing Criteria.

     

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

     

    
      
        
        

      

      
        -200-

        
          

        

      

      
        
        

      

    

     

    Section
      9.27. Merger
      or Consolidation.

     

    Any
      Person into which the Master Servicer may be merged or consolidated, or any
      Person resulting from any merger, conversion, other change in form or
      consolidation to which the Master Servicer shall be a party, or any Person
      succeeding to the business of the Master Servicer, shall be the successor to
      the
      Master Servicer hereunder, without the execution or filing of any paper or
      any
      further act on the part of any of the parties hereto, anything herein to the
      contrary notwithstanding; provided, however, that the successor or resulting
      Person to the Master Servicer shall be a Person that shall be qualified and
      approved to service mortgage loans for Fannie Mae or Freddie Mac and shall
      have
      a net worth of not less than $15,000,000. Notwithstanding the foregoing, as
      a
      condition to the succession to the Master Servicer under this Agreement by
      any
      Person (i) into which the Master Servicer may be merged or consolidated, or
      (ii)
      which may be appointed as a successor to the Master Servicer, the Master
      Servicer shall notify the Depositor, at least 15 calendar days prior to the
      effective date of such succession or appointment, of such succession or
      appointment and shall furnish to the Depositor in writing and in form and
      substance reasonably satisfactory to the Depositor, all information reasonably
      necessary for the Trustee to accurately and timely report, pursuant to Section
      6.20, the event under Item 6.02 of Form 8-K pursuant to the Exchange Act (if
      such reports under the Exchange Act are required to be filed under the Exchange
      Act).

     

    Section
      9.28. Resignation
      of Master Servicer.

     

    Except
      as
      otherwise provided in Sections 9.27 and 9.29 hereof, the Master Servicer shall
      not resign from the obligations and duties hereby imposed on it unless it or
      the
      Trustee determines that the Master Servicer’s duties hereunder are no longer
      permissible under applicable law or are in material conflict by reason of
      applicable law with any other activities carried on by it and cannot be cured.
      Any such determination permitting the resignation of the Master Servicer shall
      be evidenced by an Opinion of Counsel that shall be Independent to such effect
      delivered to the Trustee and the NIMS Insurer. No such resignation shall become
      effective until a period of time not to exceed 90 days after the Trustee and
      the
      NIMS Insurer receives written notice thereof from the Master Servicer and until
      the Trustee shall have assumed, or a successor master servicer shall have been
      appointed by the Trustee, such successor master servicer being acceptable to
      the
      NIMS Insurer, and until such successor shall have assumed, the Master Servicer’s
      responsibilities and obligations under this Agreement. Notice of such
      resignation shall be given promptly by the Master Servicer and the Depositor
      to
      the Trustee.

     

    
      
        
        

      

      
        -201-

        
          

        

      

      
        
        

      

    

     

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

     

    Except
      as
      expressly provided herein, the Master Servicer shall not assign or transfer
      any
      of its rights, benefits or privileges hereunder to any other Person, or delegate
      to or subcontract with, or authorize or appoint any other Person to perform
      any
      of the duties, covenants or obligations to be performed by the Master Servicer
      hereunder; provided, however, that the Master Servicer shall have the right
      without the prior written consent of the Trustee or the Depositor to delegate
      or
      assign to or subcontract with or authorize or appoint an Affiliate of the Master
      Servicer to perform and carry out any duties, covenants or obligations to be
      performed and carried out by the Master Servicer hereunder. In no case, however,
      shall any such delegation, subcontracting or assignment to an Affiliate of
      the
      Master Servicer relieve the Master Servicer of any liability hereunder. Notice
      of such permitted assignment shall be given promptly by the Master Servicer
      to
      the Depositor and the Trustee. If, pursuant to any provision hereof, the duties
      of the Master Servicer are transferred to a successor master servicer, the
      entire amount of the Master Servicing Fees and other compensation payable to
      the
      Master Servicer pursuant hereto, including amounts payable to or permitted
      to be
      retained or withdrawn by the Master Servicer pursuant to Section 9.21 hereof,
      shall thereafter be payable to such successor master servicer.

     

    Notwithstanding
      the foregoing, for so long as reports are required to be filed with the
      Commission under the Exchange Act with respect to the Trust, the Master Servicer
      shall not utilize any Subcontractor for the performance of its duties hereunder
      if such Subcontractor would be “participating in the servicing function” within
      the meaning of Item 1122 of Regulation AB without (a) giving notice to the
      Trustee and the Depositor and (b) requiring any such Subcontractor to provide
      to
      the Master Servicer an attestation report as provided for in Section 9.25(b)
      and
      an assessment of compliance as provided in Section 9.25(a), which reports the
      Master Servicer shall include in its attestation report and assessment of
      compliance.

     

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

     

    (a) The
      Master Servicer undertakes to perform such duties and only such duties as are
      specifically set forth in this Agreement.

     

    (b) No
      provision of this Agreement shall be construed to relieve the Master Servicer
      from liability for its own negligent action, its own negligent failure to act
      or
      its own willful misconduct; provided, however, that the duties and obligations
      of the Master Servicer shall be determined solely by the express provisions
      of
      this Agreement, the Master Servicer shall not be liable except for the
      performance of such duties and obligations as are specifically set forth in
      this
      Agreement; no implied covenants or obligations shall be read into this Agreement
      against the Master Servicer and, in absence of bad faith on the part of the
      Master Servicer, the Master Servicer may conclusively rely, as to the truth
      of
      the statements and the correctness of the opinions expressed therein, upon
      any
      certificates or opinions furnished to the Master Servicer and conforming to
      the
      requirements of this Agreement.

     

    (c) None
      of
      the Master Servicer, the Seller, any NIMS Insurer or the Depositor or any of
      the
      directors, officers, employees or agents of any of them shall be under any
      liability to the Trustee or the Certificateholders for any action taken or
      for
      refraining from the taking of any action in good faith pursuant to this
      Agreement, or for errors in judgment; provided, however, that this provision
      shall not protect the Master Servicer, the Seller, any NIMS Insurer or the
      Depositor or any such person against any liability that would otherwise be
      imposed by reason of willful misfeasance, bad faith or negligence in its
      performance of its duties or by reason of reckless disregard for its obligations
      and duties under this Agreement. The Master Servicer, the Seller, any NIMS
      Insurer and the Depositor and any director, officer, employee or agent of any
      of
      them shall be entitled to indemnification by the Trust Fund and will be held
      harmless against any loss, liability or expense incurred in connection with
      any
      legal action relating to this Agreement or the Certificates other than any
      loss,
      liability or expense incurred by reason of willful misfeasance, bad faith or
      negligence in the performance of his or its duties hereunder or by reason of
      reckless disregard of his or its obligations and duties hereunder. The Master
      Servicer, the Seller, any NIMS Insurer and the Depositor and any director,
      officer, employee or agent of any of them may rely in good faith on any document
      of any kind prima facie properly executed and submitted by any Person respecting
      any matters arising hereunder. The Master Servicer shall be under no obligation
      to appear in, prosecute or defend any legal action that is not incidental to
      its
      duties to master service the Mortgage Loans in accordance with this Agreement
      and that in its opinion may involve it in any expenses or liability; provided,
      however, that the Master Servicer may in its sole discretion undertake any
      such
      action that it may deem necessary or desirable in respect to this Agreement
      and
      the rights and duties of the parties hereto and the interests of the
      Certificateholders hereunder. In such event, the legal expenses and costs of
      such action and any liability resulting therefrom shall be expenses, costs
      and
      liabilities of the Trust Fund and the Master Servicer shall be entitled to
      be
      reimbursed therefor out of the Collection Account it maintains as provided
      by
      Section 4.02.

     

    
      
        
        

      

      
        -202-

        
          

        

      

      
        
        

      

    

     

    Section
      9.31. Indemnification;
      Third Party Claims.

     

    The
      Master Servicer agrees to indemnify the Depositor, the Sponsor, the Certificate
      Registrar, the Paying Agent, the Certificate Insurer and the Trustee (and each
      of their respective directors, officers, employees and agents) and hold each
      of
      them harmless against any and all claims, losses, penalties, fines, forfeitures,
      reasonable legal fees and related costs, judgments, and any other costs,
      liability, fees and expenses that the Depositor, the Sponsor, the Certificate
      Insurer, the Certificate Registrar, the Paying Agent or the Trustee may sustain
      arising out of or based upon (a) any material breach by the Master Servicer
      of
      any of its obligations hereunder, including particularly its obligations to
      provide any report under Section 9.25(a), Section 9.25(b) or Section 9.26 or
      any
      information, data or materials required to be included in any Exchange Act
      report, provided, however, that in no event shall the Master Servicer be liable
      for any special, consequential, indirect or punitive damages pursuant to this
      Section 9.31, even if advised of the possibility of such damages, (b) any
      material misstatement or omission on any information, data, or materials
      provided by the Master Servicer, or (c) the negligence, bad faith or willful
      misconduct of the Master Servicer in connection with its performance hereunder.
      The Depositor, the Sponsor, the Certificate Insurer, the Certificate Registrar,
      the Paying Agent and the Trustee shall immediately notify the Master Servicer
      if
      a claim is made by a third party with respect to this Agreement or the Mortgage
      Loans entitling the Depositor, the Sponsor, the Certificate Insurer or the
      Trustee to indemnification hereunder, whereupon the Master Servicer shall assume
      the defense of any such claim and pay all expenses in connection therewith,
      including counsel fees, and promptly pay, discharge and satisfy any judgment
      or
      decree which may be entered against it or them in respect of such claim. This
      indemnification shall survive the termination of this Agreement or the
      termination of the Master Servicer as a party to this Agreement.

     

    
      
        
        

      

      
        -203-

        
          

        

      

      
        
        

      

    

     

    Section
      9.32. Special
      Servicing of Delinquent Mortgage Loans.

     

    If
      permitted under the terms of any Servicing Agreement, the Seller may appoint,
      pursuant to the terms of such Servicing Agreement and with the written consent
      of the Depositor, the Master Servicer, the Trustee and the NIMS Insurer, a
      Special Servicer to special service any Distressed Mortgage Loans. Any
      applicable Termination Fee related to the termination of the Servicer and the
      appointment of any Special Servicer shall be paid by the Seller. Any fees paid
      to any such Special Servicer shall not exceed the applicable Servicing Fee
      Rate.

     

    Section
      9.33. Allocation
      to Related Mortgage Pool.

     

    Payments
      described in this Article IX made from the Trust Fund shall be allocated and
      limited to collections or other recoveries on the related Mortgage Pool or
      Mortgage Pools and shall be accounted for in such manner.

     

    ARTICLE
      X.

     

    REMIC
      ADMINISTRATION 

     

    Section
      10.01. REMIC
      Administration.

     

    (a) REMIC
      elections as set forth in the Preliminary Statement and this Section 10.01
      shall
      be made on Forms 1066 or other appropriate federal tax or information return
      for
      the taxable year ending on the last day of the calendar year in which the
      Certificates are issued. The regular interests and residual interest in each
      REMIC shall be as designated in the Preliminary Statement and this Section
      10.01. For purposes of such designations, the interest rate of any regular
      interest that is computed by taking into account the weighted average of the
      Net
      Mortgage Rates of the Mortgage Loans shall be reduced to take into account
      any
      expense paid by the Trust to the extent that (i) such expense was not taken
      into
      account in computing the Net Mortgage Rate of any Mortgage Loan or any Net
      Funds
      Cap, (ii) such expense does not constitute an “unanticipated expense” of a REMIC
      within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) and (iii)
      the amount of such expense was not taken into account in computing the interest
      rate of a more junior Class of regular interests.

     

    (b) The
      Closing Date is hereby designated as the “Startup Day” of each REMIC within the
      meaning of section 860G(a)(9) of the Code. The latest possible maturity date
      for
      purposes of Treasury Regulation 1.860G-1(a)(4) will be the Latest Possible
      Maturity Date.

     

    (c) The
      Trustee shall represent the Trust Fund in any administrative or judicial
      proceeding relating to an examination or audit by any governmental taxing
      authority with respect thereto. The Trustee shall pay any and all tax related
      expenses (not including taxes) of each REMIC and Grantor Trust, including but
      not limited to any professional fees or expenses related to audits or any
      administrative or judicial proceedings with respect to such REMIC or Grantor
      Trust that involve the Internal Revenue Service or state tax authorities, but
      only to the extent that (i) such expenses are ordinary or routine expenses,
      including expenses of a routine audit but not expenses of litigation (except
      as
      described in (ii)); or (ii) such expenses or liabilities (including taxes and
      penalties) are attributable to the negligence or willful misconduct of the
      Trustee in fulfilling its duties hereunder (including its duties as tax return
      preparer). The Trustee shall be entitled to reimbursement from the Certificate
      Account of the expenses to the extent (x) provided in clause (i) above and
      (y)
      with respect to each REMIC, such expenses are “unanticipated expenses” within
      the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii). Any reimbursement
      described in the preceding sentence shall be allocated and limited to
      collections or other recoveries on the related Mortgage Pool and shall be
      accounted for in such manner.

     

    
      
        
        

      

      
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    (d) The
      Trustee shall prepare, the Trustee shall sign, and the Trustee will file, all
      of
      each REMIC’s federal and state tax and information returns as such REMIC’s
      direct representative. The Trustee shall prepare, sign and file all of the
      tax
      or information returns in respect of each Grantor Trust. The Trustee shall
      comply with such requirement by filing Form 1041. The expenses of preparing
      and
      filing such returns shall be borne by the Trustee.

     

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

     

    (f) The
      Trustee, the Master Servicer and the Holders of Certificates shall take any
      action, within their respective control and scope of their duties, or cause
      any
      REMIC to take any action necessary to create or maintain the status of any
      REMIC
      as a REMIC under the REMIC Provisions and shall assist each other as necessary
      to create or maintain such status. Neither the Trustee, the Master Servicer
      nor
      the Holder of any Residual Certificate shall knowingly take any action, cause
      any REMIC to take any action or fail to take (or fail to cause to be taken)
      any
      action, within their respective control and scope of their duties, that, under
      the REMIC Provisions, if taken or not taken, as the case may be, could result
      in
      an Adverse REMIC Event unless the Trustee, the NIMS Insurer and the Master
      Servicer have received an Opinion of Counsel (at the expense of the party
      seeking to take such action) to the effect that the contemplated action will
      not
      result in an Adverse REMIC Event. In addition, prior to taking any action with
      respect to any REMIC or the assets therein, or causing any REMIC to take any
      action, which is not expressly permitted under the terms of this Agreement,
      any
      Holder of a Residual Certificate will consult with the Trustee, the NIMS
      Insurer, the Master Servicer or their respective designees, in writing, with
      respect to whether such action could cause an Adverse REMIC Event to occur
      with
      respect to any REMIC, and no such Person shall take any such action or cause
      any
      REMIC to take any such action as to which the Trustee, the NIMS Insurer or
      the
      Master Servicer has advised it in writing that an Adverse REMIC Event could
      occur.

     

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

     

    
      
        
        

      

      
        -205-

        
          

        

      

      
        
        

      

    

     

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

     

    (i) No
      additional contributions of assets shall be made to any REMIC, except as
      expressly provided in this Agreement with respect to Qualifying Substitute
      Mortgage Loans.

     

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

     

    (k) Upon
      the
      request of any Rating Agency or any NIMS Insurer, the Trustee shall deliver
      an
      Officer’s Certificate to the Rating Agency and to the NIMS Insurer stating,
      without regard to any actions taken by any party other than the Trustee, the
      Trustee’s compliance with provisions of this Section 10.01.

     

    (l) The
      Class
      AP-I Certificates shall be neither regular interests nor residual interests
      in
      any REMIC created hereunder. It is the intention of the parties hereto that
      the
      segregated pool of assets consisting of any collections of Prepayment Premiums
      that are distributable to the Class AP-I Certificates and the related Class
      P
      Reserve Fund shall constitute a grantor trust for federal income tax purposes.
      The Trustee, by its execution and delivery hereof, acknowledges the assignment
      to it of the rights to receive such Prepayment Premiums and such Class P Reserve
      Fund and declares that it holds and will hold such assets in trust for the
      exclusive use and benefit of all present and future Holders of the Class AP-I
      Certificates. The rights of Holders of the Class AP-I Certificates to receive
      distributions from the proceeds of such Prepayment Premiums and such Class
      P
      Reserve Fund, and all ownership interests of such Holders in and to such
      distributions, shall be as set forth in this Agreement.

     

    The
      Class
      2-AP Certificates shall be neither regular interests nor residual interests
      in
      any REMIC created hereunder. It is the intention of the parties hereto that
      the
      segregated pool of assets consisting of any collections of Prepayment Premiums
      that are distributable to the Class 2-AP Certificates and the related Class
      P
      Reserve Fund shall constitute a grantor trust for federal income tax purposes.
      The Trustee, by its execution and delivery hereof, acknowledges the assignment
      to it of the rights to receive such Prepayment Premiums and such Class P Reserve
      Fund and declares that it holds and will hold such assets in trust for the
      exclusive use and benefit of all present and future Holders of the Class 2-AP
      Certificates. The rights of Holders of the Class 2-AP Certificates to receive
      distributions from the proceeds of such Prepayment Premiums and such Class
      P
      Reserve Fund, and all ownership interests of such Holders in and to such
      distributions, shall be as set forth in this Agreement.

     

    The
      Class
      3-AP Certificates shall be neither regular interests nor residual interests
      in
      any REMIC created hereunder. It is the intention of the parties hereto that
      the
      segregated pool of assets consisting of any collections of Prepayment Premiums
      that are distributable to the Class 3-AP Certificates and the related Class
      P
      Reserve Fund shall constitute a grantor trust for federal income tax purposes.
      The Trustee, by its execution and delivery hereof, acknowledges the assignment
      to it of the rights to receive such Prepayment Premiums and such Class P Reserve
      Fund and declares that it holds and will hold such assets in trust for the
      exclusive use and benefit of all present and future Holders of the Class 3-AP
      Certificates. The rights of Holders of the Class 3-AP Certificates to receive
      distributions from the proceeds of such Prepayment Premiums and such Class
      P
      Reserve Fund, and all ownership interests of such Holders in and to such
      distributions, shall be as set forth in this Agreement.

     

    
      
        
        

      

      
        -206-

        
          

        

      

      
        
        

      

    

     

    (m) The
      SWAP
      I REMIC shall consist of all of the assets of the Trust Fund related to Pool
      1(other than (i) any Swap Agreement and any Supplemental Interest Trust, (ii)
      any Interest Rate Cap Agreement and Interest Rate Cap Account, (iii) the Lower
      Tier Interests, (iv) the grantor trusts described in Section 10.01 hereof,
      (v)
      the Pool 1 Basis Risk Reserve Fund, (vi) the rights to receive Prepayment
      Premiums distributable to the Class P Certificates and the Class P Reserve
      Funds
      and (vii) the X-I Component Account. The SWAP I REMIC Regular Interests shall
      be
      designated as the regular interests in the SWAP I REMIC, and the Class SWI-R
      Interest shall be designated as the sole class of residual interest in the
      SWAP
      I REMIC. Each of the SWAP I REMIC Regular Interests shall have the
      characteristics set forth in the Preliminary Statement.

     

    REMIC
      I-1
      shall consist of the SWAP I REMIC Regular Interests. The REMIC I-1 Regular
      Interests shall be designated as the regular interests in REMIC I-1, and the
      Class LTI1-R Interest shall be designated as the sole class of residual interest
      in REMIC I-1. Each of the REMIC I-1 Regular Interests shall have the
      characteristics set forth in the Preliminary Statement.

     

    The
      assets of REMIC I-2 shall be the REMIC I-1 Regular Interests. The REMIC I-2
      Regular Interests shall be designated as the regular interests in REMIC I-2
      and
      the Residual I Interest shall be designated as the sole class of residual
      interest in REMIC I-2. For federal income tax purposes, the interest rate on
      each REMIC I-2 Regular Interest (other than the Uncertificated Class X-I
      Interest and other than the Class LTI2-IO Interest) shall be subject to a cap
      equal to the REMIC Pass-Through Rate.

     

    The
      SWAP
      II REMIC shall consist of all of the assets of the Trust Fund related to Pool
      2
      and Pool 3 (other than (i) any Swap Agreement and any Supplemental Interest
      Trust, (ii) any Interest Rate Cap Agreement and Interest Rate Cap Account,
      (iii)
      the Lower Tier Interests, (iv) the grantor trusts described in Section 10.01
      hereof, (v) the Pool 2-3 Basis Risk Reserve Fund, (vi) the rights to receive
      Prepayment Premiums distributable to the Class P Certificates and the Class
      P
      Reserve Funds and (vii) the X-II Component Account. The SWAP II REMIC Regular
      Interests shall be designated as the regular interests in the SWAP II REMIC,
      and
      the Class SWII-R Interest shall be designated as the sole class of residual
      interest in the SWAP II REMIC. Each of the SWAP II REMIC Regular Interests
      shall
      have the characteristics set forth in the Preliminary Statement.

     

    REMIC
      II-1 shall consist of the SWAP II REMIC Regular Interests. The REMIC II-1
      Regular Interests shall be designated as the regular interests in REMIC II-1,
      and the Class LTII1-R Interest shall be designated as the sole class of residual
      interest in REMIC II-1. Each of the REMIC II-1 Regular Interests shall have
      the
      characteristics set forth in the Preliminary Statement.

     

    
      
        
        

      

      
        -207-

        
          

        

      

      
        
        

      

    

     

    The
      assets of REMIC II-2 shall be the REMIC II-1 Regular Interests. The REMIC II-2
      Regular Interests shall be designated as the regular interests in REMIC II-2
      and
      the Residual II Interest shall be designated as the sole class of residual
      interest in REMIC II-2. For federal income tax purposes, the interest rate
      on
      each REMIC II-2 Regular Interest (other than the Uncertificated Class X-II
      Interest and other than the Class LTII2-IO Interest) shall be subject to a
      cap
      equal to the REMIC Pass-Through Rate.

     

    The
      beneficial ownership of the residual interest in each REMIC shall be represented
      by the Class R Certificate. None of any such interests shall have a principal
      balance or bear interest.

     

    (n) It
      is
      intended that the rights of each Class of Group I Certificates to receive
      payments in respect of Excess Interest shall be treated as a right in interest
      rate cap contracts written by the holders of the Class X-I Certificates in
      favor
      of the holders of each Class of the Group I Certificates and such shall be
      accounted for as property held separate and apart from the regular interests
      in
      REMIC I-2 held by the holders of the Group I Certificates. This provision is
      intended to satisfy the requirements of Treasury Regulations Section 1.860G-2(i)
      for the treatment of property rights coupled with REMIC interests to be
      separately respected and shall be interpreted consistently with such regulation.
      On each Distribution Date, to the extent that any of the Group I Certificates
      receive payments in respect of Excess Interest, such amounts, to the extent
      not
      derived from payments on any Interest Rate Cap Agreement, from payments on
      any
      Swap Agreement, from payments in respect of Class I-I Shortfalls or from
      payments in respect of Class X-I Shortfalls as set forth in Section 10.01(p),
      will be treated as distributed by REMIC I-2 to the Class X-I Certificates in
      respect of the Uncertificated Class X-I Interest pro rata and then paid to
      the
      relevant Class of Group I Certificates pursuant to the related interest cap
      agreement. The Trustee is hereby directed to perform its duties and obligations
      in accordance with this Section 10.01(n).

     

    It
      is
      intended that the beneficial owners of the Group I Certificates shall be treated
      as having entered into a notional principal contract with respect to the
      beneficial owners of the Class X-I Certificates. Pursuant to each such notional
      principal contract, all beneficial owners of the Group I Certificates shall
      be
      treated as having agreed to pay, on each Distribution Date, to the beneficial
      owners of the Class X-I Certificates an aggregate amount equal to the excess,
      if
      any, of (i) the amount payable on such Distribution Date on the Related REMIC
      I-2 Interest corresponding to such Class of Group I Certificates over (ii)
      the
      amount payable on such Class of Group I Certificates on such Distribution Date
      (such excess, a “Class I-I Shortfall”). A Class I-I Shortfall shall be allocated
      to each Class of Group I Certificates to the extent that interest accrued on
      such Class for the related Accrual Period at the Certificate Interest Rate
      for a
      Class, computed by substituting “REMIC Pass-Through Rate” for the applicable Net
      Funds Cap and Group I Net WAC set forth in the definition thereof, exceeds
      the
      amount of interest payable on such Certificate for the related Accrual Period.
      A
      Class I-I Shortfall payable from principal collections shall be allocated to
      the
      most subordinate Class of Group I Certificates with an outstanding principal
      balance to the extent of such balance. In addition, pursuant to such notional
      principal contract, the beneficial owner of the Class X-I Certificates shall
      be
      treated as having agreed to make payments in respect of Excess Interest to
      the
      beneficial holders of the Group I Certificates in accordance with the terms
      of
      this Agreement. Any payments to the Group I Certificates in light of the
      foregoing shall not be payments with respect to a “regular interest” in a REMIC
      within the meaning of Code Section 860G(a)(1). However, any payment by
      beneficial owners of Group I Certificates of a Class I-I Shortfall shall be
      treated for tax purposes as having been received by the beneficial owners of
      such Certificates in respect of their interests in REMIC I-2 and as having
      been
      paid by such beneficial owners to the Class X-I Certificates pursuant to the
      notional principal contract. Thus, each Group I Certificate and each Class
      X-I
      Certificate shall be treated as representing not only ownership of regular
      interests in REMIC I-2, but also ownership of an interest in (and obligations
      with respect to) a notional principal contract.

     

    
      
        
        

      

      
        -208-

        
          

        

      

      
        
        

      

    

     

    It
      is
      intended that the rights of each Class of Group II Certificates to receive
      payments in respect of Excess Interest shall be treated as a right in interest
      rate cap contracts written by the holders of the Class X-II Certificates in
      favor of the holders of each Class of Group II Certificates and such shall
      be
      accounted for as property held separate and apart from the regular interests
      in
      REMIC II-2 held by the holders of the Group II Certificates. This provision
      is
      intended to satisfy the requirements of Treasury Regulations Section 1.860G-2(i)
      for the treatment of property rights coupled with REMIC interests to be
      separately respected and shall be interpreted consistently with such regulation.
      On each Distribution Date, to the extent that any of the Group II Certificates
      receive payments in respect of Excess Interest, such amounts, to the extent
      not
      derived from payments on any Interest Rate Cap Agreement, from payments on
      any
      Swap Agreement, from payments in respect of Class I-II Shortfalls or from
      payments in respect of Class X-II Shortfalls as set forth in Section 10.01(p),
      will be treated as distributed by REMIC II-2 to the Class X-II Certificates
      in
      respect of the Uncertificated Class X-II Interest pro rata and then paid to
      the
      relevant Class Group II Certificates pursuant to the related interest cap
      agreement. The Trustee is hereby directed to perform its duties and obligations
      in accordance with this Section 10.01(n).

     

    It
      is
      intended that the beneficial owners of the Group II Certificates shall be
      treated as having entered into a notional principal contract with respect to
      the
      beneficial owners of the Class X-II Certificates. Pursuant to each such notional
      principal contract, all beneficial owners of the Group II Certificates shall
      be
      treated as having agreed to pay, on each Distribution Date, to the beneficial
      owners of the Class X-II Certificates an aggregate amount equal to the excess,
      if any, of (i) the amount payable on such Distribution Date on the Related
      REMIC
      II-2 Interest corresponding to such Class of Group II Certificates over (ii)
      the
      amount payable on such Class Group II Certificates on such Distribution Date
      (such excess, a “Class I-II Shortfall”). A Class I-II Shortfall shall be
      allocated to each Class of Group II Certificates to the extent that interest
      accrued on such Class for the related Accrual Period at the Certificate Interest
      Rate for a Class, computed by substituting “REMIC Pass-Through Rate” for the
      applicable Net Funds Cap and Group II Net WAC set forth in the definition
      thereof, exceeds the amount of interest payable on such Certificate for the
      related Accrual Period. A Class I-II Shortfall payable from principal
      collections shall be allocated to the most subordinate Class of Group II
      Certificates with an outstanding principal balance to the extent of such
      balance. In addition, pursuant to such notional principal contract, the
      beneficial owner of the Class X-II Certificates shall be treated as having
      agreed to make payments in respect of Excess Interest to the beneficial holders
      of the Group II Certificates in accordance with the terms of this Agreement.
      Any
      payments to the Group II Certificates in light of the foregoing shall not be
      payments with respect to a “regular interest” in a REMIC within the meaning of
      Code Section 860G(a)(1). However, any payment by beneficial owners of Group
      II
      Certificates of a Class I-II Shortfall shall be treated for tax purposes as
      having been received by the beneficial owners of such Certificates in respect
      of
      their interests in REMIC II-2 and as having been paid by such beneficial owners
      to the Class X-II Certificates pursuant to the notional principal contract.
      Thus, each Group II Certificate and each Class X-II Certificate shall be treated
      as representing not only ownership of regular interests in REMIC II-2, but
      also
      ownership of an interest in a notional principal contract; and each Group II
      Certificate and each Class X-II Certificate shall be treated as representing
      not
      only ownership of regular interests in REMIC II-2, but also obligations with
      respect to a notional principal contract.

     

    
      
        
        

      

      
        -209-

        
          

        

      

      
        
        

      

    

     

    (o) The
      parties hereto intend that the Uncertificated Class X-I Interest, the
      uncertificated Class LTI2-IO Interest, the Group I Interest Rate Cap Agreements,
      the Group I Swap Agreement, the Group I Supplemental Interest Trust, the right
      to receive payments in respect of Class I-I Shortfalls from the holders of
      the
      Group I Certificates, the Pool 1 Basis Risk Reserve Fund, the right to receive
      payments in respect of Class X-I Shortfalls as set forth in Section 10.01(p)
      and
      the obligation of the holders of the Class X-I Certificates to pay amounts
      of
      Excess Interest to the holders of the Group I Certificates shall be treated
      as a
“grantor trust” under the Code, and the provisions hereof shall be interpreted
      consistently with this intention. In furtherance of such intention, the Trustee
      shall (i) furnish or cause to be furnished to the holders of the Class X-I
      Certificates information regarding their allocable share, if any, of the income
      with respect to such grantor trust, (ii) file or cause to be filed with the
      Internal Revenue Service Form 1041 (together with any necessary attachments)
      and
      such other forms as may be applicable and (iii) comply with such information
      reporting obligations with respect to payments from such grantor trust to the
      holders of Group I Certificates and Class X-I Certificates as may be applicable
      under the Code. The Trustee is hereby directed to perform its duties and
      obligations in accordance with this Section 10.01(o).

     

    The
      parties intend that all amounts paid to the applicable Swap Counterparty under
      the Group I Swap Agreement shall be deemed for federal income tax purposes
      to be
      paid by the Class X-I Certificates first, out of funds deemed received in
      respect of the Class LTI2-IO Interest, second, out of funds deemed received
      in
      respect of the Uncertificated Class X-I Interest and third, out of funds deemed
      received in respect of Class I-I Shortfalls described in Section 10.01(n),
      and
      the provisions hereof shall be interpreted consistently with this
      intention.

     

    The
      Group
      I Supplemental Interest Trust shall be an “outside reserve fund” for federal
      income tax purposes and not an asset of any REMIC. Furthermore, the Holders
      of
      the Class X-I Certificates shall be the beneficial owners of the Group I
      Supplemental Interest Trust for all federal income tax purposes, and shall
      be
      taxable on all income earned thereon.

     

    The
      parties hereto intend that the Uncertificated Class X-II Interest, the
      uncertificated Class LTII2-IO Interest, the Group II Interest Rate Cap
      Agreement, the Group II Swap Agreement, the Group II Supplemental Interest
      Trust, the right to receive payments in respect of Class I-II Shortfalls from
      the holders of the Group II Certificates, the Pool 2-3 Basis Risk Reserve Fund,
      the right to receive payments in respect of Class X-II Shortfalls as set forth
      in Section 10.01(p) and the obligation of the holders of the Class X-II
      Certificates to pay amounts of Excess Interest to the holders of the Group
      II
      Certificates shall be treated as a “grantor trust” under the Code, and the
      provisions hereof shall be interpreted consistently with this intention. In
      furtherance of such intention, the Trustee shall (i) furnish or cause to be
      furnished to the holders of the Class X-II Certificates information regarding
      their allocable share, if any, of the income with respect to such grantor trust,
      (ii) file or cause to be filed with the Internal Revenue Service Form 1041
      (together with any necessary attachments) and such other forms as may be
      applicable and (iii) comply with such information reporting obligations with
      respect to payments from such grantor trust to the holders of Group II
      Certificates and Class X-II Certificates as may be applicable under the Code.
      The Trustee is hereby directed to perform its duties and obligations in
      accordance with this Section 10.01(o).

     

    
      
        
        

      

      
        -210-

        
          

        

      

      
        
        

      

    

     

    The
      parties intend that all amounts paid to the applicable Swap Counterparty under
      the Group II Swap Agreement shall be deemed for federal income tax purposes
      to
      be paid by the Class X-II Certificates first, out of funds deemed received
      in
      respect of the Class LTII2-IO Interest, second, out of funds deemed received
      in
      respect of the Uncertificated Class X-II Interest and third, out of funds deemed
      received in respect of Class I-II Shortfalls described in Section 10.01(n),
      and
      the provisions hereof shall be interpreted consistently with this
      intention.

     

    The
      Group
      II Supplemental Interest Trust shall be an “outside reserve fund” for federal
      income tax purposes and not an asset of any REMIC. Furthermore, the Holders
      of
      the Class X-II Certificates shall be the beneficial owners of the Group II
      Supplemental Interest Trust for all federal income tax purposes, and shall
      be
      taxable on all income earned thereon.

     

    (p) The
      excess, if any, of amounts payable with respect to the REMIC regular interests
      held by REMIC I-2 over the amounts payable with respect to the REMIC I-2 Regular
      Interests with respect to each Accrual Period shall, solely for purposes of
      the
      REMIC Provisions, be deemed earned by the Master Servicer as an additional
      fee,
      which amount shall be deemed paid by the Master Servicer to the holders of
      the
      Class X-I Certificates. It is intended that the rights of the holders of the
      Class X-I Certificates to receive such deemed payments (“Class X-I Shortfalls”)
      shall be treated as rights in respect of an interest rate cap contract written
      by the Master Servicer in favor of the holders of the Class X-I Certificates
      and
      shall be accounted for as property separate and apart from any REMIC regular
      interest represented by the Class X-I Certificates. This provision is intended
      to comply with the requirements of Treasury Regulations Section 1.860G-2(i)
      for
      the treatment of property rights coupled with regular interests to be separately
      respected and shall be interpreted consistently with such regulation. The
      holders of the Class X-I Certificates agree by their acceptance of such
      Certificates, that they will take tax reporting positions that allocate no
      more
      than a nominal value to the right to receive deemed payments in respect of
      Class
      X-I Shortfalls. The Master Servicer and Trustee shall agree to take tax
      reporting positions consistent with the allocations by the holders of the Class
      X-I Certificates of no more than a nominal value to the right to receive deemed
      payments in respect of Class X-I Shortfalls. For information reporting purposes,
      it will be assumed that such rights have no value. Each payment deemed made
      to
      the Class X-I Certificates in respect of Class X-I Shortfalls shall be treated
      for federal income tax purposes as having been paid to the Master Servicer
      as an
      additional servicing fee and then paid by the Master Servicer to the Holders
      of
      the Class X-I Certificates. The Trustee and Master Servicer agree and each
      holder or beneficial owner of a Class X-I Certificate agrees, by virtue of
      its
      acquisition of such Certificate or beneficial interest, to adopt tax reporting
      positions consistent with the payments deemed made to the Class X-I Certificates
      in respect of Class X-I Shortfalls as payments in respect of interest rate
      cap
      agreements written by the Master Servicer. The Trustee is hereby directed to
      perform its duties and obligations in accordance with this Section
      10.01(p).

     

    
      
        
        

      

      
        -211-

        
          

        

      

      
        
        

      

    

     

    The
      excess, if any, of amounts payable with respect to the REMIC regular interests
      held by REMIC II-2 over the amounts payable with respect to the REMIC II-2
      Regular Interests with respect to each Accrual Period shall, solely for purposes
      of the REMIC Provisions, be deemed earned by the Master Servicer as an
      additional fee, which amount shall be deemed paid by the Master Servicer to
      the
      holders of the Class X-II Certificates. It is intended that the rights of the
      holders of the Class X-II Certificates to receive such deemed payments (“Class
      X-II Shortfalls”) shall be treated as rights in respect of an interest rate cap
      contract written by the Master Servicer in favor of the holders of the Class
      X-II Certificates and shall be accounted for as property separate and apart
      from
      the REMIC regular interests represented by the Class X-II Certificates. This
      provision is intended to comply with the requirements of Treasury Regulations
      Section 1.860G-2(i) for the treatment of property rights coupled with regular
      interests to be separately respected and shall be interpreted consistently
      with
      such regulation. The holders of the Class X-II Certificates agree by their
      acceptance of such Certificates, that they will take tax reporting positions
      that allocate no more than a nominal value to the right to receive deemed
      payments in respect of Class X-II Shortfalls. The Master Servicer and Trustee
      shall agree to take tax reporting positions consistent with the allocations
      by
      the holders of the Class X-II Certificates of no more than a nominal value
      to
      the right to receive deemed payments in respect of Class X-II Shortfalls. For
      information reporting purposes, it will be assumed that such rights have no
      value. Each payment deemed made to the Class X-II Certificates in respect of
      Class X-II Shortfalls shall be treated for federal income tax purposes as having
      been paid to the Master Servicer as an additional servicing fee and then paid
      by
      the Master Servicer to the Holders of the Class X-II Certificates. The Trustee
      and Master Servicer agree and each holder or beneficial owner of a Class X-II
      Certificate agrees, by virtue of its acquisition of such Certificate or
      beneficial interest, to adopt tax reporting positions consistent with the
      payments deemed made to the Class X-II Certificates in respect of Class X-II
      Shortfalls as payments in respect of interest rate cap agreements written by
      the
      Master Servicer. The Trustee is hereby directed to perform its duties and
      obligations in accordance with this Section 10.01(p).

     

    (q) Payments
      in the nature of expenses, reimbursements and indemnifications made from the
      Trust Fund shall be allocated and limited to collections or other recoveries
      on
      the related Mortgage Pool or Mortgage Pools (if applicable) and shall be
      accounted for in such manner.

     

    (r) The
      Trustee shall treat the X-I Component Account as an outside reserve fund within
      the meaning of Treasury Regulation 1.860G-2(h) that is owned by the Holder
      of
      the Class C-I Certificates and that is not an asset of any REMIC. 

     

    The
      Trustee shall treat the X-II Component Account as an outside reserve fund within
      the meaning of Treasury Regulation 1.860G-2(h) that is owned by the Holder
      of
      the Class C-II Certificates and that is not an asset of any REMIC.

     

    (s) The
      SWAP I REMIC:
      On each
      Distribution Date, the Trustee shall first pay or charge as an expense of the
      SWAP I REMIC all expenses of the Trust Fund relating to Pool 1 for such
      Distribution Date, other than any Net Swap Payment or Swap Termination Payment
      required to be made from the Trust Fund.

     

    
      
        
        

      

      
        -212-

        
          

        

      

      
        
        

      

    

     

    On
      each
      Distribution Date the Trustee shall distribute the aggregate Interest Remittance
      Amount for Pool 1 (net of expenses described in the preceding paragraph) with
      respect to each of the SWAP I REMIC Regular Interests based on the interest
      rates for such interests set forth in the Preliminary Statement
      hereto.

     

    On
      each
      Distribution Date, the Trustee shall distribute the aggregate Principal
      Remittance Amount with respect to Pool 1 with respect to the SWAP I REMIC
      Regular Interests, first to the Class SWI-Z Interest until its principal balance
      is reduced to zero, and then sequentially, to the other SWAP I REMIC Regular
      Interests in ascending order of their numerical Class designation, and, with
      respect to each pair of Classes having the same numerical designation, in equal
      amounts to each such Class, until the principal balance of each such Class
      is
      reduced to zero. All losses on the Mortgage Loans in Pool 1 shall be allocated
      among the SWAP I REMIC Regular Interests in the same manner that principal
      distributions are allocated. Increases in principal amount as a result of
      Subsequent Recoveries with respect to the Mortgage Loans in Pool 1 shall be
      allocated among the SWAP I Regular Interests in the reverse fashion from the
      manner in which losses are allocated. Increases in principal amount as a result
      of Net Negative Amortization with respect to the Mortgage Loans in Pool 1 for
      any Distribution Date shall be allocated among the SWAP I REMIC Regular
      Interests, first to the Class SWI-Z Interest up to an amount equal to the
      accrued interest thereon for such Distribution Date, and then sequentially,
      to
      the other SWAP I REMIC Regular Interests in ascending order of their numerical
      Class designation, and, with respect to each pair of Classes having the same
      numerical designation, in equal amounts to each such Class, up to an amount
      equal to the accrued interest thereon for such Distribution Date. Any amounts
      remaining in the SWAP I REMIC after the aforementioned distributions shall
      be
      distributed to the Class SWI-R Interest.

     

    REMIC
      I-1:
      All
      payments received by REMIC I-1 with respect to the SWAP I REMIC Regular
      Interests shall be paid to the REMIC I-1 Regular Interests until the principal
      balance of all such interests have been reduced to zero and any losses allocated
      to such interests have been reimbursed. Any excess amounts shall be distributed
      to the Class LTI1-R Interest.

     

    On
      each
      Distribution Date,

     

    (i)
      interest shortfalls with respect to the Mortgage Loans in Pool 1 (other than
      interest shortfalls attributable to Negative Amortization) shall be allocated
      to
      the REMIC I-1 Regular Interests (other than the Class LTI1-IO Interest)
pro
      rata
      based on
      the interest otherwise accrued thereon;

     

    (ii)
      the
      principal balance of each REMIC I-1 Regular Interest shall be increased by
      the
      amount of interest accrued thereon (net of interest shortfalls allocated thereto
      pursuant to the immediately preceding clause (i));

     

    (iii)
      cash received by REMIC I-1 with respect to the SWAP I REMIC Regular Interests
      shall be distributed first to the Class LTI1-IO Interest in reduction of their
      principal balances so that their principal balances are as close as possible
      to
      zero. Any remaining cash shall be distributed to, and losses with respect to
      the
      Pool 1 Mortgage Loans shall be allocated to:

     

    first,
      to the
      Class LTI1-M8I Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of
      its
      Corresponding Class;

     

    
      
        
        

      

      
        -213-

        
          

        

      

      
        
        

      

    

     

    second,
      to the
      Class LTI1-M7I Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of
      its
      Corresponding Class;

     

    third,
      to the
      Class LTI1-M6I Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of
      its
      Corresponding Class;

     

    fourth,
      to the
      Class LTI1-M5I Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of
      its
      Corresponding Class;

     

    fifth,
      to the
      Class LTI1-M4I Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of
      its
      Corresponding Class;

     

    sixth,
      to the
      Class LTI1-M3I Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of
      its
      Corresponding Class;

     

    seventh,
      to the
      Class LTI1-M2I Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of
      its
      Corresponding Class;

     

    eighth,
      to the
      Class LTI1-M1I Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of
      its
      Corresponding Class;

     

    ninth,
      to the
      Class LTI1-1A2 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of
      its
      Corresponding Class;

     

    tenth,
      to the
      Class LTI1-1A1 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of
      its
      Corresponding Class; and

     

    eleventh,
      to the
      Class LTI1-X Interest in reduction of its principal balance so that its
      principal balance is as close as possible to the sum of (x) 50% of the aggregate
      Scheduled Principal Balance of the Mortgage Loans in Pool 1 and (y) 50% of
      the
      Pool 1 Overcollateralization Amount.

     

    If
      on any
      Distribution Date there is an increase in the Certificate Principal Amount
      of
      any Group I Certificate as a result of the proviso in the definition of
      Certificate Principal Amount, then there shall be a corresponding increase
      in
      the principal amount of the REMIC I-1 Regular Interests (other than the Class
      LTI1-IO Interest) allocated as follows:

     

    first,
      to each
      of the REMIC I-1 Regular Interests (other than the Class LTI1-X Interest and
      other than the Class LTI1-IO Interest) so that the principal balance of each
      such interest is as close as possible to 50% of the principal balance of its
      Corresponding Class; and

     

    
      
        
        

      

      
        -214-

        
          

        

      

      
        
        

      

    

     

    second,
      to the
      Class LTI1-X Interest so that the principal balance of such interest is as
      close
      as possible to the sum of (x) 50% of the aggregate Scheduled Principal Balance
      of the Mortgage Loans in Pool 1 and (y) 50% of the Pool 1 Overcollateralization
      Amount.

     

    (t) The
      SWAP II REMIC:
      On each
      Distribution Date, the Trustee shall first pay or charge as an expense of the
      SWAP II REMIC all expenses of the Trust Fund relating to Pool 2 and Pool 3
      for
      such Distribution Date, other than any Net Swap Payment or Swap Termination
      Payment required to be made from the Trust Fund.

     

    On
      each
      Distribution Date the Trustee shall distribute the aggregate Interest Remittance
      Amount for Pool 2 and Pool 3 (net of expenses described in the preceding
      paragraph) with respect to each of the SWAP II REMIC Regular Interests based
      on
      the interest rates for such interests set forth in the Preliminary Statement
      hereto.

     

    On
      each
      Distribution Date, the Trustee shall distribute the aggregate Principal
      Remittance Amount with respect to Pool 2 and Pool 3 with respect to the SWAP
      II
      REMIC Regular Interests, first to the Class SWII-Z Interest until its principal
      balance is reduced to zero, and then sequentially, to the other SWAP II REMIC
      Regular Interests in ascending order of their numerical Class designation,
      and,
      with respect to each pair of Classes having the same numerical designation,
      in
      equal amounts to each such Class, until the principal balance of each such
      Class
      is reduced to zero. All losses on the Mortgage Loans in Pool 2 and Pool 3 shall
      be allocated among the SWAP II REMIC Regular Interests in the same manner that
      principal distributions are allocated. Increases in principal amount as a result
      of Subsequent Recoveries with respect to the Mortgage Loans in Pool 2 and Pool
      3
      shall be allocated among the SWAP II Regular Interests in the reverse fashion
      from the manner in which losses are allocated. Increases in principal amount
      as
      a result of Net Negative Amortization with respect to the Mortgage Loans in
      Pool
      2 and Pool 3 for any Distribution Date shall be allocated among the SWAP II
      REMIC Regular Interests, first to the Class SWII-Z Interest up to an amount
      equal to the accrued interest thereon for such Distribution Date, and then
      sequentially, to the other SWAP II REMIC Regular Interests in ascending order
      of
      their numerical Class designation, and, with respect to each pair of Classes
      having the same numerical designation, in equal amounts to each such Class,
      up
      to an amount equal to the accrued interest thereon for such Distribution Date.
      Any amounts remaining in the SWAP II REMIC after the aforementioned
      distributions shall be distributed to the Class SWII-R Interest.

     

    REMIC
      II-1:
      All
      payments received by REMIC II-1 with respect to the SWAP II REMIC Regular
      Interests shall be paid to the REMIC II-1 Regular Interests until the principal
      balance of all such interests have been reduced to zero and any losses allocated
      to such interests have been reimbursed. Any excess amounts shall be distributed
      to the Class LTII1-R Interest.

     

    
      
        
        

      

      
        -215-

        
          

        

      

      
        
        

      

    

     

    On
      each
      Distribution Date,

     

    (i) interest
      shortfalls with respect to the Mortgage Loans in Pool 2 and Pool 3 (other than
      interest shortfalls attributable to Negative Amortization) shall be allocated
      to
      the REMIC II-1 Regular Interests (other than the Class LTII1-IO Interest)
pro
      rata
      based on
      the interest otherwise accrued thereon;

     

    (ii) the
      principal balance of each REMIC II-1 Regular Interest shall be increased by
      the
      amount of interest accrued thereon (net of interest shortfalls allocated thereto
      pursuant to the immediately preceding clause (i));

     

    (iii) cash
      received by REMIC II-1 with respect to the SWAP II REMIC Regular Interests
      shall
      be distributed first to the Class LTII1-IO Interest in reduction of their
      principal balances so that their principal balances are as close as possible
      to
      zero. Any remaining cash shall be distributed to, and losses with respect to
      the
      Pool 2 and Pool 3 Mortgage Loans shall be allocated to:

     

    first,
      to the
      Class LTII1-M8II Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of
      its
      Corresponding Class;

     

    second,
      to the
      Class LTII1-M7II Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of
      its
      Corresponding Class;

     

    third,
      to the
      Class LTII1-M6II Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of
      its
      Corresponding Class;

     

    fourth,
      to the
      Class LTII1-M5II Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of
      its
      Corresponding Class;

     

    fifth,
      to the
      Class LTII1-M4II Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of
      its
      Corresponding Class;

     

    sixth,
      to the
      Class LTII1-M3II Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of
      its
      Corresponding Class;

     

    seventh,
      to the
      Class LTII1-M2II Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of
      its
      Corresponding Class;

     

    eighth,
      to the
      Class LTII1-M1II Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of
      its
      Corresponding Class;

     

    
      
        
        

      

      
        -216-

        
          

        

      

      
        
        

      

    

     

    ninth,
      to the
      Class LTII1-3A3 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of
      its
      Corresponding Class;

     

    tenth,
      to the
      Class LTII1-3A2 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of
      its
      Corresponding Class;

     

    eleventh,
      to the
      Class LTII1-2A4 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of
      its
      Corresponding Class;

     

    twelfth,
      to the
      Class LTII1-2A3 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of
      its
      Corresponding Class;

     

    thirteenth,
      to the
      Class LTII1-2A2 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of
      its
      Corresponding Class;

     

    fourteenth,
      to the
      Class LTII1-3A1 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of
      its
      Corresponding Class;

     

    fifteenth,
      to the
      Class LTII1-2A1 Interest in reduction of its principal balance so that its
      principal balance is as close as possible to 50% of the principal balance of
      its
      Corresponding Class; and

     

    sixteenth,
      to the
      Class LTII1-X Interest in reduction of its principal balance so that its
      principal balance is as close as possible to the sum of (x) 50% of the aggregate
      Scheduled Principal Balance of the Mortgage Loans in Pool 2 and Pool 3 and
      (y)
      50% of the Pool 2-3 Overcollateralization Amount.

     

    If
      on any
      Distribution Date there is an increase in the Certificate Principal Amount
      of
      any Group II Certificate as a result of the proviso in the definition of
      Certificate Principal Amount, then there shall be a corresponding increase
      in
      the principal amount of the REMIC II-1 Regular Interests (other than the Class
      LTII1-IO Interest) allocated as follows:

     

    first,
      to each
      of the REMIC II-1 Regular Interests (other than the Class LTII1-X Interest
      and
      other than the Class LTII1-IO Interest) so that the principal balance of each
      such interest is as close as possible to 50% of the principal balance of its
      Corresponding Class; and

     

    second,
      to the
      Class LTII1-X Interest so that the principal balance of such interest is as
      close as possible to the sum of (x) 50% of the aggregate Scheduled Principal
      Balance of the Mortgage Loans in Pool 2 and Pool 3 and (y) 50% of the Pool
      2-3
      Overcollateralization Amount.

     

    (u) Notwithstanding
      the priority and sources of payments set forth in Article 5 hereof or otherwise,
      the Trustee shall account for all distributions with respect to a Class of
      Certificates in amounts that differ from those payable pursuant to the regular
      interest or regular interests in REMIC I-2 or REMIC II-2 corresponding to such
      Class as amounts paid or received (as appropriate) pursuant to the interest
      rate
      cap contracts or notional principal contracts provided for in this Section.
      In
      no event shall any such amounts be treated as payments with respect to a
“regular interest” in a REMIC within the meaning of Code Section
      860G(a)(1).

     

    
      
        
        

      

      
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    Section
      10.02. Prohibited
      Transactions and Activities.
      None of
      the Depositor, the Master Servicer or the Trustee shall sell, dispose of, or
      substitute for any of the Mortgage Loans, except in a disposition pursuant
      to
      (i) the foreclosure of a Mortgage Loan, (ii) the bankruptcy of the Trust Fund,
      (iii) the termination of the REMIC holding such Mortgage Loan pursuant to
      Article VII of this Agreement, (iv) a substitution pursuant to Article II of
      this Agreement or (v) a repurchase of Mortgage Loans pursuant to Article II
      of
      this Agreement, nor acquire any assets for any REMIC, nor sell or dispose of
      any
      investments in the Certificate Account for gain, nor accept any contributions
      to
      any REMIC after the Closing Date, unless it has received an Opinion of Counsel
      (at the expense of the party causing such sale, disposition, or substitution),
      a
      copy of which shall be provided to any NIMS Insurer, that such disposition,
      acquisition, substitution, or acceptance will not (a) result in an Adverse
      REMIC
      Event, (b) affect the distribution of interest or principal on the Certificates,
      or (c) result in the encumbrance of the assets transferred or assigned to the
      Trust Fund (except pursuant to the provisions of this Agreement).

     

    Section
      10.03. Indemnification
      with Respect to Certain Taxes and Loss of REMIC Status.
      Upon
      the occurrence of an Adverse REMIC Event due to the negligent performance by
      the
      Trustee of its duties and obligations set forth herein, the Trustee shall
      indemnify the NIMS Insurer, the Holder of the related Residual Certificate
      or
      the Trust Fund, as applicable, against any and all losses, claims, damages,
      liabilities or expenses (“Losses”) resulting from such negligence; provided,
      however, that the Trustee shall not be liable for any such Losses attributable
      to the action or inaction of the Master Servicer, the Depositor, the Class
      X-I,
      Class X-II or Class R Certificateholder, as applicable, nor for any such Losses
      resulting from misinformation provided by the Holder of such Residual
      Certificate on which the Trustee has relied. The foregoing shall not be deemed
      to limit or restrict the rights and remedies of the Holder of such Residual
      Certificate now or hereafter existing at law or in equity. Notwithstanding
      the
      foregoing, however, in no event shall the Trustee have any liability pursuant
      to
      this Section 10.03 (1) for any action or omission that is taken in accordance
      with and in compliance with the express terms of, or which is expressly
      permitted by the terms of, this Agreement or any Servicing Agreement, (2) for
      any Losses other than arising out of a negligent performance by the Trustee
      of
      its duties and obligations set forth herein, and (3) for any special or
      consequential damages to Certificateholders (in addition to payment of principal
      and interest on the Certificates).

     

    Section
      10.04. REO
      Property.

     

    (a) Notwithstanding
      any other provision of this Agreement, the Master Servicer, acting on behalf
      of
      the Trustee hereunder, shall not, except to the extent provided in the
      applicable Servicing Agreement, knowingly permit any Servicer to, rent, lease,
      or otherwise earn income on behalf of any REMIC with respect to any REO Property
      which might cause an Adverse REMIC Event unless the Master Servicer has advised,
      or has caused such Servicer to advise, the Trustee in writing to the effect
      that, under the REMIC Provisions, such action would not result in an Adverse
      REMIC Event.

     

    
      
        
        

      

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

     

    ARTICLE
      XI.

     

    MISCELLANEOUS
      PROVISIONS

     

    Section
      11.01. Binding
      Nature of Agreement; Assignment.

     

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

     

    Section
      11.02. Entire
      Agreement.

     

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

     

    Section
      11.03. Amendment.
      

     

    (a) This
      Agreement may be amended from time to time by the Depositor, the Master Servicer
      and the Trustee, with the consent of the NIMS Insurer, but without the consent
      of either Swap Counterparty (except to the extent that the rights or obligations
      of (1) either Swap Counterparty hereunder or (2) the Swap Counterparty under
      the
      related Swap Agreement (or the ability of the Trustee on behalf of the related
      Supplemental Interest Trust to perform fully and timely its obligations under
      the related Swap Agreement), are affected thereby, in which case prior written
      consent of the applicable Swap Counterparty is required) and without notice
      to
      or the consent of any of the Holders, (i) to cure any ambiguity, (ii) to cause
      the provisions herein to conform to or be consistent with or in furtherance
      of
      the statements made with respect to the Certificates, the Trust Fund or this
      Agreement in any Offering Document, or to correct or supplement any provision
      herein which may be inconsistent with any other provisions herein or with the
      provisions of any Servicing Agreement, (iii) to
      make
      any other provisions with respect to matters or questions arising under this
      Agreement
      or (iv)
      to add, delete, or amend any provisions to the extent necessary or desirable
      to
      comply with any requirements imposed by the Code and the REMIC Provisions.
      No
      such amendment effected pursuant to the preceding sentence shall, as evidenced
      by an Opinion of Counsel, result in an Adverse REMIC Event, nor shall such
      amendment effected pursuant to clause (iii) of such sentence adversely affect
      in
      any material respect the interests of any Holder (without regard to the
      Certificate Insurance Policy). Prior to entering into any amendment without
      the
      consent of Holders pursuant to this paragraph, the Trustee, the Swap
      Counterparty and the NIMS Insurer shall be provided with an Opinion of Counsel
      addressed to the Trustee, the Swap Counterparty and the NIMS Insurer
(at
      the
      expense of the party requesting such amendment)
      to the
      effect that such amendment is permitted under this Section. Any such amendment
      shall be deemed not to adversely affect in any material respect any Holder,
      if
      the Trustee and the NIMS Insurer receive written confirmation from each Rating
      Agency that such amendment will not cause such Rating Agency to reduce the
      then
      current rating assigned to the Certificates (and any Opinion of Counsel
      requested by the Trustee in connection with any such amendment may rely
      expressly on such confirmation as the basis therefor)(determined in the case
      of
      the Guaranteed Certificates, without regard to the Certificate Insurance
      Policy).

     

    
      
        
        

      

      
        -219-

        
          

        

      

      
        
        

      

    

     

    (b) This
      Agreement may also be amended from time to time by the Depositor, the Master
      Servicer, the NIMS Insurer and the Trustee, but without the consent of the
      Swap
      Counterparties (except to the extent that the rights or obligations of (1)
      either Swap Counterparty hereunder or (2) the Swap Counterparty under the
      related Swap Agreement (or the ability of the Trustee on behalf of the related
      Supplemental Interest Trust to perform fully and timely its obligations under
      the related Swap Agreement are affected thereby, in which case the prior written
      consent of the Swap Counterparty is required) with the consent of the Holders
      of
      not less than 66 2/3% of the Class Principal Amount or Class Notional Amount
      (or
      Percentage Interest) of each Class of Certificates affected thereby, for the
      purpose of adding any provisions to or changing in any manner or eliminating
      any
      of the provisions of this Agreement or of modifying in any manner the rights
      of
      the Holders; provided, however, that no such amendment shall be made unless
      the
      Trustee receives an Opinion of Counsel addressed to the Trustee and the NIMS
      Insurer, at the expense of the party requesting the change, that such change
      will not cause an Adverse REMIC Event; and provided further, that no such
      amendment may (i) reduce in any manner the amount of, or delay the timing of,
      payments received on Mortgage Loans which are required to be distributed on
      any
      Certificate, without the consent of the Holder of such Certificate or (ii)
      reduce the aforesaid percentages of Class Principal Amount (or Percentage
      Interest) of Certificates of each Class, the Holders of which are required
      to
      consent to any such amendment without the consent of the Holders of 100% of
      the
      Class Principal Amount or Class Notional Amount (or Percentage Interest) of
      each
      Class of Certificates affected thereby. For purposes of this paragraph,
      references to “Holder” or “Holders” shall be deemed to include, in the case of
      any Class of Book-Entry Certificates, the related Certificate
      Owners.

     

    
      
        
        

      

      
        -220-

        
          

        

      

      
        
        

      

    

     

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

     

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

     

    (e) Notwithstanding
      anything to the contrary in any Servicing Agreement, the Trustee shall not
      consent to any amendment of any Servicing Agreement unless (i) such amendment
      is
      effected pursuant to the standards provided in this Section with respect to
      amendment of this Agreement and (ii) except for a Permitted Servicing Amendment,
      any such amendment pursuant to Section 11.03(a)(iii) shall not be materially
      inconsistent with the provisions of such Servicing Agreement.

     

    (f) Notwithstanding
      anything to the contrary in this Section 11.03, this Agreement may be amended
      from time to time by the Depositor, the Master Servicer and the Trustee to
      the
      extent necessary, in the judgment of the Depositor and its counsel, to comply
      with the Rules, Regulation AB and any related rules and
      regulations.

     

    (g) Notwithstanding
      the foregoing, the Certificate Insurer’s written consent shall be required (such
      consent not to be unreasonably withheld) with respect to any amendment that
      might have a material adverse effect in any respect on the rights and interests
      of the Certificate Insurer hereunder as evidenced by an Opinion of Counsel
      addressed to the Certificate Insurer (at the expense of the party requesting
      such amendment); provided, however, that in no event shall such consent be
      required for amendments made pursuant to Section 11.03(a)(iv) or for amendments
      that relate solely to the Pool 2 Mortgage Loans and/or Pool 3 Mortgage Loans
      or
      the Certificates related thereto.

     

    Section
      11.04. Voting
      Rights.

     

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

     

    
      
        
        

      

      
        -221-

        
          

        

      

      
        
        

      

    

     

    Section
      11.05. Provision
      of Information.

     

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

     

    (b) The
      Trustee shall make available to any person to whom a Prospectus was delivered,
      upon the request of such person specifying the document or documents requested,
      (i) a copy (excluding exhibits) of any report on Form 8-K, Form 10-D or Form
      10-K filed with the Commission pursuant to Section 6.20(c), (d) or (e) and
      (ii)
      a copy of any other document incorporated by reference in the Prospectus (to
      the
      extent that the Trustee has such documents in its possession or such documents
      are reasonably obtainable by the Trustee). Any reasonable out-of-pocket expenses
      incurred by the Trustee in providing copies of such documents shall be
      reimbursed by the Depositor.

     

    (c) On
      each
      Distribution Date, the Trustee shall make available on its website or otherwise
      deliver to the Depositor a copy of the report delivered to Certificateholders
      pursuant to Section 4.03.

     

    Section
      11.06. Governing
      Law.

     

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

     

    Section
      11.07. Notices.

     

    All
      demands, notices and communications hereunder shall be in writing and shall
      be
      deemed to have been duly given when received by (a) in the case of the
      Depositor, Structured Asset Securities Corporation, 745 Seventh Avenue, 13th
      Floor, New York, New York 10019, Attention: Mortgage Finance, LXS 2007-16N,
      (b)
      in the case of the Seller, Lehman Brothers Holdings Inc., 745 Seventh Avenue,
      13th Floor, New York, New York 10019, Attention: Mortgage Finance, LXS 2007-16N,
      (c) in the case of the Trustee, U.S. Bank National Association, One Federal
      Street, Boston, M.A. 02110, Attention: Corporate Trust Services, (d) in the
      case
      of the NIMS Insurer, if any, as set forth in the Indenture, (e) in the case
      of
      either Swap Counterparty, at the address therefore set forth in the applicable
      Swap Agreement, (f) in the case of the Master Servicer, Aurora Loan Services
      LLC, 10350 Park Meadows Drive, Littleton, Colorado 80124; Attention: Master
      Servicing, LXS 2007-16N and (g) in the case of the Certificate Insurer, Assured
      Guaranty Corp., 1325 Avenue of the Americas, New York, New York 10019,
      Attention: Lehman XS Trust Mortgage Pass-Through Certificates, Series 2007-16N,
      Class 1-A2 Certificates or, as to each party such other address as may hereafter
      be furnished by such party to the other parties in writing. All demands, notices
      and communications to a party hereunder shall be in writing and shall be deemed
      to have been duly given when delivered to such party at the relevant address,
      facsimile number or electronic mail address set forth above or at such other
      address, facsimile number or electronic mail address as such party may designate
      from time to time by written notice in accordance with this Section
      11.07.

     

    
      
        
        

      

      
        -222-

        
          

        

      

      
        
        

      

    

     

    Section
      11.08. Severability
      of Provisions

     

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

     

    Section
      11.09. Indulgences;
      No Waivers

     

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

     

    Section
      11.10. Headings
      Not To Affect Interpretation

     

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

     

    Section
      11.11. Benefits
      of Agreement

     

    Nothing
      in this Agreement or in the Certificates, express or implied, shall give to
      any
      Person, other than the parties to this Agreement and their successors hereunder,
      each Swap Counterparty and its successors and assigns under the related Swap
      Agreement, the Holders of the Certificates, any benefit or any legal or
      equitable right, power, remedy or claim under this Agreement, except to the
      extent specified in Section 5.08 and in Section 11.16.

     

    Section
      11.12. Special
      Notices to the Rating Agencies, the Certificate Insurer, the Swap Counterparties
      and NIMS Insurer

     

    (a) The
      Depositor shall give prompt notice to the Rating Agencies, the Certificate
      Insurer, each Swap Counterparty and the NIMS Insurer of the occurrence of any
      of
      the following events of which it has notice:

     

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

     

    
      
        
        

      

      
        -223-

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    If
      to
      S&P, to:

    

    Standard
      & Poor’s 

    55
      Water
      Street

    New
      York,
      New York 10041

    

    If
      to
      Moody’s:

    

    Moody’s
      Investors Service, Inc.

    99
      Church
      Street

    New
      York,
      New York 10007

    

     

    (c) The
      Trustee shall provide or make available to the Rating Agencies and the NIMS
      Insurer reports prepared pursuant to Section 4.03. In addition, the Trustee
      shall, at the expense of the Trust Fund, make available to each Rating Agency
      such information as such Rating Agency may reasonably request regarding the
      Certificates or the Trust Fund, to the extent that such information is
      reasonably available to the Trustee.

     

    Section
      11.13. Conflicts

     

    To
      the
      extent that the terms of this Agreement conflict with the terms of any Servicing
      Agreement, such Servicing Agreement shall govern unless such provisions shall
      adversely affect the Trustee, the Trust Fund or the Certificate Insurer or
      the
      status of any REMIC created hereunder as a REMIC, provided that nothing in
      this
      Section 11.13 shall be construed to limit the rights or obligations of the
      Master Servicer under Section 9.05 of this Agreement.

     

    
      
        
        

      

      
        -224-

        
          

        

      

      
        
        

      

    

     

    Section
      11.14. Counterparts.

     

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

     

    Section
      11.15. Transfer
      of Servicing

     

    The
      Seller agrees that it shall provide written notice to the Master Servicer,
      the
      NIMS Insurer, the Certificate Insurer and the Trustee thirty days prior to
      any
      proposed transfer or assignment by the Seller of its rights under any Servicing
      Agreement or of the servicing thereunder from time to time with respect to
      any
      Mortgage Loan or group of Mortgage Loans, or delegation of its rights or duties
      thereunder or any portion thereof to any other Person other than the initial
      Servicer under such Servicing Agreement; provided, however, that the Seller
      shall not be required to provide prior notice of any transfer of servicing
      that
      occurs within three months following the Closing Date to an entity that is
      a
      Servicer on the Closing Date. In addition, the ability of the Seller to transfer
      or assign its rights and delegate its duties under a Servicing Agreement or
      to
      transfer the servicing thereunder, from time to time with respect to any
      Mortgage Loan or group of Mortgage Loans, to a successor servicer shall be
      subject to the following conditions:

     

    (i) Satisfaction
      of the conditions to such transfer as set forth in the Servicing Agreement
      including, without limitation, receipt of written consent of the Master Servicer
      to such transfer;

     

    (ii) Receipt
      of the written consent of any NIMS Insurer, such consent not to be unreasonably
      withheld;

     

    (iii) Such
      successor servicer must be qualified to service loans for Fannie Mae or Freddie
      Mac, and must be a member in good standing of MERS;

     

    (iv) Such
      successor servicer must satisfy the seller/servicer eligibility standards in
      the
      applicable Servicing Agreement, exclusive of any experience in mortgage loan
      origination and must be reasonably acceptable to the Master Servicer, whose
      approval shall not be unreasonably withheld;

     

    (v) Such
      successor servicer must execute and deliver to the Trustee and the Master
      Servicer an agreement, in form and substance reasonably satisfactory to the
      Trustee and the Master Servicer, that contains an assumption by such successor
      servicer of the due and punctual performance and observance of each covenant
      and
      condition to be performed and observed by the applicable Servicer under the
      related Servicing Agreement or such successor servicer shall execute and deliver
      to the Trustee and the Master Servicer a servicing agreement which contains
      customary and reasonable servicing provisions and which will not cause either
      Rating Agency to qualify, withdraw or downgrade the then-current rating of
      any
      of the Certificates or, (i) in the case of a transfer of servicing to a party
      that is already a Servicer pursuant to this Agreement, an agreement to add
      the
      related Mortgage Loans to the Servicing Agreement already in effect with such
      Servicer and (ii) in the case of a transfer of servicing to a Special Servicer
      pursuant to Section 9.32 herein, a special servicing agreement in the form
      of
      that attached to the applicable Servicing Agreement;

     

    
      
        
        

      

      
        -225-

        
          

        

      

      
        
        

      

    

     

    (vi) If
      the
      successor servicer is not a Servicer of Mortgage Loans at the time of the
      transfer, there must be delivered to the Trustee and the Master Servicer a
      letter from each Rating Agency to the effect that such transfer of servicing
      will not result in a qualification, withdrawal or downgrade of the then-current
      rating of any of the Certificates (determined in the case of Guaranteed
      Certificates, without regard to the Certificate Insurance Policy);
      and

     

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

     

    
      
        
        

      

      
        -226-

        
          

        

      

      
        
        

      

    

     

    Section
      11.16. Third
      Party Rights

     

    The
      NIMS
      Insurer and the Certificate Insurer shall be each deemed a third-party
      beneficiary of this Agreement to the same extent as if it were a party hereto,
      and shall have the right to enforce the provisions of this
      Agreement.

     

    Section
      11.17. Matters
      Relating to the Certificate Insurance Policy

     

    (a) All
      notices, statements, reports, certificates or opinions required by this
      Agreement to be sent by any other party hereto to the Class 1-A2
      Certificateholders shall also be sent by the Trustee to the Certificate Insurer
      at the following address:

     

    Assured
      Guaranty Corp. 

    1325
      Avenue of the Americas 

    New
      York,
      New York 10019

    Attention:
      Lehman XS Trust Mortgage Pass-Through Certificates, Series 2007-16N, Class
      1-A2
      Certificates

    

    or
      such
      other address as the Certificate Insurer may hereafter furnish to the Depositor
      and the Trustee.

     

    (b) Notwithstanding
      any provision to the contrary, the parties to this Agreement agree that it
      is
      appropriate, in furtherance of the interest of such parties as set forth herein,
      the Certificate Insurer receive the benefit of Sections 4.03, 5.02, 5.13, 9.14,
      9.31, 11.03, 11.12 and this Section 11.17 as an intended third party beneficiary
      of this Agreement to the extent of such provisions.

     

    (c) No
      purchase of the property of the Trust Fund pursuant to Section 7.01(b) shall
      occur if such purchase would result in a draw on the Certificate Insurance
      Policy, unless the Certificate Insurer has consented to such
      purchase.

     

    (d) All
      references herein to the rating of the Certificates shall be without regard
      to
      the Certificate Insurance Policy.

     

    [SIGNATURE
      PAGE IMMEDIATELY FOLLOWS]

     

    
      
        
        

      

      
        -227-

        
          

        

      

      
        
        

      

    

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

    
      	 	 	 
	 	
              STRUCTURED
                ASSET SECURITIES CORPORATION, 

              as
                Depositor

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              
Name:
              Michael C. Hitzmann
	 	Title:
              Senior Vice President

    

    
      	 	 	 
	 	
              U.S.
                BANK NATIONAL ASSOCIATION, 
                not
                  in its individual capacity, but solely as Trustee

              

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              
Name:
	 	Title:

    

    
      	 	 	 
	 	
              AURORA
                LOAN SERVICES LLC, 

              as
                Master Servicer

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              
Name:
              Michele Olds
	 	Title:
              Vice President

    

     

    Accepted
      and agreed to by:

    

    LEHMAN
      BROTHERS HOLDINGS INC.

    
      	 	 	 	 
	By: 	 	 	
            
	
              
                

              

              Name:
                Ellen Kiernanz

            	 	 	
            
	
              Title:
                Authorized Signatory

            	 	 	
            

    

     

    
      
        
        

      

      
        -228-

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      A

     

    FORMS
      OF
      CERTIFICATES

     

    [Intentionally
      Omitted]

     

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      B-1

     

    FORM
      OF
      INITIAL CERTIFICATION

     

    Date

     

    U.S.
      Bank
      National Association

    One
      Federal Street

    Boston,
      M.A. 02110

    Attention:
      Corporate Trust Services

     

    Aurora
      Loan Services LLC, as Master Servicer

    10350
      Park Meadows Drive

    Littleton,
      Colorado 80124

     

    Structured
      Asset Securities Corporation, as Depositor

    745
      Seventh Avenue, 13th Floor

    New
      York,
      New York 10019

    Attention:
      Mortgage Finance, LXS 2007-16N

     

    [NIMS
      Insurer, if applicable]

     

    [Certificate
      Insurer, if applicable]

     

    
      	 	
              Re:

            	
              Trust
                Agreement dated as of August 1, 2007 (the “Trust Agreement”), by and among
                Structured Asset Securities Corporation, as Depositor, Aurora Loan
                Services LLC, as Master Servicer and U.S. Bank National Association,
                as
                Trustee with respect to Lehman XS Trust Mortgage Pass-Through
                Certificates, Series 2007-16N

            

    

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.02(a) of the Trust Agreement, subject to review of
      the
      contents thereof, the undersigned, as Custodian, hereby certifies that it has
      received the documents listed in Section 2.01(b) of the Trust Agreement for
      each
      Mortgage File pertaining to each Mortgage Loan listed on Schedule A, to the
      Trust Agreement, subject to any exceptions noted on Schedule I
      hereto.

     

    Capitalized
      words and phrases used herein and not otherwise defined herein shall have the
      respective meanings assigned to them in the Trust Agreement. This Certificate
      is
      subject in all respects to the terms of Section 2.02 of the Trust Agreement
      and
      the Trust Agreement sections cross-referenced therein.

     

    
      	 	 	 	
              [Custodian]

            
	
            	 	 	By:  
	
            	 	 	
              
                

              

               

              Name:

            
	
            	 	 	
              Title:

            

    

     

    
      
        
        

      

      
        B-1-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B-2

     

    FORM
      OF
      INTERIM CERTIFICATION

     

    Date

     

    U.S.
      Bank
      National Association

    One
      Federal Street

    Boston,
      M.A. 02110

    Attention:
      Corporate Trust Services

     

    Aurora
      Loan Services LLC, as Master Servicer

    10350
      Park Meadows Drive

    Littleton,
      Colorado 80124

     

    Structured
      Asset Securities Corporation, as Depositor

    745
      Seventh Avenue, 13th Floor

    New
      York,
      New York 10019

    Attention:
      Mortgage Finance, LXS 2007-16N

     

    [NIMS
      Insurer, if applicable]

     

    [Certificate
      Insurer, if applicable]

     

    
      	 	
              Re:

            	
              Trust
                Agreement dated as of August 1, 2007 (the “Trust Agreement”), by and among
                Structured Asset Securities Corporation, as Depositor, Aurora Loan
                Services LLC, as Master Servicer and U.S. Bank National Association,
                as
                Trustee with respect to Lehman XS Trust Mortgage Pass-Through
                Certificates, Series 2007-16N

            

    

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.02(b) of the Trust Agreement, the undersigned, as
      Custodian, hereby certifies that as to each Mortgage Loan listed in the Mortgage
      Loan Schedule (other than any Mortgage Loan paid in full or listed on Schedule
      I
      hereto) it (or its custodian) has received the applicable documents listed
      in
      Section 2.01(b) of the Trust Agreement.

     

    The
      undersigned hereby certifies that as to each Mortgage Loan identified on the
      Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule I
      hereto, it has reviewed the documents listed in Section 2.01(b) of the Trust
      Agreement and has determined that each such document appears regular on its
      face
      and appears to relate to the Mortgage Loan identified in such
      document.

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the Trust Agreement. This Certificate is qualified in all respects
      by
      the terms of said Trust Agreement including, but not limited to, Section
      2.02(b).

     

    
      	 	 	 	[Custodian]
	
            	 	 	By:
	
            	 	 	
              
                

              

              Name:

            
	
            	 	 	
              Title:

            

    

     

    
      
        
        

      

      
        B-2-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B-3

     

    FORM
      OF
      FINAL CERTIFICATION

     

    Date

     

    U.S.
      Bank
      National Association

    One
      Federal Street

    Boston,
      M.A. 02110

    Attention:
      Corporate Trust Services

     

    Aurora
      Loan Services LLC, as Master Servicer

    10350
      Park Meadows Drive

    Littleton,
      Colorado 80124

     

    Structured
      Asset Securities Corporation, as Depositor

    745
      Seventh Avenue, 13th Floor

    New
      York,
      New York 10019

    Attention:
      Mortgage Finance, LXS 2007-16N

     

    [NIMS
      Insurer, if applicable]

     

    [Certificate
      Insurer, if applicable]

     

    
      	 	
              Re:

            	
              Trust
                Agreement dated as of August 1, 2007 (the “Trust Agreement”), by and among
                Structured Asset Securities Corporation, as Depositor, Aurora Loan
                Services LLC, as Master Servicer and U.S. Bank National Association,
                as
                Trustee with respect to Lehman XS Trust Mortgage Pass-Through
                Certificates, Series 2007-16N

            

    

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.02(d) of the Trust Agreement, the undersigned, as
      Custodian on behalf of the Trustee, hereby certifies that as to each Mortgage
      Loan listed in the Mortgage Loan Schedule (other than any Mortgage Loan paid
      in
      full or listed on Schedule I hereto) it (or its custodian) has received the
      applicable documents listed in Section 2.01(b) of the Trust
      Agreement.

     

    The
      undersigned hereby certifies that as to each Mortgage Loan identified in the
      Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule I
      hereto, it has reviewed the documents listed in Section 2.01(b) of the Trust
      Agreement and has determined that each such document appears to be complete
      and,
      based on an examination of such documents, the information set forth in items
      (i) through (vi) of the Mortgage Loan Schedule is correct.

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the Trust Agreement. This Certificate is qualified in all respects
      by
      the terms of said Trust Agreement.

     

    
      	 	 	 	
              [Custodian]

            
	
            	 	 	By:
	
            	 	 	
              
                

              

              Name:

            
	
            	 	 	
              Title:

            

    

     

    
      
        
        

      

      
        B-3-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      B-4

     

    FORM
      OF
      ENDORSEMENT

     

    Pay
      to
      the order of U.S. Bank National Association, as trustee (the “Trustee”), under a
      Trust Agreement dated as of August 1, 2007, among Structured Asset Securities
      Corporation, as depositor, Aurora Loan Services LLC, as master servicer, and
      the
      Trustee, relating to Lehman XS Trust Mortgage Pass-Through Certificates, Series
      2007-16N, without recourse.

    
      	 	 	 	 
	
            	 	 	
              [current
                signatory on note]

            
	
            	 	 	
              

            
	 	 	 	
              By:

              
                

              

              Name:

            
	
            	 	 	
              Title:

            

    

     

    
      
        
        

      

      
        B-4-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      C

     

    REQUEST
      FOR RELEASE OF DOCUMENTS AND RECEIPT

     

    Date

     

    [Addressed
      to Trustee

    or,
      if
      applicable, Custodian]

     

    In
      connection with the administration of the mortgages held by you as Trustee
      under
      a certain Trust Agreement dated as of August 1, 2007 by and among Structured
      Asset Securities Corporation, as Depositor, U.S. Bank National Association,
      as
      Trustee, and Aurora Loan Services LLC, as Master Servicer (the “Trust
      Agreement”), the undersigned Servicer hereby requests a release of the Mortgage
      File held by you as Trustee with respect to the following described Mortgage
      Loan for the reason indicated below.

     

    Mortgagor’s
      Name:

     

    Address:

     

    Loan
      No.:

     

    Reason
      for requesting file:

     

    
      	 	
              1.

            	
              Mortgage
                Loan paid in full. (The Servicer hereby certifies that all amounts
                received in connection with the loan have been or will be credited
                to the
                Certificate Account pursuant to the Trust
                Agreement.)

            

    

     

    
      	 	
              2.

            	
              The
                Mortgage Loan is being foreclosed.

            

    

     

    
      	 	
              3.

            	
              Mortgage
                Loan substituted. (The Servicer hereby certifies that a Qualifying
                Substitute Mortgage Loan has been assigned and delivered to you along
                with
                the related Mortgage File pursuant to the Trust
                Agreement.)

            

    

     

    
      	 	
              4.

            	
              Mortgage
                Loan repurchased. (The Servicer hereby certifies that the applicable
                Purchase Price has been credited to the Certificate Account pursuant
                to
                the Trust Agreement.)

            

    

     

    
      	 	
              5.

            	
              Other.
                (Describe)

            

    

     

    The
      undersigned acknowledges that the above Mortgage File will be held by the
      undersigned in accordance with the provisions of the Trust Agreement and will
      be
      returned to you within ten (10) days of our receipt of the Mortgage File, except
      if the Mortgage Loan has been paid in full, or repurchased or substituted for
      a
      Qualifying Substitute Mortgage Loan (in which case the Mortgage File will be
      retained by us permanently) and except if the Mortgage Loan is being foreclosed
      (in which case the Mortgage File will be returned when no longer required by
      us
      for such purpose).

     

    Capitalized
      terms used herein shall have the meanings ascribed to them in the Trust
      Agreement.

     

    
      	 	 	 	
              [Name
                of Servicer]

            
	
            	 	 	By:
	
            	 	 	
              
                

              

              Name:

            
	
            	 	 	
              Title:
                Servicing Officer

            

    

     

    
      
        
        

      

      
        C-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      D-1

     

    FORM
      OF
      RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEREE)

     

    
      	STATE OF	
              )

            
	 	 
	 	
              )
                ss.:

            
	 	 
	
              COUNTY
                OF

            	)

    

     

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

     

    1. That
      he
      [she] is [title of officer] ________________________ of [name of Purchaser]
      _________________________________________ (the “Purchaser”), a
      _______________________ [description of type of entity] duly organized and
      existing under the laws of the [State of __________] [United States], on behalf
      of which he [she] makes this affidavit.

     

    2. That
      the
      Purchaser’s Taxpayer Identification Number is [ ].

     

    3. That
      the
      Purchaser is not a “disqualified organization” within the meaning of Section
      860E(e)(5) of the Internal Revenue Code of 1986, as amended (the “Code”) and
      will not be a “disqualified organization” as of [date of transfer], and that the
      Purchaser is not acquiring a Residual Certificate (as defined in the Agreement)
      for the account of, or as agent (including a broker, nominee, or other
      middleman) for, any person or entity from which it has not received an affidavit
      substantially in the form of this affidavit. For these purposes, a “disqualified
      organization” means the United States, any state or political subdivision
      thereof, any foreign government, any international organization, any agency
      or
      instrumentality of any of the foregoing (other than an instrumentality if all
      of
      its activities are subject to tax and a majority of its board of directors
      is
      not selected by such governmental entity), any cooperative organization
      furnishing electric energy or providing telephone service to persons in rural
      areas as described in Code Section 1381(a)(2)(C), any “electing large
      partnership” within the meaning of Section 775 of the Code, or any organization
      (other than a farmers’ cooperative described in Code Section 521) that is exempt
      from federal income tax unless such organization is subject to the tax on
      unrelated business income imposed by Code Section 511.

     

    4. That
      the
      Purchaser is not, and on _______________ [date of transfer] will not be, an
      employee benefit plan or other arrangement subject to Title I of the Employee
      Retirement Income Security Act of 1974, as amended (“ERISA”), a plan subject to
      Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”) or a
      plan subject to any provisions under any federal, state, local, non-U.S. or
      other laws or regulations that are substantively similar to the foregoing
      provisions of ERISA or the Code (collectively, a “Plan”), and is not directly or
      indirectly acquiring a Residual Certificate for, on behalf of or with any assets
      of any such Plan.

     

    5. That
      the
      Purchaser hereby acknowledges that under the terms of the Trust Agreement (the
      “Agreement”) by and among Structured Asset Securities Corporation, as Depositor,
      Aurora Loan Services LLC, as Master Servicer, and U.S. Bank National
      Association, as Trustee, dated as of August 1, 2007, relating to Lehman XS
      Trust
      Mortgage Pass-Through Certificates, Series 2007-16N, no transfer of the Residual
      Certificates shall be permitted to be made to any person unless the Depositor
      and Trustee have received a certificate from such transferee containing the
      representations in paragraphs 3 and 4 hereof.

     

    
      
        
        

      

      
        D-1-1

        
          

        

      

      
        
        

      

    

     

    6. That
      the
      Purchaser does not hold REMIC residual securities as nominee to facilitate
      the
      clearance and settlement of such securities through electronic book entry
      changes in accounts of participating organizations (such entity, a “Book-Entry
      Nominee”).

     

    7. That
      the
      Purchaser does not have the intention to impede the assessment or collection
      of
      any federal, state or local taxes legally required to be paid with respect
      to
      such Residual Certificate, and that the Purchaser has provided financial
      statements or other financial information requested by the transferor in
      connection with the transfer of the Residual Certificate in order to permit
      the
      transferor to assess the financial capability of the Purchaser to pay such
      taxes.

     

    8. That
      the
      Purchaser will not transfer a Residual Certificate to any person or entity
      (i)
      as to which the Purchaser has actual knowledge that the requirements set forth
      in paragraph 3, paragraph 6 or paragraph 10 hereof are not satisfied or that
      the
      Purchaser has reason to believe does not satisfy the requirements set forth
      in
      paragraph 7 hereof, and (ii) without obtaining from the prospective Purchaser
      an
      affidavit substantially in this form and providing to the Trustee a written
      statement substantially in the form of Exhibit D-2 to the
      Agreement.

     

    9. That
      the
      Purchaser understands that, as the holder of a Residual Certificate, the
      Purchaser may incur tax liabilities in excess of any cash flows generated by
      the
      interest and that it intends to pay taxes associated with holding such Residual
      Certificate as they become due.

     

    10. That
      the
      Purchaser (i) is not a Non U.S. Person or (ii) is a Non U.S. Person that holds
      a
      Residual Certificate in connection with the conduct of a trade or business
      within the United States and has furnished the transferor and the Trustee with
      an effective Internal Revenue Service Form W-8ECI (Certificate of Foreign
      Person’s Claim for Exemption From Withholding on Income Effectively Connected
      With the Conduct of a Trade or Business in the United States) or successor
      form
      at the time and in the manner required by the Code or (iii) is a Non U.S. Person
      that has delivered to both the transferor and the Trustee an opinion of a
      nationally recognized tax counsel to the effect that the transfer of such
      Residual Certificate to it is in accordance with the requirements of the Code
      and the regulations promulgated thereunder and that such transfer of a Residual
      Certificate will not be disregarded for federal income tax purposes. “Non U.S.
      Person” means an individual, corporation, partnership or other person other than
      (i) a citizen or resident of the United States; (ii) a corporation, partnership
      or other entity created or organized in or under the laws of the United States
      or any state thereof, including for this purpose, the District of Columbia;
      (iii) an estate that is subject to U.S. federal income tax regardless of the
      source of its income; (iv) a trust if a court within the United States is able
      to exercise primary supervision over the administration of the trust and one or
      more United States trustees have authority to control all substantial decisions
      of the trust; and, (v) to the extent provided in Treasury regulations, certain
      trusts in existence on August 20, 1996 that are treated as United States persons
      prior to such date and elect to continue to be treated as United States
      persons.

     

    
      
        
        

      

      
        D-1-2

        
          

        

      

      
        
        

      

    

     

    11. That
      the
      Purchaser agrees to such amendments of the Trust Agreement as may be required
      to
      further effectuate the restrictions on transfer of any Residual Certificate
      to
      such a “disqualified organization,” an agent thereof, a Book Entry Nominee, or a
      person that does not satisfy the requirements of paragraph 7 and paragraph
      10
      hereof.

     

    12. That
      the
      Purchaser consents to the designation of the Trustee as its agent to act as
“tax
      matters person” of the Trust Fund pursuant to the Trust Agreement.

     

    
      
        
        

      

      
        D-1-3

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Purchaser has caused this instrument to be executed on
      its
      behalf, pursuant to authority of its Board of Directors, by its [title of
      officer] this _____ day of __________, 20__. 

    
      	 	 	 	 
	 	 	 	 

              

              [name
                of Purchaser]

            
	 	 	 	 
	 	 	 	 
	
            	 	 	By:
	
            	 	 	
              
                

              

              Name:

              Title:

            

    

     

    Personally
      appeared before me the above named [name of officer] ________________, known
      or
      proved to me to be the same person who executed the foregoing instrument and
      to
      be the [title of officer] _________________ of the Purchaser, and acknowledged
      to me that he [she] executed the same as his [her] free act and deed and the
      free act and deed of the Purchaser.

     

    Subscribed
      and sworn before me this _____ day of __________, 20__.

     

    NOTARY
      PUBLIC

    

    COUNTY
      OF_____________________

    

    STATE
      OF______________________

    

    My
      commission expires the _____ day of __________, 20__.

    

    
      
        
        

      

      
        D-1-4

        
          

        

      

      
        
        

      

    

    EXHIBIT
      D-2

     

    RESIDUAL
      CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEROR)

     

    
      
        	 	
                _________________________________

              
	 	
                      
                  Date

              

      

    

                                                                                       
      

    Re: Lehman
      XS
      Trust Mortgage Pass-Through Certificates, Series 2007-16N

     

    _______________________
      (the “Transferor”) has reviewed the attached affidavit of
      _____________________________ (the “Transferee”), and has no actual knowledge
      that such affidavit is not true and has no reason to believe that the
      information contained in paragraph 7 thereof is not true, and has no reason
      to
      believe that the Transferee has the intention to impede the assessment or
      collection of any federal, state or local taxes legally required to be paid
      with
      respect to a Residual Certificate. In addition, the Transferor has conducted
      a
      reasonable investigation at the time of the transfer and found that the
      Transferee had historically paid its debts as they came due and found no
      significant evidence to indicate that the Transferee will not continue to pay
      its debts as they become due.

     

     

    Very
      truly yours,

     

    
      
        

      

    

    Name:

    Title:

     

    
      
        
        

      

      
        D-2-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      E

     

    SERVICING
      AGREEMENTS

     

    Reconstituted
      Servicing Agreement, dated as of August 1, 2007, by and between the Seller
      and
      Countrywide Home Loans Servicing LP

     

    See
      Exhibit 99.2

     

    Servicing
      Agreement, dated as of August 1, 2007, by and between the Seller and
      Aurora

     

    See
      Exhibit 99.4

     

    
      
        
        

      

      
        E-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      F

     

    FORM
      OF
      RULE 144A TRANSFER CERTIFICATE

     

     

    Re: Lehman
      XS
      Trust Mortgage Pass Through Certificates, Series 2007-16N

     

    Reference
      is hereby made to the Trust Agreement dated as of August 1, 2007 (the “Trust
      Agreement”) by and among Structured Asset Securities Corporation, as Depositor,
      Aurora Loan Services LLC, as Master Servicer, and U.S. Bank National
      Association, as Trustee. Capitalized terms used but not defined herein shall
      have the meanings given to them in the Trust Agreement.

     

    This
      letter relates to $__________ initial Certificate Balance of Class Certificates
      which are held in the form of Definitive Certificates registered in the name
      of
      (the “Transferor”). The Transferor has requested a transfer of such Definitive
      Certificates for Definitive Certificates of such Class registered in the name
      of
      [insert name of transferee].

     

    In
      connection with such request, and in respect of such Certificates, the
      Transferor hereby certifies that such Certificates are being transferred in
      accordance with (i) the transfer restrictions set forth in the Trust Agreement
      and the Certificates and (ii) Rule 144A under the Securities Act to a purchaser
      that the Transferor reasonably believes is a “qualified institutional buyer”
within the meaning of Rule 144A purchasing for its own account or for the
      account of a “qualified institutional buyer,” which purchaser is aware that the
      sale to it is being made in reliance upon Rule 144A, in a transaction meeting
      the requirements of Rule 144A and in accordance with any applicable securities
      laws of any state of the United States or any other applicable
      jurisdiction.

     

    This
      certificate and the statements contained herein are made for your benefit and
      the benefit of the Depositor.

    
      
        	 	 	 	 
	 	 	 	 

                

                
                  [Name
                    of Transferor]

                

              
	 	 	 	 
	 	 	 	 
	
              	 	 	By:
	
              	 	 	
                
                  

                

                Name:

                Title:

              

      

       

    

    Dated:
      ___________, ____

    

    
      
        
        

      

      
        F-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      G

     

    FORM
      OF
      PURCHASER’S LETTER FOR

    INSTITUTIONAL
      ACCREDITED INVESTOR

     

    Date

     

    Dear
      Sirs:

     

    In
      connection with our proposed purchase of $______________ principal amount of
      Lehman XS Trust Mortgage Pass Through Certificates, Series 2007-16N (the
“Privately Offered Certificates”) of the Structured Asset Securities Corporation
      (the “Depositor”), we confirm that:

     

    
      	
              (1)

            	
              We
                understand that the Privately Offered Certificates have not been,
                and will
                not be, registered under the Securities Act of 1933, as amended (the
                “Securities Act”), and may not be sold except as permitted in the
                following sentence. We agree, on our own behalf and on behalf of
                any
                accounts for which we are acting as hereinafter stated, that if we
                should
                sell any Privately Offered Certificates within two years of the later
                of
                the date of original issuance of the Privately Offered Certificates
                or the
                last day on which such Privately Offered Certificates are owned by
                the
                Depositor or any Affiliate of the Depositor we will do so only (A)
                to the
                Depositor, (B) to “qualified institutional buyers” (within the meaning of
                Rule 144A under the Securities Act) in accordance with Rule 144A
                under the
                Securities Act (“QIBs”), (C) pursuant to the exemption from registration
                provided by Rule 144 under the Securities Act, or (D) to an institutional
                “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or
                (7) of Regulation D under the Securities Act that is not a QIB (an
                “Institutional Accredited Investor”) which, prior to such transfer,
                delivers to the Trustee under the Trust Agreement dated as of August
                1,
                2007 by and among the Depositor, Aurora Loan Services LLC, as Master
                Servicer, and U.S. Bank National Association, as Trustee (the “Trustee”),
                a signed letter in the form of this letter; and we further agree,
                in the
                capacities stated above, to provide to any person purchasing any
                of the
                Privately Offered Certificates from us a notice advising such purchaser
                that resales of the Privately Offered Certificates are restricted
                as
                stated herein.

            

    

     

    
      	
              (2)

            	
              We
                understand that, in connection with any proposed resale of any Privately
                Offered Certificates to an Institutional Accredited Investor, we
                will be
                required to furnish to the Trustee and the Depositor a certification
                from
                such transferee in the form hereof to confirm that the proposed sale
                is
                being made pursuant to an exemption from, or in a transaction not
                subject
                to, the registration requirements of the Securities Act. We further
                understand that the Privately Offered Certificates purchased by us
                will
                bear a legend to the foregoing
                effect.

            

    

     

    
      	
              (3)

            	
              We
                are acquiring the Privately Offered Certificates for investment purposes
                and not with a view to, or for offer or sale in connection with,
                any
                distribution in violation of the Securities Act. We have such knowledge
                and experience in financial and business matters as to be capable
                of
                evaluating the merits and risks of our investment in the Privately
                Offered
                Certificates, and we and any account for which we are acting are
                each able
                to bear the economic risk of such
                investment.

            

    

     

    
      	
              (4)

            	
              We
                are an Institutional Accredited Investor and we are acquiring the
                Privately Offered Certificates purchased by us for our own account
                or for
                one or more accounts (each of which is an Institutional Accredited
                Investor) as to each of which we exercise sole investment
                discretion.

            

    

     

    
      
        
        

      

      
        G-1

        
          

        

      

      
        
        

      

    

     

    
      	
              (5)

            	
              We
                have received such information as we deem necessary in order to make
                our
                investment decision.

            

    

     

    
      	
              (6)

            	
              If
                we are acquiring an ERISA-Restricted Certificate, we are not a Plan
                and we
                are not acquiring the ERISA-Restricted Certificate for, on behalf
                of or
                with any assets of a Plan, except as may be permitted pursuant to
                Section
                3.03(d) of the Trust Agreement.

            

    

     

    Terms
      used in this letter which are not otherwise defined herein have the respective
      meanings assigned thereto in the Trust Agreement.

     

    
      
        
        

      

      
        G-2

        
          

        

      

      
        
        

      

    

    You
      and
      the Depositor are entitled to rely upon this letter and are irrevocably
      authorized to produce this letter or a copy hereof to any interested party
      in
      any administrative or legal proceeding or official inquiry with respect to
      the
      matters covered hereby.

    
      
        
          	 	 	 	
                  Very
                    truly yours,

                
	 	 	 	 
	 	 	 	
                  [Purchaser]

                
	 	 	 	 
	 	 	 	 
	
                	 	 	By:
	
                	 	 	
                  
                    

                  

                  Name:

                  Title:

                

        

         

        
          
            
            

          

          
            G-3

            
              

            

          

          
            
            

          

           

        

      

    

    EXHIBIT
      H

     

    FORM
      OF
      ERISA TRANSFER AFFIDAVIT

     

    
      FORM
        OF
        RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEREE)

       

      
        	
                STATE
                  OF NEW YORK 

              	
                )

              
	 	 
	 	
                )
                  ss.:

              
	 	 
	
                COUNTY
                  OF NEW YORK

              	)

      

       

    

    The
      undersigned, being first duly sworn, deposes and says as follows:

     

    
      	
              (1)

            	
              The
                undersigned is the ______________________ of _____________________
                (the
                “Investor”), a [corporation duly organized] and existing under the laws of
                __________, on behalf of which he makes this
                affidavit.

            

    

     

    
      	
              (2)

            	
              The
                Investor in an ERISA-Restricted Certificate (A) is not, and on
                _______________ [date of transfer] will not be, an employee benefit
                plan
                or arrangement subject to Title I of the Employee Retirement Income
                Security Act of 1974, as amended (“ERISA”), a plan subject to Section 4975
                of the Internal Revenue Code of 1986, as amended (the “Code”) or a plan
                subject to any provisions under any federal, state, local, non-U.S.
                or
                other laws or regulations that are substantively similar to the foregoing
                provisions of ERISA or the Code (“Similar Law”) (collectively, a “Plan”),
                and is not directly or indirectly acquiring the Certificate for,
                on behalf
                of or with any assets of any such Plan, (B) if the Certificate has
                been
                the subject of an ERISA-Qualifying Underwriting, is an insurance
                company
                that is acquiring the Certificate with assets of an “insurance company
                general account” as defined in Section V(E) of Prohibited Transaction
                Class Exemption (“PTCE”) 95-60 and the acquisition and holding of the
                Certificate are covered and exempt under Sections I and III of PTCE
                95-60,
                or (C) solely in the case of a Definitive Certificate, shall herewith
                deliver an Opinion of Counsel satisfactory to the Certificate Registrar,
                the Trustee and the Depositor, and upon which the Trustee, the Certificate
                Registrar and the Depositor shall be entitled to rely, to the effect
                that
                the acquisition and holding of such Certificate by the Investor will
                not
                result in a nonexempt prohibited transaction under Title I of ERISA
                or
                Section 4975 of the Code, or a violation of Similar Law, and will
                not
                subject the Trustee, the Master Servicer, the Certificate Registrar,
                any
                Servicer or the Depositor to any obligation in addition to those
                undertaken by such entities in the Trust Agreement, which Opinion
                of
                Counsel shall not be an expense of the Trustee, the Master Servicer,
                the
                Certificate Registrar, any Servicer or the
                Depositor.

            

    

     

    
      	
              (3)

            	
              Either
                (i) the investor in a Senior Certificate is not, and is not acting
                for, on
                behalf of or with any assets of, an employee benefit plan or other
                arrangement subject to Title I of ERISA or plan subject to Section
                4975 of
                the Code, or (ii) until the termination of the related Swap Agreement,
                the
                acquisition and holding of the Senior Certificate by the investor
                will not
                constitute or result in a non-exempt prohibited transaction under
                Title I
                of ERISA or Section 4975 of the Code. The representations set forth
                in
                this paragraph applicable to Exchange Certificates shall also apply
                to
                Exchangeable Certificates.

            

    

     

    
      	
              (4)

            	
              The
                Investor hereby acknowledges that under the terms of the Trust Agreement
                (the “Agreement”) by and among Structured Asset Securities Corporation, as
                Depositor, Aurora Loan Services LLC, as Master Servicer, and U.S.
                Bank
                National Association, as Trustee, dated as of August 1, 2007, regarding
                Lehman XS Trust Mortgage Pass-Through Certificates, Series 2007-16N,
                no
                transfer of the Senior Certificates or ERISA-Restricted Certificates
                shall
                be permitted to be made to any person unless the Certificate Registrar,
                Depositor and Trustee have received a certificate from such transferee
                in
                the form hereof.

            

    

     

    
      
        
        

      

      
        H-1

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Investor has caused this instrument to be executed on
      its
      behalf, pursuant to proper authority, by its duly authorized officer, duly
      attested, this ____ day of _______________, 20___.

    
      
        
          	 	 	 	 
	 	 	 	 

                  

                  
                    
                      [Investor]

                    

                  

                
	 	 	 	 
	 	 	 	 
	
                	 	 	By:
	
                	 	 	
                  
                    

                  

                  Name:

                  Title:

                

        

        
           

          
            	
                    
                      ATTEST:

                    

                  	
                    )

                  
	 	 
	STATE OF	
                    )
                      ss.:

                  
	 	 
	
                    COUNTY
                      OF

                  	)

          

           

        

      

    

    Personally
      appeared before me the above-named ________________, known or proved to me
      to be
      the same person who executed the foregoing instrument and to be the
      ____________________ of the Investor, and acknowledged that he executed the
      same
      as his free act and deed and the free act and deed of the Investor.

     

    Subscribed
      and sworn before me this _____ day of _________ 20___.

     

    
      	 	______________________________________
	 	
              NOTARY
                PUBLIC

            
	 	 
	 	
              My
                commission expires the

            
	 	 
	 	
              _____
                day of __________, 20___.

            

    

              

    
      
        
        

      

      
        H-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      I

     

    [RESERVED]

     

    
      
        
        

      

      
        I-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      J

     

    [RESERVED]

     

    
      
        
        

      

      
        J-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      K

     

    CUSTODIAL
      AGREEMENTS

     

    Custodial
      Agreement, dated as of August 1, 2007, by and between the Trustee and LaSalle
      Bank National Association

     

    Custodial
      Agreement, dated as of August 1, 2007, by and between the Trustee and U.S.
      Bank
      National Association

     

    [Intentionally
      Omitted]

     

    
      
        
        

      

      
        K-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      L

     

    [RESERVED]

     

    
      
        
        

      

      
        L-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      M

     

    FORM
      OF
      CERTIFICATE INSURANCE POLICY

    

    See
      Exhibit 99.15

     

    
      
        
        

      

      
        M-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      N

     

    FORMS
      OF
      SWAP AGREEMENTS

    

    See
      Exhibits 99.6 and 99.11

     

    
      
        
        

      

      
        N-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      O

     

    FORMS
      OF
      INTEREST RATE CAP AGREEMENTS

    

    See
      Exhibits 99.7, 99.8 and 99.12

     

    
      
        
        

      

      
        O-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      P

     

    [Reserved]

     

    
      
        
        

      

      
        P-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      Q-1

     

    ADDITIONAL
      FORM 10-D DISCLOSURE

     

    
      	
              Item
                on Form 10-D

            	 	
              Party
                Responsible

            
	
              Item
                1: Distribution and Pool Performance Information 

               

              Any
                information required by 1121 which is NOT included on the Distribution
                Date Statement

            	 	
              Master
                Servicer (as to any Servicer, to the extent provided by such
                Servicer),

               

              Trustee
                (if Paying Agent), Paying Agent and Depositor (to the extent of any
                additional information that has not already been provided by the
                Master
                Servicer)

            
	 	 	 
	
              Item
                2: Legal Proceedings

               

              per
                Item 1117 of Reg AB

            	 	
              (i)
                All parties to the Trust Agreement (as to themselves), (ii) the Trustee
                as
                to the issuing entity, (iii) the Depositor as to the sponsor, any
                1110(b)
                originator, any 1100(d)(1) party and (iv) the Master Servicer, as
                to any
                Servicer, to the extent provided by such Servicer

            
	 	 	 
	
              Item
                3: Sale of Securities and Use of Proceeds

            	 	
              Depositor

            
	 	 	 
	
              Item
                4: Defaults Upon Senior Securities

            	 	
              Trustee

            
	 	 	 
	
              Item
                5: Submission of Matters to a Vote of Security Holders

            	 	
              Trustee

            
	 	 	 
	
              Item
                6: Significant Obligors of Pool Assets

            	 	
              Depositor

            
	 	 	 
	
              Item
                7: Significant Enhancement Provider Information

            	 	
              Depositor

            
	 	 	 
	
              Item
                8: Other Information

            	 	
              Any
                party responsible for disclosure items on Form 8-K

            
	 	 	 
	
              Item
                9: Exhibits

            	 	
              Depositor
                and Master Servicer (on behalf of any Servicer or on its own behalf
                if
                acting as a Servicer)

            

    

    

    
      
        
        

      

      
        Q-1-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      Q-2

     

    ADDITIONAL
      FORM 10-K DISCLOSURE

     

    
      	
              Item
                on Form 10-K

            	 	
              Party
                Responsible

            
	
              Item
                1B: Unresolved Staff Comments

            	 	
              Depositor

            
	 	 	 
	
              Item
                9B: Other Information

            	 	
              Any
                party responsible for disclosure items on Form 8-K

            
	 	 	 
	
              Item
                15: Exhibits, Financial Statement Schedules

            	 	
              Depositor,
                Servicer, Master Servicer, Subservicer

            
	 	 	 
	
              Additional
                Item: 

              Disclosure
                per Item 1117 of Reg AB

            	 	
              (i)
                All parties to the Trust Agreement (as to themselves), (ii) the Trustee
                and the Depositor as to the issuing entity, (iii) the Depositor as
                to the
                sponsor, any 1110(b) originator, any 1100(d)(1) party and (iv) the
                Master
                Servicer, as to any Servicer, to the extent provided by such
                Servicer

            
	 	 	 
	
              Additional
                Item: 

              Disclosure
                per Item 1119 of Reg AB

            	 	
              (i)
                All parties to the Trust Agreement as to themselves, (ii) the Depositor
                as
                to the sponsor, originator, significant obligor, enhancement or support
                provider and (iii) the Master Servicer, as to any Servicer, to the
                extent
                provided by such Servicer

            
	 	 	 
	
              Additional
                Item: 

              Disclosure
                per Item 1112(b) of Reg AB

            	 	
              Depositor

            
	 	 	 
	
              Additional
                Item: 

              Disclosure
                per Items 1114(b) and 1115(b) of Reg AB

            	 	
              Depositor

            

    

    

    
      
        
        

      

      
        Q-2-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      Q-3

     

    ADDITIONAL
      FORM 8-K DISCLOSURE

     

    
      	
              Item
                on Form 8-K

            	 	
              Party
                Responsible

            
	
              Item
                1.01- Entry into a Material Definitive Agreement

            	 	
              Any
                party to the Trust Agreement which is a party to such
                agreement

            
	 	 	 
	
              Item
                1.02- Termination of a Material Definitive Agreement

            	 	
              Any
                party to the Trust Agreement which is a party to such
                agreement

            
	 	 	 
	
              Item
                1.03- Bankruptcy or Receivership

            	 	
              Depositor

            
	 	 	 
	
              Item
                2.04- Triggering Events that Accelerate or Increase a Direct Financial
                Obligation or an Obligation under an Off-Balance Sheet
                Arrangement

            	 	
              Depositor

            
	 	 	 
	
              Item
                3.03- Material Modification to Rights of Security Holders

            	 	
              Trustee
                and Depositor

            
	 	 	 
	
              Item
                5.03- Amendments of Articles of Incorporation or Bylaws; Change of
                Fiscal
                Year

            	 	
              Depositor

            
	 	 	 
	
              Item
                6.01- ABS Informational and Computational Material

            	 	
              Depositor

            
	 	 	 
	
              Item
                6.02- Change of Servicer or Trustee

            	 	
              Master
                Servicer (as to itself and as to any Servicer, to the extent provided
                by
                such Servicer), Trustee (as to itself), Seller

            
	 	 	 
	
              Item
                6.03- Change in Credit Enhancement or External Support

            	 	
              Depositor

            
	 	 	 
	
              Item
                6.04- Failure to Make a Required Distribution

            	 	
              Trustee

            
	 	 	 
	
              Item
                6.05- Securities Act Updating Disclosure

            	 	
              Depositor

            
	 	 	 
	
              Item
                7.01- Reg FD Disclosure

            	 	
              Depositor

            
	 	 	 
	
              Item
                8.01

            	 	
              Depositor

            
	 	 	 
	
              Item
                9.01

            	 	
              Depositor

            

    

    

    
      
        
        

      

      
        Q-3-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      Q-4

     

    ADDITIONAL
      DISCLOSURE NOTIFICATION

     

    U.S.
      Bank
      National Association,

    as
      Trustee to Lehman XS Trust Mortgage

    Pass-Through
      Certificates, Series 2007-16N

    One
      Federal Street

    3rd
      Floor

    Boston,
      Massachusetts 02110

     

    RE:
      **Additional Form [10-D][10-K][8-K] Disclosure** Required

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section [ ] of the Trust Agreement, dated as of August 1, 2007,
      by and among Structured Asset Securities Corporation, as Depositor, Aurora
      Loan
      Services LLC, as Master Servicer, and U.S. Bank National Association, as
      Trustee, the undersigned, as [ ], hereby notifies you that certain events have
      come to our attention that [will] [may] need to be disclosed on Form
      [10-D][10-K][8-K].

     

    Description
      of Additional Form [10-D][10-K][8-K] Disclosure:

     

    List
      of any Attachments hereto to be included in the Additional Form
      [10-D][10-K][8-K] Disclosure:

     

    Any
      inquiries related to this notification should be directed to [ ], phone number:
      [ ]; email address: [ ].

    
      	 	 	 
	 	
              [NAME
                OF PARTY],

              as
                [role]

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              

              Name:

              Title:

            

    

     

    
      
        
        

      

      
        Q-4-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      R

     

    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. Capitalized terms used herein but not defined herein shall have
      the
      meanings assigned to them in the Trust Agreement dated as of August 1, 2007
      (the
“Trust Agreement”), by and among U.S. Bank National Association, (the
“Trustee”), Aurora Loan Services LLC, as master servicer (the “Master
      Servicer”), and Structured Asset Securities Corporation, as depositor (the
“Depositor”).

     

    
      	
              Reg
                AB

              Reference

            	 	
              Servicing
                Criteria

            	 	
              Paying
                Agent (including the Trustee if acting as Paying
                Agent)

            	 	
              Trustee

            	 	
              Master
                Servicer

            
	 	 	
              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.

            	 	
              If
                applicable for the transaction participant

            	 	
              If
                applicable for the transaction participant

            	 	
              If
                applicable for the transaction participant

            
	 	 	 	 	 	 	 	 	 
	
              1122(d)(1)(iii)

            	 	
              Any
                requirements in the transaction agreements to maintain a back-up
                servicer
                for the pool assets are maintained.

            	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	
              1122(d)(1)(iv)

            	 	
              A
                fidelity bond and errors and omissions policy is in effect on the
                party
                participating in the servicing function throughout the reporting
                period in
                the amount of coverage required by and otherwise in accordance with
                the
                terms of the transaction agreements.

            	 	 	 	 	 	
              X

            
	 	 	 	 	 	 	 	 	 
	 	 	
              Cash
                Collection and Administration

            	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	
              1122(d)(2)(i)

            	 	
              Payments
                on pool assets are deposited into the appropriate custodial bank
                accounts
                and related bank clearing accounts no more than two business days
                following receipt, or such other number of days specified in the
                transaction agreements.

            	 	
              X

            	 	 	 	
              X

            

    

     

    
      
        
        

      

      
        R-1

        
          

        

      

      
        
        

      

    

     

    
      	
              Reg
                AB

              Reference

            	 	
              Servicing
                Criteria

            	 	
              Paying
                Agent (including the Trustee if acting as Paying
                Agent)

            	 	
              Trustee

            	 	
              Master
                Servicer

            

    

    
      	 	 	 	 	 	 	 	 	 
	
              1122(d)(2)(ii)

            	 	
              Disbursements
                made via wire transfer on behalf of an obligor or to an investor
                are made
                only by authorized personnel.

            	 	
              X

            	 	 	 	
              X

            
	 	 	 	 	 	 	 	 	 
	
              1122(d)(2)(iii)

            	 	
              Advances
                of funds or guarantees regarding collections, cash flows or distributions,
                and any interest or other fees charged for such advances, are made,
                reviewed and approved as specified in the transaction
                agreements.

            	 	 	 	 	 	
              X

            
	 	 	 	 	 	 	 	 	 
	
              1122(d)(2)(iv)

            	 	
              The
                related accounts for the transaction, such as cash reserve accounts
                or
                accounts established as a form of over collateralization, are separately
                maintained (e.g., with respect to commingling of cash) as set forth
                in the
                transaction agreements.

            	 	
              X

            	 	
              X

            	 	
              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

            	 	 	 	
              X

            

    

     

    
      
        
        

      

      
        R-2

        
          

        

      

      
        
        

      

    

     

      	
              Reg
                AB

              Reference

            	 	
              Servicing
                Criteria

            	 	
              Paying
                Agent (including the Trustee if acting as Paying
                Agent)

            	 	
              Trustee

            	 	
              Master
                Servicer

            

    

    
      	 	 	 	 	 	 	 	 	 
	 	 	
              Investor
                Remittances and Reporting

            	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	
              1122(d)(3)(i)

            	 	
              Reports
                to investors, including those to be filed with the Commission, are
                maintained in accordance with the transaction agreements and applicable
                Commission requirements. Specifically, such reports (A) are prepared
                in
                accordance with timeframes and other terms set forth in the transaction
                agreements; (B) provide information calculated in accordance with
                the
                terms specified in the transaction agreements; (C) are filed with
                the
                Commission as required by its rules and regulations; and (D) agree
                with
                investors’ or the trustee’s records as to the total unpaid principal
                balance and number of Pool Assets serviced by the
                Servicer.

            	 	 	 	
              X

            	 	
              X

            
	 	 	 	 	 	 	 	 	 
	
              1122(d)(3)(ii)

            	 	
              Amounts
                due to investors are allocated and remitted in accordance with timeframes,
                distribution priority and other terms set forth in the transaction
                agreements.

            	 	 	 	
              X

            	 	
              X

            
	 	 	 	 	 	 	 	 	 
	
              1122(d)(3)(iii)

            	 	
              Disbursements
                made to an investor are posted within two business days to the Servicer’s
                investor records, or such other number of days specified in the
                transaction agreements.

            	 	
              X

            	 	 	 	
              X

            
	 	 	 	 	 	 	 	 	 
	
              1122(d)(3)(iv)

            	 	
              Amounts
                remitted to investors per the investor reports agree with cancelled
                checks, or other form of payment, or custodial bank
                statements.

            	 	
              X

            	 	 	 	
              X

            
	 	 	 	 	 	 	 	 	 
	 	 	
              Pool
                Asset Administration

            	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	
              1122(d)(4)(i)

            	 	
              Collateral
                or security on pool assets is maintained as required by the transaction
                agreements or related pool asset documents.

            	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	
              1122(d)(4)(ii)

            	 	
              Pool
                assets and related documents are safeguarded as required by the
                transaction agreements

            	 	 	 	 	 	 

    

     

    
      
        
        

      

      
        R-3

        
          

        

      

      
        
        

      

    

     

    
      	
              Reg
                AB

              Reference

            	 	
              Servicing
                Criteria

            	 	
              Paying
                Agent (including the Trustee if acting as Paying
                Agent)

            	 	
              Trustee

            	 	
              Master
                Servicer

            

    

    
      	 	 	 	 	 	 	 	 	 
	
              1122(d)(4)(iii)

            	 	
              Any
                additions, removals or substitutions to the asset pool are made,
                reviewed
                and approved in accordance with any conditions or requirements in
                the
                transaction agreements.

            	 	 	 	
              X

            	 	 
	 	 	 	 	 	 	 	 	 
	
              1122(d)(4)(iv)

            	 	
              Payments
                on pool assets, including any payoffs, made in accordance with the
                related
                pool asset documents are posted to the Servicer’s obligor records
                maintained no more than two business days after receipt, or such
                other
                number of days specified in the transaction agreements, and allocated
                to
                principal, interest or other items (e.g., escrow) in accordance with
                the
                related pool asset documents.

            	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	
              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.

            	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	
              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.

            	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	
              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).

            	 	 	 	 	 	 

    

     

    
      
        
        

      

      
        R-4

        
          

        

      

      
        
        

      

    

     

    
      	
              Reg
                AB

              Reference

            	 	
              Servicing
                Criteria

            	 	
              Paying
                Agent (including the Trustee if acting as Paying
                Agent)

            	 	
              Trustee

            	 	
              Master
                Servicer

            

    

    
      	 	 	 	 	 	 	 	 	 
	
              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.

            	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	
              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.

            	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	
              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.

            	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	
              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.

            	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	
              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.

            	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	
              1122(d)(4)(xiv)

            	 	
              Delinquencies,
                charge-offs and uncollectible accounts are recognized and recorded
                in
                accordance with the transaction agreements.

            	 	 	 	 	 	
              X

            

    

     

    
      
        
        

      

      
        R-5

        
          

        

      

      
        
        

      

    

     

    
      	
              Reg
                AB

              Reference

            	 	
              Servicing
                Criteria

            	 	
              Paying
                Agent (including the Trustee if acting as Paying
                Agent)

            	 	
              Trustee

            	 	
              Master
                Servicer

            

    

    
      	 	 	 	 	 	 	 	 	 
	
              1122(d)(4)(xv)

            	 	
              Any
                external enhancement or other support, identified in Item 1114(a)(1)
                through (3) or Item 1115 of Regulation AB, is maintained as set forth
                in
                the transaction agreements.

            	 	 	 	
              X

            	 	 

    

    

    
      
        
        

      

      
        R-6

        
          

        

      

      
        
        

      

    

    EXHIBIT
      S

     

    TRANSACTION
      PARTIES

     

    SPONSOR
      AND SELLER: LEHMAN BROTHERS HOLDINGS INC.

     

    DEPOSITOR:
      STRUCTURED ASSET SECURITIES CORPORATION

     

    TRUSTEE:
      U.S. BANK NATIONAL ASSOCIATION

     

    MASTER
      SERVICER: AURORA LOAN SERVICES LLC

     

    SERVICERS:
      AURORA LOAN SERVICES LLC AND COUNTRYWIDE HOME LOANS SERVICING LP

     

    ORIGINATORS:
      GREENPOINT, COUNTRYWIDE HOME LOANS, INC., LEHMAN BROTHERS BANK, FSB AND QUICKEN
      LOANS, INC.

     

    CUSTODIANS:
      U.S. BANK NATIONAL ASSOCIATION AND LASALLE BANK NATIONAL
      ASSOCIATION

     

    SWAP
      COUNTERPARTIES AND INTEREST RATE CAP PROVIDERS: ABN AMRO BANK N.V. AND SWISS
      RE
      FINANCIAL PRODUCTS CORPORATION

     

    CERTIFICATE
      INSURER: ASSURED GUARANTY CORP.

     

    
      
        
        

      

      
        S-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      T

     

    FORM
      OF
      BACK-UP SARBANES-OXLEY CERTIFICATION

     

    []

     

    []

     

    []

     

    Re:
      Lehman XS Trust Mortgage Pass-Through Certificates, Series 2007-16N

     

    [_______],
      the [_______] of [_______] (the “Company”) hereby certifies to the Depositor,
      the Master Servicer and the Trustee, and each of their officers, directors
      and
      affiliates that:

     

    
      	
              (1)

            	
              I
                have reviewed [the servicer compliance statement of the Company provided
                in accordance with Item 1123 of Regulation AB (the “Compliance
                Statement”),] the report on assessment of the Company’s compliance with
                the Servicing Criteria set forth in Item 1122(d) of Regulation AB
                (the
                “Servicing Criteria”), provided in accordance with Rules 13a-18 and 15d-18
                under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)
                and Item 1122 of Regulation AB (the “Servicing Assessment”), the
                registered public accounting firm’s attestation report provided in
                accordance with Rules 13a-18 and 15d-18 under the Exchange Act and
                Section
                1122(b) of Regulation AB (the “Attestation Report”), and all servicing
                reports, officer’s certificates and other information relating to the
                servicing of the Mortgage Loans by the Company during 200[ ] that
                were
                delivered by the Company to any of the Depositor, the Master Servicer
                and
                the Trustee pursuant to the Agreement (collectively, the “Company
                Servicing Information”);

            

    

     

    
      	
              (2)

            	
              Based
                on my knowledge, the Company Servicing Information, taken as a whole,
                does
                not contain any untrue statement of a material fact or omit to state
                a
                material fact necessary to make the statements made, in the light
                of the
                circumstances under which such statements were made, not misleading
                with
                respect to the period of time covered by the Company Servicing
                Information;

            

    

     

    
      	
              (3)

            	
              Based
                on my knowledge, all of the Company Servicing Information required
                to be
                provided by the Company under the Agreement has been provided to
                the
                Depositor, the Master Servicer and the
                Trustee;

            

    

     

    
      	
              (4)

            	
              I
                am responsible for reviewing the activities performed by [_______]
                as
                [_______] under the [_______] (the “Agreement”), and based on my knowledge
                [and the compliance review conducted in preparing the Compliance
                Statement] and except as disclosed in [the Compliance Statement,]
                the
                Servicing Assessment or the Attestation Report, the Company has fulfilled
                its obligations under the Agreement in all material respects;
                and

            

    

     

    
      	
              (5)

            	
              [The
                Compliance Statement required to be delivered by the Company pursuant
                to
                the Agreement, and] [The] [the] Servicing Assessment and Attestation
                Report required to be provided by the Company and [by any Subservicer
                or
                Subcontractor] pursuant to the Agreement, have been provided to the
                Depositor, the Master Servicer and the Trustee. Any material instances
                of
                noncompliance described in such reports have been disclosed
                to the Depositor, the Master Servicer and the Trustee. Any material
                instance of noncompliance with the Servicing Criteria has been disclosed
                in such reports.

            

    

     

    
      
        
        

      

      
        T-1

      

      
        
          

        

      

      
        
        

      

    

     

    Capitalized
      terms used but not defined herein have the meanings ascribed to them in the
      Trust Agreement, dated as of August 1, 2007 (the “Trust Agreement”) by and among
      Structured Asset Securities Corporation, as Depositor, Aurora Loan Services
      LLC,
      as Master Servicer and U.S. Bank National Association, as Trustee. Capitalized
      terms used but not defined herein shall have the meanings given to them in
      the
      Trust Agreement.

    
      	 	 	 
	 	
              [_______]

            
	 	 
	 	
              as
                [_______]

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              

              Name:

              Title:

              Date:

            

    

     

    
      
        
        

      

      
        T-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      U

     

    FORM
      OF
      BACK-UP SARBANES-OXLEY CERTIFICATION

     

    TO
      BE
      PROVIDED BY THE TRUSTEE

     

    
      	 	
              Re:

            	
              Lehman
                XS Trust, Series 2007-16N (the “Trust”), Mortgage Pass-Through
                Certificates, Series 2007-16N, issued pursuant to the Trust Agreement,
                dated as of August 1, 2007, among Structured Asset Securities Corporation,
                as Depositor, Aurora Loan Services, LLC, as Master Servicer, and
                U.S. Bank
                National Association, as Trustee

            

    

     

    The
      Trustee hereby certifies to the Depositor and the Master Servicer, and their
      respective officers, directors and affiliates, and with the knowledge and intent
      that they will rely upon this certification, that:

     

    (1) I
      have
      reviewed the annual report on Form 10-K for the fiscal year [____] (the “Annual
      Report”), and all reports on Form 10-D required to be filed in respect of period
      covered by the Annual Report (collectively with the Annual Report, the
“Reports”), of the Trust;

     

    (2) To
      my
      knowledge, (a) the Reports, taken as a whole, do not contain any untrue
      statement of a material fact or omit to state a material fact necessary to
      make
      the statements made, in light of the circumstances under which such statements
      were made, not misleading with respect to the period covered by the Annual
      Report, and (b) the Trustee’s assessment of compliance and related attestation
      report referred to below, taken as a whole, do not contain any untrue statement
      of a material fact or omit to state a material fact necessary to make the
      statements made, in light of the circumstances under which such statements
      were
      made, not misleading with respect to the period covered by such assessment
      of
      compliance and attestation report;

     

    (3) To
      my
      knowledge, the distribution information required to be provided by the Trustee
      under the Trust Agreement for inclusion in the Reports is included in the
      Reports;

     

    (4) I
      am
      responsible for reviewing the activities performed by the Trustee under the
      Trust Agreement, and based on my knowledge and the compliance review conducted
      in preparing the assessment of compliance of the Trustee required by the Trust
      Agreement, and except as disclosed in the Reports, the Trustee has fulfilled
      its
      obligations under the Trust Agreement in all material respects; and

     

    (5) The
      report on assessment of compliance with servicing criteria applicable to the
      Trustee for asset-backed securities of the Trustee and each Subcontractor
      utilized by the Trustee and related attestation report on assessment of
      compliance with servicing criteria applicable to it required to be included
      in
      the Annual Report in accordance with Item 1122 of Regulation AB and Exchange
      Act
      Rules 13a-18 and 15d-18 has been included as an exhibit to the Annual Report.
      Any material instances of non-compliance are described in such report and have
      been disclosed in the Annual Report.

     

    
      
        
        

      

      
        U-1

        
          
            

          

           

        

      

      
        
        

      

    

     

    In
      giving
      the certifications above, the Trustee has reasonably relied on information
      provided to it by the following unaffiliated parties: [names of servicer(s),
      master servicer, subservicer(s), depositor, trustee, custodian(s)]

     

    Date:
      ____________ 

     

    U.S.
      Bank
      National Association, as Trustee

     

    
      
        

      

    

    [Signature]

    [Title]

     

    
      
        
        

      

      
        U-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      V-1

     

    FORM
      OF
      TRANSFER CERTIFICATE

    FOR
      TRANSFER FROM RESTRICTED GLOBAL SECURITY

    TO
      REGULATION S GLOBAL SECURITY

    (Transfers
      pursuant to § 3.03(h)(iii)

    of
      the
      Agreement)

     

    Re: Lehman
      XS
      Trust, Series 2007-16N 

    

    Reference
      is hereby made to the Trust Agreement (the “Agreement”) by and among Structured
      Asset Securities Corporation, as Depositor, Aurora Loan Services LLC, as Master
      Servicer, and U.S. Bank National Association, as Trustee, dated as of August
      1,
      2007.  Capitalized terms used but not defined herein shall have the
      meanings given to them in the Agreement.

     

    This
      letter relates to U.S. $                            
       aggregate
      principal amount of securities which are held in the form of a Restricted Global
      Security with DTC in the name of [name of transferor]                                                        (the
      “Transferor”) to effect the transfer of the Securities in exchange for an
      equivalent beneficial interest in a Regulation S Global Security.

     

    In
      connection with such request, the Transferor does hereby certify that such
      transfer has been effected in accordance with the transfer restrictions set
      forth in the Agreement and the securities and in accordance with Rule 904 of
      Regulation S, and that:

     

    a. the
      offer
      of the securities was not made to a person in the United States; 

    

    b. at
      the
      time the buy order was originated, the transferee was outside the United States
      or the Transferor and any person acting on its behalf reasonably believed that
      the transferee was outside the United States;

    

    c. no
      directed selling efforts have been made in contravention of the requirements
      of
      Rule 903 or 904 of Regulation S, as applicable;

    

    d. the
      transaction is not part of a plan or scheme to evade the registration
      requirements of the United States Securities Act of 1933, as amended;
      and

    

    e. the
      transferee is not a U.S. person (as defined in Regulation S).

    

    
      
        
        

      

      
        V-1-1

        
          

        

      

      
        
        

      

    

     

    You
      are
      entitled to rely upon this letter and are irrevocably authorized to produce
      this
      letter or a copy hereof to any interested party in any administrative or legal
      proceedings or official inquiry with respect to the matters covered hereby.
       Terms used in this certificate have the meanings set forth in Regulation
      S.

    
      	 	 	 
	 	
               

               

              
                

              

              [Name
                of Transferor]

            
	 
 	 
 	 
 
	 	By:  	
            
	 	
              

              Name:

              Title:

            

    

     

    Date:             
                           ,
                 

    

    
      
        
        

      

      
        V-1-2

        
          

        

      

      
        
        

      

    

    EXHIBIT
      V-2

     

    FORM
      OF
      TRANSFER CERTIFICATE FOR TRANSFER 

    FROM
      REGULATION S GLOBAL SECURITY

    TO
      RESTRICTED GLOBAL SECURITY

    (Transfers
      pursuant to § 3.03(h)(C)

    of
      the
      Agreement)

     

    Re: Lehman
      XS
      Trust, Series 2007-16N 

    

    Reference
      is hereby made to the Trust Agreement (the “Agreement”) by and among Structured
      Asset Securities Corporation, as Depositor, Aurora Loan Services LLC, as Master
      Servicer, and U.S. Bank National Association, as Trustee, dated as of August
      1,
      2007.  Capitalized terms used but not defined herein shall have the
      meanings given to them in the Agreement.

     

    This
      letter relates to U.S. $                             aggregate
      principal amount of securities which are held in the form of a Regulations
      S
      Global Security in the name of [name of transferor]                                                         (the
      “Transferor”) to effect the transfer of the securities in exchange for an
      equivalent beneficial interest in a Restricted Global Security.

     

    In
      connection with such request, and in respect of such securities, the Transferor
      does hereby certify that such Securities are being transferred in accordance
      with (i) the transfer restrictions set forth in the Agreement and the Securities
      and (ii) Rule 144A under the United States Securities Act of 1933, as amended,
      to a transferee that the Transferor reasonably believes is purchasing the
      Securities for its own account or an account with respect to which the
      transferee exercises sole investment discretion, the transferee and any such
      account is a qualified institutional buyer within the meaning of Rule 144A,
      in a
      transaction meeting the requirements of Rule 144A and in accordance with any
      applicable securities laws of any state of the United States or any other
      jurisdiction.

     

      
        	 	 	 
	 	
                 

                
                  

                

                [Name
                  of Transferor]

              
	 
 	 
 	 
 
	 	By:  	
              
	 	
                

                Name:

                Title:

              

      

       

    

    Date:             
                           ,
            

    

    
      
        
        

      

      
        U-1

        
          

        

      

      
        
        

      

    

    SCHEDULE
      A

     

    MORTGAGE
      LOAN SCHEDULE

     

    On
      file
      at the offices of:

    Dechert
      LLP

    Cira
      Centre

    2929
      Arch
      Street

    Philadelphia,
      Pennsylvania 19104-2808

    Attn:
      Steven J. Molitor

    Telephone:
      (215) 994-2777

    Telecopier:
      (215) 994-2222

     

    
      
        
        

      

      
        Schedule
          A-1

        
          

        

      

      
        
        

      

    

    SCHEDULE
      B

     

    SWAP
      AGREEMENT SCHEDULED NOTIONAL AMOUNTS 

     

    AND
      RATES
      OF PAYMENT

    

      GROUP
        I

    

     

    
      	
              Distribution
                Date

            	 	
              Scheduled
                Notional Amount ($)

            	 	
              Rate
                of Payment (%)

            	 
	
              September
                25, 2007

            	 	 	
              0.00

            	 	 	
              0.00

            	 
	
              October
                25, 2007

            	 	 	
              365,342,795.00

            	 	 	
              5.41

            	 
	
              November
                25, 2007

            	 	 	
              355,458,601.00

            	 	 	
              5.38

            	 
	
              December
                25, 2007

            	 	 	
              345,844,833.00

            	 	 	
              4.77

            	 
	
              January
                25, 2008

            	 	 	
              336,494,016.00

            	 	 	
              4.77

            	 
	
              February
                25, 2008

            	 	 	
              327,398,884.00

            	 	 	
              4.73

            	 
	
              March
                25, 2008

            	 	 	
              318,552,373.00

            	 	 	
              4.68

            	 
	
              April
                25, 2008

            	 	 	
              309,947,617.00

            	 	 	
              4.54

            	 
	
              May
                25, 2008

            	 	 	
              301,577,940.00

            	 	 	
              4.51

            	 
	
              June
                25, 2008

            	 	 	
              293,436,852.00

            	 	 	
              4.47

            	 
	
              July
                25, 2008

            	 	 	
              285,518,047.00

            	 	 	
              4.50

            	 
	
              August
                25, 2008

            	 	 	
              277,815,390.00

            	 	 	
              4.51

            	 
	
              September
                25, 2008

            	 	 	
              270,322,920.00

            	 	 	
              4.53

            	 
	
              October
                25, 2008

            	 	 	
              263,034,840.00

            	 	 	
              4.58

            	 
	
              November
                25, 2008

            	 	 	
              255,945,517.00

            	 	 	
              4.61

            	 
	
              December
                25, 2008

            	 	 	
              249,049,473.00

            	 	 	
              4.63

            	 
	
              January
                25, 2009

            	 	 	
              242,341,382.00

            	 	 	
              4.66

            	 
	
              February
                25, 2009

            	 	 	
              235,816,066.00

            	 	 	
              4.69

            	 
	
              March
                25, 2009

            	 	 	
              229,468,493.00

            	 	 	
              4.71

            	 
	
              April
                25, 2009

            	 	 	
              223,293,770.00

            	 	 	
              4.72

            	 
	
              May
                25, 2009

            	 	 	
              217,287,138.00

            	 	 	
              4.74

            	 
	
              June
                25, 2009

            	 	 	
              211,443,973.00

            	 	 	
              4.76

            	 
	
              July
                25, 2009

            	 	 	
              205,759,779.00

            	 	 	
              4.78

            	 
	
              August
                25, 2009

            	 	 	
              200,230,183.00

            	 	 	
              4.80

            	 
	
              September
                25, 2009

            	 	 	
              194,850,935.00

            	 	 	
              4.84

            	 
	
              October
                25, 2009

            	 	 	
              189,617,903.00

            	 	 	
              4.93

            	 
	
              November
                25, 2009

            	 	 	
              184,527,069.00

            	 	 	
              4.94

            	 
	
              December
                25, 2009

            	 	 	
              179,574,528.00

            	 	 	
              4.96

            	 
	
              January
                25, 2010

            	 	 	
              174,756,048.00

            	 	 	
              4.97

            	 
	
              February
                25, 2010

            	 	 	
              170,066,539.00

            	 	 	
              4.99

            	 
	
              March
                25, 2010

            	 	 	
              165,501,927.00

            	 	 	
              5.00

            	 
	
              April
                25, 2010

            	 	 	
              161,060,341.00

            	 	 	
              5.02

            	 
	
              May
                25, 2010

            	 	 	
              156,738,329.00

            	 	 	
              5.03

            	 
	
              June
                25, 2010

            	 	 	
              152,530,156.00

            	 	 	
              5.05

            	 
	
              July
                25, 2010

            	 	 	
              148,434,012.00

            	 	 	
              5.06

            	 
	
              August
                25, 2010

            	 	 	
              144,448,162.00

            	 	 	
              5.08

            	 
	
              September
                25, 2010

            	 	 	
              135,578,703.00

            	 	 	
              5.09

            	 
	
              October
                25, 2010

            	 	 	
              131,950,639.00

            	 	 	
              5.11

            	 

    

     

    
      
        
        

      

      
        Schedule
          B1

        
          

        

      

      
        
        

      

    

     

    
      	
              Distribution
                Date

            	 	
              Scheduled
                Notional Amount ($)

            	 	
              Rate
                of Payment (%)

            	 

    

    
      	
              November
                25, 2010

            	 	 	
              128,420,828.00

            	 	 	
              5.12

            	 
	
              December
                25, 2010

            	 	 	
              124,986,263.00

            	 	 	
              5.14

            	 
	
              January
                25, 2011

            	 	 	
              121,644,661.00

            	 	 	
              5.15

            	 
	
              February
                25, 2011

            	 	 	
              118,392,124.00

            	 	 	
              5.17

            	 
	
              March
                25, 2011

            	 	 	
              115,224,414.00

            	 	 	
              5.18

            	 
	
              April
                25, 2011

            	 	 	
              112,142,476.00

            	 	 	
              5.20

            	 
	
              May
                25, 2011

            	 	 	
              109,141,326.00

            	 	 	
              5.21

            	 
	
              June
                25, 2011

            	 	 	
              106,220,449.00

            	 	 	
              5.23

            	 
	
              July
                25, 2011

            	 	 	
              103,377,978.00

            	 	 	
              5.24

            	 
	
              August
                25, 2011

            	 	 	
              100,603,530.00

            	 	 	
              5.26

            	 
	
              September
                25, 2011

            	 	 	
              97,893,600.00

            	 	 	
              5.27

            	 
	
              October
                25, 2011

            	 	 	
              95,245,850.00

            	 	 	
              5.29

            	 
	
              November
                25, 2011

            	 	 	
              92,665,738.00

            	 	 	
              5.31

            	 
	
              December
                25, 2011

            	 	 	
              90,152,197.00

            	 	 	
              5.32

            	 
	
              January
                25, 2012

            	 	 	
              70,465,910.00

            	 	 	
              5.34

            	 
	
              February
                25, 2012

            	 	 	
              68,578,521.00

            	 	 	
              5.35

            	 
	
              March
                25, 2012

            	 	 	
              66,739,444.00

            	 	 	
              5.36

            	 
	
              April
                25, 2012

            	 	 	
              64,937,477.00

            	 	 	
              5.38

            	 
	
              May
                25, 2012

            	 	 	
              63,112,573.00

            	 	 	
              5.39

            	 
	
              June
                25, 2012

            	 	 	
              61,287,187.00

            	 	 	
              5.40

            	 
	
              July
                25, 2012

            	 	 	
              59,508,784.00

            	 	 	
              5.41

            	 
	
              August
                25, 2012

            	 	 	
              57,781,608.00

            	 	 	
              5.42

            	 
	
              September
                25, 2012 and thereafter

            	 	 	
              0.00

            	 	 	
              0.00

            	 

    

    

    
      
        
        

      

      
        Schedule
          B-2

        
          

        

      

      
        
        

      

    

     

    
      GROUP
        II

       

    

    
      	
              Distribution
                Date

            	 	
              Scheduled
                Notional Amount ($)

            	 	
              Rate
                of Payment (%)

            	 
	
              September
                25, 2007

            	 	 	
              0.00

            	 	 	
              0.00

            	 
	
              October
                25, 2007

            	 	 	
              1,090,344,997.00

            	 	 	
              5.41

            	 
	
              November
                25, 2007

            	 	 	
              1,054,351,476.00

            	 	 	
              5.38

            	 
	
              December
                25, 2007

            	 	 	
              1,019,554,920.00

            	 	 	
              4.77

            	 
	
              January
                25, 2008

            	 	 	
              985,915,249.00

            	 	 	
              4.77

            	 
	
              February
                25, 2008

            	 	 	
              953,393,732.00

            	 	 	
              4.73

            	 
	
              March
                25, 2008

            	 	 	
              921,952,944.00

            	 	 	
              4.68

            	 
	
              April
                25, 2008

            	 	 	
              891,556,721.00

            	 	 	
              4.54

            	 
	
              May
                25, 2008

            	 	 	
              862,170,116.00

            	 	 	
              4.51

            	 
	
              June
                25, 2008

            	 	 	
              833,759,359.00

            	 	 	
              4.47

            	 
	
              July
                25, 2008

            	 	 	
              806,291,817.00

            	 	 	
              4.50

            	 
	
              August
                25, 2008

            	 	 	
              779,735,956.00

            	 	 	
              4.51

            	 
	
              September
                25, 2008

            	 	 	
              754,061,302.00

            	 	 	
              4.53

            	 
	
              October
                25, 2008

            	 	 	
              724,390,410.00

            	 	 	
              4.58

            	 
	
              November
                25, 2008

            	 	 	
              695,893,089.00

            	 	 	
              4.61

            	 
	
              December
                25, 2008

            	 	 	
              668,522,689.00

            	 	 	
              4.63

            	 
	
              January
                25, 2009

            	 	 	
              642,234,425.00

            	 	 	
              4.66

            	 
	
              February
                25, 2009

            	 	 	
              616,985,300.00

            	 	 	
              4.69

            	 
	
              March
                25, 2009

            	 	 	
              592,734,031.00

            	 	 	
              4.71

            	 
	
              April
                25, 2009

            	 	 	
              569,440,986.00

            	 	 	
              4.72

            	 
	
              May
                25, 2009

            	 	 	
              547,068,113.00

            	 	 	
              4.74

            	 
	
              June
                25, 2009

            	 	 	
              525,578,877.00

            	 	 	
              4.76

            	 
	
              July
                25, 2009

            	 	 	
              504,938,204.00

            	 	 	
              4.78

            	 
	
              August
                25, 2009

            	 	 	
              485,112,416.00

            	 	 	
              4.80

            	 
	
              September
                25, 2009

            	 	 	
              466,069,179.00

            	 	 	
              4.84

            	 
	
              October
                25, 2009

            	 	 	
              444,542,380.00

            	 	 	
              4.93

            	 
	
              November
                25, 2009

            	 	 	
              424,013,611.00

            	 	 	
              4.94

            	 
	
              December
                25, 2009

            	 	 	
              404,436,434.00

            	 	 	
              4.96

            	 
	
              January
                25, 2010

            	 	 	
              385,766,576.00

            	 	 	
              4.97

            	 
	
              February
                25, 2010

            	 	 	
              367,959,987.00

            	 	 	
              4.99

            	 
	
              March
                25, 2010

            	 	 	
              350,975,749.00

            	 	 	
              5.00

            	 
	
              April
                25, 2010

            	 	 	
              334,773,457.00

            	 	 	
              5.02

            	 
	
              May
                25, 2010

            	 	 	
              319,318,491.00

            	 	 	
              5.03

            	 
	
              June
                25, 2010

            	 	 	
              304,571,901.00

            	 	 	
              5.05

            	 
	
              July
                25, 2010

            	 	 	
              290,507,748.00

            	 	 	
              5.06

            	 
	
              August
                25, 2010

            	 	 	
              277,094,620.00

            	 	 	
              5.08

            	 
	
              September
                25, 2010

            	 	 	
              257,665,498.00

            	 	 	
              5.09

            	 
	
              October
                25, 2010

            	 	 	
              245,789,159.00

            	 	 	
              5.11

            	 
	
              November
                25, 2010

            	 	 	
              234,462,322.00

            	 	 	
              5.12

            	 
	
              December
                25, 2010

            	 	 	
              223,657,220.00

            	 	 	
              5.14

            	 
	
              January
                25, 2011

            	 	 	
              213,351,827.00

            	 	 	
              5.15

            	 
	
              February
                25, 2011

            	 	 	
              203,521,155.00

            	 	 	
              5.17

            	 
	
              March
                25, 2011

            	 	 	
              194,143,961.00

            	 	 	
              5.18

            	 

    

     

    
      
        
        

      

      
        Schedule
          B-3

        
          

        

      

      
        
        

      

    

     

    
      	
              Distribution
                Date

            	 	
              Scheduled
                Notional Amount ($)

            	 	
              Rate
                of Payment (%)

            	 

    

    
      	
              April
                25, 2011

            	 	 	
              185,199,249.00

            	 	 	
              5.20

            	 
	
              May
                25, 2011

            	 	 	
              176,666,063.00

            	 	 	
              5.21

            	 
	
              June
                25, 2011

            	 	 	
              168,524,999.00

            	 	 	
              5.23

            	 
	
              July
                25, 2011

            	 	 	
              160,758,180.00

            	 	 	
              5.24

            	 
	
              August
                25, 2011

            	 	 	
              153,347,072.00

            	 	 	
              5.26

            	 
	
              September
                25, 2011

            	 	 	
              146,262,312.00

            	 	 	
              5.27

            	 
	
              October
                25, 2011

            	 	 	
              139,465,411.00

            	 	 	
              5.29

            	 
	
              November
                25, 2011

            	 	 	
              132,920,753.00

            	 	 	
              5.31

            	 
	
              December
                25, 2011

            	 	 	
              126,662,624.00

            	 	 	
              5.32

            	 
	
              January
                25, 2012

            	 	 	
              72,316,077.00

            	 	 	
              5.34

            	 
	
              February
                25, 2012

            	 	 	
              68,961,746.00

            	 	 	
              5.35

            	 
	
              March
                25, 2012

            	 	 	
              65,769,139.00

            	 	 	
              5.36

            	 
	
              April
                25, 2012

            	 	 	
              62,522,712.00

            	 	 	
              5.38

            	 
	
              May
                25, 2012

            	 	 	
              59,059,452.00

            	 	 	
              5.39

            	 
	
              June
                25, 2012

            	 	 	
              54,765,778.00

            	 	 	
              5.40

            	 
	
              July
                25, 2012

            	 	 	
              47,021,796.00

            	 	 	
              5.41

            	 
	
              August
                25, 2012

            	 	 	
              7,764,962.00

            	 	 	
              5.42

            	 
	
              September
                25, 2012 and thereafter

            	 	 	
              0.00

            	 	 	
              0.00

            	 

    

    

    
      
        
        

      

      
        Schedule
          B-4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00129-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00129-of-00352.parquet"}]]