Document:

Unassociated Document

    NOMURA
      ASSET ACCEPTANCE CORPORATION,

    Depositor

     

     

    NOMURA
      CREDIT & CAPITAL, INC.,

    Sponsor

     

    

     

    GMAC
      MORTGAGE, LLC,

    a
      Servicer

     

     

    WELLS
      FARGO BANK, NATIONAL ASSOCIATION,

     

    Master
      Servicer and Securities Administrator

     

    and

     

    HSBC
      BANK
      USA, NATIONAL ASSOCIATION,

     

    Trustee

     

    
      	 	 	 

    

     

     

    POOLING
      AND SERVICING AGREEMENT

     

    Dated
      as
      of June 1, 2007

     

    
      	 	 	 

    

     

    NOMURA
      ASSET ACCEPTANCE CORPORATION

     

    MORTGAGE
      PASS-THROUGH CERTIFICATES, SERIES 2007-2

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    TABLE
      OF CONTENTS

     

    
      
        	
                ARTICLE
                  I

              
	 
	
                DEFINITIONS

              
	 
	
                Section
                  1.01

              	
                Defined
                  Terms.

              
	
                Section
                  1.02

              	
                Allocation
                  of Certain Interest Shortfalls.

              
	 
	
                ARTICLE
                  II

              
	 
	
                CONVEYANCE
                  OF TRUST FUND REPRESENTATIONS AND WARRANTIES

              
	 
	
                Section
                  2.01

              	
                Conveyance
                  of Trust Fund.

              
	
                Section
                  2.02

              	
                Acceptance
                  of the Mortgage Loans.

              
	
                Section
                  2.03

              	
                Representations,
                  Warranties and Covenants of GMACM and the Sponsor.

              
	
                Section
                  2.04

              	
                Representations
                  and Warranties of the Depositor.

              
	
                Section
                  2.05

              	
                Delivery
                  of Opinion of Counsel in Connection with Substitutions and
                  Repurchases.

              
	
                Section
                  2.06

              	
                Issuance
                  of the REMIC I Regular Interests.

              
	
                Section
                  2.07

              	
                Conveyance
                  of the REMIC I Regular Interests, REMIC II Regular Interests, Class
                  X
                  Interest, Class P Interest and Class IO Interest.

              
	
                Section
                  2.08

              	
                Issuance
                  of Class R Certificates and the Class R-X Certificates.

              
	
                Section
                  2.09

              	
                Establishment
                  of Trust.

              
	
                Section
                  2.10

              	
                Purpose
                  and Powers of the Trust.

              
	 
	
                ARTICLE
                  III

              
	 
	
                ADMINISTRATION
                  AND SERVICING OF THE MORTGAGE LOANS; ACCOUNTS

              
	 
	
                Section
                  3.01

              	
                GMACM
                  to act as Servicer of the related Mortgage Loans.

              
	
                Section
                  3.02

              	
                Due-on-Sale
                  Clauses; Assumption Agreements.

              
	
                Section
                  3.03

              	
                Subservicers.

              
	
                Section
                  3.04

              	
                Documents,
                  Records and Funds in Possession of a Servicer To Be Held for
                  Trustee.

              
	
                Section
                  3.05

              	
                Maintenance
                  of Hazard Insurance.

              
	
                Section
                  3.06

              	
                Presentment
                  of Claims and Collection of Proceeds.

              
	
                Section
                  3.07

              	
                Maintenance
                  of Insurance Policies.

              
	
                Section
                  3.08

              	
                Reserved.

              
	
                Section
                  3.09

              	
                Realization
                  Upon Defaulted Mortgage Loans; Determination of Excess Liquidation
                  Proceeds and Realized Losses; Repurchases of Certain Mortgage
                  Loans.

              
	
                Section
                  3.10

              	
                Servicing
                  Compensation.

              
	
                Section
                  3.11

              	
                REO
                  Property.

              
	
                Section
                  3.12

              	
                Liquidation
                  Reports.

              
	
                Section
                  3.13

              	
                Annual
                  Statement as to Compliance.

              
	
                Section
                  3.14

              	
                Assessments
                  of Compliance and Attestation Reports.

              
	
                Section
                  3.15

              	
                Books
                  and Records.

              
	
                Section
                  3.16

              	
                The
                  Trustee.

              
	
                Section
                  3.17

              	
                REMIC
                  Related Covenants.

              
	
                Section
                  3.18

              	
                Annual
                  Sarbanes-Oxley Certification; Additional Information.

              
	
                Section
                  3.19

              	
                Release
                  of Mortgage Files.

              
	
                Section
                  3.20

              	
                Documents,
                  Records and Funds in Possession of the Servicers to be held for
                  Trustee.

              
	
                Section
                  3.21

              	
                Possession
                  of Certain Insurance Policies and Documents.

              
	
                Section
                  3.22

              	
                [Reserved].

              
	
                Section
                  3.23

              	
                [Reserved].

              
	
                Section
                  3.24

              	
                Optional
                  Purchase of Certain Mortgage Loans.

              
	
                Section
                  3.25

              	
                Obligations
                  of the Servicer Under Credit Risk Management
                  Agreements.

              
	
                Section
                  3.26

              	
                Collection
                  of Mortgage Loan Payments; Custodial Accounts.

              
	
                Section
                  3.27

              	
                Permitted
                  Withdrawals From the Custodial Accounts.

              
	
                Section
                  3.28

              	
                Reports
                  to Master Servicer.

              
	
                Section
                  3.29

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

              
	
                Section
                  3.30

              	
                [Reserved].

              
	
                Section
                  3.31

              	
                Distribution
                  Account.

              
	
                Section
                  3.32

              	
                Permitted
                  Withdrawals and Transfers from the Distribution
                  Account.

              
	
                Section
                  3.33

              	
                Duties
                  of the Credit Risk Manager.

              
	
                Section
                  3.34

              	
                Limitation
                  Upon Liability of Credit Risk Manager; Indemnification.

              
	 
	
                ARTICLE
                  IV

              
	 
	
                ADMINISTRATION
                  AND MASTER SERVICING OF THE MORTGAGE LOANS

              
	 
	
                Section
                  4.01

              	
                The
                  Master Servicer.

              
	
                Section
                  4.02

              	
                Monitoring
                  of Servicers.

              
	
                Section
                  4.03

              	
                Fidelity
                  Bond.

              
	
                Section
                  4.04

              	
                Power
                  to Act; Procedures.

              
	
                Section
                  4.05

              	
                Due-on-Sale
                  Clauses; Assumption Agreements.

              
	
                Section
                  4.06

              	
                Documents,
                  Records and Funds in Possession of Master Servicer To Be Held for
                  Trustee.

              
	
                Section
                  4.07

              	
                Standard
                  Hazard Insurance and Flood Insurance Policies.

              
	
                Section
                  4.08

              	
                Presentment
                  of Claims and Collection of Proceeds.

              
	
                Section
                  4.09

              	
                Maintenance
                  of the Primary Mortgage Insurance Policies.

              
	
                Section
                  4.10

              	
                Trustee
                  to Retain Possession of Certain Insurance Policies and
                  Documents.

              
	
                Section
                  4.11

              	
                Realization
                  Upon Defaulted Loans.

              
	
                Section
                  4.12

              	
                Compensation
                  for the Master Servicer.

              
	
                Section
                  4.13

              	
                REO
                  Property.

              
	
                Section
                  4.14

              	
                Obligation
                  of the Master Servicer in Respect of Prepayment Interest
                  Shortfalls.

              
	 
	
                ARTICLE
                  V

              
	 
	
                ADVANCES
                  AND DISTRIBUTIONS

              
	 
	
                Section
                  5.01

              	
                Advances;
                  Advance Facility.

              
	
                Section
                  5.02

              	
                Compensating
                  Interest Payments.

              
	
                Section
                  5.03

              	
                REMIC
                  Distributions.

              
	
                Section
                  5.04

              	
                Distributions
                  to the Supplemental Interest Trust.

              
	
                Section
                  5.05

              	
                Distributions
                  on the Certificates.

              
	
                Section
                  5.06

              	
                Distributions
                  from the Supplemental Interest Trust.

              
	
                Section
                  5.07

              	
                Distributions
                  from the Final Maturity Reserve Account.

              
	
                Section
                  5.08

              	
                Allocation
                  of Realized Losses.

              
	
                Section
                  5.09

              	
                Monthly
                  Statements to Certificateholders.

              
	
                Section
                  5.10

              	
                REMIC
                  Designations and REMIC Allocations.

              
	
                Section
                  5.11

              	
                Prepayment
                  Charges.

              
	
                Section
                  5.12

              	
                Class
                  P Certificate Account.

              
	
                Section
                  5.13

              	
                Net
                  WAC Reserve Fund.

              
	
                Section
                  5.14

              	
                [Reserved].

              
	
                Section
                  5.15

              	
                Supplemental
                  Interest Trust.

              
	
                Section
                  5.16

              	
                Tax
                  Treatment of Swap Payments and Swap Termination
                  Payments.

              
	
                Section
                  5.17

              	
                Reports
                  Filed with Securities and Exchange Commission.

              
	
                Section
                  5.18

              	
                Final
                  Maturity Reserve Trust.

              
	
                Section
                  5.19

              	
                Swap
                  Collateral Accounts

              
	
                Section
                  5.20

              	
                Cap
                  Collateral Account

              
	 
	
                ARTICLE
                  VI

              
	 
	
                THE
                  CERTIFICATES

              
	 
	
                Section
                  6.01

              	
                The
                  Certificates.

              
	
                Section
                  6.02

              	
                Certificate
                  Register; Registration of Transfer and Exchange of
                  Certificates.

              
	
                Section
                  6.03

              	
                Mutilated,
                  Destroyed, Lost or Stolen Certificates.

              
	
                Section
                  6.04

              	
                Persons
                  Deemed Owners.

              
	
                Section
                  6.05

              	
                Access
                  to List of Certificateholders’ Names and Addresses.

              
	
                Section
                  6.06

              	
                Book-Entry
                  Certificates.

              
	
                Section
                  6.07

              	
                Notices
                  to Depository.

              
	
                Section
                  6.08

              	
                Definitive
                  Certificates.

              
	
                Section
                  6.09

              	
                Maintenance
                  of Office or Agency.

              
	 
	
                ARTICLE
                  VII

              
	 
	
                THE
                  DEPOSITOR, GMACM AND THE MASTER SERVICER

              
	 
	
                Section
                  7.01

              	
                Liabilities
                  of the Depositor, GMACM and the Master Servicer.

              
	
                Section
                  7.02

              	
                Merger
                  or Consolidation of the Depositor, GMACM or the Master
                  Servicer.

              
	
                Section
                  7.03

              	
                Indemnification
                  of the Depositor and Servicing Function Participants.

              
	
                Section
                  7.04

              	
                Limitations
                  on Liability of the Depositor, Securities Administrator, Master
                  Servicer,
                  Servicer and Others.

              
	
                Section
                  7.05

              	
                Servicers
                  Not to Resign.

              
	
                Section
                  7.06

              	
                Termination
                  of GMACM Without Cause; Appointment of Special
                  Servicer.

              
	
                Section
                  7.07

              	
                Limitation
                  on Resignation of the Master Servicer.

              
	
                Section
                  7.08

              	
                Assignment
                  of Master Servicing.

              
	
                Section
                  7.09

              	
                Rights
                  of the Depositor in Respect of GMACM and the Master
                  Servicer.

              
	 
	
                ARTICLE
                  VIII

              
	 
	
                DEFAULT;
                  TERMINATION OF SERVICER AND MASTER SERVICER

              
	 
	
                Section
                  8.01

              	
                Events
                  of Default.

              
	
                Section
                  8.02

              	
                Master
                  Servicer or Trustee to Act; Appointment of Successor.

              
	
                Section
                  8.03

              	
                Notification
                  to Certificateholders.

              
	
                Section
                  8.04

              	
                Waiver
                  of Servicer Defaults and Master Servicer Defaults.

              
	 
	
                ARTICLE
                  IX

              
	 
	
                CONCERNING
                  THE TRUSTEE AND SECURITIES ADMINISTRATOR

              
	 
	
                Section
                  9.01

              	
                Duties
                  of Trustee and Securities Administrator.

              
	
                Section
                  9.02

              	
                Certain
                  Matters Affecting the Trustee and Securities
                  Administrator.

              
	
                Section
                  9.03

              	
                Trustee
                  and Securities Administrator not Liable for Certificates or Mortgage
                  Loans.

              
	
                Section
                  9.04

              	
                Trustee
                  and Securities Administrator May Own Certificates.

              
	
                Section
                  9.05

              	
                Fees
                  and Expenses of Trustee and Securities Administrator.

              
	
                Section
                  9.06

              	
                Eligibility
                  Requirements for Trustee and Securities Administrator.

              
	
                Section
                  9.07

              	
                Resignation
                  and Removal of Trustee and Securities Administrator.

              
	
                Section
                  9.08

              	
                Successor
                  Trustee or Securities Administrator.

              
	
                Section
                  9.09

              	
                Merger
                  or Consolidation of Trustee or Securities
                  Administrator.

              
	
                Section
                  9.10

              	
                Appointment
                  of Co-Trustee or Separate Trustee.

              
	
                Section
                  9.11

              	
                Appointment
                  of Office or Agency.

              
	
                Section
                  9.12

              	
                Representations
                  and Warranties.

              
	
                Section
                  9.13

              	
                Tax
                  Matters.

              
	 
	
                ARTICLE
                  X

              
	 
	
                TERMINATION

              
	 
	
                Section
                  10.01

              	
                Termination
                  Upon Liquidation or Repurchase of all Mortgage Loans.

              
	
                Section
                  10.02

              	
                Final
                  Distribution on the Certificates.

              
	
                Section
                  10.03

              	
                Additional
                  Termination Requirements.

              
	 
	
                ARTICLE
                  XI

              
	 
	
                MISCELLANEOUS
                  PROVISIONS

              
	 
	
                Section
                  11.01

              	
                Amendment.

              
	
                Section
                  11.02

              	
                Recordation
                  of Agreement; Counterparts.

              
	
                Section
                  11.03

              	
                Governing
                  Law.

              
	
                Section
                  11.04

              	
                Intention
                  of Parties.

              
	
                Section
                  11.05

              	
                Notices.

              
	
                Section
                  11.06

              	
                Severability
                  of Provisions.

              
	
                Section
                  11.07

              	
                Assignment.

              
	
                Section
                  11.08

              	
                Limitation
                  on Rights of Certificateholders.

              
	
                Section
                  11.09

              	
                Certificates
                  Nonassessable and Fully Paid.

              
	
                Section
                  11.10

              	
                Intention
                  of the Parties and Interpretation.

              
	
                Section
                  11.11

              	
                Early
                  Termination of the Cap Contract.

              
	
                Section
                  11.12

              	
                Early
                  Termination of a Swap Agreement.

              
	
                Section
                  11.13

              	
                Third
                  Party Beneficiaries

              

      

    

    

    EXHIBITS

     

    
      
        	
                Exhibit
                  A-1

              	
                Form
                  of Class A-[1A][1B][2][3][4][5][6][7] Certificates

              
	
                Exhibit
                  A-2

              	
                Form
                  of Class M-[1][2][3][4][5] Certificates

              
	
                Exhibit
                  A-3

              	
                Form
                  of Class P Certificates

              
	
                Exhibit
                  A-4

              	
                Form
                  of Class X Certificates

              
	
                Exhibit
                  A-5

              	
                Form
                  of Class R[-X] Certificates

              
	
                Exhibit
                  B

              	
                Mortgage
                  Loan Schedule

              
	
                Exhibit
                  C

              	
                Form
                  of Mortgage Loan Purchase Agreement

              
	
                Exhibit
                  D

              	
                Form
                  of Transfer Affidavit

              
	
                Exhibit
                  E

              	
                Form
                  of Transferor Certificate

              
	
                Exhibit
                  F

              	
                Form
                  of Investment Letter (Non-Rule 144A)

              
	
                Exhibit
                  G

              	
                Form
                  of Rule 144A Investment Letter

              
	
                Exhibit
                  H

              	
                Form
                  of Additional Disclosure Notification

              
	
                Exhibit
                  I

              	
                DTC
                  Letter of Representations

              
	
                Exhibit
                  J

              	
                Schedule
                  of Mortgage Loans with Lost Notes

              
	
                Exhibit
                  K

              	
                Appendix
                  E of the Standard & Poor's Glossary For File Format For LEVELS®
                  Version 6.0 Revised

              
	
                Exhibit
                  L

              	
                Relevant
                  Servicing Criteria

              
	
                Exhibit
                  M

              	
                Form
                  of Back-Up Certification

              
	
                Exhibit
                  N

              	
                Reporting
                  Responsibility

              
	
                Exhibit
                  O

              	
                Cap
                  Contract

              
	
                Exhibit
                  P

              	
                Swap
                  Agreement

              
	
                Exhibit
                  Q

              	
                Assignment,
                  Assumption and Recognition Agreement

              
	
                Exhibit
                  R

              	
                Prepayment
                  Charge Schedule

              
	
                Exhibit
                  X-1

              	
                Form
                  of Schedule of Default Loan Data

              
	
                Exhibit
                  X-2

              	
                Standard
                  File Layout – Delinquency Reporting

              
	
                Exhibit
                  X-3

              	
                Form
                  of Schedule of Realized Losses/Gains

              
	 	 
	
                Schedule
                  1

              	
                Final
                  Maturity Reserve Schedule

              

      

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    POOLING
      AND SERVICING AGREEMENT, dated as of June 1, 2007, among NOMURA ASSET ACCEPTANCE
      CORPORATION, a Delaware corporation, as depositor (the “Depositor”), NOMURA
      CREDIT & CAPITAL, INC., a Delaware corporation, as seller (in such capacity,
      the “Sponsor”), WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking
      association, as master servicer (the “Master Servicer”) and as securities
      administrator (the “Securities Administrator”), GMAC MORTGAGE, LLC, a Delaware
      limited liability company corporation, as a servicer (a “Servicer” or “GMACM”)
      and HSBC BANK, USA, NATIONAL ASSOCIATION, a national banking association, not
      in
      its individual capacity, but solely as trustee (the “Trustee”).

     

    PRELIMINARY
      STATEMENT

     

    The
      Depositor is the owner of the Trust Fund that is hereby conveyed to the Trustee
      in return for the Certificates.

     

    REMIC
      I

     

    As
      provided herein, the Securities Administrator will make an election to treat
      the
      segregated pool of assets consisting of the Mortgage Loans and certain other
      related assets as set forth in the definition of REMIC I subject to this
      Agreement (exclusive of the Net WAC Reserve Fund, Supplemental Interest Trust,
      the Swap Agreement and the Cap Contract) as a REMIC for federal income tax
      purposes, and such segregated pool of assets will be designated as “REMIC
      I”.  The Class R-1 Interest will represent the sole Class of “residual
      interests” in REMIC I for purposes of the REMIC Provisions.

     

    The
      following table irrevocably sets forth the designation, the Uncertificated
      REMIC
      I Pass-Through Rate, the initial Uncertificated Principal Balance, and for
      purposes of satisfying Treasury regulation Section 1.860G-1(a)(4)(iii), the
      “latest possible maturity date” for each of the REMIC I Regular
      Interests.  None of the REMIC I Regular Interests will be
      certificated.

     

    
      
        	
                
                  Designation

                

              	
                
                  Uncertificated
                    REMIC I

                  Pass-Through
                    Rate

                

              	 	
                
                  Initial
                    Certificate

                  Principal
                    Balance

                

              	
                
                  Assumed
                    Final

                  Maturity
                    Date(1)

                

              
	
                I

              	
                (2)

              	
                $

              	
                167,979,539.40

              	
                June
                  25, 2037

              
	
                I-1-A

              	
                (2)

              	
                $

              	
                2,703,227.59

              	
                June
                  25, 2037

              
	
                I-1-B

              	
                (2)

              	
                $

              	
                2,703,227.59

              	
                June
                  25, 2037

              
	
                I-2-A

              	
                (2)

              	
                $

              	
                2,896,944.86

              	
                June
                  25, 2037

              
	
                I-2-B

              	
                (2)

              	
                $

              	
                2,896,944.86

              	
                June
                  25, 2037

              
	
                I-3-A

              	
                (2)

              	
                $

              	
                3,079,752.39

              	
                June
                  25, 2037

              
	
                I-3-B

              	
                (2)

              	
                $

              	
                3,079,752.39

              	
                June
                  25, 2037

              
	
                I-4-A

              	
                (2)

              	
                $

              	
                3,248,150.24

              	
                June
                  25, 2037

              
	
                I-4-B

              	
                (2)

              	
                $

              	
                3,248,150.24

              	
                June
                  25, 2037

              
	
                I-5-A

              	
                (2)

              	
                $

              	
                3,403,443.96

              	
                June
                  25, 2037

              
	
                I-5-B

              	
                (2)

              	
                $

              	
                3,403,443.96

              	
                June
                  25, 2037

              
	
                I-6-A

              	
                (2)

              	
                $

              	
                3,544,518.83

              	
                June
                  25, 2037

              
	
                I-6-B

              	
                (2)

              	
                $

              	
                3,544,518.83

              	
                June
                  25, 2037

              
	
                I-7-A

              	
                (2)

              	
                $

              	
                3,668,574.70

              	
                June
                  25, 2037

              
	
                I-7-B

              	
                (2)

              	
                $

              	
                3,668,574.70

              	
                June
                  25, 2037

              
	
                I-8-A

              	
                (2)

              	
                $

              	
                3,681,762.58

              	
                June
                  25, 2037

              
	
                I-8-B

              	
                (2)

              	
                $

              	
                3,681,762.58

              	
                June
                  25, 2037

              
	
                I-9-A

              	
                (2)

              	
                $

              	
                3,556,775.04

              	
                June
                  25, 2037

              
	
                I-9-B

              	
                (2)

              	
                $

              	
                3,556,775.04

              	
                June
                  25, 2037

              
	
                I-10-A

              	
                (2)

              	
                $

              	
                3,422,133.28

              	
                June
                  25, 2037

              
	
                I-10-B

              	
                (2)

              	
                $

              	
                3,422,133.28

              	
                June
                  25, 2037

              
	
                I-11-A

              	
                (2)

              	
                $

              	
                3,289,834.07

              	
                June
                  25, 2037

              
	
                I-11-B

              	
                (2)

              	
                $

              	
                3,289,834.07

              	
                June
                  25, 2037

              
	
                I-12-A

              	
                (2)

              	
                $

              	
                3,162,440.30

              	
                June
                  25, 2037

              
	
                I-12-B

              	
                (2)

              	
                $

              	
                3,162,440.30

              	
                June
                  25, 2037

              
	
                I-13-A

              	
                (2)

              	
                $

              	
                3,039,973.08

              	
                June
                  25, 2037

              
	
                I-13-B

              	
                (2)

              	
                $

              	
                3,039,973.08

              	
                June
                  25, 2037

              
	
                I-14-A

              	
                (2)

              	
                $

              	
                2,922,242.13

              	
                June
                  25, 2037

              
	
                I-14-B

              	
                (2)

              	
                $

              	
                2,922,242.13

              	
                June
                  25, 2037

              
	
                I-15-A

              	
                (2)

              	
                $

              	
                2,809,064.46

              	
                June
                  25, 2037

              
	
                I-15-B

              	
                (2)

              	
                $

              	
                2,809,064.46

              	
                June
                  25, 2037

              
	
                I-16-A

              	
                (2)

              	
                $

              	
                2,700,264.18

              	
                June
                  25, 2037

              
	
                I-16-B

              	
                (2)

              	
                $

              	
                2,700,264.18

              	
                June
                  25, 2037

              
	
                I-17-A

              	
                (2)

              	
                $

              	
                3,865,154.55

              	
                June
                  25, 2037

              
	
                I-17-B

              	
                (2)

              	
                $

              	
                3,865,154.55

              	
                June
                  25, 2037

              
	
                I-18-A

              	
                (2)

              	
                $

              	
                4,623,955.84

              	
                June
                  25, 2037

              
	
                I-18-B

              	
                (2)

              	
                $

              	
                4,623,955.84

              	
                June
                  25, 2037

              
	
                I-19-A

              	
                (2)

              	
                $

              	
                4,444,831.63

              	
                June
                  25, 2037

              
	
                I-19-B

              	
                (2)

              	
                $

              	
                4,444,831.63

              	
                June
                  25, 2037

              
	
                I-20-A

              	
                (2)

              	
                $

              	
                4,272,636.68

              	
                June
                  25, 2037

              
	
                I-20-B

              	
                (2)

              	
                $

              	
                4,272,636.68

              	
                June
                  25, 2037

              
	
                I-21-A

              	
                (2)

              	
                $

              	
                4,107,103.27

              	
                June
                  25, 2037

              
	
                I-21-B

              	
                (2)

              	
                $

              	
                4,107,103.27

              	
                June
                  25, 2037

              
	
                I-22-A

              	
                (2)

              	
                $

              	
                3,947,974.00

              	
                June
                  25, 2037

              
	
                I-22-B

              	
                (2)

              	
                $

              	
                3,947,974.00

              	
                June
                  25, 2037

              
	
                I-23-A

              	
                (2)

              	
                $

              	
                3,795,001.38

              	
                June
                  25, 2037

              
	
                I-23-B

              	
                (2)

              	
                $

              	
                3,795,001.38

              	
                June
                  25, 2037

              
	
                I-24-A

              	
                (2)

              	
                $

              	
                3,647,947.50

              	
                June
                  25, 2037

              
	
                I-24-B

              	
                (2)

              	
                $

              	
                3,647,947.50

              	
                June
                  25, 2037

              
	
                I-25-A

              	
                (2)

              	
                $

              	
                3,506,583.63

              	
                June
                  25, 2037

              
	
                I-25-B

              	
                (2)

              	
                $

              	
                3,506,583.63

              	
                June
                  25, 2037

              
	
                I-26-A

              	
                (2)

              	
                $

              	
                3,370,689.86

              	
                June
                  25, 2037

              
	
                I-26-B

              	
                (2)

              	
                $

              	
                3,370,689.86

              	
                June
                  25, 2037

              
	
                I-27-A

              	
                (2)

              	
                $

              	
                3,240,054.80

              	
                June
                  25, 2037

              
	
                I-27-B

              	
                (2)

              	
                $

              	
                3,240,054.80

              	
                June
                  25, 2037

              
	
                I-28-A

              	
                (2)

              	
                $

              	
                3,114,475.17

              	
                June
                  25, 2037

              
	
                I-28-B

              	
                (2)

              	
                $

              	
                3,114,475.17

              	
                June
                  25, 2037

              
	
                I-29-A

              	
                (2)

              	
                $

              	
                2,993,755.59

              	
                June
                  25, 2037

              
	
                I-29-B

              	
                (2)

              	
                $

              	
                2,993,755.59

              	
                June
                  25, 2037

              
	
                I-30-A

              	
                (2)

              	
                $

              	
                2,877,708.20

              	
                June
                  25, 2037

              
	
                I-30-B

              	
                (2)

              	
                $

              	
                2,877,708.20

              	
                June
                  25, 2037

              
	
                I-31-A

              	
                (2)

              	
                $

              	
                2,766,152.40

              	
                June
                  25, 2037

              
	
                I-31-B

              	
                (2)

              	
                $

              	
                2,766,152.40

              	
                June
                  25, 2037

              
	
                I-32-A

              	
                (2)

              	
                $

              	
                2,658,914.55

              	
                June
                  25, 2037

              
	
                I-32-B

              	
                (2)

              	
                $

              	
                2,658,914.55

              	
                June
                  25, 2037

              
	
                I-33-A

              	
                (2)

              	
                $

              	
                2,555,827.74

              	
                June
                  25, 2037

              
	
                I-33-B

              	
                (2)

              	
                $

              	
                2,555,827.74

              	
                June
                  25, 2037

              
	
                I-34-A

              	
                (2)

              	
                $

              	
                2,456,731.49

              	
                June
                  25, 2037

              
	
                I-34-B

              	
                (2)

              	
                $

              	
                2,456,731.49

              	
                June
                  25, 2037

              
	
                I-35-A

              	
                (2)

              	
                $

              	
                1,576,974.97

              	
                June
                  25, 2037

              
	
                I-35-B

              	
                (2)

              	
                $

              	
                1,576,974.97

              	
                June
                  25, 2037

              
	
                I-36-A

              	
                (2)

              	
                $

              	
                179,814.59

              	
                June
                  25, 2037

              
	
                I-36-B

              	
                (2)

              	
                $

              	
                179,814.59

              	
                June
                  25, 2037

              
	
                I-37-A

              	
                (2)

              	
                $

              	
                575,458.67

              	
                June
                  25, 2037

              
	
                I-37-B

              	
                (2)

              	
                $

              	
                575,458.67

              	
                June
                  25, 2037

              
	
                I-38-A

              	
                (2)

              	
                $

              	
                2,036,434.05

              	
                June
                  25, 2037

              
	
                I-38-B

              	
                (2)

              	
                $

              	
                2,036,434.05

              	
                June
                  25, 2037

              
	
                I-39-A

              	
                (2)

              	
                $

              	
                1,957,451.05

              	
                June
                  25, 2037

              
	
                I-39-B

              	
                (2)

              	
                $

              	
                1,957,451.05

              	
                June
                  25, 2037

              
	
                I-40-A

              	
                (2)

              	
                $

              	
                1,881,526.50

              	
                June
                  25, 2037

              
	
                I-40-B

              	
                (2)

              	
                $

              	
                1,881,526.50

              	
                June
                  25, 2037

              
	
                I-41-A

              	
                (2)

              	
                $

              	
                1,808,542.12

              	
                June
                  25, 2037

              
	
                I-41-B

              	
                (2)

              	
                $

              	
                1,808,542.12

              	
                June
                  25, 2037

              
	
                I-42-A

              	
                (2)

              	
                $

              	
                1,703,516.00

              	
                June
                  25, 2037

              
	
                I-42-B

              	
                (2)

              	
                $

              	
                1,703,516.00

              	
                June
                  25, 2037

              
	
                I-43-A

              	
                (2)

              	
                $

              	
                374,799.82

              	
                June
                  25, 2037

              
	
                I-43-B

              	
                (2)

              	
                $

              	
                374,799.82

              	
                June
                  25, 2037

              
	
                I-44-A

              	
                (2)

              	
                $

              	
                360,258.46

              	
                June
                  25, 2037

              
	
                I-44-B

              	
                (2)

              	
                $

              	
                360,258.46

              	
                June
                  25, 2037

              
	
                I-45-A

              	
                (2)

              	
                $

              	
                346,280.34

              	
                June
                  25, 2037

              
	
                I-45-B

              	
                (2)

              	
                $

              	
                346,280.34

              	
                June
                  25, 2037

              
	
                I-46-A

              	
                (2)

              	
                $

              	
                332,843.66

              	
                June
                  25, 2037

              
	
                I-46-B

              	
                (2)

              	
                $

              	
                332,843.66

              	
                June
                  25, 2037

              
	
                I-47-A

              	
                (2)

              	
                $

              	
                319,927.48

              	
                June
                  25, 2037

              
	
                I-47-B

              	
                (2)

              	
                $

              	
                319,927.48

              	
                June
                  25, 2037

              
	
                I-48-A

              	
                (2)

              	
                $

              	
                307,511.68

              	
                June
                  25, 2037

              
	
                I-48-B

              	
                (2)

              	
                $

              	
                307,511.68

              	
                June
                  25, 2037

              
	
                I-49-A

              	
                (2)

              	
                $

              	
                295,576.89

              	
                June
                  25, 2037

              
	
                I-49-B

              	
                (2)

              	
                $

              	
                295,576.89

              	
                June
                  25, 2037

              
	
                I-50-A

              	
                (2)

              	
                $

              	
                284,104.50

              	
                June
                  25, 2037

              
	
                I-50-B

              	
                (2)

              	
                $

              	
                284,104.50

              	
                June
                  25, 2037

              
	
                I-51-A

              	
                (2)

              	
                $

              	
                273,076.63

              	
                June
                  25, 2037

              
	
                I-51-B

              	
                (2)

              	
                $

              	
                273,076.63

              	
                June
                  25, 2037

              
	
                I-52-A

              	
                (2)

              	
                $

              	
                262,476.06

              	
                June
                  25, 2037

              
	
                I-52-B

              	
                (2)

              	
                $

              	
                262,476.06

              	
                June
                  25, 2037

              
	
                I-53-A

              	
                (2)

              	
                $

              	
                252,286.29

              	
                June
                  25, 2037

              
	
                I-53-B

              	
                (2)

              	
                $

              	
                252,286.29

              	
                June
                  25, 2037

              
	
                I-54-A

              	
                (2)

              	
                $

              	
                242,494.23

              	
                June
                  25, 2037

              
	
                I-54-B

              	
                (2)

              	
                $

              	
                242,494.23

              	
                June
                  25, 2037

              
	
                I-55-A

              	
                (2)

              	
                $

              	
                233,080.61

              	
                June
                  25, 2037

              
	
                I-55-B

              	
                (2)

              	
                $

              	
                233,080.61

              	
                June
                  25, 2037

              
	
                I-56-A

              	
                (2)

              	
                $

              	
                252,964.69

              	
                June
                  25, 2037

              
	
                I-56-B

              	
                (2)

              	
                $

              	
                252,964.69

              	
                June
                  25, 2037

              
	
                I-57-A

              	
                (2)

              	
                $

              	
                244,123.96

              	
                June
                  25, 2037

              
	
                I-57-B

              	
                (2)

              	
                $

              	
                244,123.96

              	
                June
                  25, 2037

              
	
                I-58-A

              	
                (2)

              	
                $

              	
                234,811.48

              	
                June
                  25, 2037

              
	
                I-58-B

              	
                (2)

              	
                $

              	
                234,811.48

              	
                June
                  25, 2037

              
	
                I-59-A

              	
                (2)

              	
                $

              	
                225,703.71

              	
                June
                  25, 2037

              
	
                I-59-B

              	
                (2)

              	
                $

              	
                225,703.71

              	
                June
                  25, 2037

              
	
                I-60-A

              	
                (2)

              	
                $

              	
                4,798,611.66

              	
                June
                  25, 2037

              
	
                I-60-B

              	
                (2)

              	
                $

              	
                4,798,611.66

              	
                June
                  25, 2037

              
	
                P

              	
                (3)

              	
                $

              	
                100.00

              	
                June
                  25, 2037

              

      

    

    ___________________

    
      	
              (1)

            	
              For
                purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations,
                the Distribution Date in the month following the maturity date for
                the
                Mortgage Loan with the latest maturity date has been designated as
                the
                “latest possible maturity date” for each REMIC I Regular
                Interest.

            
	
              (2)

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

            
	
              (3)

            	
              REMIC
                I Regular Interest P will not be entitled to distributions of
                interest.

            

    

    

    REMIC
      II

     

    As
      provided herein, the Securities Administrator will make an election to treat
      the
      segregated pool of assets consisting of the REMIC I Regular Interests as a
      REMIC
      for federal income tax purposes, and such segregated pool of assets will be
      designated as “REMIC II.” The Class R-2 Interest will represent the sole Class
      of “residual interests” in REMIC II for purposes of the REMIC Provisions. The
      following table irrevocably sets forth the designation, the Uncertificated
      REMIC
      II Pass-Through Rate, the Initial Uncertificated Principal Balance, and for
      purposes of satisfying Treasury regulation Section 1.860G-1(a)(4)(iii), the
      “latest possible maturity date” for each of the REMIC II Regular Interests. None
      of the REMIC II Regular Interests will be certificated.

     

    
      
        	
                
                  Designation

                

              	 	
                
                  Initial
                    Uncertificated

                

                
                  Principal
                    Balance

                

              	
                
                  Uncertificated

                  REMIC
                    II

                

                
                  Pass-Through
                    Rate

                

              	
                
                  Assumed
                    Final Distribution Date(1)

                

              
	
                LT-AA

              	
                $

              	
                428,701,038.61

              	
                (2)

              	
                June
                  25, 2037

              
	
                LT-1A

              	
                $

              	
                       900,000.00

              	
                (2)

              	
                June
                  25, 2037

              
	
                LT-1B

              	
                $

              	
                       921,200.00

              	
                (2)

              	
                June
                  25, 2037

              
	
                LT-A2

              	
                $

              	
                       432,730.00

              	
                (2)

              	
                June
                  25, 2037

              
	
                LT-A3

              	
                $

              	
                       372,800.00

              	
                (2)

              	
                June
                  25, 2037

              
	
                LT-A4

              	
                $

              	
                       388,690.00

              	
                (2)

              	
                June
                  25, 2037

              
	
                LT-A5

              	
                $

              	
                       647,780.00

              	
                (2)

              	
                June
                  25, 2037

              
	
                LT-A6

              	
                $

              	
                         77,220.00

              	
                (2)

              	
                June
                  25, 2037

              
	
                LT-A7

              	
                $

              	
                       236,000.00

              	
                (2)

              	
                June
                  25, 2037

              
	
                LT-M1

              	
                $

              	
                       161,860.00

              	
                (2)

              	
                June
                  25, 2037

              
	
                LT-M2

              	
                $

              	
                         96,240.00

              	
                (2)

              	
                June
                  25, 2037

              
	
                LT-M3

              	
                $

              	
                         32,810.00

              	
                (2)

              	
                June
                  25, 2037

              
	
                LT-M4

              	
                $

              	
                         21,870.00

              	
                (2)

              	
                June
                  25, 2037

              
	
                LT-M5

              	
                $

              	
                         21,870.00

              	
                (2)

              	
                June
                  25, 2037

              
	
                  
                  LT-ZZ

              	
                $

              	
                    4,437,930.79

              	
                (2)

              	
                June
                  25, 2037

              
	
                LT-IO

              	 	
                (4)

              	
                (2)

              	
                June
                  25, 2037

              
	
                           LT-P

              	
                $

              	
                                 100.00

              	
                (3)

              	
                June
                  25, 2037

              

      

    

    ___________________

    
      	
              (1)

            	
              For
                purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations,
                the Distribution Date in the month following the maturity date for
                the
                Mortgage Loan with the latest maturity date has been designated as
                the
                “latest possible maturity date” for each REMIC II Regular
                Interest.

            
	
              (2)

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

            
	
              (3)

            	
              REMIC
                II Regular Interest LT-P will not be entitled to distributions of
                interest.

            
	
              (4)

            	
              REMIC
                II Regular Interest LT-IO will not have an Uncertificated Principal
                Balance, but will accrue interest on its Uncertificated Notional
                Amount,
                as defined herein.

            

    

     

    REMIC
      III

     

    As
      provided herein, the Securities Administrator will make an election to treat
      the
      segregated pool of assets consisting of the REMIC II Regular Interests as a
      REMIC for federal income tax purposes, and such segregated pool of assets will
      be designated as “REMIC III”. The Class R-3 Interest will represent the sole
      Class of “residual interests” in REMIC III for purposes of the REMIC Provisions.
      The following table irrevocably sets forth the Class designation, Pass-Through
      Rate and Initial Certificate Principal Balance for each Class of Certificates
      that represents one or more of the “regular interests” in REMIC III created
      hereunder:

     

    
      
        	
                
                  Class
                    Designation

                

              	 	
                
                  Initial
                    Certificate

                

                
                  Principal
                    Balance

                

              	
                
                  Pass-Through
                    Rate

                

              	
                
                  Assumed
                    Final Distribution Date(1)

                

              
	
                Class
                  A-1A

              	
                $

              	
                   90,000,000.00

              	
                Class
                  A-1A Pass Through Rate

              	
                June
                  25, 2037

              
	
                Class
                  A-1B

              	
                $

              	
                   92,120,000.00

              	
                Class
                  A-1B Pass Through Rate

              	
                June
                  25, 2037

              
	
                Class
                  A-2

              	
                $

              	
                   43,273,000.00

              	
                Class
                  A-2 Pass Through Rate

              	
                June
                  25, 2037

              
	
                Class
                  A-3

              	
                $

              	
                   37,280,000.00

              	
                Class
                  A-3 Pass Through Rate

              	
                June
                  25, 2037

              
	
                Class
                  A-4

              	
                $

              	
                   38,869,000.00

              	
                Class
                  A-4 Pass Through Rate

              	
                June
                  25, 2037

              
	
                Class
                  A-5

              	
                $

              	
                   64,778,000.00

              	
                Class
                  A-5 Pass Through Rate

              	
                June
                  25, 2037

              
	
                Class
                  A-6

              	
                $

              	
                     7,722,000.00

              	
                Class
                  M-6 Pass Through Rate

              	
                June
                  25, 2037

              
	
                Class
                  A-7

              	
                $

              	
                   23,600,000.00

              	
                Class
                  M-7 Pass Through Rate

              	
                June
                  25, 2037

              
	
                Class
                  M-1

              	
                $

              	
                   16,186,000.00

              	
                Class
                  M-1 Pass Through Rate

              	
                June
                  25, 2037

              
	
                Class
                  M-2

              	
                $

              	
                     9,624,000.00

              	
                Class
                  M-2 Pass Through Rate

              	
                June
                  25, 2037

              
	
                Class
                  M-3

              	
                $

              	
                     3,281,000.00

              	
                Class
                  M-3 Pass Through Rate

              	
                June
                  25, 2037

              
	
                Class
                  M-4

              	
                $

              	
                     2,187,000.00

              	
                Class
                  M-4 Pass Through Rate

              	
                June
                  25, 2037

              
	
                Class
                  M-5

              	
                $

              	
                     2,187,000.00

              	
                Class
                  M-5 Pass Through Rate

              	
                June
                  25, 2037

              
	
                Class
                  X Interest(2)

              	
                $

              	
                    
                  6,343,039.40

              	
                Class
                  X Pass Through Rate

              	
                June
                  25, 2037

              
	
                Class
                  P Interest

              	
                $

              	
                               100.00

              	
                N/A(3)

              	
                June
                  25, 2037

              
	
                Class
                  IO Interest

              	 	
                (4)

              	
                (5)

              	
                June
                  25, 2037

              

      

    

    ___________________

    
      	
              (1)

            	
              For
                purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations,
                the Distribution Date in June 2037 has been designated as the “latest
                possible maturity date” for each Class of Certificates and REMIC III
                Regular Interests.

            
	
              (2)

            	
              The
                Class X Interest will not accrue interest on its Certificate Principal
                Balance, but will accrue interest at the Class X Pass-Through Rate
                on the
                Certificate Notional Balance of the Class X Interest outstanding
                from time
                to time which shall equal the aggregate of the Uncertificated Principal
                Balances of the REMIC II Regular Interests (other than REMIC II Regular
                Interest LT-P).

            
	
              (3)

            	
              The
                Class P Interest will not be entitled to distributions of
                interest.

            
	
              (4)

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

            
	
              (5)

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

            

    

     

    REMIC
      IV

     

    As
      provided herein, the Securities Administrator will make an election to treat
      the
      segregated pool of assets consisting of the Class X Interest as a REMIC for
      federal income tax purposes, and such segregated pool of assets will be
      designated as “REMIC IV”.  The Class R-4 Interest will represent the
      sole class of “residual interests” in REMIC IV for purposes of the REMIC
      Provisions.  The following table irrevocably sets forth the Class
      designation, Pass-Through Rate and Initial Certificate Principal Balance for
      each Class of Certificates that represents one or more of the “regular
      interests” in REMIC IV created hereunder:

     

    
      	
              
                Class
                  Designation

              

            	
              
                Initial
                  Certificate

              

              
                Principal
                  Balance

              

            	
              
                Pass-Through
                  Rate

              

            	
              
                Assumed
                  Final

                Distribution
                  Date(1)

              

            
	
              Class
                X

            	$	
              6,343,039.40

            	
              (2) 

            	
              June
                25, 2037

            

    

    ___________________

    
      	
              (1)

            	
              For
                purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations,
                the Distribution Date in June 2037 has been designated as the “latest
                possible maturity date” for the Class X Certificates.

            
	
              (2)

            	
              The
                Class X Certificates will be entitled to 100% of amounts distributed
                on
                the Class X Interest.

            

    

     

    REMIC
      V

     

    As
      provided herein, the Securities Administrator will make an election to treat
      the
      segregated pool of assets consisting of the Class P Interest as a REMIC for
      federal income tax purposes, and such segregated pool of assets will be
      designated as “REMIC V”.  The Class R-5 Interest will represent the
      sole class of “residual interests” in REMIC V for purposes of the REMIC
      Provisions.  The following table irrevocably sets forth the Class
      designation, Pass-Through Rate and Initial Certificate Principal Balance for
      each Class of Certificates that represents one or more of the “regular
      interests” in REMIC V created hereunder:

     

    

    
      	
              
                Class
                  Designation

              

            	
              
                Initial
                  Certificate

              

              
                Principal
                  Balance

              

            	
              
                Pass-Through
                  Rate

              

            	
              
                Assumed
                  Final

                Distribution
                  Date(1)

              

            
	
              Class
                P

            	$	
              100

            	
              (2) 

            	
              June
                25, 2037

            

    

    ___________________

    
      	
              (1)

            	
              For
                purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations,
                the Distribution Date in June 2037 has been designated as the “latest
                possible maturity date” for the Class P Certificates.

            
	
              (2)

            	
              The
                Class P Certificates will be entitled to 100% of amounts distributed
                on
                the Class P Interest.

            

    

     

    REMIC
      VI

     

    As
      provided herein, the Securities Administrator will make an election to treat
      the
      segregated pool of assets consisting of the Class IO Interest as a REMIC for
      federal income tax purposes, and such segregated pool of assets will be
      designated as “REMIC VI”.  The Class R-6 interest will represent the
      sole class of “residual interests” in REMIC VI for purposes of the REMIC
      Provisions.  The following table irrevocably sets forth the Class
      designation, Pass-Through Rate and Initial Certificate Principal Balance for
      each Class of Certificates that represents one or more of the “regular
      interests” in REMIC VI created hereunder:

     

    
      	
              
                Class
                  Designation

              

            	
              
                Initial
                  Certificate

              

              
                Notional
                  Balance

              

            	
              
                Pass-Through
                  Rate

              

            	
              
                Assumed
                  Final

                Distribution
                  Date(1)

              

            
	
              Swap-IO

            	
              (2)

            	
              (3)

            	
              June
                25, 2037

            

    

    ___________________

    
      	
              (1)

            	
              For
                purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations,
                the Distribution Date in April 2037 has been designated as the “latest
                possible maturity date” for Regular Interest Swap-IO.

            
	
              (2)

            	
              REMIC
                VI Regular Interest Swap-IO will have not a Certificate Notional
                Balance
                but will be entitled to 100% of amounts distributed on the Class
                IO
                Interest.

            
	
              (3)

            	
              REMIC
                VI Regular Interest Swap-IO will be entitled to 100% of amounts
                distributed on the Class II- IO
                Interest.

            

    

     

    In
      consideration of the mutual agreements herein contained, the Depositor, GMACM,
      the Master Servicer, the Securities Administrator, the Sponsor and the Trustee
      agree as follows:

     

    ARTICLE
      I

     

    DEFINITIONS

     

    Section
      1.01  Defined
      Terms.

     

    In
      addition to those terms defined in Section 1.02, whenever used in this
      Agreement, the following words and phrases, unless the context otherwise
      requires, shall have the following meanings:

     

    Accepted
      Master Servicing Practices: With respect to any Mortgage Loan, as
      applicable, either (x) those customary mortgage master servicing practices
      of
      prudent mortgage servicing institutions that 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 Master
      Servicer (except in its capacity as successor to a Servicer), or (y) as provided
      in Section 3.01 hereof, but in no event below the standard set forth in
      clause (x).

     

    Accepted
      Servicing Practices: As defined in Section 3.01.

     

    Account:
      Any of the Distribution Accounts or the Custodial Accounts.

     

    Accrual
      Period:  With respect to the Fixed Rate Certificates and the Class
      X Certificates, the calendar month immediately preceding such Distribution
      Date.
      With respect to the Floating Rate Certificates, the period commencing on the
      immediately preceding Distribution Date (or with respect to the first Accrual
      Period, the Closing Date) and ending on the day immediately preceding the
      related Distribution Date.  All calculations of interest on the Fixed
      Rate Certificates and Class X Certificates will be based on a 360-day year
      consisting of twelve 30-day months. All calculations of interest on the Floating
      Rate Certificates will be made based on a 360-day year and the actual number
      of
      days elapsed in the related Accrual Period.

     

    Additional
      Disclosure Notification: Has the meaning set forth in Section Section
      5.17 of this Agreement.

     

    Additional
      Form 10-D Disclosure: Has the meaning set forth in Section Section
      5.17(a) of this Agreement.

     

    Additional
      Form 10-K Disclosure: Has the meaning set forth in Section Section
      5.17(d) of this Agreement.

     

    Advance:
      An advance of delinquent payments of principal or interest in respect of a
      Mortgage Loan required to be made by a Servicer, the Master Servicer or the
      Trustee pursuant to Section 5.01 or pursuant to the Servicing
      Agreement.

     

    Advance
      Facility: As defined in Section 5.01(b)(i).

     

    Advance
      Facility Notice: As defined in Section 5.01(b)(ii).

     

    Advance
      Financing Person: As defined in Section 5.01(b)(i).

     

    Advance
      Reimbursement Amount: As defined in Section 5.01(b)(ii).

     

    Aggregate
      Loan Balance: With respect to the any Distribution Date, the aggregate of
      the Stated Principal Balances of the Mortgage Loans as of the last day of the
      related Due Period.

     

    Agreement:
      This Pooling and Servicing Agreement and any and all amendments or supplements
      hereto made in accordance with the terms herein.

     

    Amount
      Held for Future Distribution: As to any Distribution Date, the aggregate
      amount held in the related Custodial Account at the close of business on the
      immediately preceding Determination Date on account of (i) all Scheduled
      Payments or portions thereof received in respect of the Mortgage Loans due
      after
      the related Due Period and (ii) Principal Prepayments and Liquidation Proceeds
      received in respect of the Mortgage Loans after the last day of the related
      Prepayment Period.

     

    Annual
      Independent Public Accountants’ Servicing Report:  A report of a
      firm of independent public accountants which is a member of the American
      Institute of Certified Public Accountants to the effect that such firm has
      examined certain documents and records relating to the servicing of the Mortgage
      Loans or mortgage loans similar in nature to the Mortgage Loans by the Master
      Servicer and that such firm is of the opinion that the provisions of this
      Agreement or similar servicing agreements have been complied with, and that,
      on
      the basis of such examination conducted substantially in compliance with the
      Uniform Single Attestation Program for Mortgage Bankers, nothing has come to
      the
      attention of such firm which would indicate that such servicing has not been
      conducted in compliance therewith, except (i) such exceptions such firm shall
      believe to be immaterial, and (ii) such other exceptions as shall be set forth
      in such report.  No Annual Independent Public Accountants’ Servicing
      Report shall contain any provision restricting the use of such report by the
      Master Servicer, including any prohibition on the inclusion of any such report
      in any filing with the Commission.

     

    Applied
      Realized Loss Amount:  Shall mean either a Senior Applied Realized
      Loss Amount or a Subordinate Applied Realized Loss Amount, as the content
      requires.

     

    Appraised
      Value: With respect to any Mortgage Loan originated in connection with a
      refinancing, the appraised value of the Mortgaged Property based upon the
      appraisal made at the time of such refinancing or, with respect to any other
      Mortgage Loan, the lesser of (x) the appraised value of the Mortgaged Property
      based upon the appraisal made by a fee appraiser at the time of the origination
      of the Mortgage Loan, and (y) the sales price of the Mortgaged Property at
      the
      time of such origination.

     

    Assignment
      Agreement: Shall mean the
      Assignment, Assumption and Recognition Agreement, dated as of June 1, 2007,
      among the Sponsor, the Depositor and Wells Fargo Bank, pursuant to which the
      Servicing Agreement was assigned to the Depositor, a copy of which is attached
      hereto as Exhibit Q.

     

    Assumed
      Final Distribution Date: the Distribution Date in June 2037.

     

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

     

    Available
      Distribution Amount:  The sum of the Interest Remittance Amount
      and Principal Remittance Amount, exclusive of amounts pursuant to
      Section 5.11(a).

     

    Balloon
      Mortgage Loan:  A Mortgage Loan that provides for the payment of
      the unamortized principal balance of such Mortgage Loan in a single payment,
      that is substantially greater than the preceding monthly payment at the maturity
      of such Mortgage Loan.

     

    Balloon
      Payment:  A payment of the unamortized principal balance of a
      Mortgage Loan in a single payment, that is substantially greater than the
      preceding Monthly Payment at the maturity of such Mortgage Loan.

     

    Bankruptcy
      Code: Title 11 of the United States Code.

     

    Bankruptcy
      Losses: means any Debt Service Reduction or Deficient
      Valuation.

     

    Book-Entry
      Certificates: Any of the Certificates that shall be registered in the name
      of the Depository or its nominee, the ownership of which is reflected on the
      books of the Depository or on the books of a person maintaining an account
      with
      the Depository (directly, as a “Depository Participant”, or indirectly, as an
      indirect participant in accordance with the rules of the Depository and as
      described in Section 6.06). As of the Closing Date, each Class of Publicly
      Offered Certificates constitutes a Class of Book-Entry
      Certificates.

     

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

     

    Cap
      Contract:  The interest rate cap agreement, dated as of June 29,
      2007, between the Supplemental Interest Trust Trustee and the Cap Provider,
      for
      the benefit of the Class A-4 Certificateholders, including any schedule,
      confirmation, credit support annex or other credit support document relating
      thereto, and attached hereto as Exhibit O.

     

    Cap
      Credit Support Annex:  The credit support annex, dated as of June
      29, 2007, between the Trustee and the Cap Provider, which is annexed to and
      forms part of the Cap Contract.

     

    Cap
      Provider:  The cap provider under the Cap
      Contract.  Initially, the Cap Provider shall be The Bank of New
      York.

     

    Certificate:
      Any one of the certificates of any Class executed and authenticated by the
      Securities Administrator in substantially the forms attached hereto as Exhibits
      A-1 through A-5.

     

    Certificate
      Notional Balance: With respect to the Class X Interest and any Distribution
      Date, the Uncertificated Principal Balance of the REMIC I Regular Interests
      (other than REMIC I Regular Interest LT-P) for such Distribution Date. The
      Class
      I-X Certificates will have a Certificate Notional Balance equal to the
      Certificate Notional Balance of the Class X Interest.  As of the
      Closing Date, the Certificate Notional Balance of the Class X Interest is equal
      to  $437,450,039.40.

     

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

     

    Certificate
      Principal Balance: As to any Class of Certificates (other than any Class X,
      Class R or Class R-X Certificates) and as of any Distribution Date, the Initial
      Certificate Principal Balance of such Certificate plus any Subsequent Recoveries
      added to the Certificate Principal Balance of such Certificate pursuant to
      Section 5.06(e) less the sum of (i) all amounts distributed with respect to
      such Certificate in reduction of the Certificate Principal Balance thereof
      on
      previous Distribution Dates pursuant to Section 5.04, and (ii) any
      reductions in the Certificate Principal Balance of such Certificate deemed
      to
      have occurred in connection with the allocations of Realized Losses incurred
      on
      the Mortgage Loans, if any.  The initial aggregate Certificate
      Principal Balance of the Class P Certificates is equal to $100.  With
      respect to the Class X Certificates and any Determination Date, the excess,
      if
      any, of (i) the then aggregate Stated Principal Balance of Mortgage Loans over
      (ii) the then aggregate Certificate Principal Balance of the Senior Certificates
      and Mezzanine Certificates.

     

    References
      herein to the Certificate Principal Balance of a Class of Certificates shall
      mean the Certificate Principal Balances of all Certificates in such
      Class.

     

    Certificate
      Register: The register maintained pursuant to
      Section 6.02.

     

    Certificateholder
      or Holder: The person in whose name a Certificate is registered in the
      Certificate Register (initially, Cede & Co., as nominee for the Depository,
      in the case of any Book-Entry Certificates).

     

    Certification
      Parties: Has the meaning set forth in Section 3.18 of this
      Agreement.

     

    Certifying
      Person: Has the meaning set forth in Section 3.18 of this
      Agreement.

     

    Class:
      All Certificates bearing the same Class designation as set forth in
      Section 6.01.

     

    Class
      A-1A Certificate: Any Certificate designated as a “Class A-1A Certificate”
on the face thereof, in the form of Exhibit A-1 hereto, representing the
      right to the Percentage Interest of distributions provided for the Class A-1A
      Certificates as set forth herein and evidencing (i) a REMIC Regular Interest
      in
      REMIC III and (ii) the right to receive the related Net WAC Rate Carryover
      Amounts.

     

    Class
      A-1A Pass-Through Rate:  With respect to any Distribution Date, a
      rate per annum equal to the lesser of (i) the sum of One-Month LIBOR plus 0.120%
      and (ii) the Net WAC Pass-Through Rate for such Distribution Date.

     

    Class
      A-1B Certificate: Any Certificate designated as a “Class A-1B Certificate”
on the face thereof, in the form of Exhibit A-1 hereto, representing the
      right to the Percentage Interest of distributions provided for the Class A-1B
      Certificates as set forth herein and evidencing (i) a REMIC Regular Interest
      in
      REMIC III and (ii) the right to receive the related Net WAC Rate Carryover
      Amounts.

     

    Class
      A-1B Pass-Through Rate:  With respect to any Distribution Date, a
      rate per annum equal to the lesser of (i) 6.0167% and (ii) the Net WAC
      Pass-Through Rate for such Distribution Date.

     

    Class
      A-2 Certificate: Any Certificate designated as a “Class A-2 Certificate” on
      the face thereof, in the form of Exhibit A-1 hereto, representing the
      right to its Percentage Interest of distributions provided for the Class A-2
      Certificates as set forth herein and evidencing (i) a REMIC Regular Interest
      in
      REMIC III and (ii) the right to receive the related Net WAC Rate Carryover
      Amounts.

     

    Class
      A-2 Pass-Through Rate:  With respect to any Distribution Date, a
      rate per annum equal to the lesser of (i) the sum of One-Month LIBOR plus 0.190%
      and (ii) the Net WAC Pass-Through Rate for such Distribution Date.

     

    Class
      A-3 Certificate: Any Certificate designated as a “Class A-3 Certificate” on
      the face thereof, in the form of Exhibit A-1 hereto, representing the
      right to its Percentage Interest of distributions provided for the Class A-3
      Certificates as set forth herein and evidencing (i) a REMIC Regular Interest
      in
      REMIC III and (ii) the right to receive the related Net WAC Rate Carryover
      Amounts.

     

    Class
      A-3 Pass-Through Rate:  With respect to any Distribution Date, a
      rate per annum equal to the lesser of (i) the sum of One-Month LIBOR plus (A)
      on
      or prior to the first possible Optional Termination Date, 0.250% or (B) after
      the first possible Optional Termination Date, 0.500% and (ii) the Net WAC
      Pass-Through Rate for such Distribution Date.

     

    Class
      A-4 Certificate: Any Certificate designated as a “Class A-4 Certificate” on
      the face thereof, in the form of Exhibit A-1 hereto, representing the
      right to its Percentage Interest of distributions provided for the Class A-4
      Certificates as set forth herein and evidencing (i) a REMIC Regular Interest
      in
      REMIC III, and (ii) the right to receive the related Net WAC Rate Carryover
      Amounts.

     

    Class
      A-4 Pass-Through Rate:  With respect to any Distribution Date, a
      rate per annum equal to the lesser of (i) the sum of One-Month LIBOR plus (A)
      on
      or prior to the first possible Optional Termination Date, 0.420% or (B) after
      the first possible Optional Termination Date, 0.840% and (ii) the Net WAC
      Pass-Through Rate for such Distribution Date.

     

    Class
      A-5 Certificate: Any Certificate designated as a “Class A-5 Certificate” on
      the face thereof, in the form of Exhibit A-1 hereto, representing the
      right to its Percentage Interest of distributions provided for the Class A-5
      Certificates as set forth herein and evidencing (i) a REMIC Regular Interest
      in
      REMIC III and (ii) the right to receive the related Net WAC Rate Carryover
      Amounts.

     

    Class
      A-5 Pass-Through Rate:  With respect to any Distribution Date, a
      rate per annum equal to the lesser of (i)(A) on or prior to the first possible
      Optional Termination Date, 6.2657% or (B) after the first possible Optional
      Termination Date, 6.7657% and (ii) the Net WAC Pass-Through Rate for such
      Distribution Date.

     

    Class
      A-6 Certificate: Any Certificate designated as a “Class A-6 Certificate” on
      the face thereof, in the form of Exhibit A-1 hereto, representing the
      right to its Percentage Interest of distributions provided for the Class A-6
      Certificates as set forth herein and evidencing (i) a REMIC Regular Interest
      in
      REMIC III and (ii) the right to receive the related Net WAC Rate Carryover
      Amounts.

     

    Class
      A-6 Pass-Through Rate:  With respect to any Distribution Date, a
      rate per annum equal to the lesser of (i)(A) on or prior to the first possible
      Optional Termination Date, 6.4437% or (B) after the first possible Optional
      Termination Date, 6.9437% and (ii) the Net WAC Pass-Through Rate for such
      Distribution Date.

     

    Class
      A-7 Certificate: Any Certificate designated as a “Class A-7 Certificate” on
      the face thereof, in the form of Exhibit A-1 hereto, representing the
      right to its Percentage Interest of distributions provided for the Class A-7
      Certificates as set forth herein and evidencing (i) a REMIC Regular Interest
      in
      REMIC III and (ii) the right to receive the related Net WAC Rate Carryover
      Amounts.

     

    Class
      A-7 Pass-Through Rage: With respect to any Distribution Date, a rate per
      annum equal to the lesser of (i) the sum of One-Month LIBOR plus (A) on or
      prior
      to the first possible Optional Termination Date, 0.380% or (B) after the first
      possible Optional Termination Date, 0.760% and (ii) the Net WAC Pass-Through
      Rate for such Distribution Date.

     

    Class
      IO Distribution
      Amount:  As
      defined in Section 5.14 hereof.  For purposes of clarity,
      the Class IO Distribution Amount for any Distribution Date shall equal the
      amount payable to the Supplemental Interest Trust on such Distribution Date
      in
      excess of the amount payable on the Class IO Interest on such Distribution
      Date,
      all as further provided in Section 5.15 hereof.

     

    Class
      IO Interest:  An uncertificated interest in the Trust Fund held by
      the Trustee, evidencing a REMIC Regular Interest in REMIC III for purposes
      of
      the REMIC Provisions.

     

    Class
      M-1 Certificate: Any Certificate designated as a “Class M-1 Certificate” on
      the face thereof, in the form of Exhibit A-2 hereto, representing the
      right to its Percentage Interest of distributions provided for the Class M-1
      Certificates as set forth herein and evidencing (i) a REMIC Regular Interest
      in
      REMIC III and (ii) the right to receive the related Net WAC Rate Carryover
      Amounts.

     

    Class
      M-1 Pass-Through Rate:  With respect to any Distribution Date, a
      rate per annum equal to the lesser of (i) the sum of One-Month LIBOR plus (A)
      on
      or prior to the first possible Optional Termination Date, 0.450% or (B) after
      the first possible Optional Termination Date, 0.675% and (ii) the Net WAC
      Pass-Through Rate for such Distribution Date..

     

    Class
      M-1 Principal Distribution Amount: With respect to any Distribution Date,
      the excess of (x) the sum of (i) the aggregate Certificate Principal Balance
      of
      the Senior Certificates (after taking into account the payment of the Senior
      Principal Distribution Amount on such Distribution Date) and (ii) the
      Certificate Principal Balance of the Class M-1 Certificates immediately prior
      to
      such Distribution Date over (y) the lesser of (A) the product of (i)
      approximately 89.20% and (ii) the aggregate Stated Principal Balance of the
      Mortgage Loans as of the last day of the related Due Period and (B) the amount,
      if any, by which the aggregate Stated Principal Balance of the Mortgage Loans
      as
      of the last day of the related Due Period exceeds the product of (i) 0.35%
      and
      (ii) the aggregate Stated Principal Balance of the Mortgage Loans as of the
      Cut-off Date.

     

    Class
      M-2 Certificate: Any Certificate designated as a “Class M-2 Certificate” on
      the face thereof, in the form of Exhibit A-2 hereto, representing the
      right to its Percentage Interest of distributions provided for the Class M-2
      Certificates as set forth herein and evidencing (i) a REMIC Regular Interest
      in
      REMIC III and (ii) the right to receive the related Net WAC Rate Carryover
      Amounts.

     

    Class
      M-2 Pass-Through Rate:  With respect to any Distribution Date, a
      rate per annum equal to the lesser of (i) the sum of One-Month LIBOR plus (A)
      on
      or prior to the first possible Optional Termination Date, 1.100% or (B) after
      the first possible Optional Termination Date, 1.650% and (ii) the Net WAC
      Pass-Through Rate for such Distribution Date.

     

    Class
      M-2 Principal Distribution Amount: With respect to any Distribution Date,
      the excess of (x) the sum of (i) the aggregate Certificate Principal Balance
      of
      the Senior Certificates (after taking into account the payment of the Senior
      Principal Distribution Amount on such Distribution Date), (ii) the Certificate
      Principal Balance of the Class M-1 Certificates (after taking into account
      payment of the Class M-1 Principal Distribution Amount on such Distribution
      Date) and (iii) the Certificate Principal Balance of the Class M-2 Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) approximately 93.60% and (ii) the aggregate Stated Principal
      Balance of the Mortgage Loans as of the last day of the related Due Period
      and
      (B) the amount, if any, by which the aggregate Stated Principal Balance of
      the
      Mortgage Loans as of the last day of the related Due Period exceeds the product
      of (i) 0.35% and (ii) the aggregate Stated Principal Balance of the Mortgage
      Loans as of the Cut-off Date..

     

    Class
      M-3 Certificate: Any Certificate designated as a “Class M-3 Certificate” on
      the face thereof, in the form of Exhibit A-2 hereto, representing the
      right to its Percentage Interest of distributions provided for the Class M-3
      Certificates as set forth herein and evidencing (i) a REMIC Regular Interest
      in
      REMIC III and (ii) the right to receive the related Net WAC Rate Carryover
      Amounts.

     

    Class
      M-3 Pass-Through Rate:  With respect to any Distribution Date, a
      rate per annum equal to the lesser of (i) the sum of One-Month LIBOR plus (A)
      on
      or prior to the first possible Optional Termination Date, 1.500% or (B) after
      the first possible Optional Termination Date, 2.250% and (ii) the Net WAC
      Pass-Through Rate for such Distribution Date..

     

    Class
      M-3 Principal Distribution Amount: With respect to any Distribution Date,
      the excess of (x) the sum of (i) the aggregate Certificate Principal Balance
      of
      the Senior Certificates (after taking into account the payment of the Senior
      Principal Distribution Amount on such Distribution Date), (ii) the Certificate
      Principal Balance of the Class M-1 Certificates (after taking into account
      payment of the Class M-1 Principal Distribution Amount on such Distribution
      Date), (iii) the Certificate Principal Balance of the Class M-2 Certificates
      (after taking into account payment of the Class M-2 Principal Distribution
      Amount on such Distribution Date) and (iv) the Certificate Principal Balance
      of
      the Class M-3 Certificates immediately prior to such Distribution Date over
      (y)
      the lesser of (A) the product of (i) approximately 95.10% and (ii) the aggregate
      Stated Principal Balance of the Mortgage Loans as of the last day of the related
      Due Period and (B) the amount, if any, by which the aggregate Stated Principal
      Balance of the Mortgage Loans as of the last day of the related Due Period
      exceeds the product of (i) 0.35% and (ii) the aggregate Stated Principal Balance
      of the Mortgage Loans as of the Cut-off Date.

     

    Class
      M-4 Certificate: Any Certificate designated as a “Class M-4 Certificate” on
      the face thereof, in the form of Exhibit A-2 hereto, representing the
      right to its Percentage Interest of distributions provided for the Class M-4
      Certificates as set forth herein and evidencing (i) a REMIC Regular Interest
      in
      REMIC III and (ii) the right to receive the related Net WAC Rate Carryover
      Amounts.

     

    Class
      M-4 Pass-Through Rate:  With respect to any Distribution Date, a
      rate per annum equal to the lesser of (i) the sum of One-Month LIBOR plus (A)
      on
      or prior to the first possible Optional Termination Date, 1.500% or (B) after
      the first possible Optional Termination Date, 2.250% and (ii) the Net WAC
      Pass-Through Rate for such Distribution Date.

     

    Class
      M-4 Principal Distribution Amount: With respect to any Distribution Date,
      the excess of (x) the sum of (i) the aggregate Certificate Principal Balance
      of
      the Senior Certificates (after taking into account the payment of the Senior
      Principal Distribution Amount on such Distribution Date), (ii) the Certificate
      Principal Balance of the Class M-1 Certificates (after taking into account
      payment of the Class M-1 Principal Distribution Amount on such Distribution
      Date), (iii) the Certificate Principal Balance of the Class M-2 Certificates
      (after taking into account payment of the Class M-2 Principal Distribution
      Amount on such Distribution Date), (iv) the Certificate Principal Balance of
      the
      Class M-3 Certificates (after taking into account payment of the Class M-3
      Principal Distribution Amount on such distribution date) and (v) the Certificate
      Principal Balance of the Class M-4 Certificates immediately prior to such
      Distribution Date over (y) the lesser of (A) the product of (i) approximately
      96.10% and (ii) the aggregate Stated Principal Balance of the Mortgage Loans
      as
      of the last day of the related Due Period and (B) the amount, if any, by which
      the aggregate Stated Principal Balance of the Mortgage Loans as of the last
      day
      of the related Due Period exceeds the product of (i) 0.35% and (ii) the
      aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
      Date.

     

    Class
      M-5 Certificate: Any Certificate designated as a “Class M-5 Certificate” on
      the face thereof, in the form of Exhibit A-2 hereto, representing the
      right to its Percentage Interest of distributions provided for the Class M-3
      Certificates as set forth herein and evidencing (i) a REMIC Regular Interest
      in
      REMIC III and (ii) the right to receive the related Net WAC Rate Carryover
      Amounts.

     

    Class
      M-5 Pass-Through Rate:  With respect to any Distribution Date, a
      rate per annum equal to the lesser of (i) the sum of One-Month LIBOR plus (A)
      on
      or prior to the first possible Optional Termination Date, 1.500% or (B) after
      the first possible Optional Termination Date, 2.250% and (ii) the Net WAC
      Pass-Through Rate for such Distribution Date.

     

    Class
      M-5 Principal Distribution Amount: With respect to any Distribution Date,
      the excess of (x) the sum of (i) the aggregate Certificate Principal Balance
      of
      the Senior Certificates (after taking into account the payment of the Senior
      Principal Distribution Amount on such Distribution Date), (ii) the Certificate
      Principal Balance of the Class M-1 Certificates (after taking into account
      payment of the Class M-1 Principal Distribution Amount on such Distribution

      Date), (iii) the Certificate Principal Balance of the Class M-2 Certificates
      (after taking into account payment of the Class M-2 Principal Distribution
      Amount on such Distribution Date), (iv) the Certificate Principal Balance of
      the
      Class M-3 Certificates (after taking into account payment of the Class M-3
      Principal Distribution Amount on such Distribution Date), (v) the Certificate
      Principal Balance of the Class M-4 Certificates (after taking into account
      payment of the Class M-4 Principal Distribution Amount on such Distribution
      Date) and (vi) the Certificate Principal Balance of the Class M-5 Certificates
      immediately prior to such Distribution Date over (y) the lesser of (A) the
      product of (i) approximately 97.10% and (ii) the aggregate Stated Principal
      Balance of the Mortgage Loans as of the last day of the related Due Period
      and
      (B) the amount, if any, by which the aggregate Stated Principal Balance of
      the
      Mortgage Loans as of the last day of the related Due Period exceeds the product
      of (i) 0.35% and (ii) the aggregate Stated Principal Balance of the Mortgage
      Loans as of the Cut-off Date.

     

    Class
      P Certificate: Any Certificate designated as a “Class P Certificate” on the
      face thereof, in the form of Exhibit A-3 hereto, representing the right
      to its Percentage Interest of distributions provided for the Class P
      Certificates as set forth herein and evidencing a Regular Interest in REMIC
      V.

     

    Class
      P Certificate Account:  The Eligible Account established and
      maintained by the Securities Administrator pursuant to
      Section 5.11(a).

     

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

     

    Class
      R Certificate: Any Certificate designated a “Class R Certificate” on the
      face thereof, in substantially the form set forth in Exhibit A-4 hereto,
      evidencing the Class R-1 Interest, Class R-2 Interest and Class R-3
      Interest.

     

    Class
      R-X Certificate: Any Certificate designated a “Class R-X Certificate” on the
      face thereof, in substantially the form set forth in Exhibit A-4 hereto,
      evidencing the Class R-4 Interest, Class R-5 Interest and Class R-6
      Interest.

     

    Class
      X Certificate: Any Certificate designated as a “Class X Certificate” on the
      face thereof, in the form of Exhibit A-5 hereto, representing the right
      to its Percentage Interest of distributions provided for the Class X
      Certificates herein and evidencing (i) a REMIC Regular Interest in REMIC IV
      and
      (ii) the obligation to pay Net WAC Rate Carryover Amounts.

     

    Class
      X Distribution Amount: With respect to any Distribution Date, the sum of (i)
      the Excess Cap Payment, (ii) the Interest Distribution Amount for the Class
      X
      Certificates for such Distribution Date and (iii) any Overcollateralization
      Reduction Amount for such Distribution Date remaining after payments pursuant
      to
      items (i) through (viii) of clause Third of Section 5.04(a);
      provided, however that on and after the Distribution Date on which the aggregate
      Certificate Principal Balance of the Certificates has been reduced to zero,
      the
      Class X Distribution Amount shall include the Overcollateralization
      Amount.

     

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

     

    Class
      X Pass-Through Rate: On any Distribution Date, a per annum rate equal to the
      percentage equivalent of a fraction, the numerator of which is the sum of the
      amounts calculated pursuant to clauses (A) through (O) below, and the
      denominator of which is the aggregate of the Uncertificated Principal Balances
      of the REMIC II Regular Interests (other than REMIC II Regular Interest LT-P).
      For purposes of calculating the Pass-Through Rate for the Class X Certificates,
      the numerator is equal to the sum of the following components:

     

    (A)           the
      Uncertificated REMIC II Pass-Through Rate for REMIC II
      Regular  Interest LT-AA minus the Marker Rate, applied to an amount
      equal to the Uncertificated Principal Balance of REMIC II
      Regular  Interest LT-AA;

     

    (B)           the
      Uncertificated REMIC II Pass-Through Rate for REMIC II
      Regular  Interest LT-1A minus the Marker Rate, applied to an amount
      equal to the Uncertificated Principal Balance of REMIC II
      Regular  Interest LT-1A;

     

    (C)           the
      Uncertificated REMIC II Pass-Through Rate for REMIC II
      Regular  Interest LT-1B minus the Marker Rate, applied to an amount
      equal to the Uncertificated Principal Balance of REMIC II
      Regular  Interest LT-1B;

     

    (D)           the
      Uncertificated REMIC II Pass-Through Rate for REMIC II
      Regular  Interest LT-A2 minus the Marker Rate, applied to an amount
      equal to the Uncertificated Principal Balance of REMIC II
      Regular  Interest LT-A2;

     

    (E)           the
      Uncertificated REMIC II Pass-Through Rate for REMIC II
      Regular  Interest LT-A3 minus the Marker Rate, applied to an amount
      equal to the Uncertificated Principal Balance of REMIC II
      Regular  Interest LT-A3;

     

    (F)           the
      Uncertificated REMIC II Pass-Through Rate for REMIC II
      Regular  Interest LT-A4 minus the Marker Rate, applied to an amount
      equal to the Uncertificated Principal Balance of REMIC II
      Regular  Interest LT-A4;

     

    (G)           the
      Uncertificated REMIC II Pass-Through Rate for REMIC II
      Regular  Interest LT-A5 minus the Marker Rate, applied to an amount
      equal to the Uncertificated Principal Balance of REMIC II
      Regular  Interest LT-A5;

     

    (H)           the
      Uncertificated REMIC II Pass-Through Rate for REMIC II
      Regular  Interest LT-A6 minus the Marker Rate, applied to an amount
      equal to the Uncertificated Principal Balance of REMIC II
      Regular  Interest LT-A6;

     

    (I)           the
      Uncertificated REMIC II Pass-Through Rate for REMIC II
      Regular  Interest LT-A7 minus the Marker Rate, applied to an amount
      equal to the Uncertificated Principal Balance of REMIC II
      Regular  Interest LT-A7;

     

    (J)           the
      Uncertificated REMIC II Pass-Through Rate for REMIC II
      Regular  Interest LT-M1 minus the Marker Rate, applied to an amount
      equal to the Uncertificated Principal Balance of REMIC II
      Regular  Interest LT-M1;

     

    (K)           the
      Uncertificated REMIC II Pass-Through Rate for REMIC II
      Regular  Interest LT-M2 minus the Marker Rate, applied to an amount
      equal to the Uncertificated Principal Balance of REMIC II
      Regular  Interest LT-M2;

     

    (L)           the
      Uncertificated REMIC II Pass-Through Rate for REMIC II
      Regular  Interest LT-M3 minus the Marker Rate, applied to an amount
      equal to the Uncertificated Principal Balance of REMIC II
      Regular  Interest LT-M3;

     

    (M)           the
      Uncertificated REMIC II Pass-Through Rate for REMIC II
      Regular  Interest LT-M4 minus the Marker Rate, applied to an amount
      equal to the Uncertificated Principal Balance of REMIC II
      Regular  Interest LT-M4;

     

    (N)           the
      Uncertificated REMIC II Pass-Through Rate for REMIC II
      Regular  Interest LT-M5 minus the Marker Rate, applied to an amount
      equal to the Uncertificated Principal Balance of REMIC II
      Regular  Interest LT-M5; and

     

    (O)           the
      Uncertificated REMIC II Pass-Through Rate for REMIC II
      Regular  Interest LT-ZZ minus the Marker Rate, applied to an amount
      equal to the Uncertificated Principal Balance of REMIC II
      Regular  Interest LT-ZZ.

     

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

     

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

     

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

     

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

     

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

     

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

     

    Cleanup
      Call:  As defined in Section 10.01 of this Agreement.

     

    Closing
      Date:  June 29, 2007.

     

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

     

    Commission:
      Shall mean the United States Securities and Exchange Commission.

     

    Compensating
      Interest:  With respect to any Distribution Date and (i) GMAC
      Mortgage, LLC, an amount equal to the lesser of (a) the aggregate of the
      Prepayment Interest Shortfalls resulting from prepayments in full on the
      Mortgage Loans serviced by it and received during the portion of the Prepayment
      Period occurring from the 14th day of
      the month
      prior to the month in which the related Distribution Date occurs and ending
      on
      the last day of such month and (b) one half of the aggregate servicing fee
      due
      GMAC Mortgage, LLC on the Mortgage Loans for such Distribution Date, (ii) Wells
      Fargo Bank an amount equal to the lesser of (a) the aggregate of the Prepayment
      Interest Shortfalls resulting from prepayments in full on the Mortgage Loans
      serviced by it and received during the related Prepayment Period and (b) the
      aggregate servicing fee due Wells Fargo Bank on the Mortgage Loans for such
      Distribution Date and (iii) the Master Servicer, any Prepayment Interest
      Shortfall required to be funded by the related Servicer pursuant to clause
      (i)
      or (ii), as applicable, of this definition and not funded by such Servicer,
      up
      to the aggregate Master Servicing Fee due to the Master Servicer for such
      Distribution Date.

     

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

     

    Corporate
      Trust Office: The principal corporate trust office of the Trustee or the
      Securities Administrator, as the case may be, at which, at any particular time
      its corporate business in connection with this agreement shall be administered,
      which office at the date of the execution of this instrument is located at
      (i)
      in the case of the Trustee, HSBC Bank USA, National Association, 452 Fifth
      Avenue, New York, New York 10018, Attention: Nomura Asset Acceptance
      Corporation, 2007-2 or at such other address as the Trustee may designate from
      time to time by notice to the Certificateholders, the Depositor, the Master
      Servicer, the Securities Administrator and the Servicers, and (ii) with respect
      to the office of the Securities Administrator, which for purposes of Certificate
      transfers and surrender is located at Wells Fargo Bank, N.A., Sixth Street
      and
      Marquette Avenue, Minneapolis, Minnesota 55479, Attention: Corporate Trust
      Services-Client Manager (NAAC 2007-2), and for all other purposes is located
      at
      Wells Fargo Bank, N.A., P.O. Box 98, Columbia, Maryland 21046, Attention:
      Corporate Trust Services-Client Manager (NAAC 2007-2) (or for overnight
      deliveries, at 9062 Old Annapolis Road, Columbia, Maryland 21045, Attention:
      Corporate Trust Services-Client Manager (NAAC 2007-2)), or at such other address
      as the Securities Administrator may designate from time to time by notice to
      the
      Certificateholders, the Depositor, the Master Servicer, the Servicers and the
      Trustee.

     

    Corresponding
      Certificate: With respect to:

     

    
      	 	
              (i)

            	
              REMIC
                II Regular Interest LT-A1A, the Class A-1A
                Certificates;

            
	 	
              (ii)

            	
              REMIC
                II Regular Interest LT-A1B, the Class A-1B
                Certificates;

            
	 	
              (iii)

            	
              REMIC
                II Regular Interest LT-A2, the Class A-2 Certificates;

            
	 	
              (iv)

            	
              REMIC
                II Regular Interest LT-A3, the Class A-3 Certificates;

            
	 	
              (v)

            	
              REMIC
                II Regular Interest LT-A4, the Class A-4 Certificates;

            
	 	
              (vi)

            	
              REMIC
                II Regular Interest LT-A5, the Class A-5 Certificates;

            
	 	
              (vii)

            	
              REMIC
                II Regular Interest LT-A6, the Class A-6 Certificates;

            
	 	
              (viii)

            	
              REMIC
                II Regular Interest LT-A7, the Class A-7 Certificates;

            
	 	
              (ix)

            	
              REMIC
                II Regular Interest LT-M1, the Class M-1 Certificates;

            
	 	
              (x)

            	
              REMIC
                II Regular Interest LT-M2, the Class M-2 Certificates;

            
	 	
              (xi)

            	
              REMIC
                II Regular Interest LT-M3, the Class M-3 Certificates;

            
	 	
              (xii)

            	
              REMIC
                II Regular Interest LT-M4, the Class M-4 Certificates;

            
	 	
              (xiii)

            	
              REMIC
                II Regular Interest LT-M5, the Class M-5 Certificates;

            
	 	
              (xiv)

            	
              REMIC
                II Regular Interest LT-P, the Class P
                Certificates;

            

    

    

    Credit
      Risk Management Agreement:  Each of the agreements between the
      Credit Risk Manager and each of the Servicers, each dated as of June 29,
      2007.

     

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

     

    Credit
      Risk Manager Fee: With respect to each Mortgage Loan and for any calendar
      month, an amount equal to one twelfth of the product of the Credit Risk Manager
      Fee Rate multiplied by the Stated Principal Balance of the Mortgage Loans as
      of
      the Due Date in the preceding calendar month.

     

    Credit
      Risk Manager Fee Rate: 0.0115% per annum.

     

    Custodial
      Accounts: The accounts established and maintained by the Servicers with
      respect to receipts on the Mortgage Loans and related REO Properties, in
      accordance with Section 3.26(b) of this Agreement and the Servicing
      Agreement.

     

    Custodial
      Agreement: The Custodial Agreement dated as of June 1, 2007 among the
      Custodian, the Servicers and the Trustee.

     

    Custodian:  Wells
      Fargo Bank, N.A., a national banking association, or any successor thereto
      appointed pursuant to the Custodial Agreement.

     

    Cut-off
      Date:  June 1, 2007.

     

    Cut-off
      Date Principal Balance: As to any Mortgage Loan, the unpaid principal
      balance thereof as of the close of business on the Cut-off Date after
      application of all Principal Prepayments received prior to the Cut-off Date
      and
      scheduled payments of principal due on or before the Cut-off Date, whether
      or
      not received, but without giving effect to any installments of principal
      received in respect of Due Dates occurring after the Cut-off Date.

     

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

     

    Defaulting
      Party:  As defined in the Swap Agreement.

     

    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, or any reduction in the
      amount of principal to be paid in connection with any Scheduled Payment that
      results in a permanent forgiveness of principal, which valuation or reduction
      results from an order of such court that is final and non-appealable in a
      proceeding under the Bankruptcy Code.

     

    Definitive
      Certificates: As defined in Section 6.06.

     

    Deleted
      Mortgage Loan: A Mortgage Loan replaced or to be replaced by a Replacement
      Mortgage Loan.

     

    Delinquent:
      A Mortgage Loan is “delinquent” if any payment due thereon is not made pursuant
      to the terms of such Mortgage Loan by the close of business on the day such
      payment is scheduled to be due. A 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 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,” “90 days delinquent” and so on.

     

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

     

    Depositor:
      Nomura Asset Acceptance Corporation, a Delaware corporation, or its successor
      in
      interest.

     

    Depository:
      The initial Depository shall be The Depository Trust Company (“DTC”), the
      nominee of which is Cede & Co., or any other organization registered as a
“clearing agency” pursuant to Section 17A of the Exchange Act. The
      Depository shall initially be the registered Holder of the Book-Entry
      Certificates. The Depository shall at all times be a “clearing corporation” as
      defined in Section 8-102(a)(5) of the Uniform Commercial Code of the State
      of New York.

     

    Depository
      Agreement: With respect to the Class of Book-Entry Certificates, the
      agreement among the Depositor, the Trustee and the initial Depository, dated
      as
      of the Closing Date, substantially in the form of Exhibit I.

     

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

     

    Determination
      Date: With respect to any Distribution Date, the fifteenth (15th) day
      of the month
      of such Distribution Date or, if such day is not a Business Day, the immediately
      preceding Business Day.

     

    Distribution
      Account: The Eligible Account created and maintained by the Securities
      Administrator pursuant to Section 3.31 in the name of the Trustee for the
      benefit of the Certificateholders, which shall be designated “Wells Fargo Bank,
      N.A., in trust for registered holders of Nomura Asset Acceptance Corporation,
      Asset-Backed Certificates, Series 2007-2”. Funds in the Distribution Account
      shall be held in trust for the Certificateholders for the uses and purposes
      set
      forth in this Agreement.

     

    Distribution
      Date: The twenty-fifth (25th) day
      of each
      calendar month after the initial issuance of the Certificates, or if such
      twenty-fifth day is not a Business Day, the next succeeding Business Day,
      commencing in July 2007.

     

    Due
      Date: As to any Mortgage Loan, the date in each month on which the related
      Scheduled Payment is due, as set forth in the related Mortgage
      Note.

     

    Due
      Period: With respect to any Distribution Date, the period from the second
      day of the calendar month preceding the calendar month in which such
      Distribution Date occurs through the close of business on the first day of
      the
      calendar month in which such Distribution Date occurs.

     

    Eligible
      Account: Any of (i) an account or accounts maintained with a federal or
      state chartered depository institution or trust company, the long-term unsecured
      debt obligations and short-term unsecured debt obligations of which are 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 above, each account shall promptly (and in any
      case
      within not more than 30 calendar days) be moved to one or more segregated trust
      accounts in the trust department of such institution, or to an account at
      another institution that complies with the above requirements or (ii) a
      segregated, non-interest bearing trust account or accounts maintained with
      the
      corporate trust department of a federal or state chartered depository
      institution or trust company having capital and surplus of not less than
      $50,000,000, acting in its fiduciary capacity or (iv) any other account
      acceptable to the Rating Agencies, as evidenced in writing by the Rating
      Agencies. Eligible Accounts may bear interest, and may include, if otherwise
      qualified under this definition, accounts maintained with the Trustee or
      Securities Administrator. Notwithstanding Section 11.01, this Agreement may
      be
      amended to reduce the rating requirements in clause (i) above, without the
      consent of any of the Certificateholders, provided that the Person requesting
      such amendment obtains a letter from each Rating Agency stating that such
      amendment would not result in the downgrading or withdrawal of the respective
      ratings then assigned to the Certificates.

     

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

     

    ERISA
      Restricted Certificate: Each of the Class X, Class P and Residual
      Certificates.

     

    Escrow
      Account: Shall mean the account or accounts maintained by GMACM pursuant to
      Section 3.29.  Each Escrow Account shall be an Eligible
      Account.

     

    Excess
      Cap Payment:  With respect to any Distribution Date, the excess,
      if any, of (1) the cap payments made by the Cap Provider under the Cap Contract
      over (2) the amount of the unpaid Net WAC Rate Carryover Amounts attributable
      to
      the Class A-4 Certificates for such Distribution Date.

     

    Excess
      Liquidation Proceeds: To the extent not required by law to be paid to the
      related Mortgagor, the excess, if any, of any Liquidation Proceeds with respect
      to a Mortgage Loan over the Stated Principal Balance of such Mortgage Loan
      and
      accrued and unpaid interest at the related Mortgage Rate through the last day
      of
      the month in which the Mortgage Loan has been liquidated.

     

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

     

    Exemption:
      Prohibited Transaction Exemption 93-32, as amended from time to
      time.

     

    Extra
      Principal Distribution Amount: With respect to any Distribution Date, the
      lesser of (x) the Net Monthly Excess Cashflow for such Distribution Date and
      (y)
      the Overcollateralization Deficiency for such Distribution Date.

     

    Fannie
      Mae: Fannie Mae (formerly, Federal National Mortgage Association), or any
      successor thereto.

     

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

     

    Floating
      Rate Certificates: The Offered Certificates other than the Class A-1B, Class
      A-5 and Class A-6 Certificates.

     

    Final
      Maturity Reserve Account:  As defined in Section 5.17
      hereof.

     

    Final
      Maturity Reserve Amount: With respect to any Distribution Date (a) on and
      after the Distribution Date in July 2017 up to and including the earlier of
      (i)
      the Distribution Date in June 2027 and (ii) the Final Maturity Reserve Funding
      Date, if the Stated Principal Balance of the Mortgage Loans having 40-year
      original terms to maturity is greater than the stated principal balance for
      such
      Distribution Date set forth in Schedule I attached hereto, the lesser of (A)
      the
      product of (i) the Final Maturity Reserve Rate, (ii) the aggregate Stated
      Principal Balance of the Mortgage Loans having 40-year original terms to
      maturity on the first day of the related Due Period (not including for this
      purpose the Mortgage Loans for which prepayments in full have been received
      and
      distributed in the month prior to that 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 and (B) the Final Maturity Reserve
      Shortfall for such Distribution Date, and (b) on any other Distribution Date,
      zero.

    

    Final
      Maturity Reserve Funding Date: The earlier of (a) the Distribution Date in
      June 2037 and (b) the Distribution Date on which the amount on deposit in the
      Final Maturity Reserve Account (after giving effect to all distributions on
      such
      Distribution Date other than distributions from the Final Maturity Reserve
      Account) is equal to the Stated Principal Balance of the Mortgage Loans having
      40-year original terms to maturity (after giving effect to scheduled payments
      of
      principal due during the related Due Period, to the extent received or advanced,
      and unscheduled collections of principal received during the related Prepayment
      Period) and, if such Distribution Date is on or after the Distribution Date
      in
      July 2017, less the Overcollateralization Amount with respect to such
      Distribution Date.

    

    Final
      Maturity Reserve Rate: An annual rate of 0.80%.

    

    Final
      Maturity Reserve Shortfall:  With respect to any Distribution
      Date, the excess of (a) the Stated Principal Balance of the Mortgage Loans
      having 40-year original terms to maturity (after giving effect to scheduled
      payments of principal due during the related Due Period, to the extent received
      or advanced, and unscheduled collections of principal received during the
      related Prepayment Period) over (b) amounts on deposit in the Final Maturity
      Reserve Account (after giving effect to all distributions on such distribution
      date other than distributions from the Final Maturity Reserve
      Account).

    

    Final
      Maturity Reserve Trust:  As defined in Section 5.17
      hereof.

     

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

     

    FIRREA:
      The Financial Institutions Reform, Recovery, and Enforcement Act of 1989, as
      amended.

     

    Fitch:
      Fitch Ratings.

     

    Fixed
      Rate Certificates: The Class A-1B, Class A-5 and Class A-6
      Certificates.

     

    Form
      8-K Disclosure Information: Has the meaning set forth in
      Section Section 5.17(b) of this Agreement.

     

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

     

    GMACM:
      GMAC Mortgage, LLC, and any successor thereto appointed under this Agreement
      in
      connection with the servicing and administration of the GMACM Mortgage
      Loans.

     

    GMACM
      Mortgage Loans: Those Mortgage Loans serviced by GMACM pursuant to the terms
      and provisions of this Agreement and identified as such on the Mortgage Loan
      Schedule.

     

    Indemnified
      Persons: The Trustee, any Servicer (including any successor to any
      Servicer), the Master Servicer, the Securities Administrator, the Custodian,
      the
      Trust Fund and their officers, directors, agents and employees and, with respect
      to the Trustee, any separate co-trustee and its officers, directors, agents
      and
      employees.

     

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

     

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

     

    Initial
      Certificate Principal Balance: With respect to any Certificate, the
      Certificate Principal Balance of such Certificate or any predecessor Certificate
      on the Closing Date.

     

    Insurance
      Policy: With respect to any Mortgage Loan included in the Trust Fund, any
      insurance policy, including all riders and endorsements thereto in effect with
      respect to such Mortgage Loan, including any replacement policy or policies
      for
      any Insurance Policies.

     

    Insurance
      Proceeds: Proceeds paid in respect of the Mortgage Loans pursuant to any
      Insurance Policy or any other insurance policy covering a Mortgage Loan to
      the
      extent such proceeds are payable to the mortgagee under the Mortgage, the
      related Servicer or the trustee under the deed of trust and are not applied
      to
      the restoration of the related Mortgaged Property or released to the Mortgagor
      in accordance with the servicing standard set forth in Section 3.01 hereof
      or pursuant to the Servicing Agreement, other than any amount included in such
      Insurance Proceeds in respect of Insured Expenses.

     

    Insured
      Expenses: Expenses covered by any Insurance Policy with respect to the
      Mortgage Loans.

     

    Interest
      Carry Forward Amount: With respect to any Class of Certificates (other than
      the Class X, Class P, Class R and Class R-X Certificates) and any Distribution
      Date, the amount, if any, by which the Interest Distribution Amount for that
      Class of Certificates for the immediately preceding Distribution Date exceeded
      the actual amount distributed on such Class in respect of interest on the
      immediately preceding Distribution Date, together with any Interest Carry
      Forward Amount with respect to such Class remaining unpaid from the previous
      Distribution Date, plus interest accrued thereon at the related Pass-Through
      Rate on such Class for the most recently ended Accrual Period, to the extent
      permitted by law.

     

    Interest
      Determination Date:  Shall mean the second LIBOR Business Day
      preceding the commencement of each Accrual Period.

     

    Interest
      Distribution Amount: With respect to any Class of Certificates (other than
      the Class P, Class R and Class R-X Certificates) and any Distribution Date,
      an
      amount equal to the interest accrued during the related Accrual Period at the
      applicable Pass-Through Rate on the Certificate Principal Balance (or
      Certificate Notional Balance) of such Certificate immediately prior to such
      Distribution Date reduced (to an amount not less than zero), or in the case
      of
      such Class, by the Interest Percentage, if any, for that Class of
      Certificates.  The Interest Distribution Amount with respect to each
      Class of Fixed Rate Certificates and the Class X Certificates is calculated
      on
      the basis of a 360-day year consisting of twelve 30-day months. The Interest
      Distribution Amount with respect to each Class of Floating Rate Certificates
      is
      calculated on the basis of a 360-day year and the actual number of days elapsed
      in the related Accrual Period. No Interest Distribution Amount will be payable
      with respect to any Class of Certificates after the Distribution Date on which
      the outstanding Certificate Principal Balance (or Certificate Notional Balance)
      of such Certificate has been reduced to zero.

     

    Interest
      Percentage: With respect to any class of Offered Certificates on any
      Distribution Date, the ratio (expressed as a decimal carried to six places)
      of
      the Interest Distribution Amount for such Class to the Interest Distribution
      Amount for all Classes of Offered Certificates with respect to such Distribution
      Date without regard to reductions due to Net Interest Shortfalls.

    

    Interest
      Remittance Amount: With respect to any Distribution Date, that portion of
      the Available Distribution Amount for such Distribution Date generally equal
      to
      (i) the sum, without duplication, of (a) all scheduled interest received during
      the related Due Period with respect to the Mortgage Loans (adjusted to the
      Net
      Mortgage Rate) (b) all Advances relating to interest with respect to the
      Mortgage Loans made on or prior to the related Remittance Date, (c) all
      Compensating Interest required to be remitted by the Servicers or the Master
      Servicer pursuant to this Agreement or the Servicing Agreement with respect
      to
      such Distribution Date, (d) Liquidation Proceeds and Subsequent Recoveries
      collected during the related Prepayment Period (to the extent such Liquidation
      Proceeds and Subsequent Recoveries relate to interest), (e) all amounts relating
      to interest with respect to each Mortgage Loan repurchased by the Sponsor
      pursuant to Sections 2.02 and 2.03 and (f) all amounts in respect of interest
      paid by the Master Servicer pursuant to Section 10.01 to the extent
      remitted by the Master Servicer to the Distribution Account pursuant to this
      Agreement and minus (ii) all amounts in respect of the Mortgage Loans required
      to be reimbursed by the Trust pursuant to Section 3.32 or as otherwise set
      forth in this Agreement or any Custodial Agreement and (iii) any Net Swap
      Payment and any Swap Termination Payment owed to the Swap Provider for such
      distribution date (unless the Swap Provider is the sole Defaulting Party or
      the
      sole Affected Party (as defined in the ISDA Master Agreement) and to the extent
      not paid by the securities administrator from any upfront payment received
      pursuant to any replacement interest rate swap agreement that may be entered
      into by the Supplemental Interest Trust Trustee).

    

     

    Interest
      Shortfall: With respect to any Distribution Date, the aggregate shortfall,
      if any, in collections of interest (adjusted to the related Net Mortgage Rates)
      on Mortgage Loans resulting from (a) Principal Prepayments in full received
      during the related Prepayment Period, (b) partial Principal Prepayments received
      during the related Prepayment Period to the extent applied prior to the Due
      Date
      in the month of the Distribution Date and (c) interest payments on certain
      of
      the Mortgage Loans being limited pursuant to the provisions of the Relief
      Act.

     

    ISDA
      Master Agreement: The ISDA Master Agreement dated as of June 29, 2007, as
      amended and supplemented from time to time, between the Swap Provider and the
      Trustee, as trustee on behalf of the Supplemental Interest Trust.

     

    Last
      Scheduled Distribution Date:  The Distribution Date in June
      2037.

     

    Latest
      Possible Maturity Date: The Distribution Date following the final scheduled
      maturity date of the related Mortgage Loan in the Trust Fund having the latest
      scheduled maturity date as of the Cut-off Date. For purposes of the Treasury
      Regulations under Code Section 860A through 860G, the latest possible
      maturity date of each regular interest issued by REMIC I, REMIC II, REMIC III,
      REMIC IV, REMIC V and REMIC VI shall be the Latest Possible Maturity
      Date.

     

    LIBOR
      Business Day: Shall mean any day other than a Saturday or a Sunday or a day
      on which banking institutions in the State of New York or in the city of London,
      England are required or authorized by law to be closed.

     

    LIBOR
      Determination Date: The second LIBOR Business Day before the first day of
      the related Accrual Period.

     

    Liquidated
      Loan: With respect to any Distribution Date, a defaulted Mortgage Loan that
      has been liquidated through deed-in-lieu of foreclosure, foreclosure sale,
      trustee’s sale or other realization as provided by applicable law governing the
      real property subject to the related Mortgage and any security agreements and
      as
      to which the related Servicer has certified in the related Prepayment Period
      in
      writing to the Securities Administrator that it has made a Final Recovery
      Determination.

     

    Liquidation
      Proceeds: Amounts, other than Insurance Proceeds, received in connection
      with the partial or complete liquidation of a Mortgage Loan, whether through
      trustee’s sale, foreclosure sale or otherwise, or in connection with any
      condemnation or partial release of a Mortgaged Property and any other proceeds
      received with respect to an REO Property, less the sum of related unreimbursed
      Advances, Servicing Fees and Servicing Advances and all expenses of liquidation,
      including property protection expenses and foreclosure and sale costs, including
      court and reasonable attorneys fees.

     

    Loan-to-Value
      Ratio: The fraction, expressed as a percentage, the numerator of which is
      the original principal balance of the Mortgage Loan and the denominator of
      which
      is the Appraised Value of the related Mortgaged Property.

     

    Lockout
      Distribution Percentage: With respect to each Distribution Date will be the
      applicable percentage set forth below:

     

    
      	
              
                Distribution
                  Dates

              

            	
              
                Lockout

                Distribution

                Percentage

              

            
	
              July
                2007 through and including June
                2010                                                                                                     

            	
              0%

            
	
              July
                2010 through and including June
                2012                                                                                                     

            	
              45%

            
	
              July
                2012 through and including June
                2013                                                                                                     

            	
              80%

            
	
              July
                2013 through and including June
                2014                                                                                                     

            	
              100%

            
	
              July
                2014 and
                thereafter                                                                                                     

            	
              300%

            

    

     

    Lockout
      Principal Distribution Amount: With respect to any Distribution Date will be
      an amount equal to the least of (i) the aggregate Certificate Principal Balance
      of the Class A-5 Certificates and Class A-6 Certificates, (ii) the Senior
      Sequential Allocation Percentage of the Senior Principal Distribution Amount
      for
      such Distribution Date and (iii) the product of (a) the Priority Percentage
      for
      that Distribution Date, (b) the Lockout Distribution Percentage for that
      Distribution Date and (c) the Senior Sequential Allocation Percentage of the
      lesser of (x) the Principal Distribution Amount and (y) the Senior Principal
      Distribution Amount, in each case for that Distribution Date.  REMIC
      II Regular Interest LT-IB, REMIC II Regular Interest LT-A5, REMIC II Regular
      Interest LT-A6 and

     

    Majority
      Class X Certificateholder: The Holder of a 50.01% or greater Percentage
      Interest in the Class X Certificates.

     

    Marker
      Rate: With respect to the Class X Interest and any Distribution Date, a per
      annum rate equal to two (2) times the weighted average of the Uncertificated
      REMIC II Pass-Through Rates for REMIC II Regular Interest LT-A1A, REMIC II
      Regular Interest LT-A1B, REMIC II Regular Interest LT-A2, REMIC II Regular
      Interest LT-A3, REMIC II Regular Interest LT-A4, REMIC II Regular Interest
      LT-A5, REMIC II Regular Interest LT-A6, REMIC II, Regular Interest LT-A7, REMIC
      II Regular Interest LT-M1, REMIC II Regular Interest LT-M2, REMIC II Regular
      Interest LT-M3, REMIC II Regular Interest LT-M4, REMIC II Regular Interest
      LT-M5
      and REMIC II Regular Interest LT-ZZ, with the rate on each such REMIC II Regular
      Interest (other than REMIC II Regular Interest LT-ZZ) subject to a cap equal
      to
      the Pass-Through Rate on the Corresponding Certificate and with the rate on
      REMIC II Regular Interest LT-ZZ subject to a cap of 0.00% per annum for the
      purpose of this calculation; provided, however, that for this purpose, the
      calculation of the Uncertificated REMIC II Pass-Through Rate and the related
      cap
      with respect to each such REMIC II Regular Interest (other than REMIC II Regular
      Interest LT-IB, REMIC II Regular Interest LT-A5, REMIC II Regular Interest
      LT-A6
      and REMIC II Regular Interest LT-ZZ) shall be multiplied by a fraction, the
      numerator of which is the actual number of days in the Accrual Period and the
      denominator of which is thirty (30).

     

    Master
      Servicing Fee: With respect to each Mortgage Loan, for a period of one full
      month, equal to one-twelfth of the product of (a) the Master Servicing Fee
      Rate
      and (b) the Stated Principal Balance of such Mortgage Loan.  Such fee
      will be payable monthly, computed on the basis of the same principal amount
      and
      period with respect to which any related interest payment on such Mortgage
      Loan
      is computed.  The obligation to pay the Master Servicer Fee will be
      limited to, and the master servicing fee will be payable from, the scheduled
      interest portion of such monthly payments collected and advanced.

     

    Master
      Servicing Fee Rate:  0.005% per annum.

     

    Master
      Servicer:  As of the Closing Date, Wells Fargo Bank, N.A. and
      thereafter, its respective successors in interest who meet the qualifications
      of
      this Agreement. The Master Servicer and the Securities Administrator shall
      at
      all times be the same Person or Affiliates.

     

    Master
      Servicer Default:  One or more of the events described in
      Section 8.01(b).

     

    Master
      Servicing Compensation: As defined in Section 4.12.

     

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

     

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

     

    Mezzanine
      Certificates: The Class M-1, Class M-2, Class M-3, Class M-4 and Class M-5
      Certificates.

     

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

     

    Minimum
      Servicing Requirements: With respect to a successor to GMACM appointed
      pursuant to Section 7.06(a) hereunder:

     

    (i)  the
      proposed successor Servicer is (1) an affiliate of the Master Servicer that
      services mortgage loans similar to the Mortgage Loans in the jurisdictions
      in
      which the related Mortgaged Properties are located or (2) the proposed successor
      Servicer has a rating of at least “Above Average” by S&P and either a rating
      of at least “RPS2” by Fitch or a rating of at least “SQ2” by Moody’s;
      and

     

    (ii)  the
      proposed successor Servicer has a net worth of at least
      $25,000,000.

     

    MOM
      Loan: Any Mortgage Loan as to which MERS is acting as the mortgagee of such
      Mortgage Loan, solely as nominee for the originator of such Mortgage Loan and
      its successors and assigns, at the origination thereof.

     

    Monthly
      Statement: The statement delivered to the Certificateholders pursuant to
      Section 5.08.

     

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

     

    Mortgage:
      The mortgage, deed of trust or other instrument creating a first lien on or
      first priority ownership interest in an estate in fee simple in real property
      securing a Mortgage Note.

     

    Mortgage
      File: The Mortgage Loan Documents pertaining to a particular Mortgage Loan
      and any additional documents delivered to the Trustee or the Custodian on behalf
      of the Trustee to be added to the Mortgage File pursuant to this
      Agreement.

     

    Mortgage
      Loan Documents: As defined in Section 2.01.

     

    Mortgage
      Loans: Such of the Mortgage Loans transferred and assigned to the Trustee
      pursuant to the provisions hereof, as from time to time are held as a part
      of
      the Trust Fund (including any REO Property), the mortgage loans so held being
      identified in the Mortgage Loan Schedule, notwithstanding foreclosure or other
      acquisition of title of the related Mortgaged Property.

     

    Mortgage
      Loan Purchase Agreement: The Mortgage Loan Purchase Agreement dated as of
      June 29, 2007, between the Sponsor, as seller and the Depositor, as purchaser,
      a
      form of which is attached hereto as Exhibit C.

     

    Mortgage
      Loan Purchase Price: The price, calculated as set forth in
      Section 10.01, to be paid in connection with the purchase of the Mortgage
      Loans pursuant to Section 10.01.

     

    Mortgage
      Loan Schedule: The list of Mortgage Loans (as from time to time amended by
      the Servicers to reflect the deletion of Deleted Mortgage Loans and the addition
      of Replacement Mortgage Loans pursuant to the provisions of this Agreement)
      transferred to the Trustee as part of the Trust Fund and from time to time
      subject to this Agreement, the initial Mortgage Loan Schedule being attached
      hereto as Exhibit B, setting forth the following information with respect
      to each Mortgage Loan:

     

    (i)  the
      Mortgage Loan identifying number;

     

    (ii)  the
      Mortgage Rate in effect as of the Cut-off Date;

     

    (iii)  the
      Servicing Fee Rate;

     

    (iv)  the
      Net
      Mortgage Rate in effect as of the Cut-off Date;

     

    (v)  the
      maturity date;

     

    (vi)  the
      original principal balance;

     

    (vii)  the
      Cut-off Date Principal Balance;

     

    (viii)  the
      original term;

     

    (ix)  the
      remaining term;

     

    (x)  the
      property type;

     

    (xi)  the
      product type (e.g., 2/28, 15 year fixed, 30 year fixed, 15/30 balloon,
      etc.);

     

    (xii)  with
      respect to each MOM Loan, the related MIN;

     

    (xiii)  the
      Custodian;

     

    (xiv)  a
      code
      indicating whether the Mortgage Loan is subject to a Prepayment Charge, the
      term
      of such Prepayment Charge and the amount of such Prepayment Charge;
      and

     

    (xv)  the
      Servicer;

     

    Such
      schedule shall also set forth the aggregate Cut-off Date Principal Balance
      for
      all of the Mortgage Loans.

     

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

     

    Mortgage
      Rate: With respect to each Mortgage Loan, the annual rate at which interest
      accrues on such Mortgage Loan from time to time in accordance with the
      provisions of the related Mortgage Note. With respect to each Mortgage Loan
      that
      becomes an REO Property, as of any date of determination, the annual rate
      determined in accordance with the immediately preceding sentence as of the
      date
      such Mortgage Loan became an REO Property.

     

    Mortgaged
      Property: The underlying property securing a Mortgage Loan.

     

    Mortgagor:
      The obligor on a Mortgage Note.

     

    Net
      Interest Shortfalls: With respect to any Distribution Date, Interest
      Shortfalls net of payments by the Servicers or the Master Servicer in respect
      of
      Compensating Interest.

     

    Net
      Liquidation Proceeds: With respect to a Mortgage Loan are Liquidation
      Proceeds net of unreimbursed advances by the related servicer and advances
      and
      expenses incurred by the related servicer in connection with the liquidation
      of
      such Mortgage Loan and the related Mortgaged Property.

     

    Net
      Monthly Excess Cashflow: With respect to any Distribution Date, means the
      sum of (a) any Overcollateralization Release Amount and (b) the excess of (x)
      the Available Distribution Amount for such Distribution Date over (y) the sum
      for such Distribution Date of (A) the aggregate Senior Interest Distribution
      Amounts payable to the Senior Certificates and the aggregate Interest
      Distribution Amounts payable to the Mezzanine Certificates on that Distribution
      Date and (B) the Principal Remittance Amount payable to the Offered Certificates
      for that Distribution Date.

     

    Net
      Mortgage Rate: As to each Mortgage Loan, and at any time, the per annum rate
      equal to the related Mortgage Rate less the sum of (i) the Servicing Fee Rate,
      (ii) the Credit Risk Manager Fee Rate, (iii) the Master Servicing Fee Rate,
      (iv)
      the rate at which the fee payable to any provider of lender-paid mortgage
      insurance is calculated, if applicable and (v) beginning on the Distribution
      Date in June 2017 and ending on the Final Maturity Reserve Funding Date
      Distribution Date in June 2027, the Final Maturity Reserve Rate, if such
      Mortgage Loan is a Mortgage Loan with a 40-year original term to
      maturity.

     

    Net
      Swap Payment:  With respect to each Distribution Date, the net
      payment required to be made pursuant to the terms of the Swap Agreement by
      either the Swap Provider or the Supplemental Interest Trust, which net payment
      shall not take into account any Swap Termination Payment under the Swap
      Agreement.

     

    Net
      WAC Pass-Through Rate:  With respect to each Distribution Date and
      the Offered Certificates, a per annum rate (adjusted in the case each Class
      of
      Floating Rate Certificates for the actual number of days elapsed in the related
      Accrual Period) equal to (i) the weighted average of the Net Mortgage Rates
      for
      the Mortgage Loans, weighted on the basis of the Stated Principal Balances
      of
      the Mortgage Loans as of the first day of the related Due Period less (ii)
      twelve (12) times the quotient of (a) the aggregate Net Swap Payment or Swap
      Termination Payment, if any, owed to the Swap Provider for such Distribution
      Date (unless the Swap Provider is the sole Defaulting Party or the sole Affected
      Party (as defined in the ISDA Master Agreement) and to the extent not paid
      by
      the Securities Administrator from any upfront payment received pursuant to
      any
      replacement interest rate swap agreement that may be entered into by the
      Supplemental Interest Trust Trustee) and (b) the aggregate Stated Principal
      Balance of the Mortgage Loans as of the first day of the related Due
      Period.  For federal income tax purposes, the equivalent of the
      foregoing shall be expressed as the weighted average of the Uncertificated
      REMIC
      II Pass-Through Rates on the REMIC II Regular Interests (other than REMIC II
      Regular Interest LT-IO and REMIC II Regular Interest LT-P), weighted on the
      basis of the Uncertificated Principal Balance of each such REMIC II Regular
      Interest.

     

    Net
      WAC Rate Carryover Amount: With respect to each Class of Senior Certificates
      and Mezzanine Certificates and any Distribution Date on which the related
      Pass-Through Rate is reduced by the related Net WAC Pass-Through Rate, an amount
      equal to the sum of (i) the excess of (x) the amount of interest such Class
      would have been entitled to receive on such Distribution Date if the
      Pass-Through Rate applicable to such Class had not been reduced by the related
      Net WAC Pass-Through Rate on such Distribution Date over (y) the amount of
      interest paid on such Distribution Date to such Class plus (ii) the related
      Net
      WAC Rate Carryover Amount for the previous Distribution Date not previously
      distributed to such Class together with interest thereon at a rate equal to
      the
      Pass-Through Rate for such Class for the most recently ended Accrual Period
      determined without taking into account the applicable Net WAC Pass-Through
      Rate.

     

    Net
      WAC Reserve Fund: Shall mean the segregated non-interest bearing trust
      account created and maintained by the Securities Administrator pursuant to
      Section 5.12 hereof.

     

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

     

    Nonrecoverable
      Advance: With respect to any Mortgage Loan, any portion of an Advance or
      Servicing Advance previously made or proposed to be made by the related Servicer
      pursuant to this Agreement or the Servicing Agreement, as applicable or the
      Master Servicer as Successor Servicer, that, in the good faith judgment of
      the
      related Servicer or the Master Servicer as Successor Servicer, will not or,
      in
      the case of a proposed Advance or Servicing Advance, would not, be ultimately
      recoverable by it from the related Mortgagor, related Liquidation Proceeds,
      Insurance Proceeds or otherwise.

     

    Notional
      Amount: For each Distribution Date shall be equal to Swap Notional Amount
      for such Distribution Date as set forth in the Swap Agreement.

     

    Offered
      Certificates:  The Senior Certificates and the Mezzanine
      Certificates.

     

    Officer’s
      Certificate: A certificate (i) signed by the Chairman of the Board, the Vice
      Chairman of the Board, the President, a Vice President (however denominated),
      an
      Assistant Vice President, the Treasurer, the Secretary, or one of the assistant
      treasurers or assistant secretaries of the Depositor or the Trustee (or any
      other officer customarily performing functions similar to those performed by
      any
      of the above designated officers and also to whom, with respect to a particular
      matter, such matter is referred because of such officer’s knowledge of and
      familiarity with a particular subject) or (ii), if provided for in this
      Agreement, signed by an Authorized Servicer Representative, as the case may
      be,
      and delivered to the Depositor, the Sponsor, the Master Servicer, the Securities
      Administrator and/or the Trustee, as the case may be, as required by this
      Agreement.

     

    One-Month
      LIBOR: With respect to any Accrual Period (other than the first Accrual
      Period) and the Floating Rate Certificates, the rate determined by the
      Securities Administrator on the related Interest Determination Date on the
      basis
      of the rate for U.S. dollar deposits for one month that appears on Reuters
      Screen LIBOR01 Page as of 11:00 a.m. (London time) on such Interest
      Determination Date. If such rate does not appear on such page (or such other
      page as may replace that page on that service, or if such service is no longer
      offered, such other service for displaying One-Month LIBOR or comparable rates
      as may be reasonably selected by the Securities Administrator), One-Month LIBOR
      for the applicable Accrual Period will be the Reference Bank Rate. If no such
      quotations can be obtained by the Securities Administrator and no Reference
      Bank
      Rate is available, One-Month LIBOR will be One-Month LIBOR applicable to the
      preceding Accrual Period.  The establishment of One-Month LIBOR on
      each Interest Determination Date by the Securities Administrator and the
      Securities Administrator’s calculation of the rate of interest applicable to the
      Floating Rate Certificates for the related Accrual Period shall, in the absence
      of manifest error, be final and binding.  With respect to the first
      Accrual period, One-Month LIBOR shall equal 5.3200% per annum.

     

    Opinion
      of Counsel: A written opinion of counsel, who may be counsel for the
      Sponsor, the Master Servicer, the Depositor or a Servicer, reasonably acceptable
      to each addressee of such opinion; provided that with respect to
      Section 2.05, 7.05 or 11.01, or the interpretation or application of the
      REMIC Provisions, such counsel must (i) in fact be independent of the Sponsor,
      the Master Servicer Depositor and such Servicer, (ii) not have any direct
      financial interest in the Sponsor, the Depositor, the Master Servicer or such
      Servicer or in any affiliate of any of them, and (iii) not be connected with
      the
      Sponsor, the Depositor, the Master Servicer or such Servicer as an officer,
      employee, promoter, underwriter, trustee, partner, director or person performing
      similar functions.

     

    Optional
      Termination: The termination the Trust Fund created hereunder as a result of
      the purchase of all of Mortgage Loans and REO Properties, as described in
      Section 10.01.

     

    Optional
      Termination Date:  The first Distribution Date on which the Master
      Servicer may purchase, at its option, the Mortgage Loans and REO Properties
      as
      described in Section 10.01.

     

    OTS:
      The Office of Thrift Supervision or any successor thereto.

     

    OTS
      Method: The method used by OTS to calculate delinquencies.

     

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

     

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

     

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

     

    Outstanding
      Mortgage Loan: As of any date of determination, a Mortgage Loan with a
      Stated Principal Balance greater than zero that was not the subject of a
      Principal Prepayment in full, and that did not become a Liquidated Loan, prior
      to the end of the related Prepayment Period.

     

    Overcollateralization
      Amount: With respect to any Distribution Date, the excess, if any, of (a)
      the aggregate Stated Principal Balance of the Mortgage Loans as of the last
      day
      of the related Due Period over (b) the aggregate Certificate Principal Balance
      of the Senior Certificates and the Mezzanine Certificates on such Distribution
      Date (after taking into account the payment of 100% of the Principal Remittance
      Amount on such Distribution Date and the increase in any Certificate Principal
      Balance as a result of Subsequent Recoveries).

     

    Overcollateralization
      Deficiency: With respect to any Distribution Date, the excess, if any, of
      (a) the Targeted Overcollateralization Amount over (b) the difference (which
      may
      be negative) between (i) the aggregate Stated Principal Balance of the Mortgage
      Loans as of the last day of the related Due Period and (ii) the aggregate
      Certificate Principal Balance of the Offered Certificates (after taking into
      account the reduction on that Distribution Date of the Certificate Principal
      Balances of all classes of Offered Certificates resulting from the distribution
      of the Principal Distribution Amount (but not the Extra Principal Distribution
      Amount) on that Distribution Date, but prior to taking into account any Applied
      Realized Loss Amounts on that Distribution Date).

     

    Overcollateralization
      Release Amount: With respect to any Distribution Date, the lesser of (x) the
      Principal Remittance Amount for such Distribution Date and (y) the excess,
      if
      any, of (i) the Overcollateralization Amount for such Distribution Date assuming
      that 100% of the Principal Remittance Amount is applied as a principal payment
      on the Offered Certificates on such Distribution Date over (ii) the Targeted
      Overcollateralization Amount.  With respect to any Distribution Date
      on which a Trigger Event is in effect, the Overcollateralization Release Amount
      will be zero.

     

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

     

    Pass-Through
      Allocation Percentage: With respect to any Distribution Date, a fraction,
      expressed as a percentage, the numerator of which is the Certificate Principal
      Balance of the Class A-7 Certificates and the denominator of which is the
      aggregate Certificate Principal Balance of the Senior Certificates, in each
      case
      immediately prior to such Distribution Date.

     

    Pass-Through
      Rate: The Class A-1A, Class A-1B, Class A-2, Class A-3, Class A-4, Class
      A-5, Class A-6, Class A-7, Class M-1, Class M-2, Class M-3, Class M-4, Class
      M-5
      and Class X Pass-Through Rate, as applicable.

     

    Payahead:
      Any Scheduled Payment intended by the related Mortgagor to be applied in a
      Due
      Period subsequent to the Due Period in which such payment was
      received.

     

    PCAOB:
      Shall mean the Public Company Accounting Oversight Board.

     

    Percentage
      Interest: With respect to any Certificate of a specified Class, the
      Percentage Interest set forth on the face thereof or the percentage obtained
      by
      dividing the Denomination of such Certificate by the aggregate of the
      Denominations of all Certificates of such Class.

     

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

     

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

     

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

     

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

     

    (iv)  certificates
      of deposit, demand or time deposits, or bankers’ acceptances issued by any
      depository institution or trust company incorporated under the laws of the
      United States or of any state thereof and subject to supervision and examination
      by federal and/or state banking authorities (including the Trustee or the Master
      Servicer in its commercial banking capacity), provided that the commercial
      paper
      and/or long term unsecured debt obligations of such depository institution
      or
      trust company are then rated one of the two highest long-term and the highest
      short-term ratings of each such Rating Agency for such securities, or such
      lower
      ratings as will not result in the downgrading or withdrawal of the rating then
      assigned to the Certificates by any Rating Agency, as evidenced by a signed
      writing delivered by each Rating Agency;

     

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

     

    (vi)  guaranteed
      reinvestment agreements issued by any bank, insurance company or other
      corporation containing, at the time of the issuance of such agreements, such
      terms and conditions as will not result in the downgrading or withdrawal of
      the
      rating then assigned to the Certificates by any such Rating Agency, as evidenced
      by a signed writing delivered by each Rating Agency;

     

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

     

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

     

    (ix)  units
      of
      money market funds registered under the Investment Company Act of 1940 including
      funds managed or advised by the Trustee, the Master Servicer or an affiliate
      of
      either, having a rating by S&P of AAAm-G or AAAm, if rated by Moody’s, rated
      Aaa, Aa1 or Aa2, and if rated by Fitch, F1, F2 or F3;

     

    (x)  short
      term investment funds sponsored by any trust company or banking association
      incorporated under the laws of the United States or any state thereof (including
      any such fund managed or advised by the Trustee, the Master Servicer or any
      affiliate thereof) which on the date of acquisition has been rated by each
      Rating Agency in their respective highest applicable rating category or such
      lower rating as will not result in the downgrading or withdrawal of the ratings
      then assigned to the Certificates by each Rating Agency, as evidenced by a
      signed writing delivered by each Rating Agency; and

     

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

     

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

     

    Permitted
      Transferee: Any person other than (i) the United States, any State or
      political subdivision thereof, any possession of the United States or any agency
      or instrumentality of any of the foregoing, (ii) a foreign government,
      International Organization or any agency or instrumentality of either of the
      foregoing, (iii) an organization (except certain farmers’ cooperatives described
      in Section 521 of the Code) that is exempt from tax imposed by Chapter 1 of
      the Code (including the tax imposed by Section 511 of the Code on unrelated
      business taxable income) on any excess inclusions (as defined in
      Section 860E(c)(1) of the Code) with respect to any Residual Certificate,
      (iv) rural electric and telephone cooperatives described in
      Section 1381(a)(2)(C) of the Code, (v) a Person that is not a citizen or
      resident of the United States, a corporation, partnership (other than a
      partnership that has any direct or indirect foreign partners) or other entity
      (treated as a corporation or a partnership for federal income tax purposes),
      created or organized in or under the laws of the United States, any state
      thereof or the District of Columbia, an estate whose income from sources without
      the United States is includible in gross income for United States federal income
      tax purposes regardless of its connection with the conduct of a trade or
      business within the United States, or a trust if a court within the United
      States is able to exercise primary supervision over the administration of the
      trust and one or more United States persons have authority to control all
      substantial decisions of the trustor and (vi) any other Person based upon an
      Opinion of Counsel (which shall not be an expense of the Trustee) that states
      that the Transfer of an Ownership Interest in a Residual Certificate to such
      Person may cause any REMIC to fail to qualify as a REMIC at any time that any
      Certificates are Outstanding. The terms “United States,” “State” and
“International Organization” shall have the meanings set forth in
      Section 7701 of the Code or successor provisions. A corporation will not be
      treated as an instrumentality of the United States or of any State or political
      subdivision thereof for these purposes if all of its activities are subject
      to
      tax and, with the exception of Freddie Mac, a majority of its board of directors
      is not selected by such government unit.

     

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

     

    Prepayment
      Assumption: The assumed rate of prepayment, as described in the Prospectus
      Supplement relating to each Class of Offered Certificates.

     

    Prepayment
      Charge: With respect to any Principal Prepayment, any prepayment premium,
      penalty or charge payable by a Mortgagor in connection with any Principal
      Prepayment on a Mortgage Loan pursuant to the terms of the related Mortgage
      Note
      (other than any Servicer Prepayment Charge Payment Amount) as shown on the
      Prepayment Charge Schedule.

     

    Prepayment
      Charge Schedule:  As of any date, the list of Mortgage Loans
      providing for a Prepayment Charge included in the Trust Fund on such date,
      attached hereto as Exhibit R (including the prepayment charge summary attached
      thereto).  The Depositor shall deliver or cause the delivery of the
      Prepayment Charge Schedule to the Servicers, the Master Servicer and the Trustee
      on the Closing Date. The Prepayment Charge Schedule shall set forth the
      following information with respect to each Prepayment Charge:

     

    
      	 	
              (i)

            	
              the
                Mortgage Loan identifying number;

            
	 	 	 
	 	
              (ii)

            	
              a
                code indicating the type of Prepayment Charge;

            
	 	 	 
	 	
              (iii)

            	
              the
                date on which the first Monthly Payment was due on the related Mortgage
                Loan;

            
	 	 	 
	 	
              (iv)

            	
              the
                term of the related Prepayment Charge;

            
	 	 	 
	 	
              (v)

            	
              the
                original Stated Principal Balance of the related Mortgage Loan;
                and

            
	 	 	 
	 	
              (vi)

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

            

    

    

    Prepayment
      Interest Shortfall: With respect to any Distribution Date, for each Mortgage
      Loan that was the subject of a Principal Prepayment in full during the related
      Prepayment Period, (other than a Principal Prepayment in full or in part
      resulting from the purchase of a Mortgage Loan pursuant to Section 2.02,
      2.03, 3.24 or 10.01 hereof), the amount, if any, by which (i) one month’s
      interest at the applicable Net Mortgage Rate on the Stated Principal Balance
      of
      such Mortgage Loan immediately prior to such prepayment exceeds (ii) the amount
      of interest paid or collected in connection with such Principal Prepayment
      less
      the sum of (a) the related Servicing Fee, (b) the Credit Risk Manager’s Fee, (c)
      the Master Servicing Fee, and (d) the fee payable to any provider of lender-paid
      mortgage insurance, if any.

     

    Prepayment
      Period: With respect to any Distribution Date and the GMACM Mortgage Loans
      serviced by GMACM, the 14th day of
      the
      immediately preceding calendar month (or, with respect to the first Prepayment
      Period, the Cut-off Date) through the 13th day of
      the month
      in which such Distribution Date occurs.  With respect to any
      Distribution Date and the Wells Fargo Mortgage Loans, as set forth in the
      Servicing Agreement.

     

    Principal
      Distribution Amount: With respect to each Distribution Date, the sum of (i)
      Principal Remittance Amount for such Distribution Date (minus the
      Overcollateralization Release Amount, if any) and (ii) the Extra Principal
      Distribution Amount for such Distribution Date.  In no event will the
      Principal Distribution Amount with respect to any Distribution Date be (x)
      less
      than zero or (y) greater than the then outstanding aggregate Certificate
      Principal Balance of the Senior Certificates and Mezzanine
      Certificates.

     

    Principal
      Prepayment: Any Mortgagor payment or other recovery
      of (or proceeds with respect to) principal on a Mortgage Loan (including
      Mortgage Loans purchased or repurchased under Sections 2.02, 2.03, 3.24 and
      10.01 hereof) that is received in advance of its scheduled Due Date and is
      not
      accompanied by an amount as to interest representing scheduled interest due
      on
      any Due Date in any month or months subsequent to the month of prepayment.
      Partial Principal Prepayments shall be applied by the related Servicer in
      accordance with the terms of the related Mortgage Note.

     

    Principal
      Remittance Amount: With respect to any Distribution Date, (i) the sum,
      without duplication, of (a) all scheduled principal collected on the Mortgage
      Loans during the related Due Period, (b) all Advances on the Mortgage Loans
      relating to principal made on or prior to the Remittance Date or, with respect
      to the Master Servicer or the Trustee on the Distribution Date, (c) Principal
      Prepayments on the Mortgage Loans exclusive of prepayment charges or penalties
      collected during the related Prepayment Period, (iii) the Stated Principal
      Balance of each Mortgage Loan that was repurchased by the Sponsor pursuant
      to
      Sections 2.02, 2.03 and 3.24, (d) the aggregate of all Substitution
      Adjustment Amounts for the related Determination Date in connection with the
      substitution of Mortgage Loans pursuant to Section 2.03(b), (e) amounts in
      respect of principal on the Mortgage Loans paid by the Master Servicer pursuant
      to Section 10.01 and (f) all Liquidation Proceeds and Subsequent Recoveries
      on the Mortgage Loans collected during the related Prepayment Period (to the
      extent such Liquidation Proceeds and Subsequent Recoveries relate to principal),
      in each case to the extent remitted by the Servicers to the Distribution Account
      pursuant to this Agreement minus (ii) all amounts in respect of the Mortgage
      Loans required to be reimbursed by the Trust Fund pursuant to Section 3.32
      or as otherwise set forth in this Agreement or the Custodial Agreement to the
      extent not reimbursed from the Interest Remittance Amount and (iii) any Net
      Swap
      Payment and any Swap Termination Payment owed to the Swap Provider for such
      distribution date (unless the Swap Provider is the sole Defaulting Party or
      the
      sole Affected Party (as defined in the ISDA Master Agreement) and to the extent
      not paid by the securities administrator from any upfront payment received
      pursuant to any replacement interest rate swap agreement that may be entered
      into by the Supplemental Interest Trust Trustee) not covered by the Interest
      Remittance Amount.

     

    Priority
      Percentage: With respect to any Distribution Date (i) the aggregate
      Certificate Principal Balance of the Class A-5 Certificates and Class A-6
      Certificates divided by (ii) the aggregate Certificate Principal Balance of
      the
      Senior Certificates.

    

    Private
      Certificate: Each of the Class X, Class P, Class R, and Class R-X
      Certificates.

     

    Prospectus
      Supplement: The Prospectus Supplement dated June 28, 2007 relating to the
      offering of the Publicly Offered Certificates.

     

    PUD:
      A planned unit development.

     

    Purchase
      Price: With respect to any Mortgage Loan required to be repurchased by the
      Sponsor pursuant to Section 2.02, 2.03 or 3.24 hereof and as confirmed by
      an Officer’s Certificate from the Sponsor to the Trustee, an amount equal to the
      sum of (i) 100% of the outstanding principal balance of the Mortgage Loan as
      of
      the date of such purchase plus, (ii) thirty (30) days’ accrued interest thereon
      at the applicable Net Mortgage Rate, plus any portion of the Servicing Fee,
      Master Servicing Fee, Servicing Advances and Advances payable to the related
      Servicer or Master Servicer, as applicable, with respect to such Mortgage Loan
      plus (iii) any costs and damages of the Trust Fund in connection with any
      violation by such Mortgage Loan of any abusive or predatory lending law,
      including any expenses incurred by the Trustee with respect to such Mortgage
      Loan prior to the purchase thereof.

     

    Rating
      Agency: Each of Moody’s and S&P. If any such organization or its
      successor is no longer in existence, “Rating Agency” shall be a nationally
      recognized statistical rating organization, or other comparable Person,
      designated by the Depositor, notice of which designation shall be given to
      the
      Trustee. References herein to a given rating category of a Rating Agency shall
      mean such rating category without giving effect to any modifiers.

     

    Realized
      Loss: With respect to each Mortgage Loan as to which a Final Recovery
      Determination has been made, an amount (not less than zero) equal to (i) the
      Stated Principal Balance of such Mortgage Loan as of the commencement of the
      calendar month in which the Final Recovery Determination was made, plus (ii)
      accrued interest from the Due Date as to which interest was last paid by the
      Mortgagor through the end of the calendar month in which such Final Recovery
      Determination was made, calculated in the case of each calendar month during
      such period (A) at an annual rate equal to the annual rate at which interest
      was
      then accruing on such Mortgage Loan and (B) on a principal amount equal to
      the
      Stated Principal Balance of such Mortgage Loan as of the close of business
      on
      the Distribution Date during such calendar month, minus (iii) the proceeds, if
      any, received in respect of such Mortgage Loan during the calendar month in
      which such Final Recovery Determination was made, net of amounts that are
      payable therefrom to a Servicer pursuant to this Agreement or the Servicing
      Agreement.  To the extent a Servicer receives Subsequent Recoveries
      with respect to any Mortgage Loan, the amount of the Realized Loss with respect
      to that Mortgage Loan will be reduced to the extent that Subsequent Recoveries
      are applied to reduce the Certificate Principal Balance of any Class of
      Certificates on any Distribution Date.

     

    With
      respect to any REO Property as to which a Final Recovery Determination has
      been
      made, an amount (not less than zero) equal to (i) the Stated Principal Balance
      of the related Mortgage Loan as of the date of acquisition of such REO Property
      on behalf of REMIC I, plus (ii) accrued interest from the Due Date as to which
      interest was last paid by the Mortgagor in respect of the related Mortgage
      Loan
      through the end of the calendar month immediately preceding the calendar month
      in which such REO Property was acquired, calculated in the case of each calendar
      month during such period (A) at an annual rate equal to the annual rate at
      which
      interest was then accruing on the related Mortgage Loan and (B) on a principal
      amount equal to the Stated Principal Balance of the related Mortgage Loan as
      of
      the close of business on the Distribution Date during such calendar month,
      minus
      (iii) the aggregate of all unreimbursed Advances and Servicing
      Advances.

     

    With
      respect to each Mortgage Loan which has become the subject of a Deficient
      Valuation, the difference between the principal balance of the Mortgage Loan
      outstanding immediately prior to such Deficient Valuation and the principal
      balance of the Mortgage Loan as reduced by the Deficient Valuation.

     

    With
      respect to each Mortgage Loan which has become the subject of a Debt Service
      Reduction, the portion, if any, of the reduction in each affected Monthly
      Payment attributable to a reduction in the Mortgage Rate imposed by a court
      of
      competent jurisdiction. Each such Realized Loss shall be deemed to have been
      incurred on the Due Date for each affected Monthly Payment.

     

    Realized
      Loss Amortization Amounts: With respect to each Class of Senior Certificates
      and Mezzanine Certificates and any Distribution Date, the lesser of (x) the
      Unpaid Realized Loss Amount for such Class and (y) the remaining Net Monthly
      Excess Cashflow available after distribution for such Class in priority (v)
      or
      (vi), as applicable, under Section 5.04(a) clause Third.

    

     

    Record
      Date:  With respect to any Distribution Date and the Fixed Rate
      Certificates, Class X, Class P, Class R and Class R-X Certificates, the close
      of
      business on the last Business Day of the month preceding the month in which
      such
      Distribution Date occurs. With respect to the Floating Rate Certificates and
      any
      Distribution Date, so long as such Certificates are Book-Entry Certificates,
      the
      Business Day preceding such Distribution Date, and otherwise, the close of
      business on the last Business Day of the month preceding the month in which
      such
      Distribution Date occurs.

     

    Reference
      Bank Rate: With respect to any Accrual Period shall mean the arithmetic
      mean, rounded upwards, if necessary, to the nearest whole multiple of 0.03125%,
      of the offered rates for United States dollar deposits for one month that are
      quoted by the Reference Banks as of 11:00 a.m., New York City time, on the
      related Interest Determination Date to prime banks in the London interbank
      market for a period of one month in an amount approximately equal to the
      Certificate Principal Balance of the Floating Rate Certificates, as applicable,
      for such Accrual Period, provided that at least two such Reference Banks provide
      such rate. If fewer than two offered rates appear, the Reference Bank Rate
      will
      be the arithmetic mean, rounded upwards, if necessary, to the nearest whole
      multiple of 0.03125%, of the rates quoted by one or more major banks in New
      York
      City, selected by the Securities Administrator, as of 11:00 a.m., New York
      City
      time, on such date for loans in United States dollars to leading European banks
      for a period of one month in amounts approximately equal to the Certificate
      Principal Balance of the Floating Rate Certificates, as applicable.

     

    Reference
      Banks: Shall mean leading banks selected by the Securities Administrator and
      engaged in transactions in Eurodollar deposits in the international Eurocurrency
      market (i) with an established place of business in London, (ii) which have
      been
      designated as such by the Securities Administrator and (iii) which are not
      controlling, controlled by, or under common control with, the Depositor, the
      Sponsor or either Servicer.

     

    Regular
      Certificate: Any Certificate other than a Residual Certificate.

     

    Regulation
      AB: Means Subpart 229.1100 - Asset Backed Securities (Regulation AB), 17
      C.F.R. Sections 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.

     

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

     

    Relief
      Act: The Servicemembers Civil Relief Act of 2003, as amended from time to
      time or similar state or local laws.

     

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

     

    REMIC
      I: The segregated pool of assets subject hereto, constituting the primary
      trust created hereby and to be administered hereunder, with respect to which
      a
      REMIC election is to be made, consisting of (i) the Mortgage Loans and all
      interest accruing and principal due with respect thereto after the Cut-off
      Date
      to the extent not applied in computing the Cut-off Date Principal Balance
      thereof and all related Prepayment Charges; (ii) the related Mortgage Files,
      (iii) the Custodial Accounts (other than any amounts representing any Servicer
      Prepayment Charge Payment Amount), the Distribution Account, the Class P
      Certificate Account and such assets that are deposited therein from time to
      time, together with any and all income, proceeds and payments with respect
      thereto; (iv) property that secured a Mortgage Loan and has been acquired by
      foreclosure, deed in lieu of foreclosure or otherwise; (v) the mortgagee’s
      rights under the Insurance Policies with respect to the Mortgage Loans; (vi)
      the
      rights under the related Mortgage Loan Purchase Agreement with respect to the
      Mortgage Loans, and (vii) all proceeds of the foregoing, including proceeds
      of
      conversion, voluntary or involuntary, of any of the foregoing into cash or
      other
      liquid property. Notwithstanding the foregoing, however, REMIC I specifically
      excludes (i) all payments and other collections of principal and interest due
      on
      the Mortgage Loans on or before the Cut-off Date, (ii) all Prepayment Charges
      payable in connection with Principal Prepayments on the Mortgage Loans made
      before the Cut-off Date, (iii) Net WAC Reserve Fund, the (iv) Swap Agreement;
      (v) the Cap Contract and (vi) the Supplemental Interest Trust.

     

    REMIC
      I Regular Interest: REMIC I Regular Interest I, REMIC I Regular Interest 1-A
      through REMIC I Regular Interest 60-B and REMIC I Regular Interest P as
      designated in the Preliminary Statement hereto. The REMIC I Regular Interest
      shall accrue interest at the related Uncertificated REMIC I Pass-Through Rate
      in
      effect from time to time, and shall be entitled to distributions of principal,
      subject to the terms and conditions hereof, in an aggregate amount equal to
      its
      initial Uncertificated Principal Balance as set forth in the Preliminary
      Statement hereto. The designations for the respective REMIC I Regular Interests
      are set forth in the Preliminary Statement hereto.

     

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

     

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

     

    REMIC
      II Overcollateralization Amount: With respect to any date of determination,
      (i) the 1.00% of the aggregate Uncertificated Principal Balances of the REMIC
      II
      Regular Interests minus (ii) the aggregate of the Uncertificated Principal
      Balances of REMIC II Regular Interest LT-A1A, REMIC II Regular Interest LT-A1B,
      REMIC II Regular Interest LT-A2, REMIC II Regular Interest LT-A3, REMIC II
      Regular Interest LT-A4, REMIC II Regular Interest LT-A5, REMIC II Regular
      Interest LT-A6, REMIC II Regular Interest LT-A7, REMIC II Regular Interest
      LT-M1, REMIC II Regular Interest LT-M2, REMIC II Regular Interest LT-M3, REMIC
      II Regular Interest LT-M4, REMIC II Regular Interest LT-M5 and REMIC II Regular
      Interest LT-P, in each case as of such date of determination.

     

    REMIC
      II Principal Loss Allocation Amount: With respect to any Distribution Date,
      an amount equal to (a) the product of (i) the aggregate Stated Principal Balance
      of the Mortgage Loans and REO Properties then outstanding and (ii) 1 minus
      a
      fraction, the numerator of which is two times the aggregate of the
      Uncertificated Principal Balances of REMIC II Regular Interest LT-A1A, REMIC
      II
      Regular Interest LT-A1B, REMIC II Regular Interest LT-A2, REMIC II Regular
      Interest LTII-A3, REMIC II Regular Interest LTII-A4, REMIC II Regular Interest
      LT-A5, REMIC II Regular Interest LT-A6, REMIC II Regular Interest LT-A7, REMIC
      II Regular Interest LT-M1, REMIC II Regular Interest LT-M2, REMIC II Regular
      Interest LT-M3, REMIC II Regular Interest LT-M4, REMIC II Regular Interest
      LT-M5
      and REMIC II Regular Interest LT-ZZ.

     

    REMIC
      II Regular Interests: REMIC II Regular Interest LT-AA, REMIC II Regular
      Interest LT-A1A, REMIC II Regular Interest LT-A1B, REMIC II Regular Interest
      LT-A2, REMIC II Regular Interest LT-A3, REMIC II Regular Interest LT-A4, REMIC
      II Regular Interest LT-5, REMIC II Regular Interest LT-A6, REMIC II Regular
      Interest L/t-A7, REMIC II Regular Interest LT-M1, REMIC II Regular Interest
      LT-M2, REMIC II Regular Interest LT-M3, REMIC II Regular Interest LT-M4, REMIC
      II Regular Interest LT-M5 and REMIC II Regular Interest LT-ZZ, REMIC II Regular
      Interest LT-P and REMIC II Regular Interest LT-IO.

     

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

     

    REMIC
      II Regular Interest LT-A1A:  One of the separate non-certificated
      beneficial ownership interests in REMIC II issued hereunder and designated
      as a
      Regular Interest in REMIC II. REMIC II Regular Interest LT-A1A shall accrue
      interest at the related Uncertificated REMIC II Pass-Through Rate in effect
      from
      time to time, and shall be entitled to distributions of principal, subject
      to
      the terms and conditions hereof, in an aggregate amount equal to its initial
      Uncertificated Principal Balance as set forth in the Preliminary Statement
      hereto.

     

    REMIC
      II Regular Interest LT-A1B:  One of the separate non-certificated
      beneficial ownership interests in REMIC II issued hereunder and designated
      as a
      Regular Interest in REMIC II. REMIC II Regular Interest LT-A1B shall accrue
      interest at the related Uncertificated REMIC II Pass-Through Rate in effect
      from
      time to time, and shall be entitled to distributions of principal, subject
      to
      the terms and conditions hereof, in an aggregate amount equal to its initial
      Uncertificated Principal Balance as set forth in the Preliminary Statement
      hereto.

     

    REMIC
      II Regular Interest LT-A2:  One of the separate non-certificated
      beneficial ownership interests in REMIC II issued hereunder and designated
      as a
      Regular Interest in REMIC II. REMIC II Regular Interest LT-A2 shall accrue
      interest at the related Uncertificated REMIC II Pass-Through Rate in effect
      from
      time to time, and shall be entitled to distributions of principal, subject
      to
      the terms and conditions hereof, in an aggregate amount equal to its initial
      Uncertificated Principal Balance as set forth in the Preliminary Statement
      hereto.

     

    REMIC
      II Regular Interest LT-A3:  One of the separate non-certificated
      beneficial ownership interests in REMIC II issued hereunder and designated
      as a
      Regular Interest in REMIC II. REMIC II Regular Interest LT-A3 shall accrue
      interest at the related Uncertificated REMIC II Pass-Through Rate in effect
      from
      time to time, and shall be entitled to distributions of principal, subject
      to
      the terms and conditions hereof, in an aggregate amount equal to its initial
      Uncertificated Principal Balance as set forth in the Preliminary Statement
      hereto.

     

    REMIC
      II Regular Interest LT-A4:  One of the separate non-certificated
      beneficial ownership interests in REMIC II issued hereunder and designated
      as a
      Regular Interest in REMIC II. REMIC II Regular Interest LT-A4 shall accrue
      interest at the related Uncertificated REMIC II Pass-Through Rate in effect
      from
      time to time, and shall be entitled to distributions of principal, subject
      to
      the terms and conditions hereof, in an aggregate amount equal to its initial
      Uncertificated Principal Balance as set forth in the Preliminary Statement
      hereto.

     

    REMIC
      II Regular Interest LT-A5:  One of the separate non-certificated
      beneficial ownership interests in REMIC II issued hereunder and designated
      as a
      Regular Interest in REMIC II. REMIC II Regular Interest LT-A5 shall accrue
      interest at the related Uncertificated REMIC II Pass-Through Rate in effect
      from
      time to time, and shall be entitled to distributions of principal, subject
      to
      the terms and conditions hereof, in an aggregate amount equal to its initial
      Uncertificated Principal Balance as set forth in the Preliminary Statement
      hereto.

     

    REMIC
      II Regular Interest LT-A6:  One of the separate non-certificated
      beneficial ownership interests in REMIC II issued hereunder and designated
      as a
      Regular Interest in REMIC II. REMIC II Regular Interest LT-A6 shall accrue
      interest at the related Uncertificated REMIC II Pass-Through Rate in effect
      from
      time to time, and shall be entitled to distributions of principal, subject
      to
      the terms and conditions hereof, in an aggregate amount equal to its initial
      Uncertificated Principal Balance as set forth in the Preliminary Statement
      hereto.

     

    REMIC
      II Regular Interest LT-A7:  One of the separate non-certificated
      beneficial ownership interests in REMIC II issued hereunder and designated
      as a
      Regular Interest in REMIC II. REMIC II Regular Interest LT-A7 shall accrue
      interest at the related Uncertificated REMIC II Pass-Through Rate in effect
      from
      time to time, and shall be entitled to distributions of principal, subject
      to
      the terms and conditions hereof, in an aggregate amount equal to its initial
      Uncertificated Principal Balance as set forth in the Preliminary Statement
      hereto.

     

    REMIC
      II Regular Interest LT-M1: One of the separate non-certificated beneficial
      ownership interests in REMIC II issued hereunder and designated as a Regular
      Interest in REMIC II. REMIC II Regular Interest LT-M1 shall accrue interest
      at
      the related Uncertificated REMIC II Pass-Through Rate in effect from time to
      time, and shall be entitled to distributions of principal, subject to the terms
      and conditions hereof, in an aggregate amount equal to its initial
      Uncertificated Principal Balance as set forth in the Preliminary Statement
      hereto.

     

    REMIC
      II Regular Interest LT-M2: One of the separate non-certificated beneficial
      ownership interests in REMIC II issued hereunder and designated as a Regular
      Interest in REMIC II. REMIC II Regular Interest LT-M2 shall accrue interest
      at
      the related Uncertificated REMIC II Pass-Through Rate in effect from time to
      time, and shall be entitled to distributions of principal, subject to the terms
      and conditions hereof, in an aggregate amount equal to its initial
      Uncertificated Principal Balance as set forth in the Preliminary Statement
      hereto.

     

    REMIC
      II Regular Interest LT-M3: One of the separate non-certificated beneficial
      ownership interests in REMIC II issued hereunder and designated as a Regular
      Interest in REMIC II. REMIC II Regular Interest LT-M3 shall accrue interest
      at
      the related Uncertificated REMIC II Pass-Through Rate in effect from time to
      time, and shall be entitled to distributions of principal, subject to the terms
      and conditions hereof, in an aggregate amount equal to its initial
      Uncertificated Principal Balance as set forth in the Preliminary Statement
      hereto.

     

    REMIC
      II Regular Interest LT-M4: One of the separate non-certificated beneficial
      ownership interests in REMIC II issued hereunder and designated as a Regular
      Interest in REMIC II. REMIC II Regular Interest LT-M4 shall accrue interest
      at
      the related Uncertificated REMIC II Pass-Through Rate in effect from time to
      time, and shall be entitled to distributions of principal, subject to the terms
      and conditions hereof, in an aggregate amount equal to its initial
      Uncertificated Principal Balance as set forth in the Preliminary Statement
      hereto.

     

    REMIC
      II Regular Interest LT-M5: One of the separate non-certificated beneficial
      ownership interests in REMIC II issued hereunder and designated as a Regular
      Interest in REMIC II. REMIC II Regular Interest LT-M5 shall accrue interest
      at
      the related Uncertificated REMIC II Pass-Through Rate in effect from time to
      time, and shall be entitled to distributions of principal, subject to the terms
      and conditions hereof, in an aggregate amount equal to its initial
      Uncertificated Principal Balance as set forth in the Preliminary Statement
      hereto.

     

    REMIC
      II Regular Interest LT-P: One of the separate non-certificated beneficial
      ownership interests in REMIC II issued hereunder and designated as a Regular
      Interest in REMIC II. REMIC II Regular Interest LT-P shall be entitled to
      distributions of principal, subject to the terms and conditions hereof, in
      an
      aggregate amount equal to its initial Uncertificated Principal Balance as set
      forth in the Preliminary Statement hereto.

     

    REMIC
      II Regular Interest LT-IO: One of the separate non-certificated beneficial
      ownership interests in REMIC II issued hereunder and designated as a Regular
      Interest in REMIC II. REMIC II Regular Interest LT-IO shall accrue interest
      at
      the related Uncertificated REMIC II Pass-Through Rate in effect from time to
      time.

     

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

     

    REMIC
      II Regular Interest LT-ZZ Maximum Interest Deferral Amount: With respect to
      any Distribution Date, the excess of (i) accrued interest at the Uncertificated
      REMIC II Pass-Through Rate applicable to REMIC II Regular Interest LT-ZZ for
      such Distribution Date on a balance equal to the Uncertificated Principal
      Balance of REMIC II Regular Interest LT-ZZ minus the REMIC II
      Overcollateralization Amount, in each case for such Distribution Date, over
      (ii)
      the Uncertificated Accrued Interest on REMIC II Regular Interest LT-A1A, REMIC
      II Regular Interest LT-A1B, REMIC II Regular Interest LT-A2, REMIC II Regular
      Interest LT-A3, REMIC II Regular Interest LT-A4, REMIC II Regular Interest
      LT-A5, REMIC II Regular Interest LT-A6, REMIC II Regular Interest LT-A7, REMIC
      II Regular Interest LT-M1, REMIC II Regular Interest LT-M2, REMIC II Regular
      Interest LT-M3, REMIC II Regular Interest LT-M4 and REMIC II Regular Interest
      LT-M5, for such Distribution Date, with the rate on each such REMIC II Regular
      Interest subject a cap equal to the related Pass-Through Rate provided, however,
      that for this purpose, the calculation of the Uncertificated REMIC II
      Pass-Through Rate and the related cap with respect to each such REMIC II Regular
      Interest (other than REMIC II Regular Interest LT-A1B, REMIC II Regular Interest
      LT-A5, REMIC II Regular Interest LT-A6 and REMIC II Regular Interest LT-ZZ)
      shall be multiplied by a fraction, the numerator of which is the actual number
      of days in the Accrual Period and the denominator of which is thirty
      (30).

     

    REMIC
      II Targeted Overcollateralization Amount: 1.00% of the Targeted
      Overcollateralization Amount.

     

    REMIC
      III: The segregated pool of assets consisting of all of the REMIC II Regular
      Interests conveyed in trust to the Trustee, for the benefit of the REMIC III
      Certificateholders pursuant to Section 2.07, and all amounts deposited
      therein, with respect to which a separate REMIC election is to be
      made.

     

    REMIC
      III Certificate: Any Certificate other than the Class X Certificates and
      Class P Certificates.

     

    REMIC
      III Certificateholder: The Holder of any REMIC III Certificate.

     

    REMIC
      III Regular Interest: Any of the Class X Interest, Class P Interest, Class
      IO Interest, and any “regular interest” in REMIC III the ownership of which is
      represented by a Senior Certificate or Mezzanine Certificate.

     

    REMIC
      IV: The segregated pool of assets consisting of all of the Class X Interest
      conveyed in trust to the Trustee, for the benefit of the Holders of the Class
      X
      Certificates and the Class R-X Certificate (in respect of the Class R-4
      Interest), pursuant to Section 2.07 hereunder, and all amounts deposited
      therein, with respect to which a separate REMIC election is to be
      made.

     

    REMIC
      V: The segregated pool of assets consisting of all of the Class P Interest
      conveyed in trust to the Trustee, for the benefit of the Holders of the Class
      P
      Certificates and the Holders of the Class R-X Certificate (in respect of the
      Class R-5 Interest), pursuant to Section 2.07 hereunder, and all amounts
      deposited therein, with respect to which a separate REMIC election is to be
      made.

     

    REMIC
      VI: The segregated pool of assets consisting of all of the Class IO Interest
      conveyed in trust to the Trustee, for the benefit of the Holders of REMIC VI
      Regular Interest IO and the Holders of the Class R-X Certificate (in respect
      of
      the Class R-6 Interest), pursuant to Section 2.07, and all amounts
      deposited therein, with respect to which a separate REMIC election is to be
      made.

     

    REMIC
      VI Regular Interest IO: An uncertificated interest in the Trust Fund held by
      the Trustee, evidencing a Regular Interest in REMIC VI for purposes of the
      REMIC
      Provisions.

     

    REMIC
      Opinion: Shall mean an Opinion of Counsel to the effect that the proposed
      action will not have an adverse affect on any REMIC created
      hereunder.

     

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

     

    REMIC
      Regular Interest: Any Regular Interest, REMIC I Regular Interest, REMIC II
      Regular Interest, Class X Interest, Class P Interest, Class IO Interest, REMIC
      VI Regular Interest IO or a Regular Certificate.

     

    Remittance
      Date: With respect to the GMACM Mortgage Loans shall mean the eighteenth
      (18th) day of
      the month and if such day is not a Business Day, the immediately preceding
      Business Day.  With respect to the Wells Fargo Mortgage Loans, as set
      forth in the Servicing Agreement.

     

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

     

    Replacement
      Mortgage Loan: A Mortgage Loan or Mortgage Loans in the aggregate
      substituted by the Sponsor for a Deleted Mortgage Loan, which must, on the
      date
      of such substitution, as confirmed in a request for release in accordance with
      the terms of the Custodial Agreement, (i) have a Stated Principal Balance,
      after
      deduction of the principal portion of the Scheduled Payment due in the month
      of
      substitution, not in excess of, and not less than 90% of, the Stated Principal
      Balance of the Deleted Mortgage Loan; (ii) have a fixed Mortgage Rate not less
      than or more than 1% per annum higher than the Mortgage Rate of the Deleted
      Mortgage Loan; (iii) have the same or higher credit quality characteristics
      than
      that of the Deleted Mortgage Loan; (iv) have a Loan-to-Value Ratio no higher
      than that of the Deleted Mortgage Loan; (v) have a remaining term to maturity
      no
      greater than (and not more than one year less than) that of the Deleted Mortgage
      Loan; (vi) be secured by a first lien on the related Mortgaged Property; (vii)
      constitute the same occupancy type as the Deleted Mortgage Loan or be owner
      occupied; (viii) comply with each representation and warranty set forth in
      the
      Mortgage Loan Purchase Agreement; and (ix) not permit conversion of the Mortgage
      Rate from a fixed rate to a variable rate.

     

    Reportable
      Event: Has the meaning set forth in Section Section 5.17(b) of this
      Agreement.

     

    Reporting
      Servicer: Shall mean any Servicer, the Master Servicer, the Securities
      Administrator, the Custodian under the Custodial Agreement, and any Servicing
      Function Participant engaged by such parties.

     

    Required
      Insurance Policy: With respect to any Mortgage Loan, any insurance policy
      that is required to be maintained from time to time under this
      Agreement.

     

    Residual
      Certificates: The Class R Certificates and Class R-X
      Certificates.

     

    Responsible
      Officer: With respect to the Trustee and the Securities Administrator, any
      Vice President, any Assistant Vice President, the Secretary, any Assistant
      Secretary, any Trust Officer, any other officer customarily performing functions
      similar to those performed by any of the above designated officers or other
      officers of the Trustee or the Securities Administrator specified by the Trustee
      or the Securities Administrator, as the case may be, having direct
      responsibility over this Agreement and customarily performing functions similar
      to those performed by any one of the designated officers, as to whom, with
      respect to a particular matter, such matter is referred because of such
      officer’s knowledge of and familiarity with the particular subject.

     

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

     

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

     

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

     

    Scheduled
      Payment: With respect to each Mortgage Loan, the scheduled monthly payment
      on such Mortgage Loan due on any Due Date allocable to principal and/or interest
      on such Mortgage Loan.

     

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

     

    Securities
      Administrator:  As of the Closing Date, Wells Fargo Bank, N.A. and
      thereafter, its respective successors in interest that meet the qualifications
      of this Agreement. The Securities Administrator and the Master Servicer shall
      at
      all times be the same Person or Affiliates.

     

    Senior
      Applied Realized Loss Amount: With respect to any Class of Senior
      Certificates and Distribution Date which occurs after the aggregate Certificate
      Principal Balance of Mezzanine Certificates has been reduced to zero, an amount
      equal to the product of (i) the excess of (a) the aggregate Certificate
      Principal Balance of the Senior Certificates on such Distribution Date over
      (b)
      Aggregate Stated Principal Balance of the Mortgage Loans as of the last day
      of
      the related Due Period, in each case after giving effect to all Realized Losses
      incurred with respect to the Mortgage Loans during the Due Period for such
      Distribution Date and all unscheduled collections received during the Prepayment
      Period for such Distribution Date and payments of principal on such Distribution
      Date and any increase in the Certificate Principal Balance of any Class of
      Senior Certificates as a result of Subsequent Recoveries and (ii) a fraction,
      the numerator of which is the Certificate Principal Balance of such Class of
      Senior Certificates and the denominator of which is the aggregate Certificate
      Principal Balance of the Senior Certificates.

    

    Senior
      Certificates:  The Class A-1A, Class A-1B, Class A-2, Class A-3,
      Class A-4, Class A-5, Class A-6 and Class A-7 Certificates.

     

    Senior
      Enhancement Percentage: With respect to any Distribution Date, the
      percentage obtained by dividing (x) the sum of (i) the aggregate Certificate
      Principal Balance of the Mezzanine Certificates before taking into account
      distributions on such Distribution Date and (ii) the Overcollateralization
      Amount as of such Distribution Date by (y) the aggregate Stated Principal
      Balance of the Mortgage Loans as of the last day of the related Due
      Period.

     

    Senior
      Floating Rate Loss Percentage: With respect to any Distribution Date and (a)
      the Class A-1A Certificates an amount not to exceed 10.00% of the Certificate
      Principal Balance of the Class A-1A Certificates on the Closing Date, (b) the
      Class A-2 Certificates an amount not to exceed 10.00% of the Certificate
      Principal Balance of the Class A-2 Certificates on the Closing Date, (c) the
      Class A-3 Certificates an amount not to exceed 16.90% of the Certificate
      Principal Balance of the Class A-3 Certificates on the Closing Date, and (d)
      the
      Class A-4 Certificates an amount not to exceed 10.00% of the Certificate
      Principal Balance of the Class A-4 Certificates on the Closing
      Date.

     

    Senior
      Interest Distribution Amount: With respect to any Distribution Date and any
      Class of Senior Certificates will be equal to the Interest Distribution Amount
      for such Distribution Date for such Class and the Interest Carry Forward Amount,
      if any, for such Distribution Date for such Class.

     

    Senior
      Principal Distribution Amount: With respect to any Distribution Date
      (i)  prior to the Stepdown Date as to which a Trigger Event is in
      effect, the Principal Distribution Amount and  (ii) on or after the
      Stepdown Date and as long Trigger Event is not in effect, the excess of (x)
      the
      aggregate Certificate Principal Balance of the Senior Certificates immediately
      prior to such Distribution Date over (y) the lesser of (A) the product of (1)
      approximately 81.80% and (2) the aggregate Stated Principal Balance of the
      Mortgage Loans as of the last day of the related Due Period and (B) the amount
      by which the aggregate Stated Principal Balance of the Mortgage Loans as of
      the
      as of the last day of the related Due Period after giving effect to principal
      prepayments received during the calendar month preceding the month of that
      Distribution Date exceeds the product of (1) 0.35% and (2) the aggregate Stated
      Principal Balance of the Mortgage Loans on the Cut-off Date.

     

    Senior
      Sequential Allocation Percentage: With respect to any Distribution Date, a
      fraction, expressed as a percentage, the numerator of which is the sum of the
      Certificate Principal Balances of the Class A-1A, Class A-1B, Class A-2, Class
      A-3, Class A-4, Class A-5 and Class A-6 Certificates and the denominator of
      which is the aggregate Certificate Principal Balance of all of the Senior
      Certificates, in each case immediately prior to such Distribution
      Date.

     

    Servicer:  Shall
      mean either GMACM or Wells Fargo or any successor thereto appointed hereunder
      or
      under the Servicing Agreement in connection with the servicing and
      administration of the related Mortgage Loans.

     

    Servicer
      Default: As defined in Section 8.01.

     

    Servicer
      Prepayment Charge Payment Amount: The amount payable by a Servicer in
      respect of any waived Prepayment Charges pursuant to Section 3.01 or
      pursuant to the Servicing Agreement.

     

    Servicer’s
      Assignee: As defined in Section 5.01(b)(ii)

     

    Service(s)(ing):
      Means, in accordance with Regulation AB, the act of servicing and administering
      the Mortgage Loans or any other assets of the Trust Fund by an entity that
      meets
      the definition of “servicer’ set forth in Item 1101 of Regulation AB and is
      subject to the disclosure requirements set forth in 1108 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 (including reasonable legal fees) incurred in the performance by a
      Servicer of its servicing obligations hereunder or under the Servicing
      Agreement, as applicable, including, but not limited to, the cost of (i) the
      preservation, restoration, inspection, valuation and protection of a Mortgaged
      Property, (ii) any enforcement or judicial proceedings, including foreclosures,
      and including any expenses incurred in relation to any such proceedings that
      result from the Mortgage Loan being registered in the MERS® System, (iii) the
      management and liquidation of any REO Property (including, without limitation,
      realtor’s commissions), (iv) compliance with any obligations under
      Section 3.07 hereof to cause insurance to be maintained and (v) payment of
      taxes.

     

    Servicing
      Agreement: The Seller’s Warranties
      and Servicing Agreement, dated as of January 1, 2007, between the Sponsor and
      Wells Fargo (as modified pursuant to the Assignment
      Agreement).

     

    Servicing
      Criteria: Means 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 each Mortgage Loan and any Distribution Date, an amount equal to
      1/12th of the applicable Servicing Fee Rate multiplied by the Stated Principal
      Balance of such Mortgage Loan as of the last day of the related Due Period
      or,
      in the event of any payment of interest that accompanies a Principal Prepayment
      in full during the related Due Period made by the Mortgagor immediately prior
      to
      such prepayment, interest at the Servicing Fee Rate on the same Stated Principal
      Balance of such Mortgage Loan used to calculate the payment of interest on
      such
      Mortgage Loan.

     

    Servicing
      Fee Rate:  With respect to the Mortgage Loans serviced by GMACM, a
      weighted average rate of 0.2502% per annum per Mortgage Loan. With respect
      to
      the Mortgage Loans serviced by Wells Fargo, as set forth in the Servicing
      Agreement.

     

    Servicing
      Function Participant: Means any Subservicer or Subcontractor of each
      Servicer, the Master Servicer and the Securities Administrator, the Custodian,
      respectively.  For purposes of Section 5.18(d), such term also
      shall include each Servicer, the Master Servicer, the Securities Administrator
      and the Custodian, without regard to any threshold reference
      therein.

     

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

     

    Significance
      Percentage:  The percentage equivalent of a fraction, the
      numerator of which is (I) the present value (such calculation of present value
      using the two-year swaps rate made available at Bloomberg Financial Markets,
      L.P.) of the aggregate amount payable under the Swap Agreement (assuming that
      one-month LIBOR for each remaining Calculation Period (as defined in the Swap
      Agreement) beginning with the Calculation Period immediately following the
      related Distribution Date is equal to the sum of (a) the one-month LIBOR rate
      for each remaining Calculation Period made available at Bloomberg Financial
      Markets, L.P. by taking the following steps: (1) typing in the following
      keystrokes: fwcv , us , 3 ; (2) the Forwards shall be set to “1-Mo”; (3) the
      Intervals shall be set to “1-Mo”; and (4) the Points shall be set to equal the
      remaining term of the Swap Agreement in months and the Securities Administrator
      shall click (provided that the Depositor shall notify the Securities
      Administrator in writing of any changes to such keystrokes), (b) the percentage
      equivalent of a fraction, the numerator of which is 5.00% and the denominator
      of
      which is the initial number of Distribution Dates on which the Securities
      Administrator is entitled to receive payments under the Swap Agreement (the
      “Add-On Amount”) and (c) the Add-On Amount for each previous period) and the
      denominator of which is (II) the aggregate Certificate Principal Balance of
      the
      Senior Certificates and the Mezzanine Certificates on such Distribution Date
      (after giving effect to all distributions on such Distribution
      Date).

     

    60+
      Day Delinquent Loan: Each Mortgage Loan (including each Mortgage Loan in
      foreclosure and each Mortgage Loan for which the mortgagor has filed for
      bankruptcy after the Closing Date) with respect to which any portion of a
      monthly payment is, as of the due date in the month prior to such Distribution
      Date, two months or more past due and each Mortgage Loan relating to an REO
      Property.

     

    Sponsor:
      Nomura Credit & Capital, Inc., a Delaware corporation, and its successors
      and assigns, in its capacity as seller of the Mortgage Loans to the
      Depositor.

     

    Startup
      Day: The Startup Day for each REMIC formed hereunder shall be the Closing
      Date.

     

    Stated
      Principal Balance: With respect to any Mortgage Loan or related REO Property
      and any Distribution Date, the Cut-off Date Principal Balance thereof minus
      the
      sum of (i) the principal portion of the Scheduled Payments due with respect
      to
      such Mortgage Loan during each Due Period ending prior to such Distribution
      Date
      (and irrespective of any delinquency in their payment), (ii) all Principal
      Prepayments with respect to such Mortgage Loan received prior to or during
      the
      related Prepayment Period, and all Liquidation Proceeds to the extent applied
      by
      the related Servicer as recoveries of principal in accordance with
      Section 3.09 of this Agreement or pursuant to the Servicing Agreement with
      respect to such Mortgage Loan, that were received by the Servicer as of the
      close of business on the last day of the Prepayment Period related to such
      Distribution Date and (iii) any Realized Losses on such Mortgage Loan incurred
      during the related Prepayment Period.  The Stated Principal Balance of
      a Liquidated Loan equals zero.

     

    Stepdown
      Date: Will be the later to occur of (x) the Distribution Date in July 2010
      and (y) the first Distribution Date on which the Senior Enhancement Percentage
      of the Senior Certificates (calculated for this purpose only after taking into
      account distributions of principal on the Mortgage Loans, but prior to any
      distribution of the Principal Distribution Amount to the holders of the
      Certificates then entitled to distributions of principal on the Distribution
      Date) is greater than or equal to approximately 18.20%

     

    Subcontractor:
      Shall mean any vendor, subcontractor or other Person who is not responsible
      for
      the overall servicing of Mortgage Loans but performs one or more discrete
      functions identified in Item 1122(d) of Regulation AB with respect to Mortgage
      Loans under the direction or authority of a Servicer (or a Subservicer of a
      Servicer), the Master Servicer, the Trustee, the Custodian or the Securities
      Administrator and each subcontractor is determined by the Person engaging the
      subcontractor to be “participating in the servicing function” within the meaning
      of Item 1122 of Regulation AB.

     

    Subordinate
      Applied Realized Loss Amount: With respect to any Distribution Date and
      after giving effect to all Realized Losses incurred with respect to the Mortgage
      Loans during the Due Period for such Distribution Date and all unscheduled
      collections received during the Prepayment Period for such Distribution Date
      and
      payments of principal on such Distribution Date and any increase in the
      Certificate Principal Balance of any Class of Offered Certificates as a result
      of Subsequent Recoveries, an amount, not less than zero, equal to the excess
      of
      the aggregate Certificate Principal Balance of the Offered Certificates over
      the
      Aggregate Stated Principal Balance of the Mortgage Loans as of the last day
      of
      the related Due Period.

     

    Subordinate
      Certificates: The Class M-1, Class M-2, Class M-3, Class M-4, Class M-5 and
      Class X Certificates.

     

    Subsequent
      Recoveries: Means with respect to a defaulted Mortgage Loan the amounts
      recovered by the related Servicer (net of reimbursable expenses) with respect
      to
      such Mortgage Loan with respect to which a Realized Loss was incurred, after
      the
      liquidation or disposition of such Mortgage Loan.

     

    Subservicer:
      Shall mean any Person who is identified in Item 1122(d) of Regulation AB that
      services the related Mortgage Loans on behalf of a Servicer or is engaged by
      the
      Master Servicer, the Securities Administrator or the Custodian and is
      responsible for the performance (whether directly or through subservicers or
      Subcontractors) of a substantial portion of the material servicing functions
      required to be performed by such Person under this Agreement, the Servicing
      Agreement or any subservicing agreement.

     

    Subservicing
      Agreement: Any agreement entered into between a Servicer and a Subservicer
      with respect to the subservicing of any Mortgage Loan subject to
      Section 3.03 of this Agreement or the Servicing Agreement by such
      Subservicer.

     

    Substitution
      Adjustment Amount: The meaning ascribed to such term pursuant to
      Section 2.03(d).

     

    Successor
      Servicer: Any successor to a Servicer appointed pursuant to
      Section 8.02 of this Agreement or pursuant to the Servicing Agreement after
      the occurrence of a Servicer Default or upon the resignation of the Servicer
      pursuant to this Agreement or pursuant to the Servicing Agreement.

     

    Supplemental
      Final Maturity Reserve Amount: means, with respect to any Distribution Date
      (a) prior to the Distribution Date in July 2027, zero, (b) on and after the
      Distribution Date in July 2027 up to and including the Final Maturity Reserve
      Funding Date, the lesser of (i) the amount of the Net Monthly Excess Cashflow
      for such Distribution Date remaining after the distribution pursuant to item
      (viii) of Section 5.04(a) clause third and (ii) the excess of (A) the Stated
      Principal Balance of the Mortgage Loans having 40-year original terms to
      maturity (after giving effect to scheduled payments of principal due during
      the
      related Due Period, to the extent received or advanced, and unscheduled
      collections of principal received during the related Prepayment Period) over
      (B)
      the sum of (1) amounts on deposit in the Final Maturity Reserve Account (after
      giving effect to all distributions on such Distribution Date other than
      distributions from the Final Maturity Reserve Account) and (2) the
      Overcollateralization Amount with respect to such Distribution Date and (c)
      after the Final Maturity Reserve Funding Date, zero.

     

    Supplemental
      Interest Trust:  The corpus of a trust created pursuant to
      Section 5.14 of this Agreement and designated as the “Supplemental Interest
      Trust,” consisting of the Cap Contract, the Swap Agreement, the Class IO
      Interest and the right to receive payments in respect of the Class IO
      Distribution Amount.  For the avoidance of doubt, the Supplemental
      Interest Trust does not constitute a part of the Trust Fund.

     

    Supplemental
      Interest Trust Trustee:  HSBC Bank USA, National Association, or
      any successor thereto.

     

    Swap
      Agreement:  The interest rate swap agreement, dated as of June 29,
      2007, between the Supplemental Interest Trust Trustee and the Swap Provider,
      including any schedule, confirmations, credit support annex or other credit
      support document relating thereto, and attached hereto as Exhibit
      P.

     

    Swap
      Credit Support Annex:  The credit support annex, dated as of June
      29, 2007, between the Supplemental Interest Trust Trustee and the Swap Provider,
      which is annexed to and forms part of the Swap Agreement.

     

    Swap
      LIBOR:  LIBOR as determined pursuant to the Swap
      Agreement.

     

    Swap
      Provider:  The swap provider under the Swap
      Agreement.  Initially, the Swap Provider shall be The Bank of New
      York.

     

    Swap
      Provider Trigger Event:  A Swap Provider Trigger Event shall have
      occurred if any of an Event of Default (under the Swap Agreement) with respect
      to which the Swap Provider is a Defaulting Party, a Termination Event (under
      the
      Swap Agreement) with respect to which the Swap Provider is the sole Affected
      Party or an Additional Termination Event (under the Swap Agreement) with respect
      to which the Swap Provider is the sole Affected Party has occurred.

     

    Swap
      Termination Payment:  Upon the designation of an “Early
      Termination Date” as defined in the related Swap Agreement, the payment to be
      made by the Supplemental Interest Trust to the Swap Provider, or by the Swap
      Provider to the Supplemental Interest Trust, as applicable, pursuant to the
      terms of the Swap Agreement.

     

    Targeted
      Overcollateralization Amount: With respect to any Distribution Date, (x)
      prior to the Stepdown Date, approximately 1.45% of the aggregate Stated
      Principal Balance of the Mortgage Loans as of the Cut-off Date and (y) on and
      after the Stepdown Date, (i) if a Trigger Event has not occurred, the greater
      of
      (a) the lesser of (x) approximately 2.90% of the aggregate Stated Principal
      Balance of the Mortgage Loans as of the last day of the related Due Period
      and
      (y) approximately 1.45% of the aggregate Stated Principal Balance of the
      Mortgage Loans as of the Cut-off Date and (b) approximately 0.35% of the
      aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
      Date
      and (ii) if a Trigger Event has occurred, the Targeted Overcollateralization
      Amount for the immediately preceding Distribution Date. Notwithstanding the
      foregoing, on and after any Distribution Date following the reduction of the
      aggregate Certificate Principal Balance of the Senior Certificates and Mezzanine
      Certificates to zero, the Targeted Overcollateralization Amount shall be
      zero.

     

    Tax
      Matters Person: The person designated as “tax matters person” in the manner
      provided under Treasury regulation Section 1.860F-4(d) and temporary Treasury
      regulation Section 301.6231(a)(7)-1T. The Holder of the greatest Percentage
      Interest in a Class of Residual Certificates shall be the Tax Matters Person
      for
      the related REMIC. The Securities Administrator, or any successor thereto or
      assignee thereof shall serve as tax administrator hereunder and as agent for
      the
      related Tax Matters Person.

     

    Termination
      Price: The price, calculated as set forth in Section 10.01, to be paid
      in connection with the purchase of the Mortgage Loans and REO Properties,
      pursuant to Section 10.01.

     

    Transaction
      Party: Shall mean the Depositor, the Sponsor, the Trustee, the Servicers,
      the Master Servicer, the Securities Administrator, the Custodian, the Cap
      Provider and the Swap Provider.

     

    Transfer
      Affidavit: As defined in Section 6.02(c).

     

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

     

    Trigger
      Event: With respect to any Distribution Date, a Trigger Event is in effect
      if (i) the three month rolling average of 60+ Day Delinquent Loans equals or
      exceeds 38.46% of the Senior Enhancement Percentage or (ii) the aggregate amount
      of Realized Losses on the Mortgage Loans incurred since the Cut-off Date through
      the last day of the related Due Period  (reduced by the aggregate
      amount of Subsequent Recoveries received since the Cut-off Date through the
      last
      day of the related Due Period) divided by the aggregate Stated Principal Balance
      of the Mortgage Loans as of the Cut-off Date exceeds the applicable percentages
      set forth below with respect to such Distribution Date:

     

    
      	
              
                Distribution
                  Date

              

            	
              
                Percentage

              

            
	
              July
                2010 to June 2011

            	
              0.70%,
                plus 1/12th of 0.55% for each month thereafter

            
	
              July
                2011 to June 2012

            	
              1.25%,
                plus 1/12th of 0.55% for each month thereafter

            
	
              July
                2012 to June 2013

            	
              1.80%,
                plus 1/12th of 0.30% for each month thereafter

            
	
              July
                2013 to June 2014

            	
              2.10%,
                plus 1/12th of 0.05% for each month thereafter

            
	
              July
                2014 and thereafter

            	
              2.15%,
                plus 1/12th of 0.05% for each month
                thereafter

            

    

    

    Trust
      Fund:  Collectively, the assets REMIC I, REMIC II, REMIC III,
      REMIC IV, REMIC V, REMIC VI and the Net WAC Reserve Fund. For the avoidance
      of
      doubt, the Trust Fund does not include the Supplemental Interest Trust and
      the
      Final Maturity Trust.

     

    Trustee:
      HSBC Bank USA, National Association, a national banking association, not in
      its
      individual capacity, but solely in its capacity as trustee for the benefit
      of
      the Certificateholders 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.

     

    Uncertificated
      Accrued Interest: With respect to each Uncertificated REMIC Regular Interest
      on each Distribution Date, an amount equal to one month’s interest at the
      related Uncertificated Pass-Through Rate on the Uncertificated Principal Balance
      of such REMIC Regular Interest. In each case, Uncertificated Accrued Interest
      will be reduced by any Prepayment Interest Shortfalls and shortfalls resulting
      from application of the Relief Act (allocated to such REMIC Regular Interests
      as
      set forth in Sections 1.02, 5.07, 5.08 and 5.09).

     

    Uncertificated
      Notional Amount:  With respect to the Class X Interest and any
      Distribution Date, an amount equal to the aggregate Uncertificated Principal
      Balance of the REMIC II Regular Interests (other than REMIC II Regular Interest
      LT-P and REMIC II Regular Interest LTII- IO) for such Distribution
      Date.

     

    With
      respect to REMIC II Regular Interest LT-IO and each Distribution Date listed
      below, the aggregate Uncertificated Principal Balance of the REMIC I Regular
      Interests ending with the designation “A” listed below:

     

    
      	
              
                Distribution
                  Date

              

            	
              
                REMIC
                  I Regular Interests

              

            
	
              1

            	
              I-1-A
                through I-60-A

            
	
              2

            	
              I-2-A
                through I-60-A

            
	
              3

            	
              I-3-A
                through I-60-A

            
	
              4

            	
              I-4-A
                through I-60-A

            
	
              5

            	
              I-5-A
                through I-60-A

            
	
              6

            	
              I-6-A
                through I-60-A

            
	
              7

            	
              I-7-A
                through I-60-A

            
	
              8

            	
              I-8-A
                through I-60-A

            
	
              9

            	
              I-9-A
                through I-60-A

            
	
              10

            	
              I-10-A
                through I-60-A

            
	
              11

            	
              I-11-A
                through I-60-A

            
	
              12

            	
              I-12-A
                through I-60-A

            
	
              13

            	
              I-13-A
                through I-60-A

            
	
              14

            	
              I-14-A
                through I-60-A

            
	
              15

            	
              I-15-A
                through I-60-A

            
	
              16

            	
              I-16-A
                through I-60-A

            
	
              17

            	
              I-17-A
                through I-60-A

            
	
              18

            	
              I-18-A
                through I-60-A

            
	
              19

            	
              I-19-A
                through I-60-A

            
	
              20

            	
              I-20-A
                through I-60-A

            
	
              21

            	
              I-21-A
                through I-60-A

            
	
              22

            	
              I-22-A
                through I-60-A

            
	
              23

            	
              I-23-A
                through I-60-A

            
	
              24

            	
              I-24-A
                through I-60-A

            
	
              25

            	
              I-25-A
                through I-60-A

            
	
              26

            	
              I-26-A
                through I-60-A

            
	
              27

            	
              I-27-A
                through I-60-A

            
	
              28

            	
              I-28-A
                through I-60-A

            
	
              29

            	
              I-29-A
                through I-60-A

            
	
              30

            	
              I-30-A
                through I-60-A

            
	
              31

            	
              I-31-A
                through I-60-A

            
	
              32

            	
              I-32-A
                through I-60-A

            
	
              33

            	
              I-33-A
                through I-60-A

            
	
              34

            	
              I-34-A
                through I-60-A

            
	
              35

            	
              I-35-A
                through I-60-A

            
	
              36

            	
              I-36-A
                through I-60-A

            
	
              37

            	
              I-37-A
                through I-60-A

            
	
              38

            	
              I-38-A
                through I-60-A

            
	
              39

            	
              I-39-A
                through I-60-A

            
	
              40

            	
              I-40-A
                through I-60-A

            
	
              41

            	
              I-41-A
                through I-60-A

            
	
              42

            	
              I-42-A
                through I-60-A

            
	
              43

            	
              I-43-A
                through I-60-A

            
	
              44

            	
              I-44-A
                through I-60-A

            
	
              45

            	
              I-45-A
                through I-60-A

            
	
              46

            	
              I-46-A
                through I-60-A

            
	
              47

            	
              I-47-A
                through I-60-A

            
	
              48

            	
              I-48-A
                through I-60-A

            
	
              49

            	
              I-49-A
                through I-60-A

            
	
              50

            	
              I-50-A
                through I-60-A

            
	
              51

            	
              I-51-A
                through I-60-A

            
	
              52

            	
              I-52-A
                through I-60-A

            
	
              53

            	
              I-53-A
                through I-60-A

            
	
              54

            	
              I-54-A
                through I-60-A

            
	
              55

            	
              I-55-A
                through I-60-A

            
	
              56

            	
              I-56-A
                through I-60-A

            
	
              57

            	
              I-57-A
                through I-60-A

            
	
              58

            	
              I-58-A
                through I-60-A

            
	
              59

            	
              I-59-A
                and I-60-A

            
	
              60

            	
              I-60-A

            
	
              thereafter

            	
              $0.00

            

    

    

    With
      respect to the Class IO Interest and any Distribution Date, an amount equal
      to
      the Uncertificated Notional Amount of the REMIC II Regular Interest
      LT-IO.

     

    Uncertificated
      Principal Balance: With respect to each REMIC Regular Interest, the
      principal amount of such REMIC Regular Interest outstanding as of any date
      of
      determination. As of the Closing Date, the Uncertificated Principal Balance
      of
      each REMIC Regular Interest shall equal the amount set forth in the Preliminary
      Statement hereto as its initial Uncertificated Principal Balance. On each
      Distribution Date, the Uncertificated Principal Balance of each REMIC Regular
      Interest shall be reduced by all distributions of principal made on such REMIC
      Regular Interest on such Distribution Date pursuant to Section 5.07 and, if
      and to the extent necessary and appropriate, shall be further reduced on such
      Distribution Date by Realized Losses as provided in Section 5.07. The
      Uncertificated Principal Balance of each REMIC Regular Interest shall never
      be
      less than zero.

     

    Uncertificated
      REMIC I Pass-Through Rate:  With respect to REMIC I Regular
      Interest I, a per annum rate equal to the weighted average Net Mortgage Rate
      of
      the Mortgage Loans.  With respect to each REMIC I Regular Interest
      ending with the designation “A”, a per annum rate equal to the weighted average
      Net Mortgage Rate of the Mortgage Loans multiplied by 2, subject to a maximum
      rate of 11.20%.  With respect to each REMIC I Regular Interest ending
      with the designation “B”, the greater of (x) a per annum rate equal to the
      excess, if any, of (i) 2 multiplied by the weighted average Net Mortgage Rate
      of
      the Mortgage Loans over (ii) 11.20% and (y) 0.00%. 

     

    Uncertificated
      REMIC II Pass-Through Rate:  With respect to REMIC II Regular
      Interest LT-AA, REMIC II Regular Interest LT-A1A, REMIC II Regular Interest
      LT-A1B, REMIC II Regular Interest LT-A2, REMIC II Regular Interest LT-A3, REMIC
      II Regular Interest LT-A4, REMIC II Regular Interest LT-A5, REMIC II Regular
      Interest LT-A6, REMIC II Regular Interest LT-A7, REMIC II Regular Interest
      LT-M1, REMIC II Regular Interest LT-M2, REMIC II Regular Interest LT-M3, REMIC
      II Regular Interest LT-M4, REMIC II Regular Interest LT-M5 and REMIC II Regular
      Interest LT-ZZ, a per annum rate (but not less than zero) equal to the weighted
      average of (w) with respect to REMIC I Regular Interest I, the Uncertificated
      REMIC I Pass-Through Rate for such REMIC I Regular Interest for each such
      Distribution Date, (x) with respect to REMIC I Regular Interests ending with
      the
      designation “B”, the weighted average of the Uncertificated REMIC I Pass-Through
      Rate for such REMIC I Regular Interests, weighted on the basis of the
      Uncertificated Principal Balance of such REMIC I Regular Interests for each
      such
      Distribution Date and (y) with respect to REMIC I Regular Interests ending
      with
      the designation “A”, for each Distribution Date listed below, the weighted
      average of the rates listed below for each such REMIC I Regular Interest listed
      below, weighted on the basis of the Uncertificated Principal Balance of each
      such REMIC I Regular Interest for each such Distribution Date:

     

    
      	
              
                Distribution
                  Date

              

            	
              
                REMIC
                  I Regular Interest

              

            	
              
                Rate

              

            
	
              1

            	
              I-1-A
                through I-60-A

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

            
	
              2

            	
              I-2-A
                through I-60-A

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

            
	 	
              I-1-A

            	
              Uncertificated
                REMIC I Pass-Through Rate

            
	
              3

            	
              I-3-A
                through I-60-A

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

            
	 	
              I-1-A
                and I-2-A

            	
              Uncertificated
                REMIC I Pass-Through Rate

            
	
              4

            	
              I-4-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-3-A

            	
              Uncertificated
                REMIC I Pass-Through Rate

            
	
              5

            	
              I-5-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-4-A

            	
              Uncertificated
                REMIC I Pass-Through Rate

            
	
              6

            	
              I-6-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-5-A

            	
              Uncertificated
                REMIC I Pass-Through Rate

            
	
              7

            	
              I-7-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-6-A

            	
              Uncertificated
                REMIC I Pass-Through Rate

            
	
              8

            	
              I-8-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-7-A

            	
              Uncertificated
                REMIC I Pass-Through Rate

            
	
              9

            	
              I-9-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-8-A

            	
              Uncertificated
                REMIC I Pass-Through Rate

            
	
              10

            	
              I-10-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-9-A

            	
              Uncertificated
                REMIC I Pass-Through Rate

            
	
              11

            	
              I-11-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-10-A

            	
              Uncertificated
                REMIC I Pass-Through Rate

            
	
              12

            	
              I-12-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-11-A

            	
              Uncertificated
                REMIC I Pass-Through Rate

            
	
              13

            	
              I-13-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-12-A

            	
              Uncertificated
                REMIC I Pass-Through Rate

            
	
              14

            	
              I-14-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-13-A

            	
              Uncertificated
                REMIC I Pass-Through Rate

            
	
              15

            	
              I-15-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-14-A

            	
              Uncertificated
                REMIC I Pass-Through Rate

            
	
              16

            	
              I-16-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-15-A

            	
              Uncertificated
                REMIC I Pass-Through Rate

            
	
              17

            	
              I-17-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-16-A

            	
              Uncertificated
                REMIC I Pass-Through Rate

            
	
              18

            	
              I-18-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-17-A

            	
              Uncertificated
                REMIC I Pass-Through Rate

            
	
              19

            	
              I-19-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-18-A

            	
              Uncertificated
                REMIC I Pass-Through Rate

            
	
              20

            	
              I-20-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-19-A

            	
              Uncertificated
                REMIC I Pass-Through Rate

            
	
              21

            	
              I-21-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-20-A

            	
              Uncertificated
                REMIC I Pass-Through Rate

            
	
              22

            	
              I-22-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-21-A

            	
              Uncertificated
                REMIC I Pass-Through Rate

            
	
              23

            	
              I-23-A
                through I-60-A

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

            
	 	 	 
	
              24

            	
              I-24-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-23-A

            	
              Uncertificated
                REMIC I Pass-Through Rate

            
	
              25

            	
              I-25-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-24-A

            	
              Uncertificated
                REMIC I Pass-Through Rate

            
	
              26

            	
              I-26-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-25-A

            	
              Uncertificated
                REMIC I Pass-Through Rate

            
	
              27

            	
              I-27-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-26-A

            	
              Uncertificated
                REMIC I Pass-Through Rate

            
	
              28

            	
              I-28-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-27-A

            	
              Uncertificated
                REMIC I Pass-Through Rate

            
	
              29

            	
              I-29-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-28-A

            	
              Uncertificated
                REMIC I Pass-Through Rate

            
	
              30

            	
              I-30-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-29-A

            	
              Uncertificated
                REMIC I Pass-Through Rate

            
	
              31

            	
              I-31-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-30-A

            	
              Uncertificated
                REMIC I Pass-Through Rate

            
	
              32

            	
              I-32-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-31-A

            	
              Uncertificated
                REMIC I Pass-Through Rate

            
	
              33

            	
              I-33-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-32-A

            	
              Uncertificated
                REMIC I Pass-Through Rate

            
	
              34

            	
              I-34-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-33-A

            	
              Uncertificated
                REMIC I Pass-Through Rate

            
	
              35

            	
              I-35-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-34-A

            	
              Uncertificated
                REMIC I Pass-Through Rate

            
	
              36

            	
              I-36-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-35-A

            	
              Uncertificated
                REMIC I Pass-Through Rate

            
	
              37

            	
              I-37-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-36-A

            	
              Uncertificated
                REMIC I Pass-Through Rate

            
	
              38

            	
              I-38-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-37-A

            	
              Uncertificated
                REMIC I Pass-Through Rate

            
	
              39

            	
              I-39-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-38-A

            	
              Uncertificated
                REMIC I Pass-Through Rate

            
	
              40

            	
              I-40-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-39-A

            	
              Uncertificated
                REMIC I Pass-Through Rate

            
	
              41

            	
              I-41-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-40-A

            	
              Uncertificated
                REMIC I Pass-Through Rate

            
	
              42

            	
              I-42-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-41-A

            	
              Uncertificated
                REMIC I Pass-Through Rate

            
	
              43

            	
              I-43-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-42-A

            	
              Uncertificated
                REMIC I Pass-Through Rate

            
	
              44

            	
              I-44-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-43-A

            	
              Uncertificated
                REMIC I Pass-Through Rate

            
	
              45

            	
              I-45-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-44-A

            	
              Uncertificated
                REMIC I Pass-Through Rate

            
	
              46

            	
              I-46-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-45-A

            	
              Uncertificated
                REMIC I Pass-Through Rate

            
	
              47

            	
              I-47-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-46-A

            	
              Uncertificated
                REMIC I Pass-Through Rate

            
	
              48

            	
              I-48-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-47-A

            	
              Uncertificated
                REMIC I Pass-Through Rate

            
	
              49

            	
              I-49-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-48-A

            	
              Uncertificated
                REMIC I Pass-Through Rate

            
	
              50

            	
              I-50-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-49-A

            	
              Uncertificated
                REMIC I Pass-Through Rate

            
	
              51

            	
              I-51-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-50-A

            	
              Uncertificated
                REMIC I Pass-Through Rate

            
	
              52

            	
              I-52-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-51-A

            	
              Uncertificated
                REMIC I Pass-Through Rate

            
	
              53

            	
              I-53-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-52-A

            	
              Uncertificated
                REMIC I Pass-Through Rate

            
	
              54

            	
              I-54-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-53-A

            	
              Uncertificated
                REMIC I Pass-Through Rate

            
	
              55

            	
              I-55-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-54-A

            	
              Uncertificated
                REMIC I Pass-Through Rate

            
	
              56

            	
              I-56-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-55-A

            	
              Uncertificated
                REMIC I Pass-Through Rate

            
	
              57

            	
              I-57-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-56-A

            	
              Uncertificated
                REMIC I Pass-Through Rate

            
	
              58

            	
              I-58-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-57-A

            	
              Uncertificated
                REMIC I Pass-Through Rate

            
	
              59

            	
              I-59-A
                and I-60-A

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

            
	 	
              I-1-A
                through I-58-A

            	
              Uncertificated
                REMIC I Pass-Through Rate

            
	
              60

            	
              I-60-A

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

            
	 	
              I-1-A
                through I-59-A

            	
              Uncertificated
                REMIC I Pass-Through Rate

            
	
              thereafter

            	
              I-1-A
                through I-60-A

            	
              Uncertificated
                REMIC I Pass-Through Rate

            

    

    

    With
      respect to REMIC II Regular Interest LTII-II-IO, the excess of (i) the
      Uncertificated REMIC I Pass-Through Rates for REMIC I Regular Interests ending
      with the designation “A”, over (ii) 2 multiplied by Swap LIBOR.

     

    Uncertificated
      REMIC Regular Interest: The Regular Interests, REMIC I Regular Interests,
      REMIC II Regular Interests, the Class X Interest, Class P Interest, Class X
      Interest and Class II-IO Interest.

     

    Unpaid
      Realized Loss Amount: With respect to any Class of Senior Certificates and
      Mezzanine Certificates and as to any Distribution Date, the excess of (x) the
      cumulative amount of related Applied Realized Loss Amounts allocated to such
      Class for all prior Distribution Dates over (y) the sum of (a) the cumulative
      amount of any Subsequent Recoveries allocated to such Class, (b) the cumulative
      amount of related Realized Loss Amortization Amounts with respect to such Class
      for all prior Distribution Dates and (c) the cumulative amount of Unpaid
      Realized Loss Amounts reimbursed to such Class for all prior Distribution Dates
      from the Supplemental Interest Trust.

     

    Voting
      Rights: The portion of the voting rights of all the Certificates that is
      allocated to any Certificate for purposes of the voting provisions hereunder.
      Voting Rights shall be allocated (i) 98% to the Certificates (other than the
      Class X, Class P and the Residual Certificates) and (ii) 1% to each of the
      Class
      X Certificates and the Class P Certificates. Voting rights will be allocated
      among the Certificates of each such Class in accordance with their respective
      Percentage Interests.  The Residual Certificates will not be allocated
      any Voting Rights.

     

    Wells
      Fargo: Wells Fargo Bank, National Association, and any successor thereto
      appointed under this Agreement in connection with the servicing and
      administration of the Wells Fargo Mortgage Loans.

     

    Wells
      Fargo Mortgage Loans: Those Mortgage Loans serviced by Wells Fargo pursuant
      to the terms and provisions of the Servicing Agreement and identified as such
      on
      the Mortgage Loan Schedule.

     

    Section
      1.02  Allocation
      of Certain Interest Shortfalls.

     

    For
      purposes of calculating the amount of the Interest Distribution Amount for
      the
      Senior Certificates, Mezzanine Certificates and Class X Certificates for any
      Distribution Date, (1) the aggregate amount of any Net Interest Shortfalls
      for
      any Distribution Date shall first reduce the Interest Distribution Amount
      payable to the Class M-5 Certificates, third, reduce the Interest Distribution
      Amount payable to the Class M-4 Certificates, fourth, reduce the Interest
      Distribution Amount payable to the Class M-3 Certificates, fifth, reduce the
      Interest Distribution Amount payable to the Class M-2 Certificates, sixth,
      reduce the Interest Distribution Amount payable to the Class M-1 Certificates,
      and seventh, reduce the Interest Distribution Amount payable to the Senior
      Certificates, on a pro rata basis based on, and to the extent of, one
      month’s interest at the then applicable respective Pass-Through Rate on the
      respective Certificate Principal Balance of each such Certificate and (2) the
      aggregate amount of any Realized Losses allocated to the Offered Certificates
      and Net WAC Rate Carryover Amount paid to the Offered Certificates incurred
      for
      any Distribution Date shall be allocated to the Class X Certificates based
      on,
      and to the extent of, one month’s interest at the then applicable Pass-Through
      Rate on the Certificate Notional Balance thereof on any Distribution
      Date.

     

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

     

    For
      purposes of calculating the amount of Uncertificated Accrued Interest for the
      REMIC II Regular Interests for any Distribution Date:

     

    The
      aggregate amount of any Net Interest Shortfalls incurred in respect for any
      Distribution Date shall be allocated among REMIC II
      Regular Interest LT-AA, REMIC II Regular Interest LT-A1A, REMIC II Regular
      Interest LT-A1B, REMIC II Regular Interest LT-A2, REMIC II Regular Interest
      LT-A3, REMIC II Regular Interest LT-A4, REMIC II Regular Interest LT-A5, REMIC
      II Regular Interest LT-A6, REMIC II Regular Interest LT-A7, REMIC II Regular
      Interest LT-M1, REMIC II Regular Interest LT-M2, REMIC II Regular Interest
      LT-M3, REMIC II Regular Interest LT-M4, REMIC II Regular Interest LT-M5 and
      REMIC II Regular Interest LTZZ, pro rata based on, and to the extent
      of, one month’s interest at the then applicable respective Uncertificated REMIC
      II Pass-Through Rate on the respective Uncertificated Principal Balance of
      each
      such REMIC II Regular Interest.

     

    ARTICLE
      II

     

    CONVEYANCE
      OF TRUST FUND

    REPRESENTATIONS
      AND WARRANTIES

     

    Section
      2.01  Conveyance
      of Trust Fund.

     

    The
      Sponsor hereby sells, transfers, assigns, sets over and otherwise conveys to
      the
      Depositor, without recourse, all the right, title and interest of the Sponsor
      in
      and to the assets in the Trust Fund.

     

    The
      Sponsor has entered into this Agreement in consideration for the purchase of
      the
      Mortgage Loans by the Depositor and has agreed to take the actions specified
      herein.

     

    The
      Depositor, concurrently with the execution and delivery hereof, hereby sells,
      transfers, assigns, sets over and otherwise conveys to the Trustee for the
      use
      and benefit of the Certificateholders, without recourse, all the right, title
      and interest of the Depositor in and to the Trust Fund.

     

    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
      Purchase Agreement, to the extent of the Mortgage Loans sold under the Mortgage
      Loan Purchase Agreement.  The Trustee hereby accepts such assignment,
      and shall be entitled to exercise all rights of the Depositor under the Mortgage
      Loan Purchase Agreement as if, for such purpose, it were the
      Depositor.  The foregoing sale, transfer, assignment, set-over,
      deposit and conveyance does not and is not intended to result in creation or
      assumption by the Trustee of any obligation of the Depositor, the Sponsor or
      any
      other Person in connection with the Mortgage Loans or any other agreement or
      instrument relating thereto except as specifically set forth
      herein.

     

    In
      connection with such sale, the Depositor does hereby deliver to, and deposit
      with the Custodian pursuant to the Custodial Agreement the documents with
      respect to each Mortgage Loan as described under Section 2 of the Custodial
      Agreement (the “Mortgage Loan Documents”). In connection with such delivery and
      as further described in the Custodial Agreement, the Custodian will be required
      to review such Mortgage Loan Documents and deliver to the Trustee, the
      Depositor, the Servicers and the Sponsor certifications (in the forms attached
      to the Custodial Agreement) with respect to such review with exceptions noted
      thereon.  In addition, under the Custodial Agreement the Depositor
      will be required to cure certain defects with respect to the Mortgage Loan
      Documents for the Mortgage Loans after the delivery thereof by the Depositor
      to
      the Custodian as more particularly set forth therein.

     

    Notwithstanding
      anything to the contrary contained herein, the parties hereto acknowledge that
      the functions of the Trustee with respect to the custody, acceptance, inspection
      and release of the Mortgage Files and preparation and delivery of the
      certifications shall be performed by the Custodian pursuant to the terms and
      conditions of the Custodial Agreement.

     

    The
      Depositor shall deliver or cause to be delivered to the related Servicer copies
      of all trailing documents required to be included in the related Mortgage File
      at the same time the originals or certified copies thereof are delivered to
      the
      Custodian, such documents including the mortgagee policy of title insurance
      and
      any Mortgage Loan Documents upon return from the recording office.  No
      Servicer shall be responsible for any custodial fees or other costs incurred
      in
      obtaining such documents and the Depositor shall cause each Servicer to be
      reimbursed for any such costs such Servicer may incur in connection with
      performing its obligations under this Agreement or the Servicing Agreement,
      as
      applicable.

     

    The
      Mortgage Loans permitted by the terms of this Agreement to be included in the
      Trust Fund are limited to (i) Mortgage Loans (which the Depositor acquired
      pursuant to the Mortgage Loan Purchase Agreement, which contains, among other
      representations and warranties, a representation and warranty of the Sponsor
      that no Mortgage Loan is a “High-Cost Home Loan” as defined in the New Jersey
      Home Ownership Act effective November 27, 2003, as defined in the New Mexico
      Home Loan Protection Act effective January 1, 2004) as defined in the
      Massachusetts Predatory Home Loan Practices Act, effective November 7, 2004
      (Mass. Ann. Laws Ch. 183C) or as defined in the Indiana Home Loan Practices
      Act,
      effective January 1, 2005 (Ind. Code Ann. Sections 24-9-1 through 24-9-9) and
      (ii) Qualified Substitute Mortgage Loans (which, by definition as set forth
      herein and referred to in the Mortgage Loan Purchase Agreement, are required
      to
      conform to, among other representations and warranties, the representation
      and
      warranty of the Sponsor that no Qualified Substitute Mortgage Loan is a
“High-Cost Home Loan” as defined in the New Jersey Home Ownership Act effective
      November 27, 2003, as defined in the New Mexico Home Loan Protection Act
      effective January 1, 2004, as defined in the Massachusetts Predatory Home Loan
      Practices Act, effective November 7, 2004 (Mass. Ann. Laws Ch. 183C) or as
      defined in the Indiana Home Loan Practices Act, effective January 1, 2005 (Ind.
      Code Ann. Sections 24-9-1 through 24-9-9).  The Depositor and the
      Trustee on behalf of the Trust Fund understand and agree that it is not intended
      that any mortgage loan be included in the Trust Fund that is a “High-Cost Home
      Loan” as defined in the New Jersey Home Ownership Act effective November 27,
      2003, as defined in the New Mexico Home Loan Protection Act effective January
      1,
      2004, as defined in the Massachusetts Predatory Home Loan Practices Act,
      effective November 7, 2004 (Mass. Ann. Laws Ch. 183C) or as defined in the
      Indiana Home Loan Practices Act, effective January 1, 2005 (Ind. Code Ann.
      Sections 24-9-1 through 24-9-9).

     

    Section
      2.02  Acceptance
      of the Mortgage Loans.

     

    (a)  Based
      on
      the initial trust receipt received by it from the Custodian pursuant to the
      Custodial Agreement, the Trustee acknowledges receipt, subject to the provisions
      of Section 2.01 hereof and Section 2 of the Custodial Agreement, of
      the Mortgage Loan Documents and all other assets included in the definition
      of
“REMIC I” under clauses (i), (ii) (iii), (v) and (vi) (to the extent of amounts
      deposited into the Distribution Account) and declares that it holds (or the
      Custodian on its behalf holds) and will hold such documents and the other
      documents delivered to it constituting a Mortgage Loan Document, and that it
      holds (or the Custodian on its behalf holds) or will hold all such assets and
      such other assets included in the definition of “REMIC I” in trust for the
      exclusive use and benefit of all present and future
      Certificateholders.

     

    (b)  In
      conducting the review of the Mortgage Files in accordance with the Custodial
      Agreement, the Custodian on the Trustee’s behalf will ascertain whether all
      required documents have been executed and received and whether those documents
      relate to the Mortgage Loans identified in Exhibit B to this Agreement, as
      supplemented. If the Custodian finds any document constituting part of the
      Mortgage File not to have been executed or received, or to be unrelated to
      the
      Mortgage Loans identified in Exhibit B, the Sponsor shall correct or cure any
      such defect or, if prior to the end of the second anniversary of the Closing
      Date, the Sponsor may substitute for the related Mortgage Loan a Replacement
      Mortgage Loan, which substitution shall be accomplished in the manner and
      subject to the conditions set forth in Section 2.03 or shall deliver to the
      Trustee an Opinion of Counsel to the effect that such defect does not materially
      or adversely affect the interests of the Certificateholders in such Mortgage
      Loan within sixty (60) days from the date of notice from the Custodian of the
      defect and if the Sponsor fails to correct or cure the defect or deliver such
      opinion within such period, the Sponsor will, subject to Section 2.03,
      within ninety (90) days from the notification of the
      Custodian  purchase such Mortgage Loan at the Purchase Price;
      provided, however, that if such defect relates solely to the inability of the
      Sponsor to deliver the Mortgage, assignment thereof to the Custodian, or
      intervening assignments thereof with evidence of recording thereon because
      such
      documents have been submitted for recording and have not been returned by the
      applicable jurisdiction, the Sponsor shall not be required to purchase such
      Mortgage Loan if the Sponsor delivers such documents promptly upon receipt,
      but
      in no event later than 360 days after the Closing Date.

     

    (c)  No
      later
      than 180 days after the Closing Date, the Custodian on the Trustee’s behalf will
      review, for the benefit of the Certificateholders, the Mortgage Files and will
      execute and deliver or cause to be executed and delivered to the Sponsor and
      the
      Trustee, a final trust receipt substantially in the form annexed to the
      Custodial Agreement. In conducting such review, the Custodian on the Trustee’s
      behalf and in accordance with the terms of the Custodial Agreement will
      ascertain whether each document required to be recorded has been returned from
      the recording office with evidence of recording thereon and the Custodian on
      the
      Trustee’s behalf has received either an original or a copy thereof, as required
      in the Custodial Agreement. If the Custodian finds that any document with
      respect to a Mortgage Loan has not been received, or is unrelated to the
      Mortgage Loans identified in Exhibit B or appears to be defective on its face,
      the Custodian shall note such defect in the exception report attached the final
      trust receipt issued pursuant to the Custodial Agreement and the Sponsor shall
      correct or cure any such defect or, if prior to the end of the second
      anniversary of the Closing Date, the Sponsor may substitute for the related
      Mortgage Loan a Replacement Mortgage Loan, which substitution shall be
      accomplished in the manner and subject to the conditions set forth in
      Section 2.03 or shall deliver to the Trustee an Opinion of Counsel to the
      effect that such defect does not materially or adversely affect the interests
      of
      the Certificateholders in such Mortgage Loan within sixty (60) days from the
      date of notice from the Trustee of the defect and if the Sponsor is unable
      within such period to correct or cure such defect, or to substitute the related
      Mortgage Loan with a Replacement Mortgage Loan or to deliver such opinion,
      the
      Sponsor shall, subject to Section 2.03, within ninety (90) days from the
      notification of the Trustee, purchase such Mortgage Loan at the Purchase Price;
      provided, however, that if such defect relates solely to the inability of the
      Sponsor to deliver the Mortgage, assignment thereof to the Trustee or
      intervening assignments thereof with evidence of recording thereon, because
      such
      documents have not been returned by the applicable jurisdiction, the Sponsor
      shall not be required to purchase such Mortgage Loan, if the Sponsor delivers
      such documents promptly upon receipt, but in no event later than 360 days after
      the Closing Date.

     

    (d)  In
      the
      event that a Mortgage Loan is purchased by the Sponsor in accordance with
      subsections 2.02(a) or (b) above or Section 2.03, the Sponsor shall remit
      the applicable Purchase Price to the Servicer for deposit in the related
      Custodial Account and shall provide written notice to the Securities
      Administrator detailing the components of the Purchase Price, signed by an
      authorized officer. Upon deposit of the Purchase Price in the related Custodial
      Account and upon receipt of a request for release (in the form attached to
      the
      related Custodial Agreement) with respect to such Mortgage Loan, the Custodian,
      on behalf of the Trustee, will release to the Sponsor the related Mortgage
      File
      and the Trustee shall execute and deliver all instruments of transfer or
      assignment, without recourse, furnished to it by the Sponsor, as are necessary
      to vest in the Sponsor title to and rights under the Mortgage Loan. Such
      purchase shall be deemed to have occurred on the date on which the deposit
      into
      the related Custodial Account was made. The Trustee shall promptly notify the
      Rating Agencies of such repurchase. The obligation of the Sponsor to cure,
      repurchase or substitute for any Mortgage Loan as to which a defect in a
      constituent document exists shall be the sole remedies respecting such defect
      available to the Certificateholders or the Trustee on their
      behalf.  The Sponsor shall promptly reimburse the Trustee for any
      expenses incurred by the Trustee in respect of enforcing the remedies for such
      breach.

     

    (e)  The
      Sponsor shall deliver to the Custodian the Mortgage Note and other documents
      constituting the Mortgage File with respect to any Replacement Mortgage Loan,
      which the Custodian will review as provided in the Custodial Agreement,
      provided, that the Closing Date referred to therein shall instead be the date
      of
      delivery of the Mortgage File with respect to each Replacement Mortgage
      Loan.

     

    Section
      2.03  Representations,
      Warranties and Covenants of GMACM and the Sponsor.

     

    (a)  GMACM
      hereby represents and warrants to, and covenants with, the Sponsor, the
      Depositor, the Master Servicer, the Securities Administrator and the Trustee
      as
      follows, as of the Closing Date:

     

    (i)  It
      is
      duly organized and is validly existing and in good standing under the laws
      of
      the State of Delaware and is duly authorized and qualified to transact any
      and
      all business contemplated by this Agreement to be conducted by it in any state
      in which a Mortgaged Property related to a GMACM Mortgage Loan is located or
      is
      otherwise not required under applicable law to effect such qualification and,
      in
      any event, is in compliance with the doing business laws of any such state,
      to
      the extent necessary to ensure its ability to service the GMACM Mortgage Loans
      in accordance with the terms of this Agreement and to perform any of its other
      obligations under this Agreement in accordance with the terms
      hereof.

     

    (ii)  It
      has
      the full corporate power and authority to service each GMACM Mortgage Loan,
      and
      to execute, deliver and perform, and to enter into and consummate the
      transactions contemplated by this Agreement and has duly authorized by all
      necessary corporate action on its part the execution, delivery and performance
      of this Agreement; and this Agreement, assuming the due authorization, execution
      and delivery hereof by the other parties hereto, constitutes its legal, valid
      and binding obligation, enforceable against it in accordance with its terms,
      except that (a) the enforceability hereof may be limited by bankruptcy,
      insolvency, moratorium, receivership and other similar laws relating to
      creditors’ rights generally and (b) the remedy of specific performance and
      injunctive and other forms of equitable relief may be subject to equitable
      defenses and to the discretion of the court before which any proceeding therefor
      may be brought and further subject to public policy with respect to indemnity
      and contribution under applicable securities law.

     

    (iii)  The
      execution and delivery of this Agreement by it, the servicing of the GMACM
      Mortgage Loans by it under this Agreement, the consummation of any other of
      the
      transactions contemplated by this Agreement, and the fulfillment of or
      compliance with the terms hereof are in its ordinary course of business and
      will
      not (A) result in a material breach of any term or provision of its certificate
      of formation or operating agreement or (B) materially conflict with, result
      in a
      material breach, violation or acceleration of, or result in a material default
      under, the terms of any other material agreement or instrument to which it
      is a
      party or by which it may be bound, or (C) constitute a material violation of
      any
      statute, order or regulation applicable to it of any court, regulatory body,
      administrative agency or governmental body having jurisdiction over it; and
      it
      is not in breach or violation of any material indenture or other material
      agreement or instrument, or in violation of any statute, order or regulation
      of
      any court, regulatory body, administrative agency or governmental body having
      jurisdiction over it which breach or violation may materially impair its ability
      to perform or meet any of its obligations under this Agreement.

     

    (iv)  It
      is an
      approved servicer of conventional mortgage loans for Fannie Mae or Freddie
      Mac
      and is a mortgagee approved by the Secretary of Housing and Urban Development
      pursuant to sections 203 and 211 of the National Housing Act.

     

    (v)  No
      litigation is pending or, to the best of its knowledge, threatened in writing,
      against it that would materially and adversely affect the execution, delivery
      or
      enforceability of this Agreement or its ability to service the GMACM Mortgage
      Loans or to perform any of its other obligations under this Agreement in
      accordance with the terms hereof.

     

    (vi)  No
      consent, approval, authorization or order of any court or governmental agency
      or
      body is required for its execution, delivery and performance of, or compliance
      with, this Agreement or the consummation of the transactions contemplated
      hereby, or if any such consent, approval, authorization or order is required,
      it
      has obtained the same.

     

    (vii)  GMACM
      has
      accurately and fully reported, and will continue to accurately and fully report,
      its borrower credit files to each of the credit repositories in a timely manner
      materially in accordance with the Fair Credit Reporting Act and its implementing
      legislation.

     

    (viii)  GMACM
      is
      a member of MERS in good standing, and will comply in all material respects
      with
      the rules and procedures of MERS in connection with the servicing of the GMACM
      Mortgage Loans that are registered with MERS.

     

    (ix)  GMACM
      will not waive any Prepayment Charge with respect to a GMACM Mortgage Loan
      unless it is waived in accordance with the standard set forth in
      Section 3.01.

     

    If
      the
      covenant of GMACM set forth in Section 2.03(a)(ix), as applicable above is
      breached by GMACM, GMACM will pay the amount of such waived Prepayment Charge,
      for the benefit of the Holders of the Class P Certificates by depositing such
      amount into the related Custodial Account within ninety (90) days of the earlier
      of discovery by GMACM or receipt of notice by GMACM of such
      breach.  Notwithstanding the foregoing, or anything to the contrary
      contained in this Agreement, GMACM shall have no liability for a waiver of
      any
      Prepayment Charge in the event that GMACM’s determination to make such a waiver
      was made by GMACM in reliance on information properly received by GMACM from
      any
      Person in accordance with the terms of this Agreement.

     

    (b)  The
      Sponsor hereby represents and warrants to and covenants with, the Depositor,
      GMACM, the Master Servicer, the Securities Administrator and the Trustee, as
      of
      the Closing Date:

     

    (i)  The
      Sponsor is duly organized, validly existing and in good standing under the
      laws
      of the State of Delaware and is duly authorized and qualified to transact any
      and all business contemplated by this Agreement to be conducted by the Sponsor
      in any state in which a Mortgaged Property is located or is otherwise not
      required under applicable law to effect such qualification and, in any event,
      is
      in compliance with the doing business laws of any such state, to the extent
      necessary to ensure its ability to enforce each Mortgage Loan, to sell the
      Mortgage Loans in accordance with the terms of this Agreement and to perform
      any
      of its other obligations under this Agreement in accordance with the terms
      hereof.

     

    (ii)  The
      Sponsor has the full corporate power and authority to sell each Mortgage Loan,
      and to execute, deliver and perform, and to enter into and consummate the
      transactions contemplated by this Agreement and has duly authorized by all
      necessary corporate action on the part of the Sponsor the execution, delivery
      and performance of this Agreement; and this Agreement, assuming the due
      authorization, execution and delivery hereof by the other parties hereto,
      constitutes a legal, valid and binding obligation of the Sponsor, enforceable
      against the Sponsor in accordance with its terms, except that (a) the
      enforceability hereof may be limited by bankruptcy, insolvency, moratorium,
      receivership and other similar laws relating to creditors’ rights generally and
      (b) the remedy of specific performance and injunctive and other forms of
      equitable relief may be subject to equitable defenses and to the discretion
      of
      the court before which any proceeding therefor may be brought and further
      subject to public policy with respect to indemnity and contribution under
      applicable securities law.

     

    (iii)  The
      execution and delivery of this Agreement by the Sponsor, the sale of the
      Mortgage Loans by the Sponsor under this Agreement, the consummation of any
      other of the transactions contemplated by this Agreement, and the fulfillment
      of
      or compliance with the terms hereof are in the ordinary course of business
      of
      the Sponsor and will not (A) result in a material breach of any term or
      provision of the charter or by-laws of the Sponsor or (B) materially conflict
      with, result in a material breach, violation or acceleration of, or result
      in a
      material default under, the terms of any other material agreement or instrument
      to which the Sponsor is a party or by which it may be bound, or (C) constitute
      a
      material violation of any statute, order or regulation applicable to the Sponsor
      of any court, regulatory body, administrative agency or governmental body having
      jurisdiction over the Sponsor; and the Sponsor is not in breach or violation
      of
      any material indenture or other material agreement or instrument, or in
      violation of any statute, order or regulation of any court, regulatory body,
      administrative agency or governmental body having jurisdiction over it which
      breach or violation may materially impair the Sponsor’s ability to perform or
      meet any of its obligations under this Agreement.

     

    (iv)  The
      Sponsor is an approved seller of conventional mortgage loans for Fannie Mae
      or
      Freddie Mac and is a mortgagee approved by the Secretary of Housing and Urban
      Development pursuant to sections 203 and 211 of the National Housing
      Act.

     

    (v)  No
      litigation is pending or, to the best of the Sponsor’s knowledge, threatened,
      against the Sponsor that would materially and adversely affect the execution,
      delivery or enforceability of this Agreement or the ability of the Sponsor
      to
      sell the Mortgage Loans or to perform any of its other obligations under this
      Agreement in accordance with the terms hereof.

     

    (vi)  No
      consent, approval, authorization or order of any court or governmental agency
      or
      body is required for the execution, delivery and performance by the Sponsor
      of,
      or compliance by the Sponsor with, this Agreement or the consummation of the
      transactions contemplated hereby, or if any such consent, approval,
      authorization or order is required, the Sponsor has obtained the
      same.

     

    (vii)  The
      representations and warranties set forth in Section 8 of the Mortgage Loan
      Purchase Agreement are true and correct as of the Closing Date.

     

    (viii)  No
      Mortgage Loan is subject to the Home Ownership and Equity Protection Act of
      1994
      or any comparable law and no Mortgage Loan is Classified and/or defined as
      a
“high cost”, “covered”, “high risk home” or “predatory” loan under any other
      state, federal or local law or regulation or ordinance (or a similarly
      Classified loan using different terminology under a law imposing heightened
      regulatory scrutiny or additional legal liability for residential mortgage
      loans
      having high interest rates, points and/or fees).

     

    (ix)  No
      loan
      is a High Cost Loan or Covered Loan, as applicable (as such terms are defined
      in
      Appendix E of the Standard & Poor's Glossary For File Format For LEVELS®
Version 5.6 Revised (attached hereto as Exhibit K) and no Mortgage Loan
      originated on or after October 1, 2002 through March 6, 2003 is governed by
      the
      Georgia Fair Lending Act.

     

    (x)  Any
      and
      all requirements of any federal, state or local law including, without
      limitation, usury, truth in lending, real estate settlement procedures, consumer
      credit protection, equal credit opportunity, fair housing, predatory, abusive
      lending or disclosure laws applicable to the origination and servicing of the
      Mortgage Loans have been complied with in all material respects.

     

    (c)  Upon
      discovery by any of the parties hereto of a breach of a representation or
      warranty set forth in Section 2.03(c)(viii), (ix) and (x) and
      Section 8 of the Mortgage Loan Purchase Agreement that materially and
      adversely affects the interests of the Certificateholders in any Mortgage Loan,
      the party discovering such breach shall give prompt written notice thereof
      to
      the other parties. The Sponsor hereby covenants with respect to the
      representations and warranties set forth in Section 2.03(c)(viii), (ix) and
      (x) and Section 8 of the Mortgage Loan Purchase Agreement, that within
      ninety (90) days of the discovery of a breach of any representation or warranty
      set forth therein that materially and adversely affects the interests of the
      Certificateholders in any Mortgage Loan, it shall cure such breach in all
      material respects and, if such breach is not so cured, (i) prior to the second
      anniversary of the Closing Date, remove such Mortgage Loan (a “Deleted Mortgage
      Loan”) from the Trust Fund and substitute in its place a Replacement Mortgage
      Loan, in the manner and subject to the conditions set forth in this Section;
      or
      (ii) repurchase the affected Mortgage Loan or Mortgage Loans from the Trustee
      at
      the Purchase Price in the manner set forth below; provided that any such
      substitution pursuant to (i) above or repurchase pursuant to (ii) above shall
      not be effected prior to the delivery to the Trustee of an Opinion of Counsel
      if
      required by Section 2.05 and any such substitution pursuant to (i) above
      shall not be effected prior to the additional delivery to the Custodian of
      a
      request for release in accordance with the Custodial Agreement. The Sponsor
      shall promptly reimburse the Trustee for any expenses reasonably incurred by
      the
      Trustee in respect of enforcing the remedies for such breach. To enable the
      related Servicer to amend the Mortgage Loan Schedule, the Sponsor shall, unless
      it cures such breach in a timely fashion pursuant to this Section 2.03,
      promptly notify the Trustee whether it intends either to repurchase, or to
      substitute for, the Mortgage Loan affected by such breach. With respect to
      the
      representations and warranties in Section 8 of the Mortgage Loan Purchase
      Agreement that are made to the best of the Sponsor’s knowledge, if it is
      discovered by any of the Depositor, the Sponsor or the Trustee that the
      substance of such representation and warranty is inaccurate and such inaccuracy
      materially and adversely affects the value of the related Mortgage Loan,
      notwithstanding the Sponsor’s lack of knowledge with respect to the substance of
      such representation or warranty, the Sponsor shall nevertheless be required
      to
      cure, substitute for or repurchase the affected Mortgage Loan in accordance
      with
      the foregoing.  Notwithstanding the foregoing, any breach of a
      representation or warranty contained in clauses (xxxvii), (xxxviii), (xxxix),
      (xl) and/or (xlv) of Section 8 of the Mortgage Loan Purchase Agreement shall
      be
      automatically deemed to materially and adversely affect the interests of the
      Certificateholders.

     

    (d)  With
      respect to any Replacement Mortgage Loan or Loans, the Sponsor shall deliver
      to
      the Custodian for the benefit of the Certificateholders such documents and
      agreements as are required by Section 2 of the Custodial Agreement. No
      substitution will be made in any calendar month after the Determination Date
      for
      such month. Scheduled Payments due with respect to Replacement Mortgage Loans
      in
      the Due Period related to the Distribution Date on which such proceeds are
      to be
      distributed shall not be part of the Trust Fund and will be retained by the
      Sponsor. For the month of substitution, distributions to Certificateholders
      will
      include the Scheduled Payment due on any Deleted Mortgage Loan for the related
      Due Period and thereafter the Sponsor shall be entitled to retain all amounts
      received in respect of such Deleted Mortgage Loan. The related Servicer shall
      amend the Mortgage Loan Schedule for the benefit of the Certificateholders
      to
      reflect the removal of such Deleted Mortgage Loan and the substitution of the
      Replacement Mortgage Loan or Loans and shall deliver the amended Mortgage Loan
      Schedule to the Trustee, the Master Servicer and the Securities Administrator.
      Upon such substitution, the Replacement Mortgage Loan or Loans shall be subject
      to the terms of this Agreement in all respects, and the Sponsor shall be deemed
      to have made with respect to such Replacement Mortgage Loan or Loans, as of
      the
      date of substitution, the representations and warranties set forth in
      Section 8 of the Mortgage Loan Purchase Agreement with respect to such
      Mortgage Loan. Upon any such substitution and the deposit into the related
      Custodial Account of the amount required to be deposited therein in connection
      with such substitution as described in the following paragraph and receipt
      by
      the Custodian of a request for release for such Mortgage Loan in accordance
      with
      the Custodial Agreement, the Custodian on behalf of the Trustee shall release
      to
      the Sponsor the Mortgage File relating to such Deleted Mortgage Loan and held
      for the benefit of the Certificateholders and the Trustee shall execute and
      deliver at the Sponsor’s direction such instruments of transfer or assignment as
      have been prepared by the Sponsor, in each case without recourse, as shall
      be
      necessary to vest in the Sponsor, or its respective designee, title to the
      Trustee’s interest in any Deleted Mortgage Loan substituted for pursuant to this
      Section 2.03.  Neither the Trustee nor the Custodian shall have
      any further responsibility with regard to such Mortgage File.

     

    For
      any
      month in which the Sponsor substitutes one or more Replacement Mortgage Loans
      for a Deleted Mortgage Loan, the Securities Administrator will determine the
      amount (if any) by which the aggregate principal balance of all the Replacement
      Mortgage Loans as of the date of substitution is less than the Stated Principal
      Balance (after application of the principal portion of the Scheduled Payment
      due
      in the month of substitution) of such Deleted Mortgage Loan. An amount equal
      to
      the aggregate of such deficiencies, described in the preceding sentence for
      any
      Distribution Date (such amount, the “Substitution Adjustment Amount”) shall be
      remitted to the related Servicer for deposit in the related Custodial Account
      by
      the Sponsor delivering such Replacement Mortgage Loan on or before the
      Determination Date for the Distribution Date relating to the Prepayment Period
      during which the related Mortgage Loan was required to be purchased or replaced
      hereunder.

     

    In
      the
      event that the Sponsor shall be required to repurchase a Mortgage Loan, the
      Purchase Price therefor shall be remitted to the related Servicer for deposit
      in
      the related Custodial Account, on or before the Determination Date immediately
      following the date on which the Sponsor was required to repurchase such Mortgage
      Loan.  The Purchase Price shall be remitted by the related Servicer to
      the Securities Administrator on the Remittance Date occurring in the month
      immediately following the month in which the Purchase Price was deposited in
      the
      related Custodial Account. In addition, upon such deposit of the Purchase Price,
      the delivery of an Officer’s Certificate by the Servicer (which shall be
      delivered no more than two (2) Business Days following such deposit) to the
      Trustee certifying that the Purchase Price has been deposited in the related
      Custodial Account, the delivery of an Opinion of Counsel if required by
      Section 2.05 and the receipt of a Request for Release, the Trustee shall
      release the related Mortgage File held for the benefit of the Certificateholders
      to the Sponsor, and the Trustee shall execute and deliver at such Person’s
      direction the related instruments of transfer or assignment prepared by the
      Sponsor, in each case without recourse, as shall be necessary to transfer title
      from the Trustee for the benefit of the Certificateholders and transfer the
      Trustee’s interest to the Sponsor to any Mortgage Loan purchased pursuant to
      this Section 2.03.  It is understood and agreed that the
      obligation under this Agreement of the Sponsor to cure, repurchase or replace
      any Mortgage Loan as to which a breach has occurred or is continuing shall
      constitute the sole remedies against the Sponsor respecting such breach
      available to each Certificateholder, the Depositor or the Trustee.

     

    (e)  The
      Master Servicer hereby represents, warrants and covenants with GMACM, the
      Depositor and the Trustee as follows, as of the Closing Date:

     

    (i)  The
      Master Servicer is a national banking association duly formed, validly existing
      and in good standing under the laws of the United States of America and is
      duly
      authorized and qualified to transact any and all business contemplated by this
      Agreement to be conducted by the Master Servicer;

     

    (ii)  The
      Master Servicer has the full power and authority to conduct its business as
      presently conducted by it and to execute, deliver and perform, and to enter
      into
      and consummate, all transactions contemplated by this Agreement. The Master
      Servicer has duly authorized the execution, delivery and performance of this
      Agreement, has duly executed and delivered this Agreement, and this Agreement,
      assuming due authorization, execution and delivery by the other parties hereto,
      constitutes a legal, valid and binding obligation of the Master Servicer,
      enforceable against it in accordance with its terms except as the enforceability
      thereof may be limited by bankruptcy, insolvency, reorganization or similar
      laws
      affecting the enforcement of creditors’ rights generally and by general
      principles of equity;

     

    (iii)  The
      execution and delivery of this Agreement by the Master Servicer, the
      consummation by the Master Servicer of any other of the transactions herein
      contemplated, and the fulfillment of or compliance with the terms hereof are
      in
      the ordinary course of business of the Master Servicer and will not (A) result
      in a breach of any term or provision of charter and by-laws of the Master
      Servicer or (B) conflict with, result in a breach, violation or acceleration
      of,
      or result in a default under, the terms of any other material agreement or
      instrument to which the Master Servicer is a party or by which it may be bound,
      or any statute, order or regulation applicable to the Master Servicer of any
      court, regulatory body, administrative agency or governmental body having
      jurisdiction over the Master Servicer; and the Master Servicer is not a party
      to, bound by, or in breach or violation of any indenture or other agreement
      or
      instrument, or subject to or in violation of any statute, order or regulation
      of
      any court, regulatory body, administrative agency or governmental body having
      jurisdiction over it, which materially and adversely affects or, to the Master
      Servicer’s knowledge, would in the future materially and adversely affect, (x)
      the ability of the Master Servicer to perform its obligations under this
      Agreement or (y) the business, operations, financial condition, properties
      or
      assets of the Master Servicer taken as a whole;

     

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

     

    (v)  No
      litigation is pending against the Master Servicer that would materially and
      adversely affect the execution, delivery or enforceability of this Agreement
      or
      the ability of the Master Servicer to perform any of its other obligations
      hereunder in accordance with the terms hereof,

     

    (vi)  There
      are
      no actions or proceedings against, or investigations known to it of, the Master
      Servicer before any court, administrative or other tribunal (A) that might
      prohibit its entering into this Agreement, (B) seeking to prevent the
      consummation of the transactions contemplated by this Agreement or (C) that
      might prohibit or materially and adversely affect the performance by the Master
      Servicer of its obligations under, or validity or enforceability of, this
      Agreement; and

     

    (vii)  No
      consent, approval, authorization or order of any court or governmental agency
      or
      body is required for the execution, delivery and performance by the Master
      Servicer of, or compliance by the Master Servicer with, this Agreement or the
      consummation by it of the transactions contemplated by this Agreement, except
      for such consents, approvals, authorizations or orders, if any, that have been
      obtained prior to the Closing Date.

     

    (f)  The
      representations and warranties set forth in Section 2.03 shall survive
      delivery of the respective Mortgage Loans and Mortgage Files to the Trustee
      or
      the Custodian for the benefit of the Certificateholders.

     

    Section
      2.04  Representations
      and Warranties of the Depositor.

     

    The
      Depositor hereby represents and warrants to, and covenants, with GMACM, the
      Sponsor, the Master Servicer, the Securities Administrator and the Trustee
      as
      follows, as of the date hereof and as of the Closing Date:

     

    (i)  The
      Depositor is duly organized and is validly existing as a corporation in good
      standing under the laws of the State of Delaware and has full power and
      authority (corporate and other) necessary to own or hold its properties and
      to
      conduct its business as now conducted by it and to enter into and perform its
      obligations under this Agreement.

     

    (ii)  The
      Depositor has the full corporate power and authority to execute, deliver and
      perform, and to enter into and consummate the transactions contemplated by,
      this
      Agreement and has duly authorized, by all necessary corporate action on its
      part, the execution, delivery and performance of this Agreement; and this
      Agreement, assuming the due authorization, execution and delivery hereof by
      the
      other parties hereto, constitutes a legal, valid and binding obligation of
      the
      Depositor, enforceable against the Depositor in accordance with its terms,
      subject, as to enforceability, to (i) bankruptcy, insolvency, moratorium
      receivership and other similar laws relating to creditors’ rights generally and
      (ii) the remedy of specific performance and injunctive and other forms of
      equitable relief may be subject to equitable defenses and to the discretion
      of
      the court before which any proceeding therefor may be brought and further
      subject to public policy with respect to indemnity and contribution under
      applicable securities law.

     

    (iii)  The
      execution and delivery of this Agreement by the Depositor, the consummation
      of
      the transactions contemplated by this Agreement, and the fulfillment of or
      compliance with the terms hereof are in the ordinary course of business of
      the
      Depositor and will not (A) result in a material breach of any term or provision
      of the charter or by-laws of the Depositor or (B) materially conflict with,
      result in a material breach, violation or acceleration of, or result in a
      material default under, the terms of any other material agreement or instrument
      to which the Depositor is a party or by which it may be bound or (C) constitute
      a material violation of any statute, order or regulation applicable to the
      Depositor of any court, regulatory body, administrative agency or governmental
      body having jurisdiction over the Depositor; and the Depositor is not in breach
      or violation of any material indenture or other material agreement or
      instrument, or in violation of any statute, order or regulation of any court,
      regulatory body, administrative agency or governmental body having jurisdiction
      over it which breach or violation may materially impair the Depositor’s ability
      to perform or meet any of its obligations under this Agreement.

     

    (iv)  No
      litigation is pending, or, to the best of the Depositor’s knowledge, threatened,
      against the Depositor that would materially and adversely affect the execution,
      delivery or enforceability of this Agreement or the ability of the Depositor
      to
      perform its obligations under this Agreement in accordance with the terms
      hereof.

     

    (v)  No
      consent, approval, authorization or order of any court or governmental agency
      or
      body is required for the execution, delivery and performance by the Depositor
      of, or compliance by the Depositor with, this Agreement or the consummation
      of
      the transactions contemplated hereby, or if any such consent, approval,
      authorization or order is required, the Depositor has obtained the
      same.

     

    The
      Depositor hereby represents and warrants to the Trustee as of the Closing Date,
      following the transfer of the Mortgage Loans to it by the Sponsor, the Depositor
      had good title to the Mortgage Loans and the related Mortgage Notes were subject
      to no offsets, claims, defenses or counterclaims.

     

    It
      is
      understood and agreed that the representations and warranties set forth in
      this
      Section 2.04 shall survive delivery of the Mortgage Files to the Trustee or
      the Custodian for the benefit of the Certificateholders. Upon discovery by
      the
      Depositor, GMACM, the Master Servicer or the Trustee of a breach of such
      representations and warranties, the party discovering such breach shall give
      prompt written notice to the others and to each Rating Agency.

     

    Section
      2.05  Delivery
      of Opinion of Counsel in Connection with Substitutions and
      Repurchases.

     

    (a)  Notwithstanding
      any contrary provision of this Agreement, with respect to any Mortgage Loan
      that
      is not in default or as to which default is not imminent, no repurchase or
      substitution pursuant to Sections 2.02 or 2.03 shall be made unless the Sponsor
      delivers to the Trustee an Opinion of Counsel, addressed to the Trustee, to
      the
      effect that such repurchase or substitution would not (i) result in the
      imposition of the tax on “prohibited transactions” of any REMIC created
      hereunder or contributions after the Closing Date, as defined in sections
      860F(a)(2) and 860G(d) of the Code, respectively or (ii) cause any REMIC to
      fail
      to qualify as a REMIC at any time that any Certificates are outstanding. Any
      Mortgage Loan as to which repurchase or substitution was delayed pursuant to
      this paragraph shall be repurchased or the substitution therefor shall occur
      (subject to compliance with Sections 2.02 or 2.03) upon the earlier of (a)
      the
      occurrence of a default or imminent default with respect to such Mortgage Loan
      and (b) receipt by the Trustee of an Opinion of Counsel to the effect that
      such
      repurchase or substitution, as applicable, will not result in the events
      described in clause (i) or clause (ii) of the preceding sentence.

     

    (b)  Upon
      discovery by the Depositor or the Sponsor that any Mortgage Loan does not
      constitute a “qualified mortgage” within the meaning of section 860G(a)(3) of
      the Code, the party discovering such fact shall promptly (and in any event
      within five (5) Business Days of discovery) give written notice thereof to
      the
      other parties and the Trustee. In connection therewith, the Sponsor, at its
      option, shall either (i) substitute, if the conditions in Section 2.03(c)
      with respect to substitutions are satisfied, a Replacement Mortgage Loan for
      the
      affected Mortgage Loan, or (ii) repurchase the affected Mortgage Loan within
      ninety (90) days of such discovery in the same manner as it would a Mortgage
      Loan for a breach of representation or warranty contained in Section 2.03.
      The Trustee shall reconvey to the Sponsor the Mortgage Loan to be released
      pursuant hereto in the same manner, and on the same terms and conditions, as
      it
      would a Mortgage Loan repurchased for breach of a representation or warranty
      contained in Section 2.03.

     

    Section
      2.06  Issuance
      of the REMIC I Regular Interests.

     

    The
      Trustee acknowledges the assignment to it of the Mortgage Loans and the delivery
      to the Custodian on its behalf of the related Mortgage Files, subject to the
      provisions of Section 2.01 and Section 2.02, together with the
      assignment to it of all other assets included in REMIC I, the receipt of which
      is hereby acknowledged. The interests evidenced by the Class R-1 Interest,
      together with the REMIC I Regular Interests, constitute the entire beneficial
      ownership interest in REMIC I. The rights of the Holders of the Class R-2
      Interest and REMIC II (as Holder of the REMIC I Regular Interests) to receive
      distributions from the proceeds of REMIC I in respect of the Class R-2 Interest
      and the REMIC I Regular Interests, respectively, and all ownership interests
      evidenced or constituted by the Class R-2 Interest and the REMIC I Regular
      Interests, shall be as set forth in this Agreement.

     

    Section
      2.07  Conveyance
      of the REMIC I Regular Interests, REMIC II Regular Interests, Class X Interest,
      Class P Interest and Class IO Interest.

     

    (a)  The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey to the Trustee, without
      recourse, all the right, title and interest of the Depositor in and to the
      REMIC
      I Regular Interests for the benefit of the Class R-2 Interest and REMIC II
      (as
      holder of the REMIC I Regular Interests). The Trustee acknowledges receipt
      of
      the REMIC I Regular Interests and declares that it holds and will hold the
      same
      in trust for the exclusive use and benefit of all present and future Holders
      of
      the Class R-2 Interest and REMIC II (as holder of the REMIC I Regular
      Interests). The rights of the Holder of the Class R-2 Interest and REMIC II
      (as
      holder of the REMIC I Regular Interests) to receive distributions from the
      proceeds of REMIC II in respect of the Class R-II Interest and the REMIC II
      Regular Interests, respectively, and all ownership interests evidenced or
      constituted by the Class R-2 Interest and the REMIC II Regular Interests, shall
      be as set forth in this Agreement. The Class R-2 Interest and the REMIC II
      Regular Interests shall constitute the entire beneficial ownership interest
      in
      REMIC II.

     

    (b)  The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey to the Trustee, without
      recourse, all the right, title and interest of the Depositor in and to the
      REMIC
      II Regular Interests for the benefit of the Class R-3 Interest and REMIC III
      (as
      holder of the REMIC II Regular Interests). The Trustee acknowledges receipt
      of
      the REMIC II Regular Interests and declares that it holds and will hold the
      same
      in trust for the exclusive use and benefit of all present and future Holders
      of
      the Class R-3 Interest and REMIC III (as holder of the REMIC II Regular
      Interests). The rights of the Holder of the Class R-3 Interest and REMIC III
      (as
      holder of the REMIC II Regular Interests) to receive distributions from the
      proceeds of REMIC III in respect of the Class R-3 Interest and the Regular
      Certificates (other than the Class X and Class P Certificates), the Class X
      Interest, the Class P Interest and the Class IO Interest, respectively, and
      all
      ownership interests evidenced or constituted by the Class R-3 Interest and
      the
      Regular Certificates (other than the Class X and Class P Certificates), the
      Class X Interest, the Class P Interest and the Class IO Interest, shall be
      as
      set forth in this Agreement. The Class R-3 Interest, the Regular Certificates
      (other than the Class X and Class P Certificates), the Class X Interest, the
      Class P Interest and the Class IO Interest shall constitute the entire
      beneficial ownership interest in REMIC III.

     

    (c)  The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey to the Trustee, without
      recourse, all the right, title and interest of the Depositor in and to the
      Class
      X Interest for the benefit of the Class R-4 Interest and REMIC IV (as holder
      of
      the Class X Interest).  The Trustee acknowledges receipt of the Class
      X Interest and declares that it holds and will hold the same in trust for the
      exclusive use and benefit of all present and future Holders of the Class R-4
      Interest and REMIC IV (as holder of the Class X Interest).  The rights
      of the Holder of the Class R-4 Interest and REMIC IV (as holder of the Class
      X
      Interest) to receive distributions from the proceeds of REMIC IV in respect
      of
      the Class R-4 Interest, the Class X Certificates, and all ownership interests
      evidenced or constituted by the Class R-4 Interest and the Class X Certificates,
      shall be as set forth in this Agreement.  The Class R-4 Interest and
      the Class X Certificates shall constitute and evidence the entire beneficial
      ownership interest in REMIC IV.

     

    (d)  The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey to the Trustee, without
      recourse, all the right, title and interest of the Depositor in and to the
      Class
      P Interest for the benefit of the Class R-5 Interest and REMIC V (as holder
      of
      the Class P Interest).  The Trustee acknowledges receipt of the Class
      P Interest and declares that it holds and will hold the same in trust for the
      exclusive use and benefit of all present and future Holders of the Class R-5
      Interest and REMIC V (as holder of the Class P Interest).  The rights
      of the Holder of the Class R-5 Interest and REMIC V (as holder of the Class
      P
      Interest) to receive distributions from the proceeds of REMIC V in respect
      of
      the Class R-5 Interest, the Class P Certificates, and all ownership interests
      evidenced or constituted by the Class R-5 Interest and the Class P Certificates,
      shall be as set forth in this Agreement.  The Class R-5 Interest and
      the Class P Certificates shall constitute and evidence the entire beneficial
      ownership interest in REMIC V.

     

    (e)  The
      Depositor, concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey to the Trustee, without
      recourse, all the right, title and interest of the Depositor in and to the
      Class
      IO Interest for the benefit of the Class R-6 Interest and REMIC VI (as holder
      of
      the Class IO Interest).  The Trustee acknowledges receipt of the Class
      IO Interest and declares that it holds and will hold the same in trust for
      the
      exclusive use and benefit of all present and future Holders of the Class R-6
      Interest and REMIC VI (as holder of the Class IO Interest).  The
      rights of the Holder of the Class R-6 Interest and REMIC VI (as holder of the
      Class IO Interest) to receive distributions from the proceeds of REMIC VI in
      respect of the Class R-6 Interest, REMIC VI Regular Interest IO, and all
      ownership interests evidenced or constituted by the Class R-6 Interest and
      REMIC
      VI Regular Interest IO, shall be as set forth in this Agreement.  The
      Class R-6 Interest and the REMIC VI Regular Interest IO Certificates shall
      constitute and evidence the entire beneficial ownership interest in REMIC
      VI.

     

    Section
      2.08  Issuance
      of Class R Certificates and the Class R-X Certificates.

     

    (a)  The
      Trustee acknowledges the assignment to it of the REMIC I Regular Interests
      and
      the REMIC II Regular Interests and, concurrently therewith and in exchange
      therefor, pursuant to the written request of the Depositor executed by an
      officer of the Depositor, the Securities Administrator has executed,
      authenticated and delivered to or upon the order of the Depositor, the Class
      R
      Certificates in authorized denominations.

     

    (b)  The
      Trustee acknowledges the assignment to it of the Class X Interest, the Class
      P
      Interest and the Class IO Interest and, concurrently therewith and in exchange
      therefor, pursuant to the written request of the Depositor executed by an
      officer of the Depositor, the Securities Administrator has executed,
      authenticated and delivered to or upon the order of the Depositor, the Class
      R-X
      Certificates in authorized denominations.

     

    Section
      2.09  Establishment
      of Trust.

     

    The
      Depositor does hereby establish, pursuant to the further provisions of this
      Agreement and the laws of the State of New York, an express trust to be known,
      for convenience, as “Nomura Asset Acceptance Corporation, Alternative Loan
      Trust, Series 2007-2” and does hereby appoint HSBC Bank USA, National
      Association, as Trustee in accordance with the provisions of this
      Agreement.

     

    Section
      2.10  Purpose
      and Powers of the Trust.

     

    The
      purpose of the common law trust, as created hereunder, is to engage in the
      following activities:

     

    (a)  acquire
      and hold the Mortgage Loans and the other assets of the Trust Fund and the
      proceeds therefrom;

     

    (b)  to
      issue
      the Certificates sold to the Depositor in exchange for the Mortgage
      Loans;

     

    (c)  to
      make
      payments on the Certificates;

     

    (d)  to
      engage
      in those activities that are necessary, suitable or convenient to accomplish
      the
      foregoing or are incidental thereto or connected therewith; and

     

    (e)  subject
      to compliance with this Agreement, to engage in such other activities as may
      be
      required in connection with conservation of the Trust Fund and the making of
      distributions to the Certificateholders.

     

    The
      trust
      is hereby authorized to engage in the foregoing activities.  The
      Trustee shall not cause the trust to engage in any activity other than in
      connection with the foregoing or other than as required or authorized by the
      terms of this Agreement while any Certificate is outstanding, and this
      Section 2.10 may not be amended, without the consent of the
      Certificateholders evidencing 51% or more of the aggregate voting rights of
      the
      Certificates.

     

    ARTICLE
      III

     

    ADMINISTRATION
      AND SERVICING OF THE MORTGAGE LOANS; ACCOUNTS

     

    Section
      3.01  GMACM
      to act as Servicer of the related Mortgage Loans.

     

    The
      obligations of GMACM hereunder to service and administer the Mortgage Loans
      shall be limited to the GMACM Mortgage Loans, and with respect to the duties
      and
      obligations of GMACM, references herein to the related Mortgage Loans shall
      be
      limited to the GMACM Mortgage Loans (and the related proceeds thereof and
      related REO Properties) and references to the related Servicer or such Servicer
      in connection with the performance of the servicing obligations specified in
      this Agreement and all obligations arising hereunder by the related Servicer
      in
      connection with the servicing of the related Mortgage Loans shall be deemed
      to
      be references to GMACM or any successor thereto responsible for the servicing
      and administration of the GMACM Mortgage Loans pursuant to the terms of this
      Agreement.  Any reference in this Section 3,01 to the “Servicer”
or the “related Servicer” shall be deemed to refer to GMACM unless indicated
      otherwise, and any reference to the “Mortgage Loans” or “related Mortgage Loans”
shall be deemed to refer to the GMACM Mortgage Loans unless indicated
      otherwise.  The Wells Fargo Mortgage Loans will be serviced and
      administered by Wells Fargo pursuant to the terms and provisions of the
      Servicing Agreement and Wells Fargo shall have no obligation to adhere to the
      provisions of this Agreement in connection with the servicing and administration
      of the Wells Fargo Mortgage Loans. In addition, GMACM will have no
      responsibility to service or administer the Wells Fargo Mortgage Loans or have
      any other obligation or liability with respect to the Wells Fargo Mortgage
      Loans
      or the Servicing Agreement.

     

    GMACM
      shall service and administer the related Mortgage Loans on behalf of the Trust
      Fund and in the best interest of and for the benefit of the Certificateholders
      (as determined by GMACM in its reasonable judgment) in accordance with the
      terms
      of this Agreement and the related Mortgage Loans and to the extent consistent
      with such terms and in accordance with and exercising the same care in
      performing those practices that GMACM customarily employs and exercises in
      servicing and administering mortgage loans for its own account and of the same
      type as such Mortgage Loans in the jurisdiction in which the related Mortgaged
      Properties are located (including, compliance with all applicable federal,
      state
      and local laws).

     

    To
      the
      extent consistent with the foregoing, GMACM shall seek the timely and complete
      recovery of principal and interest on the Mortgage Notes related to the Mortgage
      Loans and shall waive a Prepayment Charge only under the following
      circumstances: (i) such waiver is standard and customary in servicing similar
      mortgage loans and (ii) either (A) such waiver is related to a default or
      reasonably foreseeable default and would, in the reasonable judgment of GMACM,
      maximize recovery of total proceeds taking into account the value of such
      Prepayment Charge and the related Mortgage Loan and, if such waiver is made
      in
      connection with a refinancing of the related Mortgage Loan, such refinancing
      is
      related to a default or a reasonably foreseeable default or (B) such waiver
      is
      made in connection with a refinancing of the related Mortgage Loan unrelated
      to
      a default or a reasonably foreseeable default where (x) the related Mortgagor
      has stated to the related Servicer an intention to refinance the related
      Mortgage Loan and (y) the related Servicer has concluded in its reasonable
      judgment that the waiver of such Prepayment Charge would induce such Mortgagor
      to refinance with GMACM, (iii) GMACM reasonably believes such Prepayment Charge
      is unenforceable in accordance with applicable law or the collection of such
      related Prepayment Charge would otherwise violate applicable law or (iv) the
      collection of such Prepayment Charge 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.  If a Prepayment Charge is waived as permitted by
      meeting both of the standards described in clauses (i) and (ii)(B) above, then
      GMACM is required to pay the amount of such waived Prepayment Charge (the
“Servicer Prepayment Charge Payment Amount”), for the benefit of the Holders of
      the Class P Certificates, by depositing such amount into the related Custodial
      Account within ninety (90) days of notice or discovery of such waiver meeting
      the standard set forth in both clauses (i) and (ii)(B) above; provided, however,
      that GMACM shall not waive more than five percent (5%) of the Prepayment Charges
      (by number of Prepayment Charges) set forth on the Mortgage Loan Schedule in
      accordance with clauses (i) and (ii)(B) above.  Notwithstanding any
      other provisions of this Agreement, any payments made by GMACM in respect of
      any
      waived Prepayment Charges pursuant to clauses (i) and (ii)(B) above and the
      preceding sentence shall be deemed to be paid outside of the Trust
      Fund.

     

    Notwithstanding
      anything to the contrary contained in this Agreement, if GMACM waives a
      Prepayment Charge in breach of the foregoing paragraph, GMACM will pay the
      amount of such waived Prepayment Charge, from its own funds without any right
      of
      reimbursement, for the benefit of the Holders of the Class P Certificates by
      depositing such amount into the related Custodial Account within ninety (90)
      days of the earlier of discovery by GMACM or receipt of notice by GMACM of
      such
      breach.  Furthermore, notwithstanding any other provisions of this
      Agreement, any payments made by GMACM in respect of any waived Prepayment
      Charges pursuant to this paragraph shall be deemed to be paid outside of the
      Trust Fund.

     

    Subject
      only to the above-described applicable servicing standards (the “Accepted
      Servicing Practices”) and the terms of this Agreement and of the respective
      Mortgage Loans, GMACM shall have full power and authority, acting alone and/or
      through Subservicers as provided in Section 3.03, to do or cause to be done
      any and all things that it may deem necessary or desirable in connection with
      such servicing and administration, including but not limited to, the power
      and
      authority, subject to the terms hereof (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 related Mortgaged
      Property and assumptions of the Mortgage Notes and related Mortgages (but only
      in the manner provided herein), (iii) to collect any Insurance Proceeds and
      other Liquidation Proceeds, and (iv) subject to Section 3.09, to effectuate
      foreclosure or other conversion of the ownership of the Mortgaged Property
      securing any Mortgage Loan serviced by GMACM.

     

    Without
      limiting the generality of the foregoing, GMACM, in its own name or in the
      name
      of the Trust, the Depositor or the Trustee, is hereby authorized and empowered
      by the Trust, the Depositor and the Trustee, when GMACM believes it appropriate
      in its reasonable judgment, to execute and deliver, on behalf of the Trustee,
      the Depositor and the Certificateholders , 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 related
      Mortgage Loans, and with respect to the related Mortgaged Properties held for
      the benefit of the Certificateholders. GMACM shall prepare and deliver to the
      Depositor and/or the Trustee such documents requiring execution and delivery
      by
      any or all of them as are necessary or appropriate to enable GMACM to service
      and administer the related Mortgage Loans. Upon receipt of such documents,
      the
      Depositor and/or the Trustee shall execute such documents and deliver them
      to
      GMACM. In addition, the Trustee shall execute, at the written request of GMACM,
      and furnish to it any special or limited powers of attorney agreeable to the
      Trustee and its counsel applicable to all locations in which the Mortgaged
      Properties are located and other documents necessary or appropriate to enable
      GMACM to carry out its servicing and administrative duties, provided such
      limited powers of attorney or other documents shall be prepared by GMACM and
      submitted to the Trustee for review prior to
      execution.  Notwithstanding anything to the contrary herein, the
      Trustee shall in no way be liable or responsible for the willful malfeasance
      of
      GMACM, or for the wrongful or negligent actions taken by GMACM, while GMACM
      is
      acting pursuant to the powers granted to it in this paragraph.

     

    In
      accordance with the standards of the first paragraph of this Section 3.01,
      GMACM shall advance or cause to be advanced funds as necessary for the purpose
      of effecting the payment of taxes and assessments on the Mortgaged Properties
      relating to the related Mortgage Loans in order to preserve the lien on the
      related Mortgaged Property, which advances shall be reimbursable in the first
      instance from related collections from the Mortgagors pursuant to
      Section 3.27, and further as provided in Section 3.32. All costs
      incurred by GMACM, if any, in effecting the payments of such taxes and
      assessments on the related Mortgaged Properties and related insurance premiums
      shall not, for the purpose of calculating monthly distributions to the
      Certificateholders, be added to the Stated Principal Balance under the related
      Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so
      permit.

     

    Section
      3.02  Due-on-Sale
      Clauses; Assumption Agreements.

     

    (a)  Except
      as
      otherwise provided in this Section 3.02, when any Mortgaged Property has
      been or is about to be conveyed by the Mortgagor, the related Servicer shall
      to
      the extent that it has knowledge of such conveyance, enforce any due-on-sale
      clause contained in any Mortgage Note or Mortgage, to the extent permitted
      under
      applicable law and governmental regulations, but only to the extent that such
      enforcement will not adversely affect or jeopardize coverage under any Required
      Insurance Policy. Notwithstanding the foregoing, no Servicer shall be required
      to exercise such rights with respect to a Mortgage Loan serviced by such
      Servicer if the Person to whom the related Mortgaged Property has been conveyed
      or is proposed to be conveyed satisfies the terms and conditions contained
      in
      the Mortgage Note and Mortgage related thereto and the consent of the mortgagee
      under such Mortgage Note or Mortgage is not otherwise so required under such
      Mortgage Note or Mortgage as a condition to such transfer. In the event that
      the
      related Servicer is prohibited by law from enforcing any such due-on-sale
      clause, or if coverage under any Required Insurance Policy would be adversely
      affected, or if nonenforcement is otherwise permitted hereunder, such Servicer
      is authorized, subject to Section 3.02(b), to take or enter into an
      assumption and modification agreement from or with the person to whom such
      property has been or is about to be conveyed, pursuant to which such person
      becomes liable under the Mortgage Note and, unless prohibited by applicable
      state law, the Mortgagor remains liable thereon, provided that the related
      Mortgage Loan shall continue to be covered (if so covered before the related
      Servicer enters into such an agreement) by the applicable Required Insurance
      Policies. The related Servicer, subject to Section 3.02(b), is also
      authorized with the prior approval of the insurers under any Required Insurance
      Policies to enter into a substitution of liability agreement with such Person,
      pursuant to which the original Mortgagor is released from liability and such
      Person is substituted as Mortgagor and becomes liable under the Mortgage Note.
      Notwithstanding the foregoing, no Servicer shall be deemed to be in default
      under this Section 3.02(a) by reason of any transfer or assumption that
      such Servicer reasonably believes it is restricted by law from
      preventing.

     

    (b)  Subject
      to the related Servicer’s duty to enforce any due-on-sale clause to the extent
      set forth in Section 3.02(a), in any case in which a Mortgaged Property has
      been conveyed to a Person by a Mortgagor, and such Person is to enter into
      an
      assumption agreement or modification agreement or supplement to the Mortgage
      Note or Mortgage that requires the signature of the Trustee, or if an instrument
      of release signed by the Trustee is required releasing the Mortgagor from
      liability on the related Mortgage Loan, the related Servicer shall prepare
      and
      deliver or cause to be prepared and delivered to the Trustee for signature
      and
      shall direct, in writing, the Trustee to execute the assumption agreement with
      the Person to whom the Mortgaged Property is to be conveyed and such
      modification agreement or supplement to the Mortgage Note or Mortgage or other
      instruments as are reasonable or necessary to carry out the terms of the
      Mortgage Note or Mortgage or otherwise to comply with any applicable laws
      regarding assumptions or the transfer of the Mortgaged Property to such Person.
      In connection with any such assumption, no material term of the Mortgage Note
      (including, but not limited to, (a) the Mortgage Rate, (b) the amount of the
      Scheduled Payment and (c) any other term affecting the amount or timing of
      payment on the related Mortgage Loan) may be changed. In addition, the
      substitute Mortgagor and the Mortgaged Property must be acceptable to the
      related Servicer in accordance with the servicing standard set forth in
      Section 3.01. The related Servicer shall notify the Trustee that any such
      substitution or assumption agreement has been completed by forwarding to the
      Custodian the original of such substitution or assumption agreement, which
      in
      the case of the original shall be added to the related Mortgage File and shall,
      for all purposes, be considered a part of such Mortgage File to the same extent
      as all other documents and instruments constituting a part thereof. Any fee
      collected by a Servicer for entering into an assumption or substitution of
      liability agreement will be retained by such Servicer as additional servicing
      compensation.

     

    Section
      3.03  Subservicers.

     

    The
      related Servicer shall perform all of its servicing responsibilities hereunder
      or may cause a Subservicer to perform any such servicing responsibilities on
      its
      behalf, but the use by such Servicer of a Subservicer shall not release such
      Servicer from any of its obligations hereunder with respect to the related
      Mortgage Loans. Any subservicing arrangement and the terms of the related
      Subservicing Agreement must provide for the servicing of such Mortgage Loans
      in
      a manner consistent with the servicing arrangements contemplated hereunder
      and
      the related Servicer shall cause any Subservicer to comply with the provisions
      of this Agreement (including, without limitation, to provide the information
      required to be delivered under Sections 3.13, 3.14 and 3.18 hereof), to the
      same
      extent as if such Subservicer were the related Servicer.  Each
      Subservicer shall be (i) authorized to transact business in the state or states
      where the related Mortgaged Properties it is to service are situated, if and
      to
      the extent required by applicable law to enable the Subservicer to perform
      its
      obligations hereunder and under the Subservicing Agreement and (ii) a Freddie
      Mac or Fannie Mae approved mortgage servicer.  The related Servicer
      shall promptly, upon request, provide to the Master Servicer and the Depositor
      a
      written description (in form and substance satisfactory to the Master Servicer
      and the Depositor) of the role and function of each Subservicer utilized by
      such
      Servicer, specifying (i) the identity of each such Subservicer, (ii) which
      (if
      any) of such Subservicer is “participating in the servicing function” within the
      meaning of Item 1122 of Regulation AB, and (iii) which elements of the Servicing
      Criteria will be addressed in assessments of compliance provided by each
      Subservicer identified pursuant to clause (ii) of this subsection; provided,
      however, that no Servicer shall be required to provide the information in clause
      (i) or (ii) of this subsection until such time that the applicable assessment
      of
      compliance is due in accordance with Section 3.14 of this
      Agreement.  The related Servicer shall be responsible for obtaining
      from each Subservicer engaged by it and delivering to the Master Servicer any
      annual statement of compliance, assessment of compliance, attestation report
      and
      Sarbanes-Oxley related certification as and when required to be
      delivered.  The related Servicer shall pay all fees of each of its
      Subservicers from its own funds.

     

    Notwithstanding
      the foregoing, with respect to the related Mortgage Loans, the related Servicer
      shall be entitled to outsource one or more separate servicing functions to
      any
      person that does not meet the eligibility requirements for a Subservicer (each
      such person, a “Subcontractor”), so long as such outsourcing does not constitute
      the delegation of such Servicer’s obligation to perform all or substantially all
      of the servicing of the related Mortgage Loans to such
      Subcontractor.  The related Servicer shall promptly, upon request,
      provide to the Master Servicer and the Depositor a written description (in
      form
      and substance satisfactory to the Master Servicer and the Depositor) of the
      role
      and function of each Subcontractor utilized by such Servicer, specifying (i)
      the
      identity of each such Subcontractor, (ii) which (if any) of such Subservicer
      and
      Subcontractors are “participating in the servicing function” within the meaning
      of Item 1122 of Regulation AB, and (iii) which elements of the Servicing
      Criteria will be addressed in assessments of compliance provided by each
      Subcontractor identified pursuant to clause (ii) of this
      subsection.  In such event, the use by a Servicer of any such
      Subcontractor shall not release such Servicer from any of its obligations
      hereunder and such Servicer shall remain responsible hereunder for all acts
      and
      omissions of such Subcontractor as fully as if such acts and omissions were
      those of the related Servicer, and the related Servicer shall pay all fees
      and
      expenses of the Subcontractor from the related Servicer’s own
      funds.

     

    As
      a
      condition to the utilization of any Subcontractor determined to be
“participating in the servicing function” within the meaning of Item 1122 of
      Regulation AB, the related Servicer shall cause any such Subcontractor used
      by
      it for the benefit of the Master Servicer, the Trustee and the Depositor to
      comply with the provisions of Sections 3.13, 3.14 and 3.18 of this Agreement
      to
      the same extent as if such Subcontractor were such Servicer. The related
      Servicer shall be responsible for obtaining from each Subcontractor and
      delivering to the Master Servicer and any Depositor any compliance statement,
      assessment of compliance, attestation report and Sarbanes-Oxley related
      certification required to be delivered by such Subcontractor under
      Section 3.13, 3.14 and 3.18, in each case as and when required to be
      delivered.

     

    At
      the
      cost and expense of the related Servicer, without any right of reimbursement
      from the related Custodial Account, such Servicer shall be entitled to terminate
      the rights and responsibilities of a Subservicer or Subcontractor and arrange
      for any servicing responsibilities to be performed by a successor Subservicer
      or
      Subcontractor; provided, however, that nothing contained herein shall be deemed
      to prevent or prohibit the related Servicer, at its option, from electing to
      service the related Mortgage Loans itself. In the event that the related
      Servicer’s responsibilities and duties under this Agreement are terminated
      pursuant to Section 8.01, such Servicer shall at its own cost and expense
      terminate the rights and responsibilities of each Subservicer and Subcontractor
      with respect to the related Mortgage Loans effective as of the date of such
      Servicer’s termination. The related Servicer shall pay all fees, expenses or
      penalties necessary in order to terminate the rights and responsibilities of
      each Subservicer and Subcontractor from such Servicer’s own funds without
      reimbursement from the Trust Fund.

     

    Notwithstanding
      the foregoing, no Servicer shall be relieved of its obligations hereunder with
      respect to the related Mortgage Loans and shall be obligated to the same extent
      and under the same terms and conditions as if it alone were servicing and
      administering the related Mortgage Loans. The related Servicer shall be entitled
      to enter into an agreement with a Subservicer or Subcontractor, as applicable,
      for indemnification of such Servicer by the Subservicer or Subcontractor, as
      applicable, and nothing contained in this Agreement shall be deemed to limit
      or
      modify such indemnification.

     

    Any
      Subservicing Agreement and any other transactions or services relating to the
      Mortgage Loans involving a Subservicer or Subcontractor shall be deemed to
      be
      between such Subservicer or Subcontractor and the related Servicer alone, and
      neither the Master Servicer nor the Trustee shall have any obligations, duties
      or liabilities with respect to such Subservicer or Subcontractor including
      any
      obligation, duty or liability of Master Servicer or the Trustee to pay such
      Subservicer’s or Subcontractor’s fees and expenses or any differential in the
      amount of the servicing fee paid hereunder and the amount necessary to induce
      any successor servicer to act as successor servicer under this Agreement and
      the
      transactions provided for in this Agreement. For purposes of remittances to
      the
      Securities Administrator pursuant to this Agreement, the related Servicer shall
      be deemed to have received a payment on a Mortgage Loan when a Subservicer
      or
      Subcontractor engaged by such Servicer has received such payment.

     

    Section
      3.04  Documents,
      Records and Funds in Possession of a Servicer To Be Held for
      Trustee.

     

    Notwithstanding
      any other provisions of this Agreement, the related Servicer shall transmit
      to
      the Trustee as required by this Agreement all documents and instruments in
      respect of a Mortgage Loan serviced by such Servicer coming into the possession
      of such Servicer from time to time and shall account fully to the Securities
      Administrator for any funds received by such Servicer or that otherwise are
      collected by such Servicer as Liquidation Proceeds or Insurance Proceeds in
      respect of any such Mortgage Loan.  All Mortgage Files and funds
      collected or held by, or under the control of, a Servicer in respect of any
      Mortgage Loans serviced by such Servicer, whether from the collection of
      principal and interest payments or from Liquidation Proceeds, including but
      not
      limited to, any funds on deposit in the related Custodial Account, shall be
      held
      by such Servicer for and on behalf of the Trustee and shall be and remain the
      sole and exclusive property of the Trustee, subject to the applicable provisions
      of this Agreement. The related Servicer also agrees that it shall not create,
      incur or subject any Mortgage File or any funds that are deposited in the
      related Custodial Account, the Distribution Account or in any Escrow Account,
      or
      any funds that otherwise are or may become due or payable to the Trustee for
      the
      benefit of the Certificateholders to any claim, lien, security interest,
      judgment, levy, writ of attachment or other encumbrance, or assert by legal
      action or otherwise any claim or right of set off against any Mortgage File
      or
      any funds collected on, or in connection with, a Mortgage Loan, except, however,
      that such Servicer shall be entitled to set off against and deduct from any
      such
      funds any amounts that are properly due and payable to the related Servicer
      under this Agreement.

     

    Section
      3.05  Maintenance
      of Hazard Insurance.

     

    (a)  The
      related Servicer shall cause to be maintained for each Mortgage Loan serviced
      by
      such Servicer hazard insurance with extended coverage on the Mortgaged Property
      in an amount which is at least equal to the lesser of (i) the Stated Principal
      Balance of such Mortgage Loan and (ii) the amount necessary to fully compensate
      for any damage or loss to the improvements that are a part of such property
      on a
      replacement cost basis, in each case in an amount not less than such amount
      as
      is necessary to avoid the application of any coinsurance clause contained in
      the
      related hazard insurance policy. The related Servicer shall also cause to be
      maintained hazard insurance with extended coverage on each REO Property in
      an
      amount which is at least equal to the lesser of (i) the maximum insurable value
      of the improvements which are a part of such REO Property and (ii) the Stated
      Principal Balance of the related Mortgage Loan at the time it became an REO
      Property. The related Servicer will comply in the performance of this Agreement
      with all reasonable rules and requirements of each insurer under any such hazard
      policies. Any amounts collected by the related Servicer under any such policies
      (other than amounts to be applied to the restoration or repair of the property
      subject to the related Mortgage or amounts to be released to the Mortgagor
      in
      accordance with the procedures that such Servicer would follow in servicing
      loans held for its own account, subject to the terms and conditions of the
      related Mortgage and Mortgage Note and in accordance with the servicing standard
      set forth in Section 3.01) shall be deposited in the related Custodial
      Account, subject to withdrawal pursuant to Section 3.27. Any cost incurred
      by the related Servicer in maintaining any such insurance shall not, for the
      purpose of calculating distributions to the Certificateholders, be added to
      the
      Stated Principal Balance of the related Mortgage Loan, notwithstanding that
      the
      terms of such Mortgage Loan so permit. It is understood and agreed that no
      earthquake or other additional insurance is to be required of any Mortgagor
      other than pursuant to such applicable laws and regulations as shall at any
      time
      be in force and as shall require such additional insurance. If a Mortgaged
      Property or REO Property is at any time in an area identified in the Federal
      Register by the Federal Emergency Management Agency as having special flood
      hazards and flood insurance has been made available, the related Servicer shall
      cause to be maintained a flood insurance policy in respect thereof. Such flood
      insurance shall be in an amount equal to the lesser of (i) the Stated Principal
      Balance of the related Mortgage Loan and (ii) the maximum amount of such
      insurance available for the related Mortgaged Property under the national flood
      insurance program (assuming that the area in which such Mortgaged Property
      is
      located is participating in such program).

     

    In
      the
      event that the related Servicer shall obtain and maintain a blanket policy
      with
      an insurer acceptable to Fannie Mae or Freddie Mac, or having a General Policy
      Rating of B:VI or better in Best’s Key Rating Guide (or such other rating that
      is comparable to such rating) insuring against hazard losses on all of the
      Mortgage Loans serviced by such Servicer, it shall conclusively be deemed to
      have satisfied its obligations as set forth in the first two sentences of this
      Section 3.05, it being understood and agreed that such policy may contain a
      deductible clause, in which case the related Servicer shall, in the event that
      there shall not have been maintained on the related Mortgaged Property or REO
      Property a policy complying with the first two sentences of this
      Section 3.05, and there shall have been one or more losses which would have
      been covered by such policy, deposit to the related Custodial Account maintained
      by such Servicer from its own funds the amount not otherwise payable under
      the
      blanket policy because of such deductible clause. In connection with its
      activities as administrator and servicer of the related Mortgage Loans, the
      related Servicer agrees to prepare and present, on behalf of itself, the Trustee
      and Certificateholders, claims under any such blanket policy in a timely fashion
      in accordance with the terms of such policy.

     

    (b)  The
      related Servicer shall keep in force during the term of this Agreement a policy
      or policies of insurance covering errors and omissions for failure in the
      performance of such Servicer’s obligations under this Agreement, which policy or
      policies shall be in such form and amount that would meet the requirements
      of
      Fannie Mae or Freddie Mac if it were the purchaser of the Mortgage Loans, unless
      such Servicer has obtained a waiver of such requirements from Fannie Mae or
      Freddie Mac. The related Servicer shall provide the Master Servicer, upon
      request, with copies of such insurance policies and fidelity bond (or waiver
      thereof). The related Servicer shall also maintain a fidelity bond in the form
      and amount that would meet the requirements of Fannie Mae or Freddie Mac, unless
      such Servicer has obtained a waiver of such requirements from Fannie Mae or
      Freddie Mac. The related Servicer shall be deemed to have complied with this
      provision if one of its Affiliates has such errors and omissions and fidelity
      bond coverage and, by the terms of such insurance policy or fidelity bond,
      the
      coverage afforded thereunder extends to such Servicer. Any such errors and
      omissions policy and fidelity bond shall by its terms not be cancelable without
      thirty (30) days’ prior written notice to the Master Servicer. The related
      Servicer shall also cause its Subservicers to maintain a policy of insurance
      covering errors and omissions and a fidelity bond which would meet such
      requirements.

     

    Section
      3.06  Presentment
      of Claims and Collection of Proceeds.

     

    The
      related Servicer shall prepare and present on behalf of the Trustee and the
      Certificateholders all claims under the applicable Insurance Policies 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
      Insurance Policies. Any proceeds disbursed to the related Servicer in respect
      of
      such Insurance Policies shall, within two Business Days of its receipt, be
      deposited in the related Custodial Account, except that any amounts realized
      that are to be applied to the repair or restoration of the related Mortgaged
      Property as a condition precedent 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).

     

    Section
      3.07  Maintenance
      of Insurance Policies.

     

    The
      related Servicer shall not take any action that would result in noncoverage
      under any applicable Insurance Policy of any loss which, but for the actions
      of
      such Servicer would have been covered thereunder.  The related
      Servicer shall use its best efforts to keep in force and effect (to the extent
      that the related Mortgage Loan requires the Mortgagor to maintain such
      insurance), any applicable Insurance Policy. The related Servicer shall not
      cancel or refuse to renew any Insurance Policy that is in effect at the date
      of
      the initial issuance of the Mortgage Note and is required to be kept in force
      hereunder.

     

    Section
      3.08  Reserved.

     

    Section
      3.09  Realization
      Upon Defaulted Mortgage Loans; Determination of Excess Liquidation Proceeds
      and
      Realized Losses; Repurchases of Certain Mortgage Loans.

     

    (a)  The
      related Servicer shall use reasonable efforts to foreclose upon or otherwise
      comparably convert the ownership of properties securing such of the Mortgage
      Loans serviced by such Servicer as come into and continue in default and as
      to
      which no satisfactory arrangements can be made for collection of delinquent
      payments. In connection with such foreclosure or other conversion, the related
      Servicer shall follow such practices and procedures as it shall deem necessary
      or advisable and as shall be normal and usual in its general mortgage servicing
      activities and the requirements of the insurer under any Required Insurance
      Policy; provided that the related Servicer shall not be required to expend
      its
      own funds in connection with any foreclosure 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 related Mortgage Loan after
      reimbursement to itself of such expenses and (ii) that such expenses will be
      recoverable to it through Liquidation Proceeds (respecting which it shall have
      priority for purposes of withdrawals from the related Custodial Account). If
      a
      Mortgage Loan becomes 180 days delinquent and the related Servicer, in its
      reasonable good faith judgment, determines that the recovery of principal with
      respect to such Mortgage Loan will not materially be in excess of the cost
      of
      foreclosure or other liquidation of the Mortgage Loan, then the related Servicer
      will be deemed to have made a Final Recovery Determination with respect to
      such
      Mortgage Loan and the related Servicer may charge off such Mortgage Loan at
      any
      time thereafter. If the related Servicer reasonably believes that Liquidation
      Proceeds with respect to any such Mortgage Loan would not be increased as a
      result of such foreclosure or other action, such Mortgage Loan will be
      charged-off and will become a Liquidated Loan. The related Servicer will give
      notice of any such charge-off to the Securities Administrator. The related
      Servicer shall be responsible for all other costs and expenses incurred by
      it in
      any such proceedings; provided that such costs and expenses shall be Servicing
      Advances and that it shall be entitled to reimbursement thereof from the
      proceeds of liquidation of the related Mortgaged Property, as contemplated
      in
      Section 3.27. If the related Servicer has knowledge that a Mortgaged
      Property that such Servicer is contemplating acquiring in foreclosure or by
      deed-in-lieu of foreclosure is located within a one-mile radius of any site
      with
      environmental or hazardous waste risks known to such Servicer, such Servicer
      shall, prior to acquiring the Mortgaged Property, consider such risks and only
      take action in accordance with its established environmental review
      procedures.

     

    With
      respect to any REO Property, the deed or certificate of sale shall be taken
      in
      the name of the Trustee for the benefit of the Certificateholders (or the
      Trustee’s nominee on behalf of the Certificateholders). The Trustee’s name shall
      be placed on the title to such REO Property solely as the Trustee hereunder
      and
      not in its individual capacity. The related Servicer shall ensure that the
      title
      to such REO Property references this Agreement and the Trustee’s capacity
      hereunder. Pursuant to its efforts to sell such REO Property, the related
      Servicer shall either itself or through an agent selected by such Servicer
      protect and conserve such REO Property in the same manner and to such extent
      as
      is customary in the locality where such REO Property is located and may,
      incident to its conservation and protection of the interests of the
      Certificateholders, rent the same, or any part thereof, as such Servicer deems
      to be in the best interest of such Servicer and the Certificateholders, for
      the
      period prior to the sale of such REO Property. The related Servicer shall
      prepare for and deliver to the Securities Administrator a statement with respect
      to each REO Property that has been rented showing the aggregate rental income
      received and all expenses incurred in connection with the management and
      maintenance of such REO Property at such times as is necessary to enable the
      Securities Administrator to comply with the reporting requirements of the REMIC
      Provisions. The net monthly rental income, if any, from such REO Property shall
      be deposited in the related Custodial Account no later than the close of
      business on each Determination Date. The related Servicer shall perform the
      tax
      reporting and withholding related to foreclosures, abandonments and cancellation
      of indebtedness income as specified by Sections 6050H, 6050J and 6050P of the
      Code by preparing and filing such tax and information returns, as may be
      required.

     

    In
      the
      event that the Trust Fund acquires any Mortgaged Property as aforesaid or
      otherwise in connection with a default or imminent default on a Mortgage Loan,
      the related Servicer shall dispose of such Mortgaged Property prior to three
      years after its acquisition by the Trust Fund or, at the expense of the Trust
      Fund, request from the Internal Revenue Service more than 60 days prior to
      the
      day on which such three-year period would otherwise expire, an extension of
      the
      three-year grace period. The Trustee and the Securities Administrator shall
      be
      supplied with an Opinion of Counsel (such opinion not to be an expense of the
      Trustee, the Securities Administrator or the Trust Fund) to the effect that
      the
      holding by the Trust Fund of such Mortgaged Property subsequent to such
      three-year period will not result in the imposition of taxes on “prohibited
      transactions” of REMIC I as defined in section 860F of the Code or cause REMIC I
      to fail to qualify as a REMIC at any time that any Certificates are outstanding,
      in which case the Trust Fund may continue to hold such Mortgaged Property
      (subject to any conditions contained in such Opinion of Counsel).
      Notwithstanding any other provision of this Agreement, no Mortgaged Property
      acquired by the Trust Fund shall be rented (or allowed to continue to be rented)
      or otherwise used for the production of income by or on behalf of the Trust
      Fund
      in such a manner or pursuant to any terms that would (i) cause such Mortgaged
      Property to fail to qualify as “foreclosure property” within the meaning of
      section 860G(a)(8) of the Code or (ii) subject REMIC I to the imposition of
      any
      federal, state or local income taxes on the income earned from such Mortgaged
      Property under section 860G(c) of the Code or otherwise, unless the related
      Servicer has agreed to indemnify and hold harmless the Trust Fund with respect
      to the imposition of any such taxes.

     

    The
      decision of the related Servicer to foreclose on a defaulted Mortgage Loan
      shall
      be subject to a determination by such Servicer that the proceeds of such
      foreclosure would exceed the costs and expenses of bringing such a proceeding.
      The income earned from the management of any Mortgaged Properties acquired
      through foreclosure or other judicial proceeding, net of reimbursement to the
      related Servicer for expenses incurred (including any property or other taxes)
      in connection with such management and net of unreimbursed Servicing Fees,
      unreimbursed Master Servicing Fees, Advances, Servicing Advances and any
      management fee paid or to be paid with respect to the management of such
      Mortgaged Property, shall be applied to the payment of principal of, and
      interest on, the defaulted Mortgage Loans (with interest accruing as though
      such
      Mortgage Loans were still current) and all such income shall be deemed, for
      all
      purposes in the Agreement, to be payments on account of principal and interest
      on the related Mortgage Notes and shall be deposited into the related Custodial
      Account. To the extent the income received during a Prepayment Period is in
      excess of the amount attributable to amortizing principal and accrued interest
      at the related Mortgage Rate on the Mortgage Loan, such excess shall be
      considered to be a partial Principal Prepayment for all purposes
      hereof.

     

    The
      Liquidation Proceeds from any liquidation of a Mortgage Loan, net of any payment
      to the related Servicer as provided above, shall be deposited in the related
      Custodial Account on the next succeeding Determination Date following receipt
      thereof for distribution on the related Distribution Date, except that any
      Excess Liquidation Proceeds shall be retained by the related Servicer as
      additional servicing compensation.

     

    The
      proceeds of any Liquidated Loan, as well as any recovery resulting from a
      partial collection of Liquidation Proceeds or any income from an REO Property,
      shall be applied in the following order of priority: first, to reimburse the
      related Servicer for any related unreimbursed Servicing Advances and Servicing
      Fees, pursuant to Section 3.27 or this Section 3.09; second, to
      reimburse the related Servicer for any unreimbursed Advances, pursuant to
      Section 3.27 or this Section 3.09; third, to accrued and unpaid
      interest (to the extent no Advance has been made for such amount) on the
      Mortgage Loan or related REO Property, at the Net Mortgage Rate to the first
      day
      of the month in which such amounts are required to be distributed; and fourth,
      as a recovery of principal of the Mortgage Loan.

     

    (b)  On
      each
      Determination Date, the related Servicer shall determine the respective
      aggregate amounts of Excess Liquidation Proceeds and Realized Losses, if any,
      with respect to any Mortgage Loan for the related Prepayment Period and report
      the same to the Master Servicer pursuant to Section 3.28.

     

    (c)  The
      related Servicer hereby covenants to the parties hereto that it has no intent
      to
      foreclose on any Mortgage Loan serviced by such Servicer based on the
      delinquency characteristics as of the Closing Date; provided, however, that
      the
      foregoing does not prevent the related Servicer from initiating foreclosure
      proceedings on any date hereafter if the facts and circumstances of such
      Mortgage Loans including delinquency characteristics in the related Servicer’s
      discretion so warrant such action.

     

    Section
      3.10  Servicing
      Compensation.

     

    As
      compensation for its activities hereunder, the related Servicer shall be
      entitled to retain or withdraw from the related Custodial Account out of each
      payment of interest on each Mortgage Loan serviced by such Servicer included
      in
      the Trust Fund an amount equal to the related Servicing Fee.  In
      addition, the related Servicer shall be entitled to recover any unpaid Servicing
      Fees payable to it out of Liquidation Proceeds, Insurance Proceeds or
      condemnation proceeds with respect to the related Mortgage Loans to the extent
      permitted by Section 3.27.

     

    Additional
      servicing compensation with respect to Mortgage Loans in the form of any Excess
      Liquidation Proceeds, assumption fees, late payment charges, insufficient funds
      charges and ancillary income to the extent such fees or charges are received
      by
      the related Servicer, all income and gain net of any losses realized from
      Permitted Investments with respect to funds in or credited to the related
      Custodial Account shall be retained by such Servicer to the extent not required
      to be deposited in such Custodial Account pursuant to Section 3.27. The
      related Servicer shall be required to pay all expenses incurred by it in
      connection with its servicing activities hereunder (including payment of any
      premiums for hazard insurance, as required by Section 3.05 and maintenance
      of the other forms of insurance coverage required by Section 3.07 and shall
      not be entitled to reimbursement therefor except as specifically provided
      herein.

     

    Section
      3.11  REO
      Property.

     

    (a)  In
      the
      event the Trust Fund acquires ownership of any REO Property in respect of any
      related Mortgage Loan, the deed or certificate of sale shall be issued to the
      Trustee, or to its nominee, on behalf of the Certificateholders.  The
      related Servicer shall sell any REO Property as expeditiously as possible and
      in
      accordance with the provisions of this Agreement. Pursuant to its efforts to
      sell such REO Property, the related Servicer shall protect and conserve such
      REO
      Property in the manner and to the extent required herein, in accordance with
      the
      REMIC Provisions.

     

    (b)  The
      related Servicer shall deposit all funds collected and received in connection
      with the operation of any REO Property into the related Custodial
      Account.

     

    (c)  The
      related Servicer, upon the final disposition of any REO Property, shall be
      entitled to reimbursement for any related unreimbursed Advances, unreimbursed
      Servicing Advances or Servicing Fees from Liquidation Proceeds received in
      connection with the final disposition of such REO Property; provided, that
      any
      such unreimbursed Advances or Servicing Fees as well as any unpaid 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.

     

    Section
      3.12  Liquidation
      Reports.

     

    Upon
      the
      foreclosure of any Mortgaged Property or the acquisition thereof by the Trust
      Fund pursuant to a deed-in-lieu of foreclosure, the related Servicer shall
      submit a liquidation report to the Trustee containing such information as shall
      be mutually acceptable to the Servicer and the Trustee with respect to such
      Mortgaged Property.

     

    Section
      3.13  Annual
      Statement as to Compliance.

     

    (a)  The
      related Servicer, the Master Servicer and the Securities Administrator shall
      deliver or otherwise make available (and shall cause each Servicing Function
      Participant engaged by it to deliver) to the Depositor 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 Servicing Function Participant’s performance under this Agreement,
      or such other applicable agreement in the case of a Servicing Function
      Participant, has been made under such officer’s supervision and (B) to the best
      of such officer’s knowledge, based on such review, such party has fulfilled all
      its obligations under this Agreement, or such other applicable agreement in
      the
      case of a Servicing Function Participant (other than the related Servicer,
      the
      Master Servicer or the Securities Administrator), 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.

     

    (b)  (i)  For
      so long as the Trust Fund is subject to Exchange Act reporting requirements,
      failure of the related Servicer to comply timely with this Section 3.13
      shall be deemed a Servicer Default as to such Servicer, without any cure period,
      and the Master Servicer shall notify the Trustee and the Trustee may, in
      addition to whatever rights the Master Servicer or the Trustee, as applicable,
      may have under this Agreement and at law or in equity or to damages, including
      injunctive relief and specific performance, terminate all the rights and
      obligations of such Servicer under this Agreement and in and to the related
      Mortgage Loans and the proceeds thereof without compensating such Servicer
      for
      the same.  The Master Servicer or the Trustee, as applicable, shall so
      terminate the defaulting Servicer by delivery of notice thereof via first class
      mail, facsimile or electronic mail.  This paragraph shall supersede
      any other provision in this Agreement or any other agreement to the
      contrary.

     

    (ii)  After
      the
      Trust Fund ceases to be subject to Exchange Act reporting requirements, failure
      of the related Servicer to comply timely with this Section 3.13 shall be
      deemed a Servicer Default as provided for in
      Section 8.01(a)(viii).  The Master Servicer shall notify the
      Trustee and the Trustee may, terminate the defaulting Servicer by delivery
      of
      notice thereof via first class mail, facsimile or electronic mail.

     

    (c)  The
      Master Servicer shall include all annual statements of compliance received
      by it
      from the related Servicer and any Servicing Function Participant with its own
      annual statement of compliance to be submitted to the Securities Administrator
      pursuant to this Section 3.13.

     

    (d)  Copies
      of
      any Master Servicer annual statements of compliance required to be delivered
      hereunder shall be provided to any Certificateholder upon request at the Master
      Servicer’s expense.

     

    (e)  In
      the
      event the related Servicer, the Master Servicer, the Securities Administrator
      or
      any other Servicing Function Participant is terminated or resigns pursuant
      to
      the terms of this Agreement, or any applicable agreement in the case of such
      other Servicing Function Participant, as the case may be, such party shall
      provide or cause such other Servicing Function Participant to provide an
      Officer’s Certificate pursuant to this Section 3.13 with respect to the
      period of time it was subject to this Agreement or any other applicable
      agreement, as the case may be.

     

    Section
      3.14  Assessments
      of Compliance and Attestation Reports.

     

    (a)  By
      March
      15 of each year, commencing in March 2008, the related Servicer, the Master
      Servicer and the Securities Administrator, each at its own expense and pursuant
      to Item 1122(a) of Regulation AB, shall furnish or otherwise make available,
      and
      shall cause any Servicing Function Participant engaged by it to furnish, which
      in each case shall not be an expense of the Trust Fund, to the Securities
      Administrator and the Depositor, 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 Relevant Servicing Criteria
      to assess compliance with the Relevant Servicing Criteria, (C) such party’s
      assessment of compliance with the Relevant Servicing Criteria for the period
      consisting of the prior calendar year, 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 for the
      period consisting of the prior calendar year.

     

    (b)  No
      later
      than the end of each calendar year, the related Servicer and the Master Servicer
      shall forward to the Securities Administrator and the Depositor, the name of
      each Servicing Function Participant engaged by it and what Relevant Servicing
      Criteria will be addressed in the report on assessment of compliance prepared
      by
      such Servicing Function Participant; provided, however, that the Master Servicer
      need not provide such information to the Securities Administrator so long as
      the
      Master Servicer and the Securities Administrator are the same entity. When
      the
      related Servicer and the Master Servicer (or any Servicing Function Participant
      engaged by them) submit their assessments to the Securities Administrator,
      such
      parties will also at such time include the assessment (and attestation pursuant
      to paragraph (c) below) of each Servicing Function Participant engaged by
      it.

     

    Promptly
      after receipt of each such report on assessment of compliance, (i) the Depositor
      shall review each such report and, if applicable, consult with the related
      Servicer, the Master Servicer, the Securities Administrator and any Servicing
      Function Participant engaged by such parties as to the nature of any material
      instance of noncompliance with the Relevant Servicing Criteria by each such
      party, and (ii) the Securities Administrator shall confirm that the assessments,
      taken as a whole, address all of the Servicing Criteria and taken individually
      address the Relevant Servicing Criteria for each party as set forth on Exhibit
      L
      and on any similar exhibit set forth in the Servicing Agreement in respect
      of
      Wells Fargo, and notify the Depositor of any exceptions.

     

    In
      the
      event a Servicing Function Participant is terminated, assigns its rights and
      obligations under, or resigns pursuant to the terms of this Agreement, or any
      other applicable agreement, as the case may be, such party shall provide, or
      cause a Servicing Function Participant engaged by it to provide, a report on
      assessment of compliance pursuant to this Section 3.14 with respect to the
      period of time it was subject to this Agreement or any other applicable
      agreement, as the case may be.

     

    The
      Master Servicer shall include such annual report on assessment of compliance
      with its own assessment of compliance to be submitted to the Securities
      Administrator pursuant to this Section.

     

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

     

    (d)  Notwithstanding
      the foregoing provisions of Section 3.14, (i) in the event that during any
      calendar year (or applicable portion thereof) a Servicing Function Participant
      services 5% or less of the aggregate Stated Principal Balance of the Mortgage
      Loans as of the Cut-off Date, as calculated by the Master Servicer, or (ii)
      in
      any calendar year in which an annual report on Form 10-K is not required to
      be
      filed with respect to the issuing entity, then, in each such event, the
      Servicing Function Participant may, in lieu of providing an assessment of
      compliance and attestation thereon in accordance with Item 1122 of Regulation
      AB, provide to the Depositor and the Master Servicer, by not later than March
      1
      of such calendar year, an Annual Independent Public Accountants’ Servicing
      Report.  If a Servicing Function Participant provides an Annual
      Independent Public Accountants’ Servicing Report pursuant to this subsection
      (d), then the certification required to be delivered by the Servicing Function
      Participant (pursuant to clause (a)(iv) above shall be in the form acceptable
      to
      the Master Servicer.

     

    Promptly
      after receipt of such report from a Servicing Function Participant, the
      Securities Administrator shall confirm that each assessment submitted pursuant
      to paragraph (a) above is coupled with an attestation meeting the requirements
      of this Section and notify the Depositor of any exceptions.

     

    The
      Master Servicer shall include each such attestation with its own attestation
      to
      be submitted to the Securities Administrator pursuant to this
      Section.

     

    In
      the
      event any Servicing Function Participant is terminated, assigns its rights
      and
      duties under, or resigns pursuant to the terms of this Agreement, or any other
      applicable agreement, as the case may be, such party shall cause a registered
      public accounting firm to provide an attestation pursuant to this
      Section 3.14 with respect to the period of time it was subject to this
      Agreement or any applicable subservicing agreement, as the case may
      be.

     

    (e)   (i)  For
      so long as the Trust Fund is subject to Exchange Act reporting requirements,
      failure of the related Servicer to comply timely with this Section 3.14
      shall be deemed a Servicer Default as to such Servicer, automatically, without
      notice and without any cure period, and the Master Servicer shall notify the
      Trustee and the Trustee may, in addition to whatever rights the Master Servicer
      or the Trustee, as applicable, may have under this Agreement and at law or
      in
      equity or to damages, including injunctive relief and specific performance,
      terminate all the rights and obligations of such Servicer under this Agreement
      and in and to the related Mortgage Loans and the proceeds thereof without
      compensating the Servicer for the same.  The Trustee shall so
      terminate the defaulting Servicer by delivery of notice thereof via first class
      mail, facsimile or electronic mail.  This paragraph shall supersede
      any other provision in this Agreement or any other agreement to the
      contrary.

     

    (ii)  After
      the
      Trust Fund ceases to be subject to Exchange Act reporting requirements, failure
      of the related Servicer to comply timely with this Section 3.14 shall be
      deemed a Servicer Default as provided for in
      Section 8.01(a)(ix).  The Trustee may terminate the defaulting
      Servicer by delivery of notice thereof via first class mail, facsimile or
      electronic mail.

     

    Section
      3.15  Books
      and Records.

     

    The
      related Servicer shall be responsible for maintaining, and shall maintain,
      a
      complete set of books and records for the Mortgage Loans serviced by such
      Servicer which shall be appropriately identified in such Servicer’s computer
      system to clearly reflect the ownership of the Mortgage Loans by the
      Trust.  In particular, the related Servicer shall maintain in its
      possession, available for inspection by the Trustee and the Master Servicer
      and
      shall deliver to the Trustee or the Master Servicer upon reasonable prior
      request and during normal business hours, evidence of compliance with all
      federal, state and local laws, rules and regulations. To the extent that
      original documents are not required for purposes of realization of Liquidation
      Proceeds or Insurance Proceeds, documents maintained by the related Servicer
      may
      be in the form of microfilm or microfiche or such other reliable means of
      recreating original documents, including, but not limited to, optical imagery
      techniques so long as the related Servicer complies with the requirements of
      Accepted Servicing Practices.

     

    The
      related Servicer shall maintain with respect to each Mortgage Loan serviced
      by
      such Servicer and shall upon reasonable prior request and during normal business
      hours make available for inspection by the Trustee and the Master Servicer
      the
      related servicing file during the time such Mortgage Loan is subject to this
      Agreement and thereafter in accordance with applicable law.

     

    Section
      3.16  The
      Trustee.

     

    The
      Trustee shall furnish GMACM and Wells Fargo with any powers of attorney and
      other documents prepared and submitted by the GMACM or Wells Fargo to the
      Trustee in a form as mutually agreed upon and necessary or appropriate to enable
      each of GMACM and Wells Fargo to service and administer the related Mortgage
      Loans and REO Properties.

     

    The
      Trustee shall provide access to the records and documentation in possession
      of
      the Trustee regarding the related Mortgage Loans and REO Property and the
      servicing thereof to the Certificateholders, the FDIC, and the supervisory
      agents and examiners of the FDIC, such access being afforded only upon
      reasonable prior written request and during normal business hours at the office
      of the Trustee; provided, however, that, unless otherwise required by law,
      the
      Trustee shall not be required to provide access to such records and
      documentation if the provision thereof would violate the legal right to privacy
      of any Mortgagor. The Trustee shall allow representatives of the above entities
      to photocopy any of the records and documentation and shall provide equipment
      for that purpose at a charge that covers the Trustee’s actual
      costs.

     

    The
      Trustee shall execute and deliver as directed in writing by GMACM or Wells
      Fargo, as applicable, any court pleadings, requests for trustee’s sale or other
      documents necessary or desirable to (i) the foreclosure or trustee’s sale with
      respect to a Mortgaged Property; (ii) any legal action brought to obtain
      judgment against any Mortgagor on the Mortgage Note; (iii) obtain a deficiency
      judgment against the Mortgagor; or (iv) enforce any other rights or remedies
      provided by the Mortgage Note or otherwise available at law or
      equity.

     

    Section
      3.17  REMIC-Related
      Covenants.

     

    For
      as
      long as each REMIC shall exist, the Trustee and the Securities Administrator
      shall act in accordance herewith to treat each REMIC as a REMIC, and the Trustee
      and the Securities Administrator shall comply with any directions of the
      Sponsor, GMACM, Wells Fargo or the Master Servicer with respect to such
      treatment. In particular, the Trustee shall not (a) knowingly sell or permit
      the
      sale of all or any portion of the Mortgage Loans or of any investment of
      deposits in an Account unless such sale is as a result of a repurchase of the
      Mortgage Loans pursuant to this Agreement or the Trustee has received a REMIC
      Opinion prepared at the expense of the Trust Fund; and (b) other than with
      respect to a substitution pursuant to the Mortgage Loan Purchase Agreement
      or
      Section 2.04 of this Agreement, as applicable, accept any contribution to
      any REMIC after the Startup Day without receipt of a REMIC Opinion.

     

    Section
      3.18  Annual
      Sarbanes-Oxley Certification; Additional Information.

     

    (a)  The
      related Servicer, the Master Servicer and the Securities Administrator shall
      and
      shall cause any Servicing Function Participant engaged by such party to, provide
      to the Certifying Person, by March 15 of each year in which the Trust Fund
      is
      subject to the reporting requirements of the Exchange Act and otherwise within
      a
      reasonable period of time upon request, a certification (each, a “Back-Up
      Certification”), in the form attached hereto as Exhibit M, upon which
      the Certifying Person, the entity for which the Certifying Person acts as an
      officer, and such entity’s officers, directors and Affiliates (collectively with
      the Certifying Person, “Certification Parties”) can reasonably
      rely.  The senior officer of the Master Servicer in charge of the
      master servicing function shall prepare a Sarbanes-Oxley Certification and
      sign
      the same on behalf of the Trust Fund serving as the “Certifying
      Person”.  Such officer of the Certifying Person can be contacted by
      e-mail at cts.sec.notifications@wellsfargo.com
      or by facsimile at (410) 715-2380.  In the event the
      related Servicer, the Master Servicer or the Securities Administrator, or any
      Servicing Function Participant engaged by such party, is terminated or resigns
      pursuant to the terms of this Agreement, or any other applicable agreement,
      as
      the case may be, such party shall provide a Back-Up Certification to the
      Certifying Person pursuant to this Section 3.18 with respect to the period
      of time it was subject to this Agreement or any other applicable agreement,
      as
      the case may be.

     

    Notwithstanding
      the foregoing, (i) the Master Servicer and the Securities Administrator shall
      not be required to deliver a Back-Up Certification to each other if each is
      the
      same Person and the Master Servicer is the Certifying Person and (ii) the Master
      Servicer shall not be obligated to execute any Sarbanes-Oxley Certification
      in
      the event that it does not receive a Back-Up Certification from any party
      required to deliver such Back-Up Certification pursuant to this Section or
      the Custodial Agreement; provided, however, in the event the Master Servicer
      shall not be required to execute a Sarbanes-Oxley Certification pursuant to
      clause (ii), the Master Servicer shall prepare such Sarbanes-Oxley Certification
      and deliver it to the Depositor for execution.

     

    (b)  The
      related Servicer shall provide (or shall cause each Subservicer or Subcontractor
      to provide) to the Master Servicer, the Securities Administrator and the
      Depositor prompt notice and a description of the occurrence of any of the
      following:

     

    (i)  any
      Servicer Default with respect to such Servicer under the terms of this
      Agreement, any merger, consolidation or sale of substantially all of the assets
      of such Servicer, such Servicer’s engagement of any Subservicer to perform or
      assist in the performance of any of such Servicer’s obligations under this
      Agreement, any material litigation or governmental proceedings involving such
      Servicer (or any of its Subservicers or Subcontractors, as applicable), and
      any
      affiliation or other significant relationship between such Servicer (or any
      of
      its Subservicers or Subcontractors, as applicable) and other transaction
      parties.

     

    (ii)  As
      a
      condition to the succession to the related Servicer or any Subservicer as
      servicer or subservicer under this Agreement by any Person (i) into which such
      Servicer or such Subservicer may be merged or consolidated, or (ii) which may
      be
      appointed as a successor to such Servicer or any Subservicer, such Servicer
      shall provide to the Sponsor, Depositor, Master Servicer and Securities
      Administrator at least fifteen (15) calendar days prior to the effective date
      of
      such succession or appointment, (x) written notice and all information
      reasonably requested to the Sponsor, Depositor, Master Servicer and Securities
      Administrator of such succession or appointment and (y) in writing and in form
      and substance reasonably satisfactory to the Sponsor, Depositor, Master Servicer
      and Securities Administrator in order to comply with the reporting obligations
      under Item 6.02 of Form 8-K.

     

    (iii)  If
      the
      related Servicer or any Servicing Function Participant engaged by such Servicer
      has knowledge of the occurrence of any of the events described in this clause
      (iii), then no later than ten days prior to the deadline for the filing of
      any
      Distribution Report on Form 10-D in respect of any Trust Fund that includes
      any
      of the Mortgage Loans serviced by such Servicer or any Subservicer, such
      Servicer shall provide (or cause such Subservicer to provide) to the Master
      Servicer and Securities Administrator notice of the occurrence of any of the
      following events along with all information, data, and materials related thereto
      as may be required to be included in the related Distribution Report on Form
      10-D (as specified in the provisions of Regulation AB referenced
      below):

     

    (A)  any
      material modifications, extensions or waivers of pool asset terms, fees,
      penalties or payments during the distribution period or that have cumulatively
      become material over time (Item 1121(a)(11) of Regulation AB);

     

    (B)  material
      breaches of pool asset representations or warranties or transaction covenants
      of
      such Servicer (Item 1121(a)(12) of Regulation AB); and

     

    (C)  information
      regarding any material pool asset changes (such as, additions, substitutions
      or
      repurchases).

     

    (c)  The
      related Servicer shall provide to the Master Servicer and the Securities
      Administrator such additional information as the Master Servicer may reasonably
      request, including evidence of the authorization of the person signing any
      certification or statement, financial information and reports and of the
      fidelity bond and errors and omissions insurance policy required to be
      maintained by such Servicer pursuant to this Agreement, and such other
      information related to such Servicer or any Servicing Function Participant
      engaged by such Servicer or its performance hereunder or other applicable
      agreement.

     

    Section
      3.19  Release
      of Mortgage Files.

     

    (a)  Upon
      becoming aware of the payment in full of any Mortgage Loan, or the receipt
      by
      the related Servicer of a notification that payment in full has been escrowed
      in
      a manner customary for such purposes for payment to Certificateholders on the
      next Distribution Date, such Servicer will (or if such Servicer does not, the
      Master Servicer may) promptly furnish to the Trustee and the Custodian, on
      behalf of the Trustee, two copies of a request for release substantially in
      the
      form attached to the Custodial Agreement signed by an Authorized Servicer
      Representative or in a mutually agreeable electronic format which will, in
      lieu
      of a signature on its face, originate from an Authorized Servicer Representative
      (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 related Custodial Account pursuant to Article V have been or will be so
      deposited) and shall request that the Custodian, on behalf of the Trustee,
      deliver to the related Servicer the related Mortgage File. Within five (5)
      Business Days of receipt of such certification and request, the Custodian,
      on
      behalf of the Trustee, shall release the related Mortgage File to the related
      Servicer and the Trustee and the Custodian shall have no further responsibility
      with regard to such Mortgage File. Upon any such payment in full, the related
      Servicer is authorized, to give, as agent for the Trustee, as the mortgagee
      under the Mortgage that secured the related 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
      related Custodial Account.

     

    (b)  From
      time
      to time and as appropriate for the servicing or foreclosure of any Mortgage
      Loan
      and in accordance with this Agreement, the Trustee shall execute such documents
      as shall be prepared and furnished to the Trustee by the related Servicer (in
      form reasonably acceptable to the Trustee) and as are necessary to the
      prosecution of any such proceedings. The Custodian, on behalf of the Trustee,
      shall, upon the written request of the related Servicer, and delivery to the
      Custodian, on behalf of the Trustee, of two copies of a request for release
      signed by an Authorized Servicer Representative substantially in the form
      attached to the Custodial Agreement (or in a mutually agreeable electronic
      format which will, in lieu of a signature on its face, originate from an
      Authorized Servicer Representative), release the related Mortgage File held
      in
      its possession or control to the related Servicer. Such request for release
      shall obligate the related Servicer to return the Mortgage File to the Custodian
      on behalf of the Trustee, when the need therefor by such Person no longer exists
      unless the Mortgage Loan shall be liquidated, in which case, upon receipt of
      a
      certificate of an Authorized Servicer Representative similar to that hereinabove
      specified, the Mortgage File shall be released by the Custodian, on behalf
      of
      the Trustee, to the related Servicer.

     

    Section
      3.20  Documents,
      Records and Funds in Possession of the Servicers to be held for
      Trustee.

     

    The
      related Servicer (to the extent required by this Agreement or the Servicing
      Agreement, as applicable) shall transmit to the Trustee or the Custodian such
      documents and instruments coming into the possession of such Servicer from
      time
      to time as are required by the terms hereof to be delivered to the Trustee
      or
      the Custodian. Any funds received by the related Servicer in respect of any
      Mortgage Loan serviced by such Servicer or which otherwise are collected by
      such
      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 right of such Servicer to retain its Servicing
      Fee and other amounts as provided in this Agreement or the Servicing Agreement,
      as applicable.

     

    Section
      3.21  Possession
      of Certain Insurance Policies and Documents.

     

    The
      related Servicer shall retain possession and custody of the originals (to the
      extent available) of any 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 that comes into the possession of such Servicer, as
      contemplated by this Agreement. Until all amounts distributable in respect
      of
      the Certificates have been distributed in full, the Trustee (or the Custodian,
      as directed by the Trustee) shall retain possession and custody of each Mortgage
      File in accordance with and subject to the terms and conditions of this
      Agreement.

     

    Section
      3.22  [Reserved].

     

    Section
      3.23  [Reserved].

     

    Section
      3.24  Optional
      Purchase of Certain Mortgage Loans.

     

    With
      respect to any Mortgage Loan which is delinquent in payment by ninety-one (91)
      days or more or is an REO Property, the Sponsor shall have the right to purchase
      such Mortgage Loan or REO Property from the Trust Fund at a price equal to
      the
      Purchase Price.  The Purchase Price shall be remitted to the related
      Servicer for deposit in the related Custodial Account and remitted by the
      Servicer to the Securities Administrator on the Remittance Date in the month
      immediately following the month in which the Purchase Price was deposited in
      the
      related Custodial Account.

     

    In
      addition, the Sponsor shall, at its
      option, purchase any Mortgage Loan from the Trust Fund if the first Due Date
      for
      such Mortgage Loan is subsequent to the Cut-off Date and the first Monthly
      Payment is not made within thirty (30) days of such Due Date. Such purchase
      shall be made at a price equal to the Purchase Price.

     

    If
      at any
      time the Sponsor remits to the related Servicer a payment for deposit in the
      related Custodial Account covering the amount of the Purchase Price for such
      a
      Mortgage Loan and the related Servicer delivers an Officer’s Certificate to the
      Trustee (which shall be delivered no later than two (2) Business Days following
      such deposit) certifying that the Purchase Price has been deposited in the
      related Custodial Account, the Trustee shall execute the assignment of such
      Mortgage Loan at the request of the Sponsor without recourse to the Sponsor
      which shall succeed to all the Trustee’s, right, title and interest in and to
      such Mortgage Loan, and all security and documents relative
      thereto.  Such assignment shall be an assignment outright and not for
      security.  The Sponsor will thereupon own such Mortgage, and all such
      security and documents, free of any further obligation to the Trustee or the
      Certificateholders with respect thereto.  The Sponsor shall be
      responsible for any transfer costs incurred with respect to a Mortgage Loan
      purchased pursuant to this Section 3.24.

     

    If
      the
      Sponsor is required to repurchase a Mortgage Loan pursuant to this
      Section 3.24, the related Servicer shall continue to service such Mortgage
      Loan unless the Sponsor shall repurchase the servicing rights thereon on terms
      mutually agreed to by the Sponsor and the related
      Servicer.  Notwithstanding the foregoing, the Master Servicer shall
      have no obligation to master service any Mortgage Loan that has been so
      repurchased.

     

    Section
      3.25  Obligations
      of the Servicer Under Credit Risk Management Agreements.

     

    Notwithstanding
      anything in this Agreement or the Credit Risk Management Agreements to the
      contrary, the Trustee shall not have any duty or obligation to enforce any
      Credit Risk Management Agreement or to supervise, monitor or oversee the
      activities of the Credit Risk Manager or the Servicer under the Credit Risk
      Management Agreements or this Agreement with respect to any action taken or
      not
      taken by the Servicer pursuant to a recommendation of the Credit Risk Manager
      or
      otherwise in connection with obligations of the Servicer under the related
      Credit Risk Management Agreement..

     

    Section
      3.26  Collection
      of Mortgage Loan Payments; Custodial Accounts.

     

    (a)  The
      related Servicer shall make reasonable efforts in accordance with Accepted
      Servicing Practices to collect all payments called for under the terms and
      provisions of the related Mortgage Loans to the extent such procedures shall
      be
      consistent with this Agreement and the terms and provisions of any related
      Required Insurance Policy. Consistent with the foregoing, the related Servicer
      may in its discretion (i) waive any late payment charge and (ii) extend the
      due
      dates for payments due on a Mortgage Note for a Mortgage Loan serviced by such
      Servicer for a period not greater than 180 days; provided, however no such
      extension shall be materially adverse to the Certificateholders. In the event
      of
      any such arrangement, the related Servicer shall make Advances on the Mortgage
      Loan during the scheduled period in accordance with the amortization schedule
      of
      such Mortgage Loan without modification thereof by reason of such arrangements,
      and shall be entitled to reimbursement therefor in accordance with
      Section 5.01. The related Servicer shall not be required to institute or
      join in litigation with respect to collection of any payment (whether under
      a
      Mortgage, Mortgage Note or otherwise or against any public or governmental
      authority with respect to a taking or condemnation) if it reasonably believes
      that enforcing the provision of the Mortgage or other instrument pursuant to
      which such payment is required is prohibited by applicable law. In addition,
      if
      (x) a Mortgage Loan is in default or default is imminent or (y) the related
      Servicer delivers to the Trustee and the Securities Administrator a REMIC
      Opinion, the related Servicer may, (A) amend the related Mortgage Note to reduce
      the Mortgage Rate applicable thereto, and (B) amend any Mortgage Note for a
      Mortgage Loan to extend the maturity thereof.

     

    (b)  The
      related Servicer shall establish and maintain a segregated Custodial Account
      (which shall at all times be an Eligible Account) with a depository institution
      and shall be in the name of such Servicer in trust for Nomura Asset Acceptance
      Corporation, Asset-Backed Certificates, Series 2007-2. On behalf of the Trust
      Fund, the related Servicer shall deposit or cause to be deposited in the
      clearing account in which it customarily deposits payments and collection on
      mortgage loans in connection with its mortgage loan servicing activities on
      a
      daily basis and in no event more than one Business Day after such Servicer’s
      receipt thereof, and shall thereafter deposit in the related Custodial Account,
      in no event more than two Business Days after the related Servicer’s receipt
      thereof, except as otherwise specifically provided herein, the following
      payments and collections remitted by Subservicers or received by it in respect
      of the Mortgage Loans subsequent to the Cut-off Date (other than in respect
      of
      principal and interest due on the related Mortgage Loans on or before the
      Cut-off Date) and the following amounts required to be deposited
      hereunder:

     

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

     

    (ii)  all
      payments on account of interest on the Mortgage Loans net of the Servicing
      Fee
      permitted under Section 3.10;

     

    (iii)  all
      Liquidation Proceeds, Insurance Proceeds and condemnation proceeds with respect
      to the Mortgage Loans, other than proceeds to be applied to the restoration
      or
      repair of the related Mortgaged Properties or released to the Mortgagor in
      accordance with the related Servicer’s normal servicing procedures;

     

    (iv)  any
      amount required to be deposited by the related Servicer pursuant to
      Section 3.26(c) in connection with any losses on Permitted
      Investments;

     

    (v)  any
      amounts required to be deposited by the related Servicer pursuant to
      Section 3.05;

     

    (vi)  any
      amounts paid by an Advance Financing Person in respect of Advances or Servicing
      Advances;

     

    (vii)  any
      Prepayment Charges collected by the related Servicer in connection with the
      Principal Prepayment of any of the Mortgage Loans and any Servicer Prepayment
      Charge Payment Amounts;

     

    (viii)  the
      Purchase Price with respect to any Mortgage Loans purchased by the Sponsor
      pursuant to Section 2.02 or 2.03, any amounts which are to be treated
      pursuant to Section 2.04 of this Agreement as the payment of such a
      Purchase Price and the Purchase Price with respect to any Mortgage Loans
      purchased by the Sponsor pursuant to Section 3.24; and

     

    (ix)  any
      other
      amounts required to be deposited hereunder.

     

    The
      foregoing requirements for deposit by the related Servicer into the related
      Custodial Account shall be exclusive, it being understood and agreed that,
      without limiting the generality of the foregoing, payments in the nature of
      late
      payment charges or assumption fees, if collected, need not be deposited by
      the
      related Servicer.  In the event that the related Servicer shall
      deposit any amount not required to be deposited and not otherwise subject to
      withdrawal pursuant to Section 3.27, it may at any time withdraw or direct
      the institution maintaining the related Custodial Account, to withdraw such
      amount from the related Custodial Account, any provision herein to the contrary
      notwithstanding.  Such withdrawal or direction may be accomplished by
      delivering written notice thereof to the institution maintaining the related
      Custodial Account, that describes the amounts deposited in error in such
      Custodial Account. The related Servicer shall maintain adequate records with
      respect to all withdrawals made pursuant to this Section. All funds deposited
      in
      a Custodial Account shall be held in trust for the Certificateholders until
      withdrawn in accordance with Section 3.27.

     

    (c)  The
      institution that maintains any Custodial Account, or other authorized entity
      shall invest the funds in such Custodial Account, in the manner directed by
      the
      related Servicer, in Permitted Investments which shall mature not later than
      the
      next succeeding Remittance Date and shall not be sold or disposed of prior
      to
      its maturity. All such Permitted Investments shall be made in the name of the
      Trustee, for the benefit of the Certificateholders. All income and gain net
      of
      any losses realized from any such investment shall be for the benefit of the
      related Servicer as servicing compensation and shall be remitted to it monthly
      as provided herein. The amount of any losses incurred in a Custodial Account
      in
      respect of any such investments shall be deposited by the related Servicer
      into
      such Custodial Account immediately as realized, out of its own
      funds.

     

    (d)  The
      related Servicer shall give at least thirty (30) days’ advance notice to the
      Trustee, the Securities Administrator, the Master Servicer, the Sponsor, each
      Rating Agency and the Depositor of any proposed change of location of the
      related Custodial Account prior to any change thereof.

     

    Section
      3.27  Permitted
      Withdrawals From the Custodial Accounts.

     

    (a)  The
      related Servicer may from time to time make withdrawals from the related
      Custodial Account for the following purposes:

     

    (i)  to
      pay
      itself (to the extent not previously paid to or withheld by the related
      Servicer), as servicing compensation in accordance with Section 3.10, that
      portion of any payment of interest that equals the Servicing Fee for the period
      with respect to which such interest payment was made, and, as additional
      servicing compensation, those other amounts set forth in
      Section 3.10;

     

    (ii)  to
      reimburse the related Servicer or an Advance Financing Person for (A) any
      unreimbursed Advances to the extent of amounts received which represent late
      recoveries of payments of principal and/or interest  (net of the
      related Servicing Fees), Liquidation Proceeds and Insurance Proceeds on the
      related Mortgage Loans with respect to which such Advances were made in
      accordance with the provisions of Section 5.01; and (B) any unreimbursed
      Advances with respect to the final liquidation of a related Mortgage Loan that
      are Nonrecoverable Advances, but only to the extent that late recoveries of
      payments of principal and/or interest, Liquidation Proceeds and Insurance
      Proceeds received with respect to such Mortgage Loan are insufficient to
      reimburse the related Servicer or an Advance Financing Person for such
      unreimbursed Advances or (C) subject to Section 3.27(b), any unreimbursed
      Advances to the extent of Amounts Held For Future Distribution funds held in
      the
      related Custodial Account relating to the Mortgage Loans that were not included
      in the Available Distribution Amount for the preceding Distribution
      Date;

     

    (iii)  to
      reimburse itself or an Advance Financing Person for any Nonrecoverable
      Advances;

     

    (iv)  to
      reimburse itself from Insurance Proceeds for Insured Expenses covered by the
      related Insurance Policy;

     

    (v)  to
      pay
      itself any unpaid Servicing Fees and to reimburse itself or any Advance
      Financing Person for any unreimbursed Servicing Advances, provided, however,
      that the related Servicer’s or such Advance Financing Person’s right to
      reimbursement for Servicing Advances pursuant to this subclause (v) with respect
      to any Mortgage Loan shall be limited to amounts received on particular Mortgage
      Loan(s) (including, for this purpose, late recoveries of payments of principal
      and/or interest, Liquidation Proceeds, Insurance Proceeds, condemnation proceeds
      and purchase and repurchase proceeds) that represent late recoveries of the
      payments for which such Servicing Advances were made;

     

    (vi)  to
      pay to
      the Sponsor or the Depositor with respect to each related Mortgage Loan or
      property acquired in respect thereof that has been purchased pursuant to
      Section 2.02, 2.03 or 3.24, all amounts received thereon and not taken into
      account in determining the related Stated Principal Balance of such repurchased
      Mortgage Loan;

     

    (vii)  to
      pay
      any expenses reimbursable pursuant to Section 7.04;

     

    (viii)  to
      withdraw any amount deposited in the related Custodial Account and not required
      to be deposited therein;

     

    (ix)  to
      clear
      and terminate the related Custodial Account upon termination of this Agreement
      pursuant to Section 10.01 hereof; and

     

    (x)  to
      pay
      the fee payable to any provider of lender-paid mortgage insurance, if
      applicable.

     

    In
      addition, no later than noon Eastern time on the Remittance Date, the related
      Servicer shall withdraw from the related Custodial Account maintained by such
      Servicer and remit to the Securities Administrator (a) all amounts deposited
      in
      such Custodial Account as of the close of business on the last day of the
      related Due Period (net of charges against or withdrawals from such Custodial
      Account pursuant to this Section 3.27(a)), plus (b) all Advances, if any,
      which the related Servicer is obligated to make pursuant to Section 5.01,
      minus (c) any amounts attributable to Principal Prepayments, Liquidation
      Proceeds, Insurance Proceeds or condemnation proceeds received after the
      applicable Prepayment Period, which amounts shall be remitted on the following
      Remittance Date, together with any Compensating Interest required to be
      deposited in such Custodial Account in connection with such Principal Prepayment
      in accordance with Section 5.02, and minus (d) any amounts attributable to
      Scheduled Payments collected but due on a Due Date or Due Dates subsequent
      to
      the first day of the month in which such Remittance Date occurs, which amounts
      shall be remitted on the Remittance Date next succeeding the Due Date related
      to
      such Scheduled Payment.

     

    With
      respect to any remittance received by the Securities Administrator after the
      Business Day on which such payment was due, the Securities Administrator shall
      send written notice thereof to the related Servicer.  The related
      Servicer shall pay to the Securities Administrator interest on any such late
      payment by such Servicer at an annual rate equal to Prime Rate (as defined
      in
      The Wall Street Journal) plus one percentage point, but in no event greater
      than
      the maximum amount permitted by applicable law.  Such interest shall
      be paid by the related Servicer to the Securities Administrator on the date
      such
      late payment is made and shall cover the period commencing with the day
      following the Business Day on which such payment was due and ending with the
      Business Day on which such payment is made, both inclusive.  The
      payment by the related Servicer of any such interest, or the failure of the
      Securities Administrator to notify the related Servicer of such interest, shall
      not be deemed an extension of time for payment or a waiver of any Servicer
      Default by the related Servicer.

     

    The
      related Servicer shall keep and maintain separate accounting, on a Mortgage
      Loan
      by Mortgage Loan basis, for the purpose of justifying any withdrawal from the
      related Custodial Account pursuant to subclauses (i), (ii), (iv), (v) and (vi)
      above. Prior to making any withdrawal from the related Custodial Account
      pursuant to subclause (iii), the related Servicer shall deliver to the Master
      Servicer an Officer’s Certificate of an Authorized Servicer Representative
      indicating the amount of any previous Advance or Servicing Advance determined
      by
      such Servicer to be a Nonrecoverable Advance and identifying the related
      Mortgage Loan(s), and their respective portions of such Nonrecoverable
      Advance.

     

    (b)  Notwithstanding
      the foregoing, any Amounts Held For Future Distribution withdrawn by the related
      Servicer as permitted in Section 3.27(a)(ii) in reimbursement of Advances
      previously made by such Servicer shall be appropriately reflected in such
      Servicer’s records and replaced by such Servicer by deposit in the related
      Custodial Account, no later than the close of business on any future Remittance
      Date on which the funds on deposit in the related Custodial Account shall be
      less than the amount required to be remitted to the Trust Fund on such
      Remittance Date; provided, however that if the rating of such Servicer
      (including any Successor Servicer) is less than “BBB”, such Servicer shall be
      required to replace such funds by deposit to the Distribution Account, no later
      than the close of business on the Remittance Date immediately following the
      Due
      Period or Prepayment Period for which such amounts relate.  The amount
      at any time credited to the related Custodial Account may be invested by such
      Servicer in Permitted Investments.

     

    Section
      3.28  Reports
      to Master Servicer.

     

    Not
      later
      than the tenth (10th) calendar day of each month (or if such tenth calendar
      day
      is not a Business Day, the immediately succeeding Business Day), the related
      Servicer shall furnish to the Master Servicer (i) (a) monthly loan data in
      a
      mutually agreed-upon format containing all of the information set forth in
      Exhibit X-1, (b) default loan data in the format set forth in Exhibit X-2 hereto
      (or in such other format mutually agreed-upon between such Servicer and the
      Master Servicer) and (c) information regarding realized losses and gains in
      the
      format set forth in Exhibit X-3 hereto (or in such other format mutually agreed
      between such Servicer and the Master Servicer), in each case relating to the
      period ending on the last day of the preceding calendar month, (ii) all such
      information required pursuant to clause (i)(a) above on a magnetic tape,
      electronic mail, or other similar media reasonably acceptable to the Master
      Servicer and (iii) all supporting documentation with respect to the information
      required pursuant to clause (i)(c) above.

     

    Not
      later
      than three (3) Business Days after the Determination Date of each calendar
      month
      and in any event not later than the 18th of each
      month,
      GMACM shall furnish to the Master Servicer a monthly report containing such
      information regarding prepayments of Mortgage Loans during the applicable
      Prepayment Period in a format as mutually agreed to between GMACM and the Master
      Servicer.

     

    Section
      3.29  Collection
      of Taxes; Assessments and Similar Items; Escrow Accounts.

     

    To
      the
      extent required by the Mortgage Note related to a Mortgage Loan, the related
      Servicer shall establish and maintain one or more accounts (each, an “Escrow
      Account”) and deposit, promptly upon receipt, and retain therein all collections
      from the Mortgagors (or advances by such Servicer) for the payment of taxes,
      assessments, hazard insurance premiums or comparable items for the account
      of
      the Mortgagors. Nothing herein shall require the related Servicer to compel
      a
      Mortgagor to establish an Escrow Account in violation of applicable
      law.

     

    Withdrawals
      of amounts so collected from the Escrow Accounts may be made only to effect
      timely payment of taxes, assessments, hazard insurance premiums, condominium
      or
      PUD association dues, or comparable items, to reimburse the related Servicer
      out
      of related collections for any payments made with respect to each Mortgage
      Loan
      pursuant to Section 3.01 (with respect to taxes and assessments and
      insurance premiums) and Section 3.05 (with respect to hazard insurance), to
      refund to any Mortgagors any sums as may be determined to be overages, to pay
      interest, if required by law or the terms of the related Mortgage or Mortgage
      Note, to such Mortgagors on balances in the Escrow Account, to remove amounts
      deposited in error or to clear and terminate the Escrow Account at the
      termination of this Agreement in accordance with Section 10.01 thereof. The
      Escrow Account shall not be a part of the Trust Fund.

     

    Section
      3.30  [Reserved].

     

    Section
      3.31  Distribution
      Account.

     

    (a)  The
      Securities Administrator shall establish and maintain a segregated non-interest
      bearing trust account in the name of the Trustee for the benefit of the
      Certificateholders (the “Distribution Account”). The Securities Administrator
      will deposit in the Distribution Account as identified by the Securities
      Administrator and as received by the Securities Administrator, the following
      amounts:

     

    (i)  All
      payments and recoveries in respect of principal on the related Mortgage Loans,
      including, without limitation, Principal Prepayments, Subsequent Recoveries,
      Liquidation Proceeds, Insurance Proceeds, condemnation proceeds and all payments
      and recoveries in respect of interest on the related Mortgage Loans withdrawn
      by
      the related Servicer from the related Custodial Account and remitted by such
      Servicer to the Securities Administrator;

     

    (ii)  Any
      Advance and any Compensating Interest Payments;

     

    (iii)  Any
      Prepayment Charges collected by the related Servicer in connection with the
      Principal Prepayment of any of the related Mortgage Loans (including any related
      Servicer Prepayment Charge Payment Amounts);

     

    (iv)  Any
      Insurance Proceeds or Liquidation Proceeds received by or on behalf of the
      Securities Administrator or which were not deposited in the related Custodial
      Account;

     

    (v)  The
      Purchase Price with respect to any related Mortgage Loans purchased by the
      Sponsor or Section 2.02 or 2.03, any amounts which are to be treated
      pursuant to Section 2.04 of this Agreement as the payment of such a
      Purchase Price, the Purchase Price with respect to any related Mortgage Loans
      purchased by the Depositor pursuant to Section 3.24, and all proceeds of
      any related Mortgage Loans or property acquired with respect thereto repurchased
      by the Master Servicer pursuant to Section 10.01;

     

    (vi)  Any
      amounts required to be deposited with respect to losses on investments of
      deposits in an Account; and

     

    (vii)  Any
      other
      amounts received by or on behalf of the Securities Administrator and required
      to
      be deposited in the Distribution Account pursuant to this
      Agreement.

     

    (b)  All
      amounts deposited to the Distribution Account shall be held by the Securities
      Administrator in the name of the Trustee in trust for the benefit of the
      Certificateholders in accordance with the terms and provisions of this
      Agreement. The requirements for crediting the Distribution Account shall be
      exclusive, it being understood and agreed that, without limiting the generality
      of the foregoing, payments in the nature of late payment charges or assumption,
      tax service, statement account or payoff, substitution, satisfaction, release
      and other like fees and charges, need not be credited by the Securities
      Administrator to the Distribution Account.

     

    (c)  The
      amount at any time credited to the Distribution Account may be invested by
      the
      Securities Administrator in Permitted Investments that mature no later than
      the
      Business Day prior to the next succeeding Distribution Date as directed by
      the
      Master Servicer, unless the investment is managed by the Securities
      Administrator or an affiliate of the Securities Administrator, in which case
      such Permitted Investments may mature on the Distribution Date. All such
      investment income shall be for the benefit of the Master Servicer, and any
      losses incurred shall be deposited by the Master Servicer in the Distribution
      Account immediately as realized.

     

    Section
      3.32  Permitted
      Withdrawals and Transfers from the Distribution Account.

     

    (a)  The
      Securities Administrator will from time to time make or cause to be made such
      withdrawals or transfers from the Distribution Account pursuant to this
      Agreement for the following purposes:

     

    (i)  to
      pay to
      the Trustee any expenses recoverable by the Trustee pursuant to this
      Agreement.

     

    (ii)  to
      reimburse the related Servicer (or any successor thereto) for any Advance or
      Servicing Advance of its own funds, the right of the related Servicer (or any
      successor thereto) to reimbursement pursuant to this subclause (ii) being
      limited to amounts received on a particular Mortgage Loan (including, for this
      purpose, the Purchase Price therefor, Insurance Proceeds, Liquidation Proceeds
      and condemnation proceeds) which represent late payments or recoveries of the
      principal of or interest on such Mortgage Loan respecting which such Advance
      or
      Servicing Advance was made;

     

    (iii)  to
      reimburse the Master Servicer or the related Servicer (or any successor thereto)
      from Insurance Proceeds or Liquidation Proceeds relating to a particular
      Mortgage Loan for amounts expended by the related Servicer (or any successor
      thereto) in good faith in connection with the restoration of the related
      Mortgaged Property which was damaged by an uninsured cause or in connection
      with
      the liquidation of such Mortgage Loan;

     

    (iv)  to
      reimburse the related Servicer (or any successor thereto) from Insurance
      Proceeds relating to a particular Mortgage Loan for insured expenses incurred
      with respect to such Mortgage Loan and to reimburse the related Servicer (or
      any
      successor thereto) from Liquidation Proceeds from a particular Mortgage Loan
      for
      Liquidation Expenses incurred with respect to such Mortgage Loan;

     

    (v)  to
      reimburse the related Servicer (or any successor thereto) for advances of funds
      pursuant to this Agreement, and the right to reimbursement pursuant to this
      subclause being limited to amounts received on the related Mortgage Loan
      (including, for this purpose, the Purchase Price therefor, Insurance Proceeds,
      Liquidation Proceeds and condemnation proceeds) which represent late recoveries
      of the payments for which such advances were made;

     

    (vi)  to
      reimburse the related Servicer (or any successor thereto) for any Advance or
      advance, after a Realized Loss has been allocated with respect to the related
      Mortgage Loan if the Advance or advance has not been reimbursed pursuant to
      clauses (ii) and (v);

     

    (vii)  Reserved;

     

    (viii)  to
      reimburse the Trustee or the Securities Administrator for expenses, costs and
      liabilities incurred by and reimbursable to it pursuant to this Agreement
      (including the expenses of the Securities Administrator in connection with
      a tax
      audit in connection with the performance of its obligations pursuant to
      Section 9.13);

     

    (ix)  to
      pay to
      the Trust Fund, as additional servicing compensation, any Excess Liquidation
      Proceeds to the extent not retained by the related Servicer;

     

    (x)  to
      reimburse or pay the related Servicer any such amounts as are due thereto under
      this Agreement or the Servicing Agreement and have not been retained by or
      paid
      to the related Servicer, to the extent provided herein or therein;

     

    (xi)  to
      reimburse the Trustee or the Master Servicer for expenses incurred in the
      transfer of servicing responsibilities of a terminated Servicer after the
      occurrence and continuance of a Servicer Default to the extent not paid by
      the
      terminated Servicer;

     

    (xii)  to
      pay
      the Credit Risk Manager Fee to the Credit Risk Manager but only from payments
      in
      respect of interest in the related Mortgage Loans unless such interest payments
      are insufficient to make payment in full; provided, however, that upon the
      termination of the Credit Risk Manager pursuant to Section 3.33 hereof, the
      amount of the Credit Risk Manager Fee (or any portion thereof) previously
      payable to the Credit Risk Manager as described herein shall be paid to the
      Sponsor;

     

    (xiii)  to
      reimburse the Master Servicer for any costs and expenses reimbursable to the
      Master Servicer pursuant to this Agreement;

     

    (xiv)  to
      reimburse the Custodian for expenses, costs and liabilities incurred or
      reimbursable to it pursuant to this Agreement or the Custodial
      Agreement;

     

    (xv)  to
      remove
      amounts deposited in error; and

     

    (xvi)  to
      clear
      and terminate the Distribution Account pursuant to
      Section 10.01.

     

    (b)  The
      Securities Administrator shall keep and maintain separate accounting, on a
      Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any
      reimbursement from the Distribution Account pursuant to subclauses (ii) through
      (v), inclusive or with respect to any such amounts which would have been covered
      by such subclauses had the amounts not been retained by the Securities
      Administrator without being deposited in the Distribution Account under
      Section 3.31.

     

    (c)  On
      each
      Distribution Date, the Securities Administrator shall distribute the Available
      Funds and the Available Distribution Amounts, to the extent of funds on deposit
      in the Distribution Account to the Certificateholders in accordance with
      Sections 5.04, 5.05 and 5.06.

     

    Section
      3.33  Duties
      of the Credit Risk Manager.

     

    The
      Depositor appoints 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 the Mortgage Loans that are past due, as to
      which
      there has been commencement of foreclosure, as to which there has been
      forbearance in exercise of remedies which are in default, as to which a
      Mortgagor is the subject of bankruptcy, receivership, or an arrangement of
      creditors, or as to which have become REO Properties. Such reports and
      recommendations will be based upon information provided to the Credit Risk
      Manager pursuant to the related Credit Risk Management Agreement and the Credit
      Risk Manager shall look solely to the Servicer and/or 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 related
      Mortgage Loans. If the Credit Risk Manager is no longer able to perform its
      duties hereunder, the Credit Risk Manager may be terminated by the Depositor
      at
      the direction of Certificateholders evidencing not less than 66 2/3% of the
      Voting Rights. The Depositor may, at its option, cause the appointment of a
      successor Credit Risk Manager. Upon any termination of the Credit Risk Manager
      or the appointment of a successor Credit Risk Manager, the Depositor shall
      give
      written notice thereof to the Servicer, the Trustee, each Rating Agency and
      the
      Credit Risk Manager.

     

    Section
      3.34  Limitation
      Upon Liability of Credit Risk Manager; Indemnification.

     

    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 Servicer, the
      Master Servicer, the Securities Administrator, the Trustee, 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 and/or Master Servicer under the
      related Credit Risk Management Agreement or of 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 under this Agreement or the Credit Risk Management Agreements. 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 and/or Master Servicer pursuant to the related Credit Risk Management
      Agreement in the performance of its duties thereunder and
      hereunder.

     

    ARTICLE
      IV

     

    ADMINISTRATION
      AND MASTER SERVICING OF THE MORTGAGE LOANS

     

    Section
      4.01  The
      Master Servicer.

     

    The
      Master Servicer shall supervise, monitor and oversee the obligation of the
      Servicers to service and administer the Mortgage Loans in accordance with the
      terms of this Agreement and the Servicing Agreement and shall have full power
      and authority to do any and all things which it may deem necessary or desirable
      in connection with such master servicing and administration.  In
      performing its obligations hereunder, the Master Servicer shall act in a manner
      consistent with Accepted Master Servicing Practices.  Furthermore, the
      Master Servicer shall oversee and consult with the Servicers as necessary from
      time-to-time to carry out the Master Servicer’s obligations hereunder, shall
      receive, review and evaluate all reports, information and other data provided
      to
      the Master Servicer by the Servicers and shall cause each Servicer to perform
      and observe the covenants, obligations and conditions to be performed or
      observed by such Servicer under this Agreement or the Servicing Agreement,
      as
      applicable.  The Master Servicer shall independently and separately
      monitor the servicing activities of the Servicers with respect to each Mortgage
      Loan, reconcile the results of such monitoring with such information provided
      in
      the previous sentence on a monthly basis and coordinate corrective adjustments
      to the Servicers and Master Servicer’s records, and based on such reconciled and
      corrected information, provide such information relating to the Mortgage Loans
      to the Securities Administrator as shall be necessary to enable it to prepare
      the statements specified in Section 5.06 and any other information and
      statements required to be provided by the Securities Administrator
      hereunder.  The Master Servicer shall reconcile the results of its
      Mortgage Loan monitoring with the actual remittances of the Servicers to the
      Distribution Accounts.

     

    Notwithstanding
      anything in this Agreement to the contrary, the Master Servicer shall not have
      any duty or obligation to enforce any Credit Risk Management Agreement that
      the
      Servicer is a party to (the “Servicer Credit Risk Management Agreement”) or to
      supervise, monitor or oversee the activities of the Credit Risk Manager under
      the Servicer Credit Risk Management Agreement with respect to any action taken
      or not taken by the Servicer pursuant to a recommendation of the Credit Risk
      Manager.

     

    The
      Trustee shall furnish the Servicers and the Master Servicer with any limited
      powers of attorney and other documents in form acceptable to the Trustee
      necessary or appropriate to enable the Servicer and the Master Servicer to
      service or master service and administer the Mortgage Loans and REO
      Property.  The Trustee shall have no responsibility for any action of
      the Master Servicer or a Servicer pursuant to any such limited power of attorney
      and shall be indemnified by the Master Servicer or the related Servicer for
      any
      cost, liability or expense arising from the misuse thereof by the Master
      Servicer or the related Servicer.

     

    Section
      4.02       Monitoring of
      Servicers.

     

    The
      Master Servicer shall be responsible for monitoring the compliance by the
      Servicers with their respective duties under this Agreement and the Servicing
      Agreement.  In the review of each Servicer’s activities, the Master
      Servicer may rely upon an officer’s certificate of such Servicer with regard to
      such Servicer’s compliance with the terms of this Agreement or the Servicing
      Agreement, as applicable.  In the event that the Master Servicer, in
      its judgment, determines that a Servicer should be terminated in accordance
      with
      this Agreement or the Servicing Agreement, as applicable, or that a notice
      should be sent pursuant to this Agreement or the Servicing Agreement, as
      applicable with respect to the occurrence of an event that, unless cured, would
      constitute grounds for such termination, the Master Servicer shall notify the
      Sponsor and the Trustee thereof and the Master Servicer (or, in the case of
      Wells Fargo, the Trustee) shall issue such notice or take such other action
      as
      it deems appropriate.

     

    The
      Master Servicer, for the benefit of the Trustee and the Certificateholders
      shall
      enforce the obligations of the Servicers under this Agreement and the Servicing
      Agreement, and the Master Servicer (or, if Wells Fargo is the defaulting
      Servicer, the Trustee) shall, in the event that a Servicer fails to perform
      its
      obligations in accordance with this Agreement or the Servicing Agreement, as
      applicable, subject to this Section, Article VIII and the Servicing
      Agreement, terminate the rights and obligations of such Servicer hereunder
      or
      under the Servicing Agreement, as applicable in accordance with the provisions
      of Article VIII or the Servicing Agreement, as applicable.  The Master
      Servicer (or, if Wells Fargo is the defaulting Servicer, the Trustee) shall
      act
      as servicer of the Mortgage Loans or enter in to a new servicing agreement
      with
      a successor servicer selected by the Master Servicer (or, if Wells Fargo is
      the
      defaulting Servicer, the Trustee); provided, however, it is understood and
      acknowledged by the parties hereto that there will be a period of transition
      (not to exceed 90 days) before the actual servicing functions can be fully
      transferred to the Master Servicer, the Trustee or such successor
      servicer.  Such enforcement, including, without limitation, the legal
      prosecution of claims 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 or the Trustee, as applicable, in its good faith business judgment,
      would require were it the owner of the Mortgage Loans.  The Master
      Servicer shall pay the costs of such enforcement at its own expense, provided
      that the Master Servicer shall not be required to prosecute or defend any legal
      action except to the extent that the Master Servicer shall have received
      indemnity reasonably acceptable to it for its costs and expenses in pursuing
      such action.

     

    To
      the
      extent that the costs and expenses related to the termination of a Servicer,
      appointment of a Successor Servicer or the transfer and assumption of servicing
      by the Master Servicer or the Trustee if Wells Fargo is the defaulting Servicer
      (including, without limitation, (i) all legal costs and expenses and all due
      diligence costs and expenses associated with an evaluation of the potential
      termination of defaulting Servicer as a result of an event of default by such
      Servicer and (ii) all costs and expenses associated with the complete transfer
      of servicing, including all servicing files and all servicing data and the
      completion, correction or manipulation of such servicing data as may be required
      by the Successor Servicer to correct any errors or insufficiencies in the
      servicing data or otherwise to enable the Successor Servicer to service the
      related Mortgage Loans in accordance with this Agreement or the Servicing
      Agreement, as applicable) are not fully and timely reimbursed by the terminated
      Servicer, the Master Servicer or the Trustee, as applicable shall be entitled
      to
      reimbursement of such costs and expenses from the Distribution
      Accounts.

     

    The
      Master Servicer shall require the Servicer to comply with the remittance
      requirements and other obligations set forth in this Agreement and the Servicing
      Agreement.

     

    If
      the
      Master Servicer or the Trustee acts as a Successor Servicer, it shall not assume
      liability for the representations and warranties of the terminated Servicer,
      if
      any, that it replaces.

     

    Section
      4.03  Fidelity
      Bond.

     

    The
      Master Servicer, at its expense, shall maintain in effect a blanket fidelity
      bond and an errors and omissions insurance policy that shall be in such form
      and
      amount generally acceptable for entities serving as master servicers or
      trustees, 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.  Any such errors and omissions policy and fidelity bond may
      not be cancelable without thirty (30) days’ prior written notice to the
      Trustee.

     

    Section
      4.04  Power
      to Act; Procedures.

     

    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
      Section 9.13 hereof, to do any and all things that it may deem necessary or
      desirable in connection with the master 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 the
      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 Loan, in each case, in
      accordance with the provisions of this Agreement; provided, however, that the
      Master Servicer shall not (and, consistent with its responsibilities under
      Section 4.02, shall not permit the Servicer to) knowingly or intentionally
      take any action, or fail to take (or fail to cause to be taken) any action
      reasonably within its control and the scope of duties more specifically set
      forth herein, that, under the REMIC Provisions, if taken or not taken, as the
      case may be, would cause any REMIC to fail to qualify as a REMIC or result
      in
      the imposition of a tax upon the Trust Fund (including but not limited to the
      tax on prohibited transactions as defined in Section 860F(a)(2) of the Code
      and the tax on contributions to a REMIC set forth in Section 860G(d) of the
      Code) unless the Master Servicer has received an Opinion of Counsel (but not
      at
      the expense of the Master Servicer) to the effect that the contemplated action
      will not cause any REMIC to fail to qualify as a REMIC or result in the
      imposition of a tax upon any REMIC.  The Trustee shall furnish the
      Master Servicer, upon written request from a Servicing Officer or an Authorized
      Servicer Representative, with any powers of attorney (in form acceptable to
      Trustee) empowering the Master Servicer, or the related 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 this Agreement,
      and
      the Trustee shall execute and deliver such other documents, as the Master
      Servicer or the related Servicer may request, to enable the Master Servicer
      to
      master service and administer the Mortgage Loans and carry out its duties
      hereunder, in each case in accordance with Accepted Master Servicing Practices
      (and the Trustee shall have no liability for the misuse of any such powers
      of
      attorney by the Master Servicer or the related Servicer and shall be indemnified
      by the Master Servicer or the related Servicer, as applicable, for any costs,
      liabilities or expenses incurred by the Trustee in connection with such
      misuse).  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, the Master Servicer shall join with the Trustee
      in
      the appointment of a co-trustee pursuant to Section 9.10
      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 authorized pursuant to this Agreement to
      be
      taken by it in the name of the Trustee, be deemed to be the agent of the
      Trustee.

     

    Section
      4.05  Due-on-Sale
      Clauses; Assumption Agreements. 

     

    To
      the
      extent Mortgage Loans contain enforceable due-on-sale clauses, the Master
      Servicer shall cause the Servicers to enforce such clauses in accordance with
      this Agreement and 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 this Agreement, and, as a consequence, a
      Mortgage Loan is assumed, the original Mortgagor may be released from liability
      in accordance with this Agreement or the Servicing Agreement, as
      applicable.

     

    Section
      4.06  Documents,
      Records and Funds in Possession of Master Servicer To Be Held for
      Trustee.

     

    The
      Master Servicer shall transmit to the Trustee or Custodian such documents and
      instruments coming into the possession of the Master Servicer from time to
      time
      as are required by the terms hereof to be delivered to the Trustee or the
      Custodian.  Any funds received by the Master Servicer in respect of
      any Mortgage Loan or which otherwise are collected by the Master Servicer as
      Liquidation Proceeds, Insurance Proceeds or Subsequent Recoveries 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 Distribution Account the Master Servicing Fee and other amounts
      provided in this Agreement.  The Master Servicer, to the extent
      required by Article III or the Servicing Agreement, as applicable, shall cause
      each Servicer to, provide access to information and documentation regarding
      the
      related Mortgage Loans to the Trustee, its agents and accountants at any time
      upon reasonable request and during normal business hours, and to the
      Certificateholders that are savings and loan associations, banks or insurance
      companies, the OTS, 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
      OTS 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.

     

    All
      Mortgage Files and funds collected or held by, or under the control of, the
      Master 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 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
      related Servicer under this Agreement or the Servicing Agreement, as
      applicable.

     

    Section
      4.07  Standard
      Hazard Insurance and Flood Insurance Policies.

     

    For
      each
      Mortgage Loan, the Master Servicer shall enforce any obligation of the related
      Servicer under this Agreement or the Servicing Agreement, as applicable to
      maintain or cause to be maintained standard fire and casualty insurance and,
      where applicable, flood insurance, all in accordance with the provisions of
      this
      Agreement or the Servicing Agreement, as applicable.  It is understood
      and agreed that such insurance shall be with insurers meeting the eligibility
      requirements set forth in this Agreement or the Servicing Agreement, as
      applicable 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 Mortgage Loan, other than pursuant to such applicable laws and
      regulations as shall at any time be in force and as shall require such
      additional insurance.

     

    Pursuant
      to Section 3.31, any amounts collected by the Master Servicer, under any
      insurance policies (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 this Agreement or the Servicing Agreement, as
      applicable) shall be deposited into the Distribution Account, subject to
      withdrawal pursuant to Section 3.32.

     

    Section
      4.08  Presentment
      of Claims and Collection of Proceeds.

     

    The
      Master Servicer shall enforce each Servicer’s obligations to prepare and present
      on behalf of the Trustee and the Certificateholders all claims under any
      insurance policies 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 related Servicer and remitted to the Master
      Servicer) in respect of such policies, bonds or contracts shall be promptly
      deposited in the Distribution 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 precedent 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).

     

    Section
      4.09  Maintenance
      of the Primary Mortgage Insurance Policies.

     

    The
      Master Servicer shall not take, or (to the extent within its control) permit
      a
      Servicer (to the extent such action is prohibited under this Agreement or the
      Servicing Agreement, as applicable) to take, any action that would result in
      noncoverage under any primary mortgage insurance policy or any loss which,
      but
      for the actions of such Master Servicer or the related Servicer, would have
      been
      covered thereunder.  The Master Servicer shall use its best reasonable
      efforts to cause the related Servicer to keep in force and effect (to the extent
      that a 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 or the Servicing Agreement, as
      applicable.  The Master Servicer shall not, and (to the extent within
      its control) shall not permit the related Servicer to, cancel or refuse to
      renew
      any primary mortgage insurance policy that is in effect at the date of the
      initial issuance of the Mortgage Note and is required to be kept in force
      hereunder except in accordance with the provisions of this Agreement or the
      Servicing Agreement, as applicable.

     

    The
      Master Servicer agrees to cause the related 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 3.31 of this Agreement or pursuant to the Servicing Agreement, as
      applicable, any amounts collected by the related Master Servicer or the Servicer
      under any primary mortgage insurance policies shall be deposited by the Servicer
      or by the Master Servicer in the Distribution Account, subject to withdrawal
      pursuant to Section 3.32.

     

    Section
      4.10       Trustee
      to Retain Possession of Certain Insurance Policies and
      Documents.

     

    The
      Trustee or the Custodian, shall retain possession and custody of the originals
      (to the extent available) of any 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 and the
      related Servicer otherwise have fulfilled its obligations under this Agreement
      or the Servicing Agreement, as applicable, 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 and the Custodial
      Agreement. The Master Servicer shall promptly deliver or cause to be delivered
      to the Trustee or the Custodian, upon the execution or receipt thereof the
      originals of any primary mortgage insurance policies, any certificates of
      renewal, and such other documents or instruments that constitute Mortgage Loan
      Documents that come into the possession of the Master Servicer from time to
      time.

     

    Section
      4.11  Realization
      Upon Defaulted Loans.

     

    The
      Master Servicer shall cause each 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 this Agreement or the Servicing Agreement, as
      applicable.

     

    Section
      4.12  Compensation
      for the Master Servicer.

     

    As
      compensation for its services hereunder, the Master Servicer shall be entitled
      to receive the Master Servicing Fee and to retain all income and gain realized
      from any investment of funds in the Distribution Accounts (the “Master Servicing
      Compensation”).  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.

     

    The
      amount of the Master Servicing Fee payable to the Master Servicer in respect
      of
      any Distribution Date shall be reduced in accordance with
      Section 4.14.

     

    Section
      4.13  REO
      Property.

     

    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 cause the related Servicer to sell, and the related Servicer
      agrees to sell, any REO Property as expeditiously as possible and in accordance
      with the provisions of this Agreement or the Servicing Agreement, as
      applicable.  Further, the Master Servicer shall cause each Servicer to
      sell any REO Property prior to three years after the end of the calendar year
      of
      its acquisition by REMIC I, unless (i) the Trustee and the Securities
      Administrator shall have been supplied with an Opinion of Counsel to the effect
      that the holding by the Trust Fund of such REO Property subsequent to such
      three-year period will not result in the imposition of taxes on “prohibited
      transactions” of any REMIC hereunder as defined in Section 860F of the Code
      or cause any REMIC hereunder to fail to qualify as a REMIC at any time that
      any
      Certificates are outstanding, in which case the Trust Fund may continue to
      hold
      such Mortgaged Property (subject to any conditions contained in such Opinion
      of
      Counsel) or (ii) the related Servicer shall have applied for, prior to the
      expiration of such three-year period, an extension of such three-year period
      in
      the manner contemplated by Section 856(e)(3) of the Code, in which case the
      three-year period shall be extended by the applicable extension
      period.  The Master Servicer shall cause each Servicer to protect and
      conserve, such REO Property in the manner and to the extent required by this
      Agreement, in accordance with the REMIC Provisions and in a manner that does
      not
      result in a tax on “net income from foreclosure property” or cause such REO
      Property to fail to qualify as “foreclosure property” within the meaning of
      Section 860G(a)(8) of the Code.

     

    The
      Master Servicer shall cause each Servicer to deposit all funds collected and
      received in connection with the operation of any REO Property in the related
      Custodial Account.

     

    The
      Master Servicer and the related 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 Servicing Fees
      and Master Servicing Fees from Liquidation Proceeds received in connection
      with
      the final disposition of such REO Property; provided, that any such unreimbursed
      Advances as well as any unpaid Master 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.

     

    Section
      4.14       Obligation
      of the Master Servicer in Respect of Prepayment Interest
      Shortfalls.

     

    The
      Master Servicer shall deposit in the Distribution Account not later than each
      Distribution Date an amount equal to the lesser of (i) the aggregate amounts
      required to be paid by the related Servicer under this Agreement or the
      Servicing Agreement, as applicable with respect to Prepayment Interest
      Shortfalls on the Mortgage Loans serviced by such Servicer for the related
      Distribution Date, and not so paid by such Servicer and (ii) the Master
      Servicing Fee for such Distribution Date without reimbursement
      therefor.

     

    ARTICLE
      V

     

    ADVANCES
      AND DISTRIBUTIONS

     

    Section
      5.01  Advances;
      Advance Facility.

     

    (a)  GMACM
      shall make an Advance with respect to any GMACM Mortgage Loan and deposit such
      Advance in the Distribution Account no later than noon Eastern time on the
      Remittance Date in immediately available funds. A Servicer shall be obligated
      to
      make any such Advance only to the extent that such advance would not be a
      Nonrecoverable Advance. If a Servicer shall have determined that it has made
      a
      Nonrecoverable Advance or that a proposed Advance or a lesser portion of such
      Advance would constitute a Nonrecoverable Advance, such Servicer shall deliver
      (i) to the Securities Administrator for the benefit of the Certificateholders
      funds constituting the remaining portion of such Advance, if applicable, and
      (ii) to the Depositor, each Rating Agency and the Master Servicer an Officer’s
      Certificate setting forth the basis for such determination.

     

    In
      lieu
      of making all or a portion of an Advance from its own funds, GMACM may (i)
      cause
      to be made an appropriate entry in its records relating to the related Custodial
      Account that any Amounts Held for Future Distribution has been used by GMACM
      in
      discharge of its obligation to make any such Advance and (ii) transfer such
      funds from its Custodial Account to the Distribution Account.  Any
      funds so applied and transferred shall be replaced by GMACM Servicer by deposit
      in the Distribution Account, no later than the close of business on any future
      Remittance Date on which the funds on deposit in its Custodial Account shall
      be
      less than the amount required to be remitted to the Securities Administrator
      on
      such Remittance Date; provided, however that if the rating of GMACM (including
      any Successor Servicer) is less than “BBB”, the GMACM shall be required to
      replace such funds by deposit to the Distribution Account, no later than the
      close of business on the Remittance Date immediately following the Due Period
      or
      Prepayment Period for which such amounts relate.

     

    GMACM
      shall be entitled to be reimbursed from its Custodial Account for all Advances
      of its own funds made pursuant to this Section as provided in
      Section 3.27 or pursuant to the Servicing Agreement, as applicable. The
      obligation to make Advances with respect to any GMACM Mortgage Loan shall
      continue until GMACM  Mortgage Loan is paid in full or the related
      Mortgaged Property or related REO Property has been liquidated or until the
      purchase or repurchase thereof (or substitution therefor) from the Trust Fund
      pursuant to any applicable provision of this Agreement, except as otherwise
      provided in this Section 5.01.

     

    Subject
      to and in accordance with the provisions of Article VIII hereof, in the event
      that GMACM fails to make such Advance under this Agreement, then the Master
      Servicer, as successor to GMACM or, if Wells Fargo fails to make such and
      Advance as required pursuant to the terms of the Servicing Agreement, the
      Trustee, as successor to Wells Fargo shall be obligated to make such Advance
      only to the extent such Advance, if made, would not constitute a Nonrecoverable
      Advance, subject to the provisions of Sections 5.01 and 8.02.

     

    (b)  (i)  GMACM
      is hereby authorized to enter into a financing or other facility (any such
      arrangement, an “Advance Facility”), the documentation for which complies with
      Section 5.01(b)(v) below, under which (1) GMACM assigns or pledges its
      rights under this Agreement to be reimbursed for any or all Advances and/or
      Servicing Advances to (i) a Person, which may be a special-purpose
      bankruptcy-remote entity (an “SPV”), (ii) a Person, which may simultaneously
      assign or pledge such rights to an SPV or (iii) a lender (a “Lender”), which, in
      the case of any Person or SPV of the type described in either of the preceding
      clauses (i) or (ii), may directly or through other assignees and/or pledgees,
      assign or pledge such rights to a Person, which may include a trustee acting
      on
      behalf of holders of debt instruments (any such Person or any such Lender,
      an
“Advance Financing Person”), and/or (2) an Advance Financing Person agrees to
      fund all the Advances and/or Servicing Advances required to be made by GMACM
      pursuant to this Agreement.  No consent of the Trustee, the Securities
      Administrator, the Master Servicer, the Certificateholders or any other party
      shall be required before the Servicer may enter into an Advance Facility nor
      shall the Trustee, the Securities Administrator, the Master Servicer or the
      Certificateholders be a third party beneficiary of any obligation of an Advance
      Financing Person to such Servicer. Notwithstanding the existence of any Advance
      Facility under which an Advance Financing Person agrees to fund Advances and/or
      Servicing Advances, (A) GMACM (i) shall remain obligated pursuant to this
      Agreement to make Advances and/or Servicing Advances pursuant to and as required
      by this Agreement and (ii) shall not be relieved of such obligations by virtue
      of such Advance Facility and (B) neither the Advance Financing Person nor any
      GMACM Assignee (as hereinafter defined) shall have any right to proceed against
      or otherwise contact any Mortgagor for the purpose of collecting any payment
      that may be due with respect to any related GMACM Mortgage Loan or enforcing
      any
      covenant of such Mortgagor under the related Mortgage Loan
      documents.

     

    (ii)  If
      GMACM
      enters into an Advance Facility, such Servicer and the related Advance Financing
      Person shall deliver to the Master Servicer and the Securities Administrator
      at
      the address set forth in Section 11.05 hereof no later than the Remittance
      Date immediately following the effective date of such Advance Facility a written
      notice (an “Advance Facility Notice”), stating (a) the identity of the Advance
      Financing Person and (b) the identity of the Person (“GMACM’s Assignee”) that
      will, subject to Section 5.01(b)(iii) hereof, have the right to make
      withdrawals from the related Custodial Account pursuant to Section 3.27
      hereof to reimburse previously unreimbursed Advances and/or Servicing Advances
      (“Advance Reimbursement Amounts”).  Advance Reimbursement Amounts (i)
      shall consist solely of amounts in respect of Advances and/or Servicing Advances
      for which GMACM would be permitted to reimburse itself in accordance with
      Section 3.27 hereof, assuming GMACM had made the related Advance(s) and/or
      Servicing Advance(s) and (ii) shall not consist of amounts payable to a
      successor Servicer in accordance with Section 3.27 hereof to the extent
      permitted under Section 5.01(b)(v) below.

     

    (iii)  Notwithstanding
      the existence of an Advance Facility, GMACM, on behalf of the Advance Financing
      Person and the GMACM’s Assignee, shall be entitled to receive reimbursements of
      Advances and/or Servicing Advances in accordance with Section 3.27 hereof,
      which entitlement may be terminated by the Advance Financing Person pursuant
      to
      a written notice to the Master Servicer and the Securities Administrator in
      the
      manner set forth in Section 11.05 hereof.  Upon receipt of such
      written notice, GMACM shall no longer be entitled to receive reimbursement
      for
      any Advance Reimbursement Amounts and GMACM’s Assignee shall immediately have
      the right to receive from the related Custodial Account all Advance
      Reimbursement Amounts.  Notwithstanding the foregoing, and for the
      avoidance of doubt, (i) GMACM and/or GMACM ’s Assignee shall only be entitled to
      reimbursement of Advance Reimbursement Amounts hereunder from withdrawals from
      the related Custodial Account pursuant to Section 3.27 of this Agreement
      and shall not otherwise be entitled to make withdrawals or receive amounts
      that
      shall be deposited in the Distribution Account pursuant to Section 3.31
      hereof, and (ii) none of the Trustee or the Certificateholders shall have any
      right to, or otherwise be entitled to, receive any Advance Reimbursement Amounts
      to which GMACM or the GMACM’s Assignee, as applicable, shall be entitled
      pursuant to Section 3.27 hereof.  An Advance Facility may be
      terminated by the joint written direction of GMACM and the related Advance
      Financing Person.  Written notice of such termination shall be
      delivered to the Trustee in the manner set forth in Section 11.05
      hereof.  None of the Depositor, Master Servicer, the Securities
      Administrator or the Trustee shall, as a result of the existence of any Advance
      Facility, have any additional duty or liability with respect to the calculation
      or payment of any Advance Reimbursement Amount, nor, as a result of the
      existence of any Advance Facility, shall the Depositor, Master Servicer, the
      Securities Administrator or the Trustee have any additional responsibility
      to
      track or monitor the administration of the Advance Facility or the payment
      of
      Advance Reimbursement Amounts to GMACM’s Assignee.  GMACM shall
      indemnify the Master Servicer, the Securities Administrator, Depositor, the
      Trustee, any successor Servicer and the Trust Fund for any claim, loss,
      liability or damage resulting from any claim by the related Advancing Financing
      Person, except to the extent that such claim, loss, liability or damage resulted
      from or arose out of gross negligence, recklessness or willful misconduct on
      the
      part of the Master Servicer, the Securities Administrator, Depositor, the
      Trustee or any successor Servicer, as the case may be.  GMACM shall
      maintain and provide to any successor Servicer and, upon request, the Trustee
      a
      detailed accounting on a loan-by-loan basis as to amounts advanced by, pledged
      or assigned to, and reimbursed to any Advancing Financing Person. The successor
      Servicer shall be entitled to rely on any such information provided by GMACM,
      and the successor Servicer shall not be liable for any errors in such
      information.

     

    (iv)  An
      Advance Financing Person who receives an assignment or pledge of rights to
      receive Advance Reimbursement Amounts and/or whose obligations are limited
      to
      the funding of Advances and/or Servicing Advances pursuant to an Advance
      Facility shall not be required to meet the criteria for qualification as a
      Servicer.

     

    (v)  As
      between GMACM and its Advance Financing Person, on the one hand, and a successor
      Servicer and its Advance Financing Person, if any, on the other hand, Advance
      Reimbursement Amounts on a loan-by-loan basis with respect to each GMACM
      Mortgage Loan as to which an Advance and/or Servicing Advance shall have been
      made and be outstanding shall be allocated on a “first-in, first out” basis. In
      the event the Servicer’s Assignee shall have received some or all of an Advance
      Reimbursement Amount related to Advances and/or Servicing Advances that were
      made by a Person other than the related Servicer or its related Advance
      Financing Person in error, then the GMACM’s Assignee shall be required to remit
      any portion of such Advance Reimbursement Amount to each Person entitled to
      such
      portion of such Advance Reimbursement Amount.  Without limiting the
      generality of the foregoing, GMACM shall remain entitled to be reimbursed by
      the
      Advance Financing Person for all Advances and/or Servicing Advances funded
      by
      GMACM to the extent the related Advance Reimbursement Amounts have not been
      assigned or pledged to such Advance Financing Person or GMACM’s
      Assignee.

     

    (vi)  For
      purposes of any Officer’s Certificate of GMACM delivered pursuant to
      Section 5.01(a), any Nonrecoverable Advance referred to therein may have
      been made by GMACM. In making its determination that any Advance or Servicing
      Advance theretofore made has become a Nonrecoverable Advance, GMACM shall apply
      the same criteria in making such determination regardless of whether such
      Advance or Servicing Advance shall have been made by GMACM.

     

    (vii)  Any
      amendment to this Section 5.01(b) or to any other provision of this
      Agreement that may be necessary or appropriate to effect the terms of an Advance
      Facility as described generally in this Section 5.01(b), including
      amendments to add provisions relating to a successor Servicer, may be entered
      into by the Master Servicer, the Securities Administrator, the Trustee, the
      Depositor and GMACM without the consent of any Certificateholder, provided
      such
      amendment complies with Section 11.01 hereof.  All reasonable
      costs and expenses (including attorneys’ fees) of each party hereto of any such
      amendment shall be borne solely by GMACM.  The parties hereto hereby
      acknowledge and agree that:  (a) the Advances and/or Servicing
      Advances financed by and/or pledged to an Advance Financing Person under any
      Advance Facility are obligations owed to GMACM payable only from the cash flows
      and proceeds received under this Agreement for reimbursement of Advances and/or
      Servicing Advances only to the extent provided herein, and none of the Master
      Servicer, the Securities Administrator, the Trustee or the Trust Fund are,
      as a
      result of the existence of any Advance Facility, obligated or liable to repay
      any Advances and/or Servicing Advances financed by the Advance Financing Person;
      (b) GMACM will be responsible for remitting to the Advance Financing Person
      the
      applicable amounts collected by it as reimbursement for Advances and/or
      Servicing Advances funded by the Advance Financing Person, subject to the
      provisions of this Agreement; and (c) none of the Master Servicer, the
      Securities Administrator or the Trustee shall have any responsibility to track
      or monitor the administration of the financing arrangement between GMACM and
      any
      Advance Financing Person.

     

    Section
      5.02  Compensating
      Interest Payments.

     

    In
      the
      event that there is a Prepayment Interest Shortfall arising from a voluntary
      Principal Prepayment in full by the Mortgagor with respect to any GMACM Mortgage
      Loan during the portion of the Prepayment Period occurring in the month prior
      to
      the month in which the Distribution Date occurs, GMACM shall deposit into the
      related Custodial Account no later than the close of business on the Remittance
      Date immediately preceding such Distribution Date, an amount equal to the
      Prepayment Interest Shortfall; and in case of such deposit, GMACM shall not
      be
      entitled to any recovery or reimbursement from the Depositor, the Trustee,
      the
      Sponsor, the Trust Fund, the Master Servicer or the
      Certificateholders.

     

    Section
      5.03  REMIC
      Distributions.

     

    On
      each
      Distribution Date the Securities Administrator, shall be deemed to allocate
      distributions to the REMIC Regular Interests in accordance with
      Section 5.11 hereof.

     

    Section
      5.04  Distributions
      to the Supplemental Interest Trust.

     

    On
      each
      Distribution Date, prior to making distributions to the Certificateholders,
      the
      Securities Administrator shall remit to the Supplemental Interest Trust an
      amount equal to any Net Swap Payment and any Swap Termination Payment owed
      to
      the Swap Provider for such Distribution Date (unless the Swap Provider is the
      sole Defaulting Party or the sole Affected Party (as defined in the ISDA Master
      Agreement) and to the extent not paid by the Securities Administrator from
      any
      upfront payment received pursuant to any replacement interest rate swap
      agreement that may be entered into by the Supplemental Interest Trust
      Trustee).

     

    Section
      5.05  Distributions
      on the Certificates.

     

    (a)  On
      each
      Distribution Date, the Available Distribution Amount for such Distribution
      Date
      shall be withdrawn by the Securities Administrator to the extent of funds on
      deposit in the Distribution Account and distributed as directed in accordance
      with the Remittance Report for such Distribution Date, in the following order
      of
      priority:

     

    First,
      in the following order of priority:

     

    
      	
               

            	
              1.

            	
              from
                the Interest Remittance Amount, to the Final Maturity Reserve Account,
                the
                Final Maturity Reserve Amount, if any, on such Distribution
                Date;

            

    

     

    
      	
               

            	
              2.

            	
              to
                the extent of the remaining Interest Remittance Amount, to the holders
                of
                the Senior Certificates on a pro rata basis based on the entitlement
                of
                each such Class, the Senior Interest Distribution Amount for each
                such
                Class and such Distribution Date;

            

    

     

    
      	
               

            	
              3.

            	
              to
                the extent of the remaining Interest Remittance Amount, to the holders
                of
                the Class M-1 Certificates, the Interest Distribution Amount for
                such
                Class for such Distribution Date;

            

    

     

    
      	
               

            	
              4.

            	
              to
                the extent of the remaining Interest Remittance Amount, to the holders
                of
                the Class M-2 Certificates, the Interest Distribution Amount for
                such
                Class for such Distribution Date;

            

    

     

    
      	
               

            	
              5.

            	
              to
                the extent of the remaining Interest Remittance Amount, to the holders
                of
                the Class M-3 Certificates, the Interest Distribution Amount for
                such
                Class for such Distribution Date;

            

    

     

    
      	
               

            	
              6.

            	
              to
                the extent of the remaining Interest Remittance Amount, to the holders
                of
                the Class M-4 Certificates, the Interest Distribution Amount for
                such
                Class for such Distribution Date;

            

    

     

    
      	
               

            	
              7.

            	
              to
                the extent of the remaining Interest Remittance Amount, to the holders
                of
                the Class M-5 Certificates, the Interest Distribution Amount for
                such
                Class for such Distribution Date;
                and

            

    

     

    
      	
               

            	
              8.

            	
              for
                application as part of Net Monthly Excess Cashflow for such Distribution
                Date, as described under clause Third below, any such Interest
                Remittance Amount remaining after application pursuant to clauses
                (1)
                through (7) above for such Distribution
                Date.

            

    

     

    Second,
      to pay to the Offered Certificates in respect of principal, to the extent of
      the
      Available Distribution Amount remaining on each Distribution Date, the Principal
      Distribution Amount for each Distribution Date, in the following amount and
      order of priority:

     

    (A)           On
      each Distribution Date (i) prior to the Stepdown Date or (ii) on which a Trigger
      Event is in effect, the Principal Distribution Amount for that Distribution
      Date
      will be distributed in the following amounts and order of priority:

     

    1.           to
      the Final Maturity Reserve Account, the Final Maturity Reserve Amount, if any,
      remaining unpaid after giving effect to the distribution of the Interest
      Remittance Amount for such Distribution Date:

     

    2.           the
      Senior Principal Distribution Amount will be distributed to the holders of
      the
      Senior Certificates in the following order of priority:

     

    (a)           the
      Senior Sequential Allocation Percentage of the Principal Distribution Amount
      will be distributed as follows:

     

    first,
      concurrently, to the
      Class A-5 Certificates and Class A-6 Certificates, on a pro rata basis,
      based on the Certificate Principal Balance of each such class, the Lockout
      Principal Distribution Amount for such Distribution Date, until the Certificate
      Principal Balance of each such Class has been reduced to zero;

     

    second,
      concurrently, to the
      Class A-1A Certificates and Class A-1B Certificates, on a pro rata
      basis, based on the Certificate Principal Balance of each such Class, until
      the
      Certificate Principal Balance of each such Class has been reduced to
      zero;

     

    third,
      sequentially, to the
      Class A-2, Class A-3 and Class A-4 Certificates, in that order, until the
      Certificate Principal Balance of each such Class has been reduced to zero;
      and

     

    fourth,
      concurrently, to the
      Class A-5 Certificates and Class A-6 Certificates, on a pro rata basis, based
      on
      the Certificate Principal Balance of each such Class, until the Certificate
      Principal Balance of each such Class has been reduced to zero; and

     

    (b)           the
      Pass-Through Allocation Percentage of the Principal Distribution Amount, to
      the
      Class A-7 Certificates, until the Certificate Principal Balance thereof has
      been
      reduced to zero.

     

    3.           to
      the Class M-1 Certificates, until the Certificate Principal Balance thereof
      has
      been reduced to zero.

     

    4.           to
      the Class M-2 Certificates, until the Certificate Principal Balance thereof
      has
      been reduced to zero.

     

    5.           to
      the Class M-3 Certificates, until the Certificate Principal Balance thereof
      has
      been reduced to zero.

     

    6.           to
      the Class M-4 Certificates, until the Certificate Principal Balance thereof
      has
      been reduced to zero.

     

    7.           to
      the Class M-5 Certificates, until the Certificate Principal Balance thereof
      has
      been reduced to zero.

     

    8.           for
      application as part of Net Monthly Excess Cashflow for such Distribution Date,
      any Principal Distribution Amount remaining after application pursuant to
      clauses (1) through (7) above for such Distribution Date.

     

    (B)           On
      each Distribution Date (i) on or after the Stepdown Date or (ii) on which a
      Trigger Event is not in effect, the Principal Distribution Amount for that
      Distribution Date will be distributed in the following amounts and order of
      priority:

     

    1.           to
      the Final Maturity Reserve Account, the Final Maturity Reserve Amount, if any,
      remaining unpaid after giving effect to the distribution of the Interest
      Remittance Amount for such Distribution Date:

     

    2.           the
      Senior Principal Distribution Amount will be distributed to the holders of
      the
      Senior Certificates in the following order of priority:

     

    (a)           the
      Senior Sequential Allocation Percentage of the Senior Principal Distribution
      Amount will be distributed as follows:

     

    first,
      concurrently, to the
      Class A-5 Certificates and Class A-6 Certificates, on a pro rata basis, based
      on
      the Certificate Principal Balance of each such Class, the Lockout Principal
      Distribution Amount for such Distribution Date, until the Certificate Principal
      Balance of each such Class has been reduced to zero;

     

    second,
      concurrently, to the
      Class A-1A Certificates and Class A-1B Certificates, on a pro rata basis, based
      on the Certificate Principal Balance of each such Class, until the Certificate
      Principal Balance of each such Class has been reduced to zero;

     

    third,
      sequentially, to the
      Class A-2, Class A-3 and Class A-4 Certificates, in that order, until the
      Certificate Principal Balance of each such Class has been reduced to zero;
      and

     

    fourth,
      concurrently, to the
      Class A-5 Certificates and Class A-6 Certificates, on a pro rata basis, based
      on
      the Certificate Principal Balance of each such Class, until the Certificate
      Principal Balance of each such Class has been reduced to zero; and

     

    (b)           the
      Pass-Through Allocation Percentage of the Senior Principal Distribution Amount,
      to the Class A-7 Certificates, until the Certificate Principal Balance thereof
      has been reduced to zero.

     

    3.           to
      the Class M-1 Certificates, in an amount equal to the Class M-1 Principal
      Distribution Amount for such Distribution Date, until the Certificate Principal
      Balance thereof has been reduced to zero.

     

    4.           to
      the Class M-2 Certificates, in an amount equal to the Class M-2 Principal
      Distribution Amount for such Distribution Date, until the Certificate Principal
      Balance thereof has been reduced to zero.

     

    5.           to
      the Class M-3 Certificates, in an amount equal to the Class M-3 Principal
      Distribution Amount for such Distribution Date, until the Certificate Principal
      Balance thereof has been reduced to zero.

     

    6.           to
      the Class M-4 Certificates, in an amount equal to the Class M-4 Principal
      Distribution Amount for such Distribution Date, until the Certificate Principal
      Balance thereof has been reduced to zero.

     

    7.           to
      the Class M-5 Certificates, in an amount equal to the Class M-5 Principal
      Distribution Amount for such Distribution Date, until the Certificate Principal
      Balance thereof has been reduced to zero.

     

    8.           for
      application as part of Net Monthly Excess Cashflow for such Distribution Date,
      any Principal Distribution Amount remaining after application pursuant to
      clauses (1) through (7) above for such Distribution Date.

     

    Notwithstanding
      the foregoing, on any Distribution Date after the Certificate Principal Balances
      of the Mezzanine Certificates have been reduced to zero, the Senior Principal
      Distribution Amount for that Distribution Date will be allocated among the
      Senior Certificates concurrently and on a pro rata basis, based on the
      Certificate Principal Balance of each such Class, until the Certificate
      Principal Balance of each such Class has been reduced to zero.

     

    Third,
      after the payment of interest and principal to the Certificates as described
      in
      Clauses First and Second above and after taking into account
      distributions to the Offered Certificates from the Supplemental Interest Trust,
      any Net Monthly Excess Cashflow for such Distribution Date in the following
      manner and order of priority:

     

    (i)  concurrently,
      to the holders of the Senior Certificates, on a pro rata basis, based on the
      entitlement of each such Class, any remaining Interest Carry Forward Amount
      for
      each such Class for such Distribution Date;

     

    (ii)  sequentially,
      to the holders of the Class M-1, Class M-2, Class M-3, Class M-4 and Class
      M-5
      Certificates, in that order, first, any remaining Interest Distribution Amount
      and any remaining Interest Carry Forward Amount for each such Class for such
      Distribution Date;

     

    (iii)  to
      the
      Reserve Fund and then from the Reserve Fund to the holders of the Senior
      Certificates, concurrently, any Net WAC Rate Carryover Amount for each such
      Class for such Distribution Date, on a pro rata basis based on the entitlement
      of each such Class; provided, however that any distribution to the Class A-4
      Certificates pursuant to the clause (iii) will be made prior to giving effect
      to
      amounts paid under the Cap Contract;

     

    (iv)  to
      the
      Reserve Fund and then from the Reserve Fund, sequentially, to the holders of
      the  Class M-1, Class M-2, Class M-3, Class M-4 and Class M-5
      Certificates, in that order, any Net WAC Rate Carryover Amount for each such
      Class for such Distribution Date;

     

    (v)  concurrently,
      to the holders of the Senior Certificates, any Realized Loss Amortization Amount
      for each such Class for such Distribution Date, on a pro rata basis based on
      the
      entitlement of each such Class;

     

    (vi)  sequentially,
      to the holders of the Class M-1, Class M-2, Class M-3, Class M-4 and Class
      M-5
      Certificates, in that order, any Realized Loss Amortization Amount for each
      such
      Class for such Distribution Date;

     

    (vii)  to
      the
      Supplemental Interest Trust, any Swap Termination Payment owed to the Swap
      Provider in the event of a Swap Provider Trigger Event and the Swap Provider
      is
      the sole Defaulting Party or the sole Affected Party (as defined in the ISDA
      Master Agreement) not paid on prior Distribution Dates and to the extent not
      paid by the Securities Administrator from any upfront payment received pursuant
      to any replacement interest rate swap agreement that may be entered into by
      the
      Supplemental Interest Trust Trustee;

     

    (viii)  to
      the
      Final Maturity Reserve Account, the Supplemental Final Maturity Reserve Amount
      for such Distribution Date;

     

    (ix)  to
      the
      Class X Certificates, the Class X Distribution Amount; and

     

    (x)  to
      the
      Class R Certificates in respect of the Class R-II Interest, any remaining
      amounts.

     

    (b)  On
      each
      Distribution Date, all amounts representing Prepayment Charges in respect of
      the
      Mortgage Loans received during the related Prepayment Period and deposited
      in
      the Distribution Account will be withdrawn from the Distribution Account and
      distributed by the Securities Administrator to the Class P Certificates and
      shall not be available for distribution to the Holders of any other Class of
      Certificates. The payment of such Prepayment Charges shall not reduce the
      Certificate Principal Balance of the Class P Certificates.

     

    (c)  On
      the
      Distribution Date in June 2012, the Securities Administrator shall make a
      payment of principal to the Class P Certificates in reduction of the Certificate
      Principal Balance thereof from amounts on deposit in a separate reserve account
      established and maintained by the Securities Administrator for the exclusive
      benefit of the Class P Certificateholders.

     

    (d)  Subject
      to Section 10.02 hereof respecting the final distribution on a Class of
      Certificates, on each Distribution Date the Securities Administrator shall
      make
      distributions to each Holder of a Certificate of record on the preceding Record
      Date either by wire transfer in immediately available funds to the account
      of
      such Holder at a bank or other entity having appropriate facilities therefor,
      if
      (i) such Holder has so notified the Securities Administrator at least five
      (5)
      Business Days prior to the related Record Date and (ii) such Holder shall hold
      Regular Certificates with aggregate principal denominations of not less than
      $1,000,000 or evidencing a Percentage Interest aggregating ten percent (10%)
      or
      more with respect to such Class or, if not, by check mailed by First Class
      Mail
      to such Certificateholder at the address of such Holder appearing in the
      Certificate Register. Notwithstanding the foregoing, but subject to
      Section 10.02 hereof respecting the final distribution, distributions with
      respect to the Certificates registered in the name of a Depository shall be
      made
      to such Depository in immediately available funds.

     

    Section
      5.06  Distributions
      from the Supplemental Interest Trust.

     

    (a)  On
      each
      Distribution Date, any Net Swap Payment payable to the Securities Administrator
      on behalf of the Supplemental Interest Trust by the Swap Provider will be
first distributed in the following manner and order of
      priority:

     

    (i)            concurrently,
      to the Senior Certificates, pro rata based on amounts due, any remaining
      Interest Carry Forward Amount for each such Class and Distribution Date after
      giving effect to distribution pursuant to clause first of Section
      5.05(a), but before distributions of Net Monthly Excess Cashflow pursuant to
      clause Third of Section 5.05(a);

     

    (ii)            sequentially,
      to the Class M-1, Class M-2, Class M-3, Class M-4 and Class M-5 Certificates,
      in
      that order, any remaining Interest Carry Forward Amount for each such Class
      and
      Distribution Date after giving effect to distribution pursuant to clause
First of Section 5.05(a), but prior to giving effect to distributions
      of Net Monthly Excess Cashflow pursuant to clause Third of Section
      5.05(a);

     

    (iii)            to
      the Holders of the Class or Classes of Offered Certificates then entitled to
      receive distributions in respect of principal, in an amount necessary to
      maintain or restore the Targeted Overcollateralization Amount in the manner
      and
      order of priority as principal payments are made to the Offered Certificates
      pursuant to clause Second of Section 5.05(a);

     

    (iv)            to
      the Reserve Fund and then from the Reserve Fund first, concurrently, to the
      Senior Certificates, on a pro rata basis, based on the entitlement of each
      such
      Class and then, to the Class M-1, Class M-2, Class M-3, Class M-4 and Class
      M-5
      Certificates, in that order, any applicable Net WAC Rate Carryover Amounts,
      prior to giving effect to any withdrawals from the Reserve Fund or from amounts
      available to be paid in respect of Net WAC Rate Carryover Amounts on such
      Distribution Date pursuant clause Third of Section
      5.05(a);

     

    (v)
      concurrently to the Senior Certificates, on a pro rata basis based on the
      entitlement of each such Class, any remaining Unpaid Realized Loss Amounts
      for
      such Distribution Date, prior to giving effect to distributions of Net Monthly
      Excess Cashflow pursuant clause Third of Section 5.05(a);

     

    (vi)            sequentially
      to the Class M-1, Class M-2, Class M-3, Class M-4 and Class M-5 Certificates,
      in
      that order, any remaining Unpaid Realized Loss Amounts for such Distribution
      Date, prior to giving effect to distributions of Net Monthly Excess Cashflow
      pursuant to clause Third of Section 5.05(a); and

     

    (vii)            to
      the Class X Certificates, any remaining amounts.

     

    Notwithstanding
      the foregoing, in no instance will such payments (other than payments made
      under
      clause (vii) above) be made other than to the extent of Realized Losses and
      Net
      WAC Rate Carryover Amounts. Any Net Swap Payments payable to the Securities
      Administrator will be applied as described above prior to the application of
      any
      Net Monthly Excess Cashflow or any amounts received by the Supplemental Interest
      Trust under the Class A-4 Cap Agreement.

     

    (b)  On
      or
      before each Distribution Date, amounts payable by the Supplemental Interest
      Trust to the Securities Administrator in respect of Net Swap Payments and Swap
      Termination Payments other than Swap Termination Payments resulting from a
      Swap
      Provider Trigger Event (and to the extent not paid by the Securities
      Administrator from any upfront payment received pursuant to any replacement
      interest rate swap agreement that may be entered into by the Supplemental
      Interest Trust Trustee) owed to the Swap Provider will be distributed by the
      Supplement Interest Trust to the Securities Administrator, and paid by the
      Securities Administrator to the Swap Provider as follows:

     

    (i)           first,
      to make any Net Swap Payment owed to the Swap Provider pursuant to the Swap
      Agreement for such Distribution Date, and

     

    (ii)           second,
      to make any Swap Termination Payment not due to a Swap Provider Trigger Event
      owed to the Swap Provider pursuant to the Swap Agreement (to the extent not
      paid
      by the Securities Administrator from any upfront payment received pursuant
      to
      any replacement interest rate swap agreement that may be entered into by the
      Securities Administrator).

     

    Section
      5.07  Distributions
      from the Final Maturity Reserve Account.

     

    On
      the
      earlier of the Distribution Date in June 2037 and the termination of the Trust
      after giving effect to all other distributions, funds on deposit in the Final
      Maturity Reserve Account will be distributed in the following order of
      priority:

     

    (i)           concurrently,
      to the Senior Certificates, in reduction of their respective Certificate
      Principal Balances, on a pro rata basis, based on the Certificate Principal
      Balance of each such Class, until the Certificate Principal Balance of each
      such
      Class has been reduced to zero;

     

    (ii)           sequentially,
      to the Class M-1, Class M-2, Class M-3, Class M-4 and Class M-5 Certificates,
      in
      that order, until the Certificate Principal Balance of each such Class has
      been
      reduced to zero;

     

    (iii)           concurrently,
      to the Senior Certificates, the Interest Distribution Amount to the extent
      remaining unpaid following distribution of the Available Distribution
      Amount;

     

    (iv)           sequentially,
      to the Class M-1, Class M-2, Class M-3, Class M-4 and Class M-5 Certificates,
      in
      that order, the Interest Distribution Amount to the extent remaining unpaid
      following distribution of the Available Distribution Amount; and

     

    (v)           to
      the majority Holder of the Class X Certificates, any remaining
      amounts.

     

    Section
      5.08  Allocation
      of Realized Losses.

     

    (a)  On
      or
      prior to each Determination Date, the Securities Administrator shall determine
      the amount of any Realized Loss that occurred during the immediately preceding
      calendar month, based solely on the reports delivered by the Servicers pursuant
      to this Agreement and the Servicing Agreement.

     

    (b)  The
      interest portion of Realized Losses shall be allocated as described in
      Section 1.02 hereof.

     

    (c)  All
      Subordinate Applied Realized Loss Amounts allocated to any REMIC I Regular
      Interest pursuant to Section 5.08(d) shall be allocated on each
      Distribution Date as follows: first, to the Class M-5 Certificates, until the
      Certificate Principal Balance thereof has been reduced to zero; second, to
      the
      Class M-4 Certificates, until the Certificate Principal Balance thereof has
      been
      reduced to zero; third, to the Class M-3 Certificates, until the Certificate
      Principal Balance thereof has been reduced to zero; fourth, to the Class M-2
      Certificates, until the Certificate Principal Balance thereof has been reduced
      to zero, and fifth, to the Class M-1 Certificates, until the Certificate
      Principal Balance thereof has been reduced to zero.

     

    (d)  All
      Senior Applied Realized Loss Amounts allocated to the REMIC I Regular Interests
      pursuant to Section 5.08(d) on a Distribution Date will be allocated to the
      applicable Corresponding Certificate on such Distribution Date; provided,
      however, that for so long as the Class A-7 Certificates are outstanding, the
      applicable Senior Floating Rate Loss Percentage of the Senior Applied Realized
      Loss Amount for the Class A-1A, Class A-2, Class A-3 and Class A-4 Certificates
      will be allocated to the Class A-7 Certificates in addition to the Senior
      Applied Realized Loss Amount for the Class A-7 Certificates and for so long
      as
      the Class A-6 Certificates are outstanding, the Senior Applied Realized Loss
      Amount for the Class A-5 Certificates will be allocated to the Class A-6
      Certificates in addition to the Senior Applied Realized Loss Amount for the
      Class A-6 Certificates.

     

    Any
      allocation of the principal portion of Realized Losses to an Offered Certificate
      on any Distribution Date shall be made by reducing the Certificate Principal
      Balance thereof by the amount so allocated. No allocations of any Realized
      Losses shall be made to the Certificate Principal Balance of the Class P
      Certificates.

     

    All
      such
      Realized Losses and all other losses allocated to a Class Certificates hereunder
      will be allocated among the Certificates of such Class in proportion to the
      Percentage Interests evidenced thereby.

     

    (e)  With
      respect to the REMIC I Regular Interests, all Realized Losses on the Mortgage
      Loans shall be allocated shall be allocated on each Distribution Date first,
      to
      REMIC I Regular Interest I until the Uncertificated Principal Balance has been
      reduced to zero, and second, to REMIC I Regular Interest I-1-A through REMIC
      I
      Regular Interest I-60-B, starting with the lowest numerical denomination until
      such REMIC I Regular Interest has been reduced to zero, provided that, for
      REMIC
      I Regular Interests with the same numerical denomination, such Realized Losses
      shall be allocated pro rata between such REMIC I Regular Interests.

     

    With
      respect to the REMIC II Regular Interests, the principal portion of all Realized
      Losses shall be allocated on each Distribution Date to the following REMIC
      II
      Regular Interests in the specified percentages, as follows: first, to
      Uncertificated Accrued Interest payable to the REMIC II Regular Interest LT-AA
      and REMIC II Regular Interest LT-ZZ up to an aggregate amount equal to the
      REMIC
      II Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the
      Uncertificated Principal Balances of REMIC II Regular Interest LT-AA and REMIC
      II Regular Interest LT-ZZ up to an aggregate amount equal to the REMIC II
      Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the
      Uncertificated Principal Balances of REMIC II Regular Interest LT-A, REMIC
      II
      Regular Interest LT-M5 and REMIC II Regular Interest LT-ZZ, 98%, 1% and 1%,
      respectively, until the Uncertificated Principal Balance of REMIC II Regular
      Interest LT-M5 has been reduced to zero; fourth, to the Uncertificated Principal
      Balances of REMIC II Regular Interest LT-A, REMIC II Regular Interest LT-M4
      and
      REMIC II Regular Interest LT-ZZ, 98%, 1% and 1%, respectively, until the
      Uncertificated Principal Balance of REMIC II Regular Interest LT-M4 has been
      reduced to zero; fifth, to the Uncertificated Principal Balances of REMIC II
      Regular Interest LT-A, REMIC II Regular Interest LT-M3 and REMIC II Regular
      Interest LT-ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal
      Balance of REMIC II Regular Interest LT-M3 has been reduced to zero; sixth,
      to
      the Uncertificated Principal Balances of REMIC II Regular Interest LT-A, REMIC
      II Regular Interest LT-M2 and REMIC II Regular Interest LT-IZZ, 98%, 1% and
      1%,
      respectively, until the Uncertificated Principal Balance of REMIC II Regular
      Interest LT-M2 has been reduced to zero; seventh, to the Uncertificated
      Principal Balances of REMIC II Regular Interest LT-A, REMIC II Regular Interest
      LT-M1 and REMIC II Regular Interest LT-ZZ, 98%, 1% and 1%, respectively, until
      the Uncertificated Principal Balance of REMIC II Regular Interest LT-M1 has
      been
      reduced to zero; and eighth, any Realized Losses allocated to the Senior
      Certificates shall be allocated 98% to REMIC II Regular Interest LT-AA, 1%
      to
      the REMIC II Regular Interest for which the Corresponding Certificate has been
      allocated a Realized Loss and 1% to REMIC II Regular Interest
      LT-ZZ.

     

    (f)  Notwithstanding
      anything to the contrary contained herein, if on any Distribution Date the
      Securities Administrator discovers, based solely on the reports delivered by
      the
      related Servicer under this Agreement or the Servicing Agreement, as applicable,
      that any Subsequent Recoveries have been collected by the related Servicer,
      the
      amount of such Subsequent Recoveries will be applied to increase the Certificate
      Principal Balance of the Class of Offered Certificates with the highest payment
      priority to which Realized Losses have been allocated, but not by more than
      the
      amount of Realized Losses previously allocated to that Class of Offered
      Certificates pursuant to this Section 5.06. The amount of any remaining
      Subsequent Recoveries will be applied to sequentially increase the Certificate
      Principal Balance of the Offered Certificates, beginning with the Class of
      Offered Certificates with the next highest payment priority, up to the amount
      of
      such Realized Losses previously allocated to such Class of Certificates pursuant
      to this Section 5.06. Holders of such Certificates will not be entitled to
      any payment in respect of current interest on the amount of such increases
      for
      any Accrual Period preceding the Distribution Date on which such increase
      occurs. Any such increases shall be applied to the Certificate Principal Balance
      of each Offered Certificate of such Class in accordance with its respective
      Percentage Interest.

     

    Section
      5.09  Monthly
      Statements to Certificateholders.

     

    (a)  Not
      later
      than each Distribution Date, the Securities Administrator shall prepare and
      make
      available to each Holder of Certificates, the Depositor and the Credit Risk
      Manager via its website a statement setting forth the following information
      for
      the Certificates:

     

    (i)  the
      Accrual Period and Distribution Date for each Class of
      Certificates;

     

    (ii)  the
      Pass-Through Rate for each Class of Certificates with respect to the current
      Accrual Period;

     

    (iii)  the
      total
      cash flows received and the general sources thereof;

     

    (iv)  the
      amount of the related distribution to Holders of each Class of Certificates
      allocable to principal, separately identifying (A) the aggregate amount of
      any
      Principal Prepayments included therein, (B) the aggregate of all scheduled
      payments of principal included therein, (C) the amount of Prepayment Charges
      distributed to the Class P Certificates and (D) the Extra Principal Distribution
      Amount;

     

    (v)  the
      amount distributed to Holders of each Class of Certificates on such Distribution
      Date allocable to interest;

     

    (vi)  the
      Certificate Principal Balance or Certificate Notional Balance of each Class
      of
      Certificates, if applicable, after giving effect (i) to all distributions
      allocable to principal on such Distribution Date and (ii) the allocation of
      any
      Realized Losses for such Distribution Date;

     

    (vii)  the
      aggregate amount of P&I Advances included in the distributions on the
      Distribution Date;

     

    (viii)  the
      aggregate amount of Relief Act Interest Shortfalls for such Distribution
      Date;

     

    (ix)  the
      aggregate amount of any Prepayment Interest Shortfall for such Distribution
      Date, to the extent not covered by payments by the related Servicer pursuant
      to
      Section 3.27 of this Agreement or the Servicing Agreement, as applicable or
      the Master Servicer pursuant to Section 4.14 of this
      Agreement;

     

    (x)  the
      cumulative amount of Realized Losses for the related Mortgage Loans to date
      and,
      in addition, if the Certificate Principal Balance of any Class of Certificates
      have been reduced to zero, the cumulative amount of any Realized Losses for
      the
      related Mortgage Loan that have not been allocated to any Class of
      Certificates;

     

    (xi)  the
      Overcollateralization Amount, the Credit Enhancement Percentage, any
      Overcollateralization Increase Amount and any Overcollateralization Reduction
      Amount for such Distribution Date;

     

    (xii)  the
      amount of any Prepayment Charges remitted by the related Servicer;

     

    (xiii)  the
      number, aggregate principal balance, weighted average remaining term to maturity
      and weighted average Mortgage Rate of the Mortgage Loans as of the related
      Due
      Date;

     

    (xiv)  the
      number and Scheduled Principal Balance of all the Mortgage Loans for the
      following Distribution Date;

     

    (xv)  the
      number and aggregate principal balance of any related Mortgage Loans that were
      (A) delinquent (exclusive of related Mortgage Loans in foreclosure) using the
      “OTS” method (1) one scheduled payment is delinquent, (2) two scheduled payments
      are delinquent, (3) three scheduled payments are delinquent and (4) foreclosure
      proceedings have been commenced, and loss information for the period; the number
      and aggregate principal balance of any related Mortgage Loans in respect of
      which (A) one scheduled payment is delinquent, (B) two scheduled payments are
      delinquent, (C) three or more scheduled payments are delinquent and (D)
      foreclosure proceedings have been commenced, and loss information for the
      period;

     

    (xvi)  with
      respect to any related Mortgage Loan that was liquidated during the preceding
      calendar month, the loan number and the Stated Principal Balance of, and
      Realized Loss on, such Mortgage Loan as of the close of business on the
      Determination Date preceding such Distribution Date;

     

    (xvii)  the
      total
      number and principal balance of any real estate owned or REO Properties as
      of
      the close of business on the Determination Date preceding such Distribution
      Date;

     

    (xviii)  the
      three
      month rolling average of the percent equivalent of a fraction, the numerator
      of
      which is the aggregate scheduled principal balance of the Mortgage Loans that
      are sixty (60) days or more delinquent or are in bankruptcy or foreclosure
      or
      are REO Properties, and the denominator of which is the scheduled principal
      balances of all of the Mortgage Loans as of the last day of such Distribution
      Date;

     

    (xix)  the
      aggregate Stated Principal Balance for each Mortgage Loan that is sixty (60)
      days or more delinquent or is in bankruptcy or foreclosure or are REO
      Properties;

     

    (xx)  the
      aggregate Servicing Fee received by the Servicers and the Master Servicing
      Fee
      received by the Master Servicer during the related Due Period;

     

    (xxi)  the
      amount, if any, of other fees or expenses accrued and paid, with an
      identification of the payee and the general purpose of such fees;

     

    (xxii)  the
      amount of any Net WAC Rate Carryover Amounts and the amount in the Net WAC
      Reserve Fund after all deposits and withdrawals on such Distribution
      Date;

     

    (xxiii)  amounts
      payable in respect of the Cap Contract;

     

    (xxiv)  amounts
      payable in respect of the Swap Agreement; and

     

    (xxv)  whether
      the Stepdown Date has occurred and whether any Trigger Event is in
      effect;

     

    The
      Securities Administrator may make the foregoing monthly statement (and, at
      its
      option, any additional files containing the same information in an alternative
      format) available each month to Certificateholders 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. Parties that are unable to use the above
      distribution options 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 may change the way monthly statements are distributed
      in order to make such distributions more convenient or more accessible to the
      above parties.

     

    The
      Securities Administrator shall be entitled to rely on but shall not be
      responsible for the content or accuracy of any information provided by third
      parties for purposes of preparing such statement and may affix thereto any
      disclaimer it deems appropriate in its reasonable discretion (without suggesting
      liability on the part of any other party hereto).

     

    (b)  The
      Securities Administrator’s responsibility for making the above information
      available to the Certificateholders is limited to the availability, timeliness
      and accuracy of the information provided by the Servicers, the Cap Provider
      and
      the Swap Provider. The Securities Administrator will make available a copy
      of
      each statement provided pursuant to this Section 5.08 to each Rating
      Agency.

     

    (c)  Within
      a
      reasonable period of time after the end of each calendar year, the Securities
      Administrator shall cause to be furnished upon written request to each Person
      who at any time during the calendar year was a Certificateholder, a statement
      containing the information set forth in clauses (a)(i) and (a)(ii) of this
      Section 5.08 aggregated for such calendar year or applicable portion
      thereof during which such Person was a Certificateholder. Such obligation of
      the
      Securities Administrator shall be deemed to have been satisfied to the extent
      that substantially comparable information shall be provided by the Securities
      Administrator pursuant to any requirements of the Code as from time to time
      in
      effect.

     

    (d)  Upon
      filing with the Internal Revenue Service, the Securities Administrator shall
      furnish to the Holders of the Residual Certificates the applicable Form 1066
      and
      each applicable Form 1066Q and shall respond promptly to written requests made
      not more frequently than quarterly by any Holder of a Residual Certificate
      with
      respect to the following matters:

     

    (i)  The
      original projected principal and interest cash flows on the Closing Date on
      each
      Class of regular and residual interests created hereunder and on the Mortgage
      Loans, based on the Prepayment Assumption;

     

    (ii)  The
      projected remaining principal and interest cash flows as of the end of any
      calendar quarter with respect to each Class of regular and residual interests
      created hereunder and the Mortgage Loans, based on the Prepayment
      Assumption;

     

    (iii)  The
      applicable Prepayment Assumption and any interest rate assumptions used in
      determining the projected principal and interest cash flows described
      above;

     

    (iv)  The
      original issue discount (or, in the case of the Mortgage Loans, market discount)
      or premium accrued or amortized through the end of such calendar quarter with
      respect to each Class of regular or residual interests created hereunder and
      to
      the Mortgage Loans, together with each constant yield to maturity used in
      computing the same;

     

    (v)  The
      treatment of losses realized with respect to the Mortgage Loans or the regular
      interests created hereunder, including the timing and amount of any cancellation
      of indebtedness income of a REMIC with respect to such regular interests or
      bad
      debt deductions claimed with respect to the Mortgage Loans;

     

    (vi)  The
      amount and timing of any non-interest expenses of a REMIC; and

     

    (vii)  Any
      taxes
      (including penalties and interest) imposed on the REMIC, including, without
      limitation, taxes on “prohibited transactions,” “contributions” or “net income
      from foreclosure property” or state or local income or franchise
      taxes.

     

    The
      information pursuant to clauses (i), (ii), (iii) and (iv) above shall be
      provided by the Depositor pursuant to Section 9.13.

     

    (e)  For
      each
      Distribution Date, through and including the Distribution Date in December
      2007,
      the Securities Administrator shall calculate the Significance Percentage of
      the
      Swap Agreement. If on any such Distribution Date, the Significance Percentage
      is
      equal to or greater than 9%, the Securities Administrator shall promptly notify
      the Depositor and the Depositor, on behalf of the Securities Administrator,
      shall obtain the financial information required to be delivered by the Swap
      Provider pursuant to the terms of the Swap Agreement. If, on any succeeding
      Distribution Date through and including the Distribution Date in December 2007,
      the Significance Percentage is equal to or greater than 10%, the Securities
      Administrator shall promptly notify the Depositor and the Depositor shall,
      within five (5) Business Days of such Distribution Date, deliver to the
      Securities Administrator the financial information provided to it by the Swap
      Provider for inclusion in the Form 10-D relating to such Distribution Date.
      If
      on any Distribution Date after December 2007, the Significance Percentage is
      greater than 10%, the Securities Administrator shall include the Significance
      Percentage on the statement to Certificateholders for the related Distribution
      Date.

     

    Section
      5.10  REMIC
      Designations and REMIC Allocations.

     

    (a)  The
      Securities Administrator shall elect that each of REMIC I, REMIC II, REMIC
      III,
      REMIC IV, REMIC V and REMIC VI shall be treated as a REMIC under
      Section 860D of the Code. 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.  The REMIC
      I Regular Interests shall constitute the assets of REMIC II. The REMIC II
      Regular Interests shall constitute the assets of REMIC III. The Class X Interest
      shall constitute the assets of REMIC IV. The Class P Interest shall constitute
      the assets of REMIC V. The Class IO Interest shall constitute the assets of
      REMIC VI.

     

    (b)  On
      each
      Distribution Date, the following amounts, in the following order of priority
      and
      in accordance with the Remittance Reports, shall be distributed by REMIC I
      to
      REMIC II on account of the REMIC I Regular Interests or withdrawn from the
      Distribution Account and distributed to the Holders of the Class R-II Interest,
      as the case may be:

     

    (i)  to
      Holders of each of REMIC I Regular Interest I and REMIC I Regular Interest
      I-1-A
      through I-60-B, pro rata, in an amount equal to (A) the Uncertificated Accrued
      Interest for such REMIC I Regular Interests for such Distribution Date, plus
      (B)
      any amounts payable in respect thereof remaining unpaid from previous
      Distribution Dates;

     

    (ii)  to
      the
      extent of amounts remaining after the distributions made pursuant to clause
      (i)
      above, payments of principal shall be allocated to REMIC I Regular Interest
      I,
      then to REMIC I Regular Interests I-1-A through I-60-B starting with the lowest
      numerical denomination until the Uncertificated Principal Balance of each such
      REMIC I Regular Interest is reduced to zero, provided that, for REMIC I Regular
      Interests with the same numerical denomination, such payments of principal
      shall
      be allocated pro rata between such REMIC I Regular Interests; and

     

    (iii)  to
      the
      Holders of REMIC I Regular Interest P, (A) on each Distribution Date, 100%
      of
      the amount paid in respect of Prepayment Charges and (B) on the Distribution
      Date in July, 2012 until $100 has been distributed pursuant to this
      clause.

     

    (c)  On
      each
      Distribution Date, the following amounts, in the following order of priority
      and
      in accordance with the Remittance Report, shall be distributed by REMIC II
      to
      REMIC III on account of the REMIC II Regular Interests or withdrawn from the
      Distribution Account and distributed to the Holders of the Class R-II Interest,
      as the case may be:

     

    (i)  first,
      to
      the Holder of REMIC II Regular Interest LT-IO in an amount equal to (A) the
      Uncertificated Accrued Interest for each such REMIC II Regular Interest for
      such
      Distribution Date, plus (B) any amounts in respect thereof remaining unpaid
      from
      previous Distribution Dates and then to the Holders of REMIC II Regular Interest
      LT-AA, REMIC II Regular Interest LT-1A, REMIC II Regular Interest LT-1B, REMIC
      II Regular Interest LT-A2, REMIC II Regular Interest LT-A3, REMIC II Regular
      Interest LT-A4, REMIC II Regular Interest LT-A5, REMIC II Regular Interest
      LT-A6, REMIC Regular Interest LT-A7, REMIC II Regular Interest LT-M1, REMIC
      II
      Regular Interest LT-M2, REMIC II Regular Interest LT-M3, REMIC II Regular
      Interest LT-M4, REMIC II Regular Interest LT-M5 and REMIC II Regular Interest
      LT-ZZ, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest
      for each such REMIC II Regular Interest for such Distribution Date, plus (B)
      any
      amounts in respect thereof remaining unpaid from previous Distribution Dates.
      Amounts payable as Uncertificated Accrued Interest in respect of REMIC II
      Regular Interest LT-ZZ shall be reduced and deferred when the REMIC II
      Overcollateralization Amount is less than the REMIC II Targeted
      Overcollateralization Amount, by the lesser of (x) the amount of such difference
      and (y) the REMIC II Regular Interest LT-ZZ Maximum Interest Deferral Amount
      and
      such amount will be payable to the Holders of REMIC II Regular Interest LT-AA,
      REMIC II Regular Interest LT-A1A, REMIC II Regular Interest LT-A1B, REMIC II
      Regular Interest LT-A2, REMIC II Regular Interest LT-A3, REMIC II Regular
      Interest LT-A4, REMIC II Regular Interest LT-A5, REMIC II Regular Interest
      LT-A6, REMIC II Regular Interest LT-A7, REMIC II Regular Interest LT-M1, REMIC
      II Regular Interest LT-M2, REMIC II Regular Interest LT-M3, REMIC II Regular
      Interest LT-M4 and REMIC II Regular Interest LT-M5 in the same proportion as
      the
      Overcollateralization Deficiency is allocated to the Corresponding Certificates
      and the Uncertificated Principal Balance of REMIC II Regular Interest LT-ZZ
      shall be increased by such amount;

     

    (ii)  second,
      to the Holders of REMIC II Regular Interests, in an amount equal to the
      remainder of the REMIC II Marker Allocation Percentage of the Interest
      Remittance Amount and the Principal Payment Amount for such Distribution Date
      after the distributions made pursuant to clause (i) above, allocated as
      follows:

     

    (A)  98.00%
      of
      such remainder (other than amounts payable under clause (C) below) to the
      Holders of REMIC II Regular Interest LT-AA and REMIC II Regular Interest LT-P,
      until the Uncertificated Principal Balance of such REMIC II Regular Interest
      is
      reduced to zero, provided, however, that the Uncertificated Principal Balance
      of
      REMIC II Regular Interest LT-P shall not be reduced until the Distribution
      Date
      in July, 2012 or any Distribution Date thereafter, at which point such amount
      shall be distributed to REMIC II Regular Interest LT-P, until $100 has been
      distributed pursuant to this clause;

     

    (B)  2.00%
      of
      such remainder, first, to the Holders REMIC II Regular Interest LT-AA, REMIC
      II
      Regular Interest LT-A1A, REMIC II Regular Interest LT-A1B, REMIC II Regular
      Interest LT-A2, REMIC II Regular Interest LT-A3, REMIC II Regular Interest
      LT-A4, REMIC II Regular Interest LT-A5, REMIC II Regular Interest LT-A6, REMIC
      II Regular Interest LT-A7, REMIC II Regular Interest LT-M1, REMIC II Regular
      Interest LT-M2, REMIC II Regular Interest LT-M3, REMIC II Regular Interest
      LT-M4
      and REMIC II Regular Interest LT-M5, 1% in the same proportion as principal
      payments are allocated to the Corresponding Certificates, until the
      Uncertificated Principal Balances of such REMIC II Regular Interests are reduced
      to zero and second, to the Holders of REMIC II Regular Interest LT-ZZ (other
      than amounts payable under the proviso below), until the Uncertificated
      Principal Balance of such REMIC II Regular Interest is reduced to zero;
      and

     

    (C)  any
      remaining amount to the Holders of the Class R Certificates (in respect of
      the
      Class R-II Interest).

     

    provided,
      however, that (i) 98.00% and (ii) 2.00% of any principal payments that are
      attributable to an Overcollateralization Release Amount shall be allocated
      to
      Holders of (i) REMIC II Regular Interest LT-AA and REMIC II Regular Interest
      LT-P, in that order and (ii) REMIC II Regular Interest LT-ZZ, respectively;
      provided that REMIC II Regular Interest LT-P shall not be reduced until the
      Distribution Date in July, 2012, at which point such amount shall be distributed
      to REMIC II Regular Interest LT-P, until $100 has been distributed pursuant
      to
      this clause.

     

    (iii)  all
      amounts paid to the Class X Certificates shall be deemed to be distributed
      to
      the Class X Interest;

     

    (iv)  all
      amounts paid to the Class P Certificates shall be deemed to be distributed
      to
      the Class P Interest; and

     

    (v)  all
      amounts paid to REMIC VI Regular Interest IO shall be deemed to be distributed
      to the Class IO Interest.

     

    Section
      5.11  Prepayment
      Charges.

     

    (a)  On
      each
      Distribution Date, all amounts representing Prepayment Charges received during
      the related Prepayment Period and deposited in the Distribution Account will
      be
      withdrawn from the Distribution Account and distributed by the Securities
      Administrator in accordance with the Remittance Reports to the Class P
      Certificates and shall not be available for distribution to the holders of
      any
      other Class of Certificates. The payment of such Prepayment Charges shall not
      reduce the Certificate Principal Balance of the Class P
      Certificates.

     

    (b)  The
      Master Servicer shall not be obligated to recalculate or verify Prepayment
      Charges collected by the Servicers and remitted to the Distribution Accounts
      for
      distribution to the Certificateholders.

     

    Section
      5.12  Class
      P Certificate Account.

     

    The
      Securities Administrator shall establish and maintain with itself a separate,
      segregated trust account titled “Wells Fargo Bank, N.A., for the benefit of
      Nomura Asset Acceptance Corporation, Alternative Loan Trust 2007-2 Class P
      Certificate Account”. On the Closing Date, the Depositor will deposit, or cause
      to be deposited in the Class P Certificate Account $100.00. The amount on
      deposit in the Class P Certificate Account shall be held uninvested. On the
      July
      2012 Distribution Date, the Securities Administrator shall withdraw the amount
      on deposit in the Class P Certificate Account and remit such amount to the
      Holders of the Class P Certificates, in reduction of the Certificate Principal
      Balance thereof.

     

    Section
      5.13  Net
      WAC Reserve Fund.

     

    (a)  The
      Securities Administrator shall establish a Net WAC Reserve Fund on behalf of
      the
      holders of the Senior Certificates and Subordinate Certificates.  The
      Net WAC Reserve Fund must be an Eligible Account.  The Net WAC Reserve
      Fund shall be entitled “Net WAC Reserve Fund, Wells Fargo Bank, National
      Association for the benefit of holders of Nomura Asset Acceptance Corporation,
      Asset-Backed Certificates, Series 2007-2, Class A-1A, Class A-1B, Class A-2,
      Class A-3, Class A-4, Class A-5, Class A-6, Class A-7, Class M-1, Class M-2,
      Class M-3, Class M-4, Class M-5 and Class M-6”.  Any payments received
      by the Securities Administrator under the Cap Contract and deposited into the
      Supplement Interest Trust should be withdrawn by the Securities Administrator
      and deposited into the Net WAC Reserve Fund for the benefit of the Class A-4
      Certificates; provided that the amount of any Excess Cap Payments shall be
      held
      for the benefit of the Class X Certificates and payable as part of the Class
      X
      Distribution Amount for the Distribution Date.  On the Closing Date,
      the Depositor will deposit, or cause to be deposited, into the Net WAC Reserve
      Fund $1,000. On each Distribution Date as to which there is a Net WAC Rate
      Carryover Amount payable to any Class Certificates, the Securities Administrator
      shall deposit the amounts pursuant to paragraph 3 of clause Third of
      Section 5.05(a) into the Net WAC Reserve Fund and the Securities
      Administrator has been directed by the Class X Certificateholder to distribute
      such amounts to the Holders of the Senior Certificates and Subordinate
      Certificates in the amounts and priorities set forth in clause Third of
      Section 5.05(a).

     

    (b)  The
      Net
      WAC Reserve Fund is an “outside reserve fund” within the meaning of Treasury
      regulation Section 1.860G-2(h) and shall be an asset of the Trust Fund but
      not
      an asset of any REMIC.  The Securities Administrator on behalf of the
      Trust Fund shall be the nominal owner of the Net WAC Reserve
      Fund.  The Class X Certificateholders shall be the beneficial owners
      of the Net WAC Reserve Fund, subject to the power of the Securities
      Administrator to transfer amounts under Section 5.04(a).  Amounts
      in the Net WAC Reserve Fund shall be held either uninvested in a trust or
      deposit account of the Securities Administrator with no liability for interest
      or other compensation thereof or, at the written direction of the Majority
      Class
      X Certificateholder, be invested in Permitted Investments that mature no later
      than the Business Day prior to the next succeeding Distribution
      Date.  All net income and gain from such investments shall be
      distributed to the Majority Class X Certificateholder, not as a distribution
      in
      respect of any interest in any REMIC (pursuant to
      Section 5.11(d)).  All amounts earned on amounts on deposit in
      the Net WAC Reserve Fund shall be taxable to the Majority Class X
      Certificateholder.  Any losses on such investments shall be deposited
      in the Net WAC Reserve Fund by the Majority Class X Certificateholder out of
      its
      own funds immediately as realized. In the event that the Majority Class X
      Certificateholder shall fail to provide investment instructions to the
      Securities Administrator, the amounts on deposit in the Net WAC Reserve Fund
      shall be held uninvested.

     

    (c)  For
      federal tax return and information reporting, the value of the right of the
      Holder of the Class A-4 Certificates to receive payments from the Net WAC
      Reserve Fund is equal to $5,000, and the amount allocated to the right of the
      holders of the Senior Certificates (other than the Class A-4 Certificates)
      and
      Mezzanine Certificates to receive payments from the Net WAC Reserve Fund in
      respect of any Net WAC Rate Carryover Amount shall be zero.

     

    Section
      5.14  [Reserved].

     

    Section
      5.15  Supplemental
      Interest Trust.

     

    (a)  On
      the
      Closing Date, the Securities Administrator shall establish and maintain in
      the
      name of the Trustee a separate account for the benefit of the holders of the
      Offered Certificates (the “Supplemental Interest Trust”).  The
      Supplemental Interest Trust 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
      or
      of the Securities Administrator held pursuant to this Agreement.

     

    (b)  On
      each
      Distribution Date, the Securities Administrator shall deposit into the
      Supplemental Interest Trust amounts distributable to the Swap Provider by the
      Supplemental Interest Trust pursuant to Section 5.06 of this
      Agreement.  On each Distribution Date, the Securities Administrator
      shall distribute any such amounts to the Swap Provider pursuant to the Swap
      Agreement, first to pay any Net Swap Payment owed to the Swap Provider for
      such
      Distribution Date, and second to pay any Swap Termination Payment owed to the
      Swap Provider.

     

    (c)  On
      each
      Distribution Date, the Securities Administrator shall deposit into the
      Supplemental Interest Trust amounts received by it from the Swap
      Provider.  On each Distribution Date, the Securities Administrator
      shall distribute from the Supplemental Interest Trust an amount equal to the
      amount of any Net Swap Payment received from the Swap Provider under the Swap
      Agreement, and make the distributions required under Section 5.06 of this
      Agreement.

     

    (d)  On
      each
      Distribution date, the Securities Administrator shall deposit into the
      Supplemental Interest Trust all amounts received by it under the Cap Contract.
      On each Distribution Date, such amounts will be withdrawn by the Securities
      Administrator from the Supplemental Interest Trust and deposited in the Net
      WAC
      Reserve Fund and distributed to the Class A-4 Certificateholders or Class X
      Certificateholders as described in Section 5.13.

     

    (e)  The
      Supplemental Interest Trust constitutes an “outside reserve fund” within the
      meaning of Treasury regulation Section 1.860G-2(h) and is not an asset of any
      REMIC.  The Holders of the Class X Certificates shall be the
      beneficial owner of the Supplemental Interest Trust, subject to the power of
      the
      Securities Administrator to transfer amounts under this
      Agreement.  The Securities Administrator shall keep records that
      accurately reflect the funds on deposit in the Supplemental Interest Trust
      and
      shall keep track of payments made pursuant to the Swap Agreement and the Cap
      Contract separately.  The Securities Administrator shall, at the
      written direction of the Majority Class X Certificateholder invest amounts
      on
      deposit in the Supplemental Interest Trust in respect of the Swap Agreement
      and
      the Cap Contract in Permitted Investments. In the absence of written direction
      to the Securities Administrator from the Majority Class X Certificateholder,
      all
      funds in respect of the Swap Agreement and the Cap Contract in the Supplemental
      Interest Trust shall remain uninvested. On each Distribution Date, the
      Securities Administrator shall distribute, not in respect of any REMIC, any
      interest earned on the Supplemental Interest Trust to the Holders of the Class
      X
      Certificates.

     

    (f)  For
      federal income tax purposes, amounts paid to the Supplemental Interest Trust
      on
      each Distribution Date pursuant to Section 5.06 shall first be deemed paid
      to
      the Supplemental Interest Trust in respect of the Class IO Interest to the
      extent of the amount distributable on such Class IO Interest on such
      Distribution Date, and any remaining amount shall be deemed paid to the
      Supplemental Interest Trust in respect of the Class IO Distribution
      Amount.  For federal income tax purposes, the Supplemental Interest
      Trust will be treated as a disregarded entity.

     

    The
      Securities Administrator shall treat the Holders of the Certificates (other
      than
      the Class P, Class X, Class R and Class R-X Certificates) as having entered
      into
      a notional principal contract with respect to the Holders of the Class X
      Certificates.  Pursuant to each such notional principal contract, all
      Holders of the Certificates (other than the Class P, Class X, Class R and Class
      R-X Certificates) shall be treated as having agreed to pay, on each Distribution
      Date, to the Holder of the Class X Certificates an aggregate amount equal to
      the
      excess, if any, of (i) the amount payable on such Distribution Date on the
      REMIC
      III Regular Interest, ownership of which is represented by such Class of
      Certificates over (ii) the amount payable on such Class of Certificates on
      such
      Distribution Date (such excess, a “Class IO Distribution Amount”).  A
      Class IO Distribution Amount payable from interest collections shall be
      allocated pro rata among such  Certificates based on the amount of
      interest otherwise payable to such Certificates, and a Class IO Distribution
      Amount payable from principal collections shall be allocated to the most
      subordinate Class of such Certificates with an outstanding principal balance
      to
      the extent of such balance.  Any payments to such Certificates from
      amounts deemed received in respect of this notional principal contract shall
      not
      be payments with respect to a Regular Interest in a REMIC within the meaning
      of
      Code Section 860G(a)(1).  However, any payment from the
      Certificates (other than the Class X, Class P, Class R and Class R-X
      Certificates) of a Class IO Distribution Amount shall be treated for tax
      purposes as having been received by the Holders of such Certificates in respect
      of the REMIC III Regular Interest ownership of which is represented by such
      Certificates, and as having been paid by such Holders to the Supplemental
      Interest Trust pursuant to the notional principal contract.  Thus,
      each Offered Certificate shall be treated as representing not only ownership
      of
      a Regular Interest in REMIC III, but also ownership of an interest in, and
      obligations with respect to, a notional principal contract.

     

    (g)  The
      Sponsor shall provide to the Securities Administrator the value of the right
      of
      the holders of the Offered Certificates to receive payments from the
      Supplemental Interest Trust for federal tax return and information reporting
      not
      later than December 31, 2007.

     

    (h)  In
      the
      event that the Swap Agreement is terminated prior to the Distribution Date
      in
      June 2012, the Sponsor shall use reasonable efforts to appoint a successor
      swap
      provider using any Swap Termination Payments paid by the Swap Provider. If
      the
      Sponsor is unable to locate a qualified successor swap provider, any such Swap
      Termination Payments will be remitted to the Securities Administrator for
      payment to the holders of the Offered Certificates of amounts described in
      Section 5.06(d).

     

    (i)  In
      the
      event that the Swap Provider fails to perform any of its obligations under
      the
      Swap Agreement (including, without limitation, its obligation to make any
      payment or transfer collateral), or breaches any of its representations and
      warranties thereunder, or in the event that any Event of Default, Termination
      Event, or Additional Termination Event (each as defined in the Swap Agreement)
      occurs with respect to the Swap Agreement, the Securities Administration on
      behalf of the Supplemental Interest Trust Trustee shall, promptly following
      actual notice of such failure, breach or event, notify the Depositor and send
      any notices and make any demands, on behalf of the Supplemental Interest Trust,
      required to enforce the rights of the Supplemental Interest Trust under the
      Swap
      Agreement.

     

    In
      the
      event that the Swap Provider’s obligations are guaranteed by a third party under
      a guaranty relating to the Swap Agreement (such guaranty the “Guaranty” and such
      third party the “Guarantor”), then to the extent that the Swap Provider fails to
      make any payment by the close of business on the day it is required to make
      payment under the terms of the Swap Agreement, the Securities Administration
      on
      behalf of the Supplemental Interest Trust Trustee shall, promptly following
      actual notice of the Swap Provider’s failure to pay, demand that the Guarantor
      make any and all payments then required to be made by the Guarantor pursuant
      to
      such Guaranty; provided, that the Supplemental Interest Trust Trustee shall
      in
      no event be liable for any failure or delay in the performance by the Swap
      Provider or any Guarantor of its obligations hereunder or pursuant to the Swap
      Agreement and the Guaranty, nor for any special, indirect or consequential
      loss
      or damage of any kind whatsoever (including but not limited to lost profits)
      in
      connection therewith.

     

    Section
      5.16  Tax
      Treatment of Swap Payments and Swap Termination Payments.

     

    For
      federal income tax purposes, each holder of a Senior Certificate or Mezzanine
      Certificate is deemed to own an undivided beneficial ownership interest in
      a
      REMIC regular interest and the right to receive payments from either the Net
      WAC
      Reserve Fund or the Supplemental Interest Trust in respect of any Net WAC Rate
      Carry-Forward Amounts or the obligation to make payments to the Supplemental
      Interest Trust. For federal income tax purposes, the Securities Administrator
      will account for payments to each Senior Certificate and Mezzanine Certificate
      as follows: each Senior Certificate and Mezzanine Certificate will be treated
      as
      receiving their entire payment from REMIC III (regardless of any Swap
      Termination Payment or obligation under the Swap Agreement) and subsequently
      paying their portion of any Swap Termination Payment in respect of each such
      Class’ obligation under the Swap Agreement. In the event that any such Class is
      resecuritized in a REMIC, the obligation under the Swap Agreement to pay any
      such Swap Termination Payment (or any shortfall in Net Swap Payment), will
      be
      made by one or more of the REMIC Regular Interests issued by the
      resecuritization REMIC subsequent to such REMIC Regular Interest receiving
      its
      full payment from any such Senior Certificates and Mezzanine
      Certificates.

     

    The
      REMIC
      Regular Interest corresponding to a Senior Certificate and Mezzanine Certificate
      will be entitled to receive interest and principal payments at the times and
      in
      the amounts equal to those made on the certificate to which it corresponds,
      except that (i) the maximum interest rate of that REMIC regular interest will
      equal the Net WAC Pass-Through Rate computed for this purpose by limiting the
      Notional Amount of the Swap Agreement to the aggregate Stated Principal Balance
      of the Mortgage Loans and (ii) any Swap Termination Payment will be treated
      as
      being payable solely from amounts otherwise payable to the Class X Certificates.
      As a result of the foregoing, the amount of distributions and taxable income
      on
      the REMIC Regular Interest corresponding to a Senior Certificate and Mezzanine
      Certificate may exceed the actual amount of distributions on the Senior
      Certificate and Mezzanine Certificate.

     

    Section
      5.17  Reports
      Filed with Securities and Exchange Commission.

     

    (a)  (i)           For
      so long as the Trust Fund is subject to Exchange Act reporting requirements,
      within fifteen (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 Monthly
      Statement attached thereto.  The Securities Administrator shall also
      include with each Form 10-D any disclosure required by the Exchange Act in
      addition to the Monthly Statement that is required to be included on Form 10-D
      (“Additional Form 10-D Disclosure”) subject to the receipt of such information
      by the Securities Administrator from the entity indicated on Exhibit N as the
      party responsible for providing that information.  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 N hereto, within 5 calendar days after the related Distribution
      Date, (i) the parties to this transaction shall be required to provide to the
      Securities Administrator and to the Depositor, to the extent known by a
      responsible officer thereof, in EDGAR-compatible form, or in such other form
      as
      otherwise agreed upon by the Securities Administrator and such party, the form
      and substance of any Additional Form 10-D Disclosure, if applicable, together
      with an Additional Disclosure Notification in the form of Exhibit H hereto
      (an
“Additional Disclosure Notification”) and (ii) the Depositor will approve, as to
      form and substance, or disapprove, as the case may be, the inclusion of the
      Additional Form 10-D Disclosure on Form 10-D.  The Depositor will be
      responsible for any reasonable fees and expenses assessed or incurred by the
      Securities Administrator in connection with including any Additional Form 10-D
      Disclosure on Form 10-D pursuant to this paragraph.

     

    (iii)  After
      preparing the Form 10-D, the Securities Administrator shall, upon request,
      forward electronically a copy of the Form 10-D to the Depositor (provided that
      such Form 10-D includes any Additional Form 10-D Disclosure).  Within
      two Business Days after receipt of such copy, but no later than the 12th
      calendar day after the Distribution Date, the Depositor shall notify the
      Securities Administrator in writing (which may be furnished electronically)
      of
      any changes to or approval of such Form 10-D.  In the absence of
      receipt of any written changes or approval, or if the Depositor does not request
      a copy of a Form 10-D, the Securities Administrator shall be entitled to assume
      that such Form 10-D is in final form and the Securities Administrator may
      proceed with the execution and filing of the Form 10-D. A duly authorized
      representative of the Master Servicer shall sign each Form 10-D.  If a
      Form 10-D cannot be filed on time or if a previously filed Form 10-D needs
      to be
      amended, the Securities Administrator will follow the procedures set forth
      in
      Section 5.17(c)(ii).  Promptly (but no later than 1 Business Day)
      after filing with the Commission, the Securities Administrator will make
      available on its internet website a final executed copy of each Form 10-D filed
      by the Securities Administrator.  Each party to this Agreement
      acknowledges that the performance by the Master Servicer and the Securities
      Administrator of its duties under this Section 5.17(a) related to the timely
      preparation, execution and filing of Form 10-D is contingent upon such parties
      strictly observing all applicable deadlines in the performance of their duties
      as set forth in this Agreement.  Neither the Master Servicer nor the
      Securities Administrator shall have any liability for any loss, expense, damage,
      claim arising out of or with respect to any failure to properly prepare, execute
      and/or timely file such Form 10-D, where such failure results from the
      Securities Administrator’s inability or failure to 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.

     

    (b)  (i)           For
      so long as the Trust Fund is subject to Exchange Act reporting requirements,
      within four (4) Business Days after the occurrence of an event set forth on
      Exhibit N hereto or such other event requiring disclosure on Form 8-K (each
      such
      event, a “Reportable Event”), or if requested by the Depositor, and
      subject to receipt of such information by the Securities Administrator from
      the
      entity indicated on Exhibit N as the responsible party for providing that
      information, 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
      other than the initial Form 8-K (“Form 8-K Disclosure Information”) shall
      be reported by the parties set forth on Exhibit N to the Depositor and
      the Securities Administrator and directed and approved by the Depositor pursuant
      to the following paragraph and the Securities Administrator will have no duty
      or
      liability for any failure hereunder to determine or prepare any Form 8-K
      Disclosure Information or any Form 8-K, except as set forth in the next
      paragraph.

     

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

     

    (iii)  After
      preparing the Form 8-K, the Securities Administrator shall, upon request,
      forward electronically a copy of the Form 8-K to the
      Depositor.  Promptly, but no later than the close of business on the
      third Business Day after the Reportable Event, the Depositor shall notify the
      Securities Administrator in writing (which may be furnished electronically)
      of
      any changes to or approval of such Form 8-K.  In the absence of
      receipt of any written changes or approval, or if the Depositor does not request
      a copy of a Form 8-K, the Securities Administrator shall be entitled to assume
      that such Form 8-K is in final form and the Securities Administrator may proceed
      with the execution and filing of the Form 8-K.  A duly authorized
      representative of the Master Servicer shall sign each Form 8-K.  If a
      Form 8-K cannot be filed on time or if a previously filed Form 8-K needs to
      be
      amended, the Securities Administrator will follow the procedures set forth
      in
      Section 5.17(c)(ii).  Promptly (but no later than 1 Business Day)
      after filing with the Commission, the Securities Administrator will, make
      available on its internet website a final executed copy of each Form 8-K that
      is
      filed by the Securities Administrator.  The parties to this Agreement
      acknowledge that the performance by the Master Servicer and the Securities
      Administrator of its duties under this Section 5.17(b) related to the timely
      preparation, execution and filing of Form 8-K is contingent upon such parties
      strictly observing all applicable deadlines in the performance of their duties
      under this Agreement.  Neither the Master Servicer nor the Securities
      Administrator shall have any liability for any loss, expense, damage, claim
      arising out of or with respect to any failure to properly prepare, execute
      and/or timely file such Form 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.

     

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

     

    (ii)  In
      the
      event that the Securities Administrator is unable to timely file with the
      Commission all or any required portion of any Form 8-K, 10-D or 10-K required
      to
      be filed by this Agreement because required disclosure information was either
      not delivered to it or delivered to it after the delivery deadlines set forth
      in
      this Agreement or for any other reason, the Securities Administrator will
      promptly notify electronically the Depositor.  In the case of Form
      10-D and 10-K, the parties to this Agreement will cooperate to prepare and
      file
      a Form 12b-25 and a 10-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 in connection with any
      Additional Form 10-D Disclosure (other than for the purpose of restating any
      monthly report), Additional Form 10-K Disclosure or Form 8-K Disclosure
      Information, the Securities Administrator will electronically notify the
      Depositor and such other parties to the transaction as are affected by such
      amendment, and such parties will cooperate to prepare any necessary 8-K/A,
      10-D/A or 10-K/A.  Any Form 15, Form 12b-25 or any amendment to Form
      8-K, 10-D or 10-K shall be signed by a duly authorized representative, or senior
      officer in charge of master servicing, as applicable, of the Master
      Servicer.  The parties to this Agreement acknowledge that the
      performance by the Master Servicer and the Securities Administrator of its
      duties under this Section 5.17(c) related to the timely preparation, execution
      and filing of Form 15, a Form 12b-25 or any amendment to Form 8-K, 10-D or
      10-K
      is contingent upon each such party performing its duties under this
      Section.  Neither the Master Servicer nor the Securities Administrator
      shall have any liability for any loss, expense, damage, claim arising out of
      or
      with respect to any failure to properly prepare, execute and/or timely file
      any
      such Form 15, Form 12b-25 or any amendments to Forms 8-K, 10-D or 10-K, where
      such failure results from the Securities Administrator’s inability or failure to
      obtain or receive, on a timely basis, any information from any other party
      hereto 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.

     

    (d)  (i)           For
      so long as the trust is subject to Exchange Act reporting requirements, within
      90 days after the end of each calendar year or such earlier date as may be
      required by the Exchange Act (the “10-K Filing Deadline”), 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, (i) an annual
      compliance statement for each Servicing Function Participant (other than the
      Custodian), as described under Section 3.13, (ii)(A) the annual reports on
      assessment of compliance with servicing criteria for each Servicing Function
      Participant, as described under Section 3.14 and the Custodial Agreement,
      and (B) if any Servicing Function Participant’s report on assessment of
      compliance with servicing criteria described under Section 3.14 identifies
      any material instance of noncompliance, disclosure identifying such instance
      of
      noncompliance, or if any Servicing Function Participant’s report on assessment
      of compliance with servicing criteria described under Section 3.14 is not
      included as an exhibit to such Form 10-K, disclosure that such report is not
      included and an explanation why such report is not included, (iii)(A) the
      registered public accounting firm attestation report for each Servicing Function
      Participant, as described under Section 3.14 and the Custodial Agreement,
      and (B) if any registered public accounting firm attestation report described
      under Section 3.14 identifies any material instance of noncompliance,
      disclosure identifying such instance of noncompliance, or if any such registered
      public accounting firm attestation report is not included as an exhibit to
      such
      Form 10-K,  disclosure that such report is not included and an
      explanation why such report is not included, and (iv) a Sarbanes-Oxley
      Certification as described in Section 3.18. The Securities Administrator
      shall also include with each Form 10-K any disclosure or information in addition
      to (i) through (iv) above that is required to be included on Form 10-K as set
      forth on Exhibit N under Form 10-K (“Additional Form 10-K Disclosure”)
      subject to receipt of such information by the Securities Administrator from
      the
      entity indicated on Exhibit N as the responsible party for providing that
      information.  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.

     

    (ii)  As
      set
      forth on Exhibit N hereto, no later than March 1 (with a ten-calendar day cure
      period) of each year that the Trust is subject to the Exchange Act reporting
      requirements, commencing in 2008, (i) the parties to this transaction shall
      be
      required to provide to the Securities Administrator and to the Depositor, to
      the
      extent known by a responsible officer thereof, in EDGAR-compatible form, or
      in
      such other form as otherwise agreed upon by the Securities Administrator and
      such party, the form and substance of any Additional Form 10-K Disclosure,
      if
      applicable, together with an Additional Disclosure Notification and (ii) the
      Depositor will approve, as to form and substance, or disapprove, as the case
      may
      be, the inclusion of the Additional Form 10-K Disclosure on Form
      10-K.  The Depositor will be responsible for any reasonable fees and
      expenses assessed or incurred by the Securities Administrator in connection
      with
      including any Additional Form 10-K Disclosure on Form 10-K pursuant to this
      paragraph.

     

    (iii)  After
      preparing the Form 10-K, the Securities Administrator shall, upon request,
      forward electronically a copy of the Form 10-K to the
      Depositor.  Within three Business Days after receipt of such copy, but
      no later than March 25th, the Depositor shall notify the Securities
      Administrator in writing (which may be furnished electronically) of any changes
      to or approval of such Form 10-K.  In the absence of receipt of any
      written changes or approval, or if the Depositor does not request a copy of
      a
      Form 10-K, the Securities Administrator shall be entitled to assume that such
      Form 10-K is in final form and the Securities Administrator may proceed with
      the
      execution and filing of the Form 10-K.  A senior officer of the Master
      Servicer in charge of the master servicing function shall sign the Form
      10-K.  If a Form 10-K cannot be filed on time or if a previously filed
      Form 10-K needs to be amended, the Securities Administrator will follow the
      procedures set forth in Section 5.17(c)(ii).  Promptly (but no later
      than one (1) Business Day) after filing with the Commission, the Securities
      Administrator will make available on its internet website a final executed
      copy
      of each Form 10-K to be filed by the Securities Administrator.  The
      parties to this Agreement acknowledge that the performance by the Master
      Servicer and the Securities Administrator of its duties under this Section
      5.17(d) related to the timely preparation, execution and filing of Form 10-K
      is
      contingent upon such parties (and any Servicing Function Participant) strictly
      observing all applicable deadlines in the performance of their duties under
      this
      Section 5.17(d), Section 3.13, Section 3.14 and
      Section 3.18.  Neither the Master Servicer nor the Securities
      Administrator shall have any liability for any loss, expense, damage or claim
      arising out of or with respect to any failure to properly prepare and/or timely
      file 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.

     

    (e)  Each
      of
      Form 10-D and Form 10-K requires the registrant to indicate (by checking "yes"
      or "no") that it "(1) has filed all reports required to be filed by
      Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or
      for such shorter period that the registrant was required to file such reports),
      and (2) has been subject to such filing requirements for the past 90 days."
      The
      Depositor hereby represents to the Securities Administrator as of the date
      hereof that the Depositor has (1) filed all such required reports that (a)
      the
      Depositor has undertaken to file on its own behalf or (b) relate to other
      securitization transactions of the Depositor for which Wells Fargo Bank, N.A.,
      in its capacity as Securities Administrator or similar capacity, does not have
      the exclusive obligation to prepare and file during the preceding 12 months;
      provided, however, that the Depositor shall not be obligated to make such
      representation with respect to any filings made by Wells Fargo on behalf of
      the
      Depositor, and (2) that it has been subject to such filing requirement for
      the
      past 90 days. The Depositor shall notify the Securities Administrator in
      writing, no later than the fifth calendar day after the related Distribution
      Date with respect to the filing of a report on Form 10-D and no later than
      March
      15th with respect to the filing of a report on Form 10-K, if the answer to
      the
      questions should be "no". The Securities Administrator shall be entitled to
      rely
      on such representations in preparing, executing and/or filing any such
      report.

     

    (f)  The
      Servicer, the Master Servicer, the Depositor, the Custodian, the Sponsor and
      Securities Administrator shall indemnify and hold harmless the Depositor, the
      Trustee and their respective officers, directors and Affiliates from and against
      any losses, damages, penalties, fines, forfeitures, reasonable and necessary
      legal fees and related costs, judgments and other costs and expenses arising
      out
      of or based upon a breach of such party’s obligations under this
      Section Section 5.17 or such party’s negligence, bad faith or willful
      misconduct in connection therewith.

     

    Notwithstanding
      the provisions of Section 11.01, this Section 5.17 may be amended without
      the consent of the Certificateholders.

     

    Section
      5.18  Final
      Maturity Reserve Trust.

     

    (a)  On
      the
      Closing Date, the Securities Administrator shall establish a separate common
      law
      trust under the laws of the State Delaware for the benefit of the Holders of
      the
      Offered Certificates (the “Final Maturity Reserve Trust”) into which the
      Depositor shall deposit $1,000.  The Final Maturity Reserve Trust
      shall be maintained by the Securities Administrator.  On the Closing
      Date, the Securities Administrator shall establish and maintain in its name,
      a
      separate non-interest bearing account (the “Final Maturity Reserve Account”),
      into which the Depositor shall initially deposit $1,000.  The Final
      Maturity Reserve 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 Securities
      Administrator held pursuant to this Agreement.  The Final Maturity
      Reserve Account shall be entitled “Final Maturity Reserve Account, Wells Fargo
      Bank N.A. for the benefit of the holders of Nomura Asset Acceptance Corporation,
      Asset-Backed Certificates, Series 2007-2, Class A-1A, Class A-1B, Class A-2,
      Class A-3, Class A-4, Class A-5, Class A-6, Class A-7, Class M-1, Class M-2,
      Class M-3, Class M-4 and Class M-5 Certificates”. The funds in the Final
      Maturity Reserve Account shall remain uninvested.

     

    (b)  Amounts
      on deposit in the Final Maturity Reserve Account will be distributed as
      described in Section 5.07.

     

    (c)  Amounts
      on deposit in the Final Maturity Reserve Account will constitute an asset of
      the
      Final Maturity Reserve Trust but will not be an asset of any REMIC. The Class
      X
      Certificates shall evidence ownership of the Final Maturity Reserve Trust for
      federal income tax purposes.

     

    (d)  For
      federal income tax purposes, any Certificateholder that receives a principal
      payment from the Final Maturity Reserve Trust shall be treated as selling a
      portion of its Certificate to the Holder of the Class X Certificates and as
      having received the amount of the principal payment from the Holder of the
      Class
      X Certificates as the proceeds of the sale.  The portion of the
      Certificate that is treated as having been sold shall equal the amount of the
      corresponding reduction in the Certificate Principal Balance of such
      Certificate.  Principal payments received from the Final Maturity
      Reserve Trust shall not be treated as distributions from any REMIC created
      hereby.  All principal distributions from the Final Maturity Reserve
      Trust shall be accounted for hereunder in accordance with this
      Section 5.17(e).

     

    Section
      5.19  Swap
      Collateral Accounts

     

    The
      Securities Administrator is hereby directed to perform the obligations of the
      Custodian as defined under the Swap Credit Support Annex (the “Swap
      Custodian”).

     

    On
      or
      shortly after the Closing Date, the Swap Custodian shall establish a Swap
      Collateral Account.  The Swap Collateral Account shall be held in the
      name of the Swap Custodian in trust for the benefit of the
      Holders.  The Swap Collateral Account must be an Eligible Account and
      shall be entitled “Nomura Asset Acceptance Corporation, Asset-Backed
      Certificates, Series 2007-2, Swap Collateral Account, Wells Fargo Bank, N.A.,
      as
      Swap Custodian for the benefit of holders of Asset-Backed Certificates, Series
      2007-2.”

     

    The
      Swap
      Custodian shall credit to the Swap Collateral Account all collateral (whether
      in
      the form of cash or securities) posted by the Swap Provider to secure the
      obligations of the Swap Provider in accordance with the terms of the Swap
      Agreement.  Except for investment earnings, the Swap Provider shall
      not have any legal, equitable or beneficial interest in the Swap Collateral
      Account other than in accordance with this Agreement, the Swap Agreement and
      applicable law.  The Swap Custodian shall maintain and apply all
      collateral and earnings thereon on deposit in the Swap Collateral Account in
      accordance with the Swap Credit Support Annex.

     

    Cash
      collateral posted by the Swap Provider in accordance with the Swap Credit
      Support Annex shall be invested at the direction of such Swap Provider in
      Permitted Investments in accordance with the requirements of the Swap Credit
      Support Annex.  In the absence of such direction, amounts therein will
      remain uninvested.  All amounts earned on amounts on deposit in the
      Swap Collateral Account (whether cash collateral or securities) shall be for
      the
      account of and taxable to the Swap Provider.

     

    Upon
      the
      occurrence of an Event of Default or Specified Condition (each as defined in
      the
      Swap Agreement) with respect to the Swap Provider or upon occurrence or
      designation of an Early Termination Date (as defined in the Swap Agreement)
      as a
      result of any such Event of Default or Specified Condition with respect to
      the
      Swap Provider, and, in either such case, unless the Swap Provider has paid
      in
      full all of its Obligations (as defined in the Swap Credit Support Annex) that
      are then due, then any collateral posted by the Swap Provider in accordance
      with
      the Swap Credit Support Annex shall be applied to the payment of any Obligations
      due to Party B (as defined in the Swap Agreement) in accordance with the Swap
      Credit Support Annex.  Any excess amounts held in the Swap Collateral
      Account after payment of all amounts owing to Party B under the Swap Agreement
      shall be withdrawn from the Swap Collateral Account and paid to the Swap
      Provider in accordance with the Swap Credit Support Annex.

     

    Section
      5.20  Cap
      Collateral Account

     

    The
      Securities Administrator is hereby directed to perform the obligations of the
      Custodian as defined under the Cap Credit Support Annex (the “Cap
      Custodian”).

     

    On
      or
      shortly after the Closing Date, the Cap Custodian shall establish a Cap
      Collateral Account.  The Cap Collateral Account shall be held in the
      name of the Cap Custodian in trust for the benefit of the Holders of Class
      A-4
      Certificates.  The Cap Collateral Account must be an Eligible Account
      and shall be entitled “Nomura Asset Acceptance Corporation, Asset-Backed
      Certificates, Series 2007-2, Cap Collateral Account, HSBC Bank USA, National
      Association, as Cap Custodian for the benefit of holders of Asset-Backed
      Certificates, Series 2007-2.”

     

    The
      Cap
      Custodian shall credit to the Cap Collateral Account all collateral (whether
      in
      the form of cash or securities) posted by the Cap Provider to secure the
      obligations of the Cap Provider in accordance with the terms of the Cap
      Contract.  Except for investment earnings, the Cap Provider shall not
      have any legal, equitable or beneficial interest in the Cap Collateral Account
      other than in accordance with this Agreement, the Cap Contract and applicable
      law.  The Cap Custodian shall maintain and apply all collateral and
      earnings thereon on deposit in the Cap Collateral Account in accordance with
      the
      Cap Credit Support Annex.

     

    Cash
      collateral posted by the Cap Provider in accordance with the Cap Credit Support
      Annexes shall be invested at the direction of the Cap Provider in Permitted
      Investments in accordance with the requirements of the Cap Credit Support
      Annex.  In the absence of such direction, amounts therein will remain
      uninvested.  All amounts earned on amounts on deposit in the Cap
      Collateral Account (whether cash collateral or securities) shall be for the
      account of and taxable to the Cap Provider.

     

    Upon
      the
      occurrence of an Event of Default or Specified Condition (each as defined in
      the
      Cap Contract) with respect to the Cap Provider or upon occurrence or designation
      of an Early Termination Date (as defined in the Cap Contract) as a result of
      any
      such Event of Default or Specified Condition with respect to the Cap Provider,
      and, in either such case, unless the Cap Provider has paid in full all of its
      Obligations (as defined in the Cap Credit Support Annex) that are then due,
      then
      any collateral posted by the Cap Provider in accordance with the Cap Credit
      Support Annex shall be applied to the payment of any Obligations due to Party
      B
      (as defined in the Cap Contract) in accordance with the Cap Credit Support
      Annex.  Any excess amounts held in the Cap Collateral Account after
      payment of all amounts owing to Party B under the Cap Contract shall be
      withdrawn from the Cap Collateral Account and paid to the Cap Provider in
      accordance with the Cap Credit Support Annex.

     

    ARTICLE
      VI

     

    THE
      CERTIFICATES

     

    Section
      6.01  The
      Certificates.

     

    (a)  The
      Certificates shall be substantially in the forms attached hereto as Exhibits
      A-1
      through A-5. The Certificates shall be issuable in registered form, in the
      minimum dollar denominations, integral dollar multiples in excess thereof
      (except that one Certificate of each Class may be issued in a different amount
      which must be in excess of the applicable minimum dollar denomination) and
      aggregate dollar denominations as set forth in the following table:

     

    
      	
              
                Class

                 

              

            	 	
              
                Minimum
                  Denomination

              

            	 	 	
              
                Integral
                  Multiple in Excess of Minimum

              

            	 	 	
              
                Original
                  Certificate Principal Balance

              

            	 	
              
                Pass-Through
                  Rate

              

            
	
              A-1A

            	 	$	
              25,000

            	 	 	$	
              1

            	 	 	$	
              90,000,000

            	 	
              Class
                A-1A Pass-Through Rate

            
	
              A-1B

            	 	$	
              25,000

            	 	 	$	
              1

            	 	 	$	
              92,120,000

            	 	
              Class
                A-1B Pass-Through Rate

            
	
              A-2

            	 	$	
              25,000

            	 	 	$	
              1

            	 	 	$	
              43,273,000

            	 	
              Class
                A-2 Pass-Through Rate

            
	
              A-3

            	 	$	
              25,000

            	 	 	$	
              1

            	 	 	$	
              37,280,000

            	 	
              Class
                A-3 Pass-Through Rate

            
	
              A-4

            	 	$	
              25,000

            	 	 	$	
              1

            	 	 	$	
              38,869,000

            	 	
              Class
                A-4 Pass-Through Rate

            
	
              A-5

            	 	$	
              25,000

            	 	 	$	
              1

            	 	 	$	
              64,778,000

            	 	
              Class
                A-5 Pass-Through Rate

            
	
              A-6

            	 	$	
              25,000

            	 	 	$	
              1

            	 	 	$	
              7,722,000

            	 	
              Class
                A-6 Pass-Through Rate

            
	
              A-7

            	 	$	
              25,000

            	 	 	$	
              1

            	 	 	$	
              23,600,000

            	 	
              Class
                A-7 Pass-Through Rate

            
	
              M-1

            	 	$	
              25,000

            	 	 	$	
              1

            	 	 	$	
              16,186,000

            	 	
              Class
                M-1 Pass-Through Rate

            
	
              M-2

            	 	$	
              25,000

            	 	 	$	
              1

            	 	 	$	
              9,624,000

            	 	
              Class
                M-2 Pass-Through Rate

            
	
              M-3

            	 	$	
              25,000

            	 	 	$	
              1

            	 	 	$	
              3,281,000

            	 	
              Class
                M-3 Pass-Through Rate

            
	
              M-4

            	 	$	
              25,000

            	 	 	$	
              1

            	 	 	$	
              2,187,000

            	 	
              Class
                M-4 Pass-Through Rate

            
	
              M-5

            	 	$	
              25,000

            	 	 	$	
              1

            	 	 	$	
              2,187,000

            	 	
              Class
                M-5 Pass-Through Rate

            
	
                  P

            	 	$	
              1

            	 	 	$	
              1

            	 	 	$	
              100.00

            	 	
              N/A

            
	
                  X

            	 	$	
              1

            	 	 	$	
              1

            	 	 	 	 	 	
              Class
                X Pass-Through
                Rate

            
	
              R

            	 	
              N/A

            	 	 	
              N/A

            	 	 	
              N/A

            	 	
              N/A

            
	
              R-X

            	 	
              N/A

            	 	 	
              N/A

            	 	 	
              N/A

            	 	
              N/A

            

    

    

    Upon
      original issue, the Certificates shall be executed and authenticated by the
      Securities Administrator and delivered by the Trustee to and upon the written
      order of the Depositor. The Certificates shall be executed by manual or
      facsimile signature on behalf of the Trust Fund by the Securities Administrator
      by an authorized signatory. Certificates bearing the manual or facsimile
      signatures of individuals who were at any time the proper officers of the
      Securities Administrator shall bind the Trust, notwithstanding that such
      individuals or any of them have ceased to hold such offices prior to the
      authentication and delivery of such Certificates or did not hold such offices
      at
      the date of such Certificates. 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
      herein executed by the Securities Administrator by manual signature, and such
      certificate of authentication 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.

     

    The
      Depositor shall provide, or cause to be provided, to the Securities
      Administrator on a continuous basis, an adequate inventory of Certificates
      to
      facilitate transfers.

     

    (b)  The
      Class
      X Certificates and Class P Certificates offered and sold to Qualified
      Institutional Buyers in reliance on Rule 144A under the Securities Act (“Rule
      144A”) will be issued in the form of Definitive Certificates.

     

    Section
      6.02  Certificate
      Register; Registration of Transfer and Exchange of
      Certificates.

     

    (a)  The
      Securities Administrator shall maintain, or cause to be maintained in accordance
      with the provisions of Section 6.09, a Certificate Register for the
      Certificates in which, subject to the provisions of subsections (b) and (c)
      below and to such reasonable regulations as it may prescribe, the Securities
      Administrator shall provide for the registration of Certificates and of
      Transfers and exchanges of Certificates as herein provided. Upon surrender
      for
      registration of Transfer of any Certificate, the Securities Administrator shall
      authenticate and deliver, in the name of the designated transferee or
      transferees, one or more new Certificates of the same Class and of like
      aggregate Percentage Interest.

     

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

     

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

     

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

     

    (b)  No
      Transfer of a Private Certificate shall be made unless such Transfer is made
      pursuant to an effective registration statement under the Securities Act and
      any
      applicable state securities laws or is exempt from the registration requirements
      under the Securities Act and such state securities laws. In the event that
      a
      Transfer is to be made in reliance upon an exemption from the Securities Act
      and
      such laws, in order to assure compliance with the Securities Act and such laws,
      the Certificateholder desiring to effect such Transfer and such
      Certificateholder’s prospective transferee shall each certify to the Securities
      Administrator in writing the facts surrounding the Transfer in substantially
      the
      forms set forth in Exhibit E (the “Transferor Certificate”) and (x) deliver a
      letter in substantially the form of either Exhibit F (the “Investment Letter”)
      or Exhibit G (the “Rule 144A Letter”) or (y) there shall be delivered to the
      Securities Administrator an Opinion of Counsel, at the expense of the
      transferor, that such Transfer may be made pursuant to an exemption from the
      Securities Act, which Opinion of Counsel shall not be an expense of the
      Depositor, the Sponsor, the Securities Administrator, the Trustee or the Trust
      Fund. The Depositor shall provide to any Holder of a Private Certificate and
      any
      prospective transferee designated by any such Holder, information regarding
      the
      Certificates and the Mortgage Loans and such other information as shall be
      necessary to satisfy the condition to eligibility set forth in Rule 144A(d)(4)
      for Transfer of any such Certificate without registration thereof under the
      Securities Act pursuant to the registration exemption provided by Rule 144A.
      The
      Securities Administrator shall cooperate with the Depositor in providing the
      Rule 144A information referenced in the preceding sentence, including providing
      to the Depositor such information regarding the Certificates, the Mortgage
      Loans
      and other matters regarding the Trust Fund as the Depositor shall reasonably
      request to meet its obligation under the preceding sentence. Each Holder of
      a
      Private Certificate desiring to effect such Transfer shall, and does hereby
      agree to, indemnify the Securities Administrator, the Depositor and the Sponsor
      against any liability that may result if the Transfer is not so exempt or is
      not
      made in accordance with such federal and state laws.

     

    No
      Transfer of an ERISA Restricted Certificate shall be made unless the Securities
      Administrator shall have received either (i) a representation from the
      transferee of such Certificate acceptable to and in form and substance
      satisfactory to the Securities Administrator to the effect that such transferee
      is not an employee benefit plan subject to Section 406 of ERISA and/or a
      plan subject to Section 4975 of the Code, or a Person acting on behalf of
      any such plan or using the assets of any such plan, or (ii) in the case of
      any
      such ERISA Restricted Certificate presented for registration in the name of
      an
      employee benefit plan subject to ERISA, or a plan subject to Section 4975
      of the Code (or comparable provisions of any subsequent enactments), or a
      trustee of any such plan or any other person acting on behalf of any such plan,
      an Opinion of Counsel satisfactory to the Securities Administrator for the
      benefit of the Securities Administrator, the Depositor and the Servicer and
      on
      which they may rely to the effect that the purchase and holding of such ERISA
      Restricted Certificate is permissible under applicable law, will not result
      in
      any prohibited transactions under ERISA or Section 4975 of the Code and
      will not subject the Securities Administrator, the Depositor or any Servicer
      to
      any obligation in addition to those expressly undertaken in this Agreement,
      which Opinion of Counsel shall not be an expense of the Securities
      Administrator, the Depositor or any Servicer.  In addition, with
      respect to transfers of an ERISA Restricted Certificate (that is not a Residual
      Certificate) other than as described in the preceding sentence, if the
      representation letter or Opinion of Counsel referred to in the preceding
      sentence is not furnished, the representation in clause (i) shall be deemed
      to
      have been made to the Trustee by the transferee’s (including an initial
      acquirer’s) acceptance of the ERISA Restricted Certificate. Notwithstanding
      anything else to the contrary herein, any purported transfer of an ERISA
      Restricted Certificate to or on behalf of an employee benefit plan subject
      to
      Section 406 of ERISA and/or a plan subject to Section 4975 of the Code
      other than in compliance with the foregoing shall be void and of no effect;
      provided that the restriction set forth in this sentence shall not be applicable
      if there has been delivered to the Securities Administrator an Opinion of
      Counsel meeting the requirements of clause (ii) of the first sentence of this
      paragraph.  The Securities Administrator shall not be under any
      liability to any Person for any registration of transfer of any ERISA Restricted
      Certificate that is in fact not permitted by this Section 6.02(b) or for
      making any payments due on such Certificate to the Holder thereof or taking
      any
      other action with respect to such Holder under the provisions of this
      Agreement.  The Securities Administrator shall be entitled, but not
      obligated, to recover from any Holder of any ERISA Restricted Certificate that
      was in fact an employee benefit plan subject to Section 406 of ERISA or a
      plan subject to Section 4975 of the Code or a Person acting on behalf of
      any such plan at the time it became a Holder or, at such subsequent time as
      it
      became such a plan or Person acting on behalf of such a plan, all payments
      made
      on such ERISA Restricted Certificate at and after either such time. Any such
      payments so recovered by the Securities Administrator shall be paid and
      delivered by the Securities Administrator to the last preceding Holder of such
      Certificate that is not such a plan or Person acting on behalf of a
      plan.

     

    Each
      beneficial owner of a Mezzanine Certificate (other than an ERISA Restricted
      Certificate) acquired after termination of the Final Maturity Reserve Trust
      and
      the Supplemental Interest Trust, shall be deemed to have represented, by virtue
      of its acquisition or holding of that certificate or interest therein, that
      either (i) it is not a Plan or investing with “Plan Assets”, (ii) it has
      acquired and is holding such certificate in reliance on the Exemption, and
      that
      it understands that there are certain conditions to the availability of the
      Exemption, including that the certificate must be rated, at the time of
      purchase, not lower than “BBB-“ (or its equivalent) by S&P or Moody’s, Fitch
      Ratings, Dominion Bond Rating Service Limited (known as DBRS Limited) or
      Dominion Bond Rating Service, Inc. (known as DBRS Inc.) and the certificate
      is
      so rated or (iii) (1) it is an insurance company, (2) the source of funds used
      to acquire or hold the certificate or interest therein is an “insurance company
      general account,” as such term is defined in Prohibited Transaction Class
      Exemption (“PTCE”) 95-60 and (3) the conditions in Sections I and III of PTCE
      95-60 have been satisfied.

     

    For
      so
      long as the Final Maturity Reserve Trust or the Supplemental Interest Trust
      is
      in existence is in existence each beneficial owner of such Class A Certificate
      or Mezzanine Certificate (other than an ERISA Restricted Certificate) or any
      interest therein, shall be deemed to have represented, by virtue of its
      acquisition or holding of such Certificate, or interest therein, that either
      (i)
      it is not a Plan or (ii) (A) it is an accredited investor within the meaning
      of
      the Exemption and (B) the acquisition and holding of such Certificate and the
      separate right to receive payments from the Supplemental Interest Trust and
      Final Maturity Reserve Trust are eligible for the exemptive relief available
      under one of PTCE 95-60, 91-38, 96-23, 90-1 or 84-14.

     

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

     

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

     

    (B)  In
      connection with any proposed Transfer of any Ownership Interest in a Residual
      Certificate, the Securities Administrator shall require delivery to it, and
      shall not register the Transfer of any Residual Certificate until its receipt
      of, an affidavit and agreement (a “Transfer Affidavit and Agreement,” in the
      form attached hereto as Exhibit D) from the proposed Transferee, in form and
      substance satisfactory to the Securities Administrator, representing and
      warranting, among other things, that such Transferee is a Permitted Transferee,
      that it is not acquiring its Ownership Interest in the Residual Certificate
      that
      is the subject of the proposed Transfer as a nominee, trustee or agent for
      any
      Person that is not a Permitted Transferee, that for so long as it retains its
      Ownership Interest in a Residual Certificate, it will endeavor to remain a
      Permitted Transferee, and that it has reviewed the provisions of this
      Section 6.02(d) and agrees to be bound by them.

     

    (C)  Notwithstanding
      the delivery of a Transfer Affidavit and Agreement by a proposed Transferee
      under clause (B) above, if an authorized officer of the Securities Administrator
      who is assigned to this transaction has actual knowledge that the proposed
      Transferee is not a Permitted Transferee, no Transfer of an Ownership Interest
      in a Residual Certificate to such proposed Transferee shall be
      effected.

     

    (D)  Each
      Person holding or acquiring any Ownership Interest in a Residual Certificate
      shall agree (x) to require a Transfer Affidavit and Agreement from any other
      Person to whom such Person attempts to transfer its Ownership Interest in a
      Residual Certificate and (Y) not to transfer its Ownership Interest unless
      it
      provides a Transferor Affidavit (in the form attached hereto as Exhibit E)
      to
      the Securities Administrator stating that, among other things, it has no actual
      knowledge that such other Person is not a Permitted Transferee.

     

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

     

    (ii)  The
      Securities Administrator will register the Transfer of any Residual Certificate
      only if it shall have received the Transfer Affidavit and Agreement and all
      of
      such other documents as shall have been reasonably required by the Securities
      Administrator as a condition to such registration. In addition, no Transfer
      of a
      Residual Certificate shall be made unless the Securities Administrator shall
      have received a representation letter from the Transferee of such Certificate
      to
      the effect that such Transferee is a Permitted Transferee.

     

    (iii)         
      (A)           If
      any purported Transferee shall become a Holder of a Residual Certificate in
      violation of the provisions of this Section 6.02(d), then the last
      preceding Permitted Transferee shall be restored, to the extent permitted by
      law, to all rights as Holder thereof retroactive to the date of registration
      of
      such Transfer of such Residual Certificate. The Securities Administrator shall
      be under no liability to any Person for any registration of Transfer of a
      Residual Certificate that is in fact not permitted by this Section 6.02(d)
      or for making any payments due on such Certificate to the Holder thereof or
      for
      taking any other action with respect to such Holder under the provisions of
      this
      Agreement.

     

    (B)  If
      any
      purported Transferee shall become a Holder of a Residual Certificate in
      violation of the restrictions in this Section 6.02(d) and to the extent
      that the retroactive restoration of the rights of the Holder of such Residual
      Certificate as described in clause (iii)(A) above shall be invalid, illegal
      or
      unenforceable, then the Securities Administrator shall have the right, without
      notice to the Holder or any prior Holder of such Residual Certificate, to sell
      such Residual Certificate to a purchaser selected by the Securities
      Administrator on such terms as the Securities Administrator may choose. Such
      purported Transferee shall promptly endorse and deliver each Residual
      Certificate in accordance with the instructions of the Securities Administrator.
      Such purchaser may be the Securities Administrator itself or any Affiliate
      of
      the Securities Administrator. The proceeds of such sale, net of the commissions
      (which may include commissions payable to the Securities Administrator or its
      Affiliates), expenses and taxes due, if any, will be remitted by the Securities
      Administrator to such purported Transferee. The terms and conditions of any
      sale
      under this clause (iii)(B) shall be determined in the sole discretion of the
      Securities Administrator, and the Securities Administrator shall not be liable
      to any Person having an Ownership Interest in a Residual Certificate as a result
      of its exercise of such discretion.

     

    (iv)  The
      Securities Administrator shall make available to the Internal Revenue Service
      and those Persons specified by the REMIC Provisions all information necessary
      to
      compute any tax imposed (A) as a result of the Transfer of an Ownership Interest
      in a Residual Certificate to any Person who is a Disqualified Organization,
      including the information described in Treasury regulations sections
      1.860D-1(b)(5) and 1.860E-2(a)(5) with respect to the “excess inclusions” of
      such Residual Certificate and (B) as a result of any regulated investment
      company, real estate investment trust, common trust fund, partnership, trust,
      estate or organization described in Section 1381 of the Code that holds an
      Ownership Interest in a Residual Certificate having as among its record holders
      at any time any Person which is a Disqualified Organization. Reasonable
      compensation for providing such information may be charged or collected by
      the
      Securities Administrator.

     

    (v)  The
      provisions of this Section 6.02(d) set forth prior to this subsection (v)
      may be modified, added to or eliminated, provided that there shall have been
      delivered to the Securities Administrator at the expense of the party seeking
      to
      modify, add to or eliminate any such provision the following:

     

    (A)  written
      notification from each Rating Agency to the effect that the modification,
      addition to or elimination of such provisions will not cause such Rating Agency
      to downgrade its then-current ratings of any Class of Certificates;
      and

     

    (B)  an
      Opinion of Counsel, in form and substance satisfactory to the Securities
      Administrator, to the effect that such modification of, addition to or
      elimination of such provisions will not cause any REMIC to cease to qualify
      as a
      REMIC and will not cause any REMIC, as the case may be, to be subject to an
      entity-level tax caused by the Transfer of any Residual Certificate to a Person
      that is not a Permitted Transferee or a Person other than the prospective
      transferee to be subject to a REMIC-tax caused by the Transfer of a Residual
      Certificate to a Person that is not a Permitted Transferee.

     

    (d)  Subject
      to the preceding subsections, upon surrender for registration of transfer of
      any
      Certificate at any office or agency of the Securities Administrator maintained
      for such purpose pursuant to Section 9.11, the Securities Administrator
      shall execute, authenticate and deliver, in the name of the designated
      Transferee or Transferees, one or more new Certificates of the same Class of
      a
      like aggregate Percentage Interest.

     

    (e)  At
      the
      option of the Holder thereof, any Certificate may be exchanged for other
      Certificates of the same Class with authorized denominations and a like
      aggregate Percentage Interest, upon surrender of such Certificate to be
      exchanged at any office or agency of the Securities Administrator maintained
      for
      such purpose pursuant to Section 9.11. Whenever any Certificates are so
      surrendered for exchange, the Securities Administrator shall execute,
      authenticate and deliver, the Certificates which the Certificateholder making
      the exchange is entitled to receive. Every Certificate presented or surrendered
      for transfer or exchange shall (if so required by the Securities Administrator)
      be duly endorsed by, or be accompanied by a written instrument of transfer
      in
      the form satisfactory to the Securities Administrator duly executed by, the
      Holder thereof or his attorney duly authorized in writing.  In
      addition, (i) with respect to each Class R Certificate, the Holder thereof
      may
      exchange, in the manner described above, such Class R Certificate for two
      separate certificates, each representing such Holder's respective Percentage
      Interest in the Class R-I Interest, Class R-II Interest and Class R-III Interest
      respectively, in each case that was evidenced by the Class R Certificate being
      exchanged and (ii) with respect to each Class R-X Certificate, the Holder
      thereof may exchange, in the manner described above, such Class R-X Certificate
      for two separate certificates, each representing such Holder's respective
      Percentage Interest in the Class R-IV Interest, Class R-V Interest and Class
      R-VI Interest, respectively, in each case that was evidenced by the Class R-X
      Certificate being exchanged.

     

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

     

    (g)  The
      preparation and delivery of all certificates and opinions referred to above
      in
      this Section 6.02 shall not be an expense of the Trust Fund, the Securities
      Administrator, the Depositor or the Sponsor.

     

    (h)  All
      Certificates surrendered for transfer and exchange shall be canceled and
      destroyed by the Securities Administrator in accordance with its customary
      procedures.

     

    Section
      6.03  Mutilated,
      Destroyed, Lost or Stolen Certificates.

     

    If
      (a)
      any mutilated Certificate is surrendered to the Securities Administrator, or
      the
      Securities Administrator receives evidence to its satisfaction of the
      destruction, loss or theft of any Certificate and of the ownership thereof
      and
      (b) there is delivered to the Securities Administrator such security or
      indemnity as may be required by them to save each of them harmless, then, in
      the
      absence of notice to the Securities Administrator that such Certificate has
      been
      acquired by a bona fide purchaser, the Securities Administrator shall execute,
      authenticate and deliver, in exchange for or in lieu of any such mutilated,
      destroyed, lost or stolen Certificate, a new Certificate of like Class, tenor
      and Percentage Interest. In connection with the issuance of any new Certificate
      under this Section 6.03, the Securities Administrator may require the
      payment of a sum sufficient to cover any tax or other governmental charge that
      may be imposed in relation thereto and any other expenses (including the fees
      and expenses of the Securities Administrator) connected therewith. Any
      replacement Certificate issued pursuant to this Section 6.03 shall
      constitute complete and indefeasible evidence of ownership in the Trust Fund,
      as
      if originally issued, whether or not the lost, stolen or destroyed Certificate
      shall be found at any time. All Certificates surrendered to the Securities
      Administrator under the terms of this Section 6.03 shall be canceled and
      destroyed by the Securities Administrator in accordance with its standard
      procedures without liability on its part.

     

    Section
      6.04  Persons
      Deemed Owners.

     

    The
      Depositor, the Servicers, the Trustee, the Master Servicer, the Securities
      Administrator and any of their agents may treat the person in whose name any
      Certificate is registered as the owner of such Certificate for the purpose
      of
      receiving distributions as provided in this Agreement and for all other purposes
      whatsoever, and none of the Depositor, the Servicers, the Trustee, the Master
      Servicer, the Securities Administrator nor any of their agents shall be affected
      by any notice to the contrary.

     

    Section
      6.05  Access
      to List of Certificateholders’ Names and Addresses.

     

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

     

    Section
      6.06  Book-Entry
      Certificates.

     

    The
      Regular Certificates, upon original issuance, shall be issued in the form of
      one
      or more typewritten Certificates representing the Book- Entry Certificates,
      to
      be delivered to the Depository by or on behalf of the Depositor. Such
      Certificates shall initially be registered on the Certificate Register in the
      name of the Depository or its nominee, and no Certificate Owner of such
      Certificates will receive a definitive certificate representing such Certificate
      Owner’s interest in such Certificates, except as provided in Section 6.08.
      Unless and until definitive, fully registered Certificates (“Definitive
      Certificates”) have been issued to the Certificate Owners of such Certificates
      pursuant to Section 6.08:

     

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

     

    (b)  the
      Depositor and the Securities Administrator may deal with the Depository and
      the
      Depository Participants for all purposes (including the making of distributions)
      as the authorized representative of the respective Certificate Owners of such
      Certificates;

     

    (c)  registration
      of the Book-Entry Certificates may not be transferred by the Securities
      Administrator except to another Depository;

     

    (d)  the
      rights of the respective Certificate Owners of such Certificates shall be
      exercised only through the Depository and the Depository Participants and shall
      be limited to those established by law and agreements between the Owners of
      such
      Certificates and the Depository and/or the Depository Participants. Pursuant
      to
      the Depository Agreement, unless and until Definitive Certificates are issued
      pursuant to Section 6.08, the Depository will make book-entry transfers
      among the Depository Participants and receive and transmit distributions of
      principal and interest on the Certificates to such Depository
      Participants;

     

    (e)  the
      Depository may collect its usual and customary fees, charges and expenses from
      its Depository Participants;

     

    (f)  the
      Depositor, the Servicer, the Trustee, the Master Servicer and the Securities
      Administrator may rely and shall be fully protected in relying upon information
      furnished by the Depository with respect to its Depository Participants;
      and

     

    (g)  to
      the
      extent that the provisions of this Section conflict with any other
      provisions of this Agreement, the provisions of this Section shall
      control.

     

    For
      purposes of any provision of this Agreement requiring or permitting actions
      with
      the consent of, or at the direction of, Certificateholders evidencing a
      specified percentage of the aggregate unpaid principal amount of any Class
      of
      Certificates, such direction or consent may be given by Certificate Owners
      (acting through the Depository and the Depository Participants) owning
      Book-Entry Certificates evidencing the requisite percentage of principal amount
      of such Class of Certificates.

     

    Section
      6.07  Notices
      to Depository.

     

    Whenever
      any notice or other communication is required to be given to Certificateholders
      of a Class with respect to which Book-Entry Certificates have been issued,
      unless and until Definitive Certificates shall have been issued to the
      Certificate Owners, the Securities Administrator shall give all such notices
      and
      communications to the Depository.

     

    Section
      6.08  Definitive
      Certificates.

     

    If,
      after
      Book-Entry Certificates have been issued with respect to any Certificates,
      (a)
      the Depositor or the Depository advises the Securities Administrator that the
      Depository is no longer willing or able to discharge properly its
      responsibilities under the Depository Agreement with respect to such
      Certificates and the Securities Administrator or the Depositor is unable to
      locate a qualified successor, (b) the Depositor, at its sole option, advises
      the
      Securities Administrator that it elects to terminate the book-entry system
      with
      respect to such Certificates through the Depository or (c) after the occurrence
      and continuation of either of the events described in clauses (a) or (b) above,
      Certificate Owners of such Book-Entry Certificates having not less than fifty
      one percent (51%) of the Voting Rights evidenced by any Class of Book-Entry
      Certificates advise the Securities Administrator and the Depository in writing
      through the Depository Participants that the continuation of a book-entry system
      with respect to Certificates of such Class through the Depository (or its
      successor) is no longer in the best interests of the Certificate Owners of
      such
      Class, then the Securities Administrator shall notify all Certificate Owners
      of
      such Certificates, through the Depository, of the occurrence of any such event
      and of the availability of Definitive Certificates to applicable Certificate
      Owners requesting the same.  The Depositor shall provide the
      Securities Administrator with an adequate inventory of certificates to
      facilitate the issuance and transfer of Definitive Certificates. Upon surrender
      to the Securities Administrator of any such Certificates by the Depository,
      accompanied by registration instructions from the Depository for registration,
      the Securities Administrator shall countersign and deliver such Definitive
      Certificates. Neither the Depositor nor the Securities Administrator shall
      be
      liable for any delay in delivery of such instructions and each may conclusively
      rely on, and shall be protected in relying on, such instructions. Upon the
      issuance of such Definitive Certificates, all references herein to obligations
      imposed upon or to be performed by the Depository shall be deemed to be imposed
      upon and performed by the Securities Administrator, to the extent applicable
      with respect to such Definitive Certificates and the Securities Administrator
      shall recognize the Holders of such Definitive Certificates as
      Certificateholders hereunder.

     

    Section
      6.09  Maintenance
      of Office or Agency.

     

    Certificates
      may be surrendered for registration of transfer or exchange at the applicable
      Corporate Trust Office of the Securities Administrator. The Securities
      Administrator will give prompt written notice to the Certificateholders of
      any
      change in such location of any such office or agency.

     

    ARTICLE
      VII

     

    THE
      DEPOSITOR, GMACM AND THE MASTER SERVICER

     

    Section
      7.01  Liabilities
      of the Depositor, GMACM and the Master Servicer.

     

    Each
      of
      the Depositor, GMACM and the Master Servicer shall be liable in accordance
      herewith only to the extent of the obligations specifically imposed upon and
      undertaken by it herein.

     

    Section
      7.02  Merger
      or Consolidation of the Depositor, GMACM or the Master
      Servicer.

     

    (a)  Each
      of
      the Depositor and GMACM will keep in full force and effect its rights and
      franchises as a corporation and a limited liability company, respectively (or
      other entity resulting from merger, conversion or consolidation to the extent
      permitted under this Section 7.02) under the laws of the state of its
      incorporation or formation, and will obtain and preserve its qualification
      to do
      business as a foreign corporation in each jurisdiction in which such
      qualification is or shall be necessary to protect the validity and
      enforceability of this Agreement, the Certificates or any of the Mortgage Loans
      and to perform its duties under this Agreement.  The Master Servicer
      will keep in full force and effect its existence, rights and franchises as
      a
      national banking association, and will obtain and preserve its qualification
      to
      do business as a foreign corporation in each jurisdiction in which such
      qualification is or shall be necessary to protect the validity and
      enforceability of this Agreement, the Certificates or any of the Mortgage Loans
      and to perform its duties under this Agreement.

     

    (b)  The
      Depositor, each Servicer or the Master Servicer may be merged, converted, or
      consolidated, and any Person resulting from any merger, conversion, or
      consolidation to which the Depositor, GMACM or the Master Servicer shall be
      a
      party, or any Person succeeding to the business of the Depositor, GMACM or
      the
      Master Servicer shall be the successor of the Depositor, GMACM or the Master
      Servicer hereunder, without the execution or filing of any paper or further
      act
      on the part of any of the parties hereto, anything herein to the contrary
      notwithstanding, provided that any Successor Servicer shall have represented
      that it meets the eligibility criteria set forth in
      Section 8.02.

     

    Section
      7.03  Indemnification
      of the Depositor and Servicing Function Participants.

     

    (a)  The
      Depositor agrees to indemnify the Indemnified Persons for, and to hold them
      harmless against, any loss, liability or expense (including reasonable legal
      fees and disbursements of counsel) incurred on their part that may be sustained
      in connection with, arising out of, or relating to, any claim or legal action
      (including any pending or threatened claim or legal action) relating to this
      Agreement or the Certificates (i) related to the Depositor’s failure to perform
      its duties in compliance with this Agreement (except as any such loss, liability
      or expense shall be otherwise reimbursable pursuant to this Agreement) or (ii)
      incurred by reason of the Depositor’s willful misfeasance, bad faith or gross
      negligence in the performance of duties hereunder or by reason of reckless
      disregard of obligations and duties hereunder. This indemnity shall survive
      the
      resignation of any party hereto and the termination of this
      Agreement.

     

    (b)  GMACM
      agrees to indemnify the Indemnified Persons for, and to hold them harmless
      against, any loss, liability or expense (including reasonable legal fees and
      disbursements of counsel) incurred on their part that may be sustained in
      connection with, arising out of, or relating to, any claim or legal action
      (including any pending or threatened claim or legal action) relating to GMACM’s
      gross negligence in the performance of its duties under this Agreement or
      failure to service the related Mortgage Loans in material compliance with the
      terms of this Agreement and for a material breach of any representation,
      warranty or covenant of GMACM contained herein. GMACM shall immediately notify
      the Trustee if a claim is made by a third party with respect to this Agreement
      or the Mortgage Loans, assume (with the consent of the Trustee and with counsel
      reasonably satisfactory to the Trustee) the defense of any such claim and pay
      all expenses in connection therewith, including counsel fees, and promptly
      appeal or pay, discharge and satisfy any judgment or decree which may be entered
      against it or any Indemnified Person in respect of such claim, but failure
      to so
      notify GMACM shall not limit its obligations hereunder.  GMACM agrees
      that it will not enter into any settlement of any such claim without the consent
      of the Indemnified Persons unless such settlement includes an unconditional
      release of such Indemnified Persons from all liability that is the subject
      matter of such claim.  The provisions of this Section 7.03(b)
      shall survive termination of this Agreement and the resignation or removal
      of
      GMACM.

     

    (c)  Each
      of
      the parties hereto shall cause any Servicing Function Participant engaged by
      it
      to indemnify and hold harmless GMACM, the Master Servicer, the Securities
      Administrator, the Trustee, the Depositor and the Sponsor and their respective
      directors, officers, employees, agents, and affiliates, as applicable, from
      and
      against any and all claims, losses, damages, penalties, fines, forfeitures,
      reasonable legal fees and related costs, judgments and other costs and expenses
      arising out of or based upon (a) any breach by such party of any if its
      obligations hereunder, including particularly its obligations to provide any
      Assessment of Compliance, Attestation Report, Compliance Statement, Back-up
      Certification or any information, data or materials required to be included
      in
      any Exchange Act report, (b) any material misstatement or material omission
      in
      any information, data or materials required to be contained in (i) any
      compliance certificate delivered by the such party pursuant to Section 3.13
      of this Agreement, (ii) any assessment or attestation delivered by such party
      pursuant to Section 3.14 of this Agreement, (iii) any back-up certification
      (in the form of Exhibit M) delivered by such party pursuant to Section 3.18
      of this Agreement or (iv) any disclosure materials delivered by such party
      pursuant to Section Section 5.17 or (c) the negligence, bad faith or
      willful misconduct of such party in connection with its performance
      hereunder.  If the indemnification provided for herein is unavailable
      or insufficient to hold harmless GMACM, the Master Servicer, the Securities
      Administrator, the Trustee, the Depositor and the Sponsor, then each such party
      (with the exception of the Trustee) agrees that it shall contribute to the
      amount paid or payable by the Master Servicer, the Securities Administrator,
      the
      Depositor and the Sponsor as a result of any claims, losses, damages or
      liabilities incurred by Master Servicer, the Securities Administrator, the
      Trustee, the Depositor and the Sponsor in such proportion as is appropriate
      to
      reflect the relative fault of the Master Servicer, the Securities Administrator,
      the Trustee, the Depositor and the Sponsor on the one hand and such party on
      the
      other.  This indemnity shall survive the termination or resignation of
      the parties hereto or the termination of this Agreement.

     

    Section
      7.04  Limitations
      on Liability of the Depositor, Securities Administrator, Master Servicer,
      Servicer and Others.

     

    Subject
      to the obligation of the Depositor and GMACM to indemnify the Indemnified
      Persons pursuant to Section 7.03:

     

    (a)  Neither
      the Depositor, the Securities Administrator, the Master Servicer nor any of
      the
      directors, officers, employees or agents of the Depositor, the Securities
      Administrator and the Master Servicer shall be under any liability to the
      Indemnified Persons, the Trust Fund or the Certificateholders for taking any
      action or for refraining from taking any action in good faith pursuant to this
      Agreement, or for errors in judgment; provided, however, that this provision
      shall not protect the Depositor, the Securities Administrator, the Master
      Servicer or any such Person against any breach of warranties, representations
      or
      covenants made herein or against any specific liability imposed on any such
      Person pursuant hereto or against any liability which would otherwise be imposed
      by reason of such Person’s willful misfeasance, bad faith or gross negligence in
      the performance of duties or by reason of reckless disregard of obligations
      and
      duties hereunder.

     

    (b)  The
      Depositor, the Securities Administrator, the Master Servicer and any director,
      officer, employee or agent of the Depositor, the Securities Administrator and
      the Master Servicer may rely in good faith on any document of any kind prima
      facie properly executed and submitted by any Person respecting any matters
      arising hereunder.

     

    (c)  The
      Depositor, the Securities Administrator, the Master Servicer, GMACM, the
      Trustee, the Custodian and any director, officer, employee or agent of the
      Depositor, the Securities Administrator, the Master Servicer, GMACM, the Trustee
      or the Custodian shall be indemnified by the Trust Fund and held harmless
      thereby against any loss, liability or expense (including reasonable legal
      fees
      and disbursements of counsel) incurred on their part that may be sustained
      in
      connection with, arising out of, or relating to this Agreement, the Custodial
      Agreement or the Certificates (including any pending or threatened claim or
      legal action), other than (i) with respect to GMACM, such loss, liability or
      expense related to GMACM’s failure to perform its duties in compliance with this
      Agreement (except as any such loss, liability or expense shall be otherwise
      reimbursable pursuant to this Agreement) or, with respect to the Custodian,
      to
      the Custodian’s failure to perform its duties hereunder, (ii) with respect to
      GMACM, any such loss, liability or expense incurred by reason of GMACM’s willful
      misfeasance, bad faith or gross negligence in the performance of its duties
      hereunder or (iii) with respect to Custodian, any such loss, liability or
      expense incurred by reason of the Custodian’s willful misfeasance, bad faith or
      gross negligence in the performance of its duties hereunder.

     

    (d)  The
      Depositor the Securities Administrator or the Master Servicer shall not be
      under
      any obligation to appear in, prosecute or defend any legal action that is not
      incidental to its duties under this Agreement and that in its opinion may
      involve it in any expense or liability; provided, however, that each of the
      Depositor, the Securities Administrator and the Master Servicer may in its
      discretion, undertake any such action which it may deem necessary or desirable
      with 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 (except
      any loss, liability or expense incurred by reason of willful misfeasance, bad
      faith or gross negligence in the performance of duties hereunder or by reason
      of
      reckless disregard of obligations and duties hereunder) shall be expenses,
      costs
      and liabilities of the Trust Fund, and the Depositor, the Securities
      Administrator and the Master Servicer shall be entitled to be reimbursed
      therefor out of the Distribution Account as provided by Section 3.32.
      Nothing in this Subsection 7.04(d) shall affect the Master Servicer’s obligation
      to take such actions as are necessary to ensure the servicing and administration
      of the Mortgage Loans pursuant to this Agreement.

     

    (e)  In
      taking
      or recommending any course of action pursuant to this Agreement, unless
      specifically required to do so pursuant to this Agreement, the Trustee shall
      not
      be required to investigate or make recommendations concerning potential
      liabilities which the Trust Fund might incur as a result of such course of
      action by reason of the condition of the Mortgaged Properties.

     

    (f)  The
      Trustee shall not be liable for any acts or omissions of any Servicer, the
      Depositor or the Custodian.

     

    Section
      7.05  Servicers
      Not to Resign.

     

    (a)  GMACM
      shall not resign from the obligations and duties hereby imposed on it except
      upon the determination that its duties hereunder are no longer permissible
      under
      applicable law or the performance of such duties are no longer possible in
      order
      to comply with applicable law and such incapacity or impossibility cannot be
      cured by GMACM.  Any determination permitting the resignation of GMACM
      shall be evidenced by an Opinion of Counsel to such effect delivered to the
      Master Servicer which Opinion of Counsel shall be in form and substance
      acceptable to the Master Servicer.  No appointment of a successor to
      GMACM shall be effective hereunder unless (a) the Rating Agencies have confirmed
      in writing that such appointment will not result in a downgrade, qualification
      or withdrawal of the then current ratings assigned to the Certificates, (b)
      such
      successor shall have represented that it is meets the eligibility criteria
      set
      forth in Section 8.02 and (c) such successor has agreed in writing to
      assume the obligations of GMACM hereunder.  GMACM shall provide a copy
      of the written confirmation of the Rating Agencies and the agreement executed
      by
      such successor to the Master Servicer.  No such resignation shall
      become effective until a successor servicer or the Master Servicer shall have
      assumed GMACM’s responsibilities and obligations hereunder. GMACM shall notify
      the Master Servicer and the Rating Agencies of its resignation.

     

    (b)  Except
      as
      expressly provided herein, GMACM 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 GMACM hereunder. The
      foregoing prohibition on assignment shall not prohibit GMACM from designating
      a
      Subservicer as payee of any indemnification amount payable to GMACM hereunder;
      provided, however, that as provided in Section 3.03, no Subservicer or
      Subcontractor shall be a third-party beneficiary hereunder and the parties
      hereto shall not be required to recognize any Subservicer or Subcontractor
      as an
      indemnitee under this Agreement.

     

    Section
      7.06  Termination
      of GMACM Without Cause; Appointment of Special Servicer.

     

    (a)  For
      so
      long as the Sponsor retains ownership of the servicing rights with respect
      to
      any of the GMACM Mortgage Loans, the Sponsor may, at its option, terminate
      the
      servicing responsibilities of GMACM hereunder with respect to such Mortgage
      Loans without cause. No such termination shall become effective unless and
      until
      a successor to such Servicer shall have been appointed to service and administer
      the related Mortgage Loans pursuant to the terms and conditions of this
      Agreement.  No appointment shall be effective unless (i) such
      successor servicer meets the eligibility criteria contained in
      Section 8.02, (ii) the Master Servicer shall have consented to such
      appointment, (iii) the Rating Agencies have been notified in writing of such
      appointment and such successor servicer meets the Minimum Servicing
      Requirements, (iv) such successor has agreed to assume the obligations of GMACM
      hereunder to the extent of the related Mortgage Loans, (v) all amounts
      reimbursable to GMACM pursuant to the terms of this Agreement shall have been
      paid to GMACM by the successor appointed pursuant to the terms of this
      Section 7.06 or by the Sponsor including without limitation, all
      unreimbursed Advances and Servicing Advances made by GMACM and all out-of-pocket
      expenses of GMACM incurred in connection with the transfer of servicing to
      such
      successor.  The Sponsor shall provide a copy of the written
      confirmation of the Rating Agencies and the agreement executed by such successor
      to the Trustee and the Master Servicer.

     

    The
      rights of the Sponsor to terminate GMACM pursuant to this Section 7.06(a)
      will cease to exist if the Sponsor sells or otherwise divests itself of its
      ownership of the servicing rights with respect to the Mortgage Loans; provided,
      however, that this Section 7.06(a) will be operative at any time the
      Sponsor retains or comes into possession of such servicing rights.

     

    (b)  In
      addition, the Sponsor may, at its option, appoint a special servicer with
      respect to certain of the Mortgage Loans. The Sponsor and GMACM shall negotiate
      in good faith with any proposed special servicer with respect to the duties
      and
      obligations of such special servicer with respect to any such Mortgage Loan.
      Any
      Subservicing Agreement shall contain terms and provisions not inconsistent
      with
      this Agreement and shall obligate the special servicer to service such Mortgage
      Loans in accordance with Accepted Servicing Practices. The fee payable to the
      special servicer for the performance of such duties and obligations will paid
      from the Servicing Fee collected by GMACM with respect to each such Mortgage
      Loan and will be remitted to such special servicer by GMACM.

     

    Section
      7.07  Limitation
      on Resignation of the Master Servicer.

     

    The
      Master Servicer shall not resign from the obligations and duties hereby imposed
      on it except upon determination that its duties hereunder are no longer
      permissible under applicable law. Any such determination pursuant to the
      preceding sentence permitting the resignation of the Master Servicer shall
      be
      evidenced by an Opinion of Counsel to such effect obtained at the expense of
      the
      Master Servicer and delivered to the Trustee and the Rating Agencies. No
      resignation of the Master Servicer shall become effective until the Trustee
      or a
      successor Master Servicer meeting the criteria specified in Section 7.08
      shall have assumed the Master Servicer’s responsibilities, duties, liabilities
      (other than those liabilities arising prior to the appointment of such
      successor) and obligations under this Agreement.

     

    Section
      7.08  Assignment
      of Master Servicing.

     

    The
      Master Servicer may sell and assign its rights and delegate its duties and
      obligations in its entirety as Master Servicer under this Agreement; provided,
      however, that: (i) the purchaser or transferee accepting such assignment and
      delegation and assuming the obligations of the Master Servicer hereunder (a)
      shall have a net worth of not less than $15,000,000 (unless otherwise approved
      by each Rating Agency pursuant to clause (ii) below); (b) shall be reasonably
      satisfactory to the Trustee (as evidenced in a writing signed by the Trustee);
      and (c) shall execute and deliver to the Trustee an agreement, in form and
      substance reasonably satisfactory to the Trustee, which contains an assumption
      by such Person of the due and punctual performance and observance of each
      covenant and condition to be performed or observed by it as master servicer
      under this Agreement, any custodial agreement from and after the effective
      date
      of such agreement; (ii) each Rating Agency shall be given prior written notice
      of the identity of the proposed successor to the Master Servicer and each Rating
      Agency’s rating of the Certificates in effect immediately prior to such
      assignment, sale and delegation will not be downgraded, qualified or withdrawn
      as a result of such assignment, sale and delegation, as evidenced by a letter
      to
      such effect delivered to the Master Servicer and the Trustee;
      and  (iii) the Master Servicer assigning the master servicing shall
      deliver to the Trustee an officer’s certificate and an Opinion of Independent
      counsel, each stating that all conditions precedent to such action under this
      Agreement have been completed and such action is permitted by and complies
      with
      the terms of this Agreement. No such assignment or delegation shall affect
      any
      liability of the Master Servicer arising out of acts or omissions prior to
      the
      effective date thereof.

     

    Section
      7.09  Rights
      of the Depositor in Respect of GMACM and the Master Servicer.

     

    Each
      of
      the Master Servicer and GMACM shall afford (and any Subservicing Agreement
      shall
      provide that each Subservicer or Subcontractor shall afford) the Depositor
      and
      the Trustee, upon reasonable notice, during normal business hours, access to
      all
      records maintained by the Master Servicer or GMACM (and any such Subservicer
      or
      Subcontractor) in respect of GMACM’s rights and obligations hereunder and access
      to officers of the Master Servicer or GMACM (and those of any such Subservicer
      or Subcontractor) responsible for such obligations, and the Master Servicer
      shall have access to all such records maintained by GMACM and any Subservicers.
      Upon request, each of the Master Servicer and GMACM shall furnish to the
      Depositor and the Trustee its (and any such Subservicer’s or Subcontractor’s)
      most recent financial statements and such other information relating to the
      Master Servicer’s or GMACM’s capacity to perform its obligations under this
      Agreement as it possesses (and that any such Subservicer or Subcontractor
      possesses). To the extent the Depositor and the Trustee are informed that such
      information is not otherwise available to the public, the Depositor and the
      Trustee shall not disseminate any information obtained pursuant to the preceding
      two sentences without the Master Servicer’s or GMACM’s written consent, except
      as required pursuant to this Agreement or to the extent that it is appropriate
      to do so (i) to its legal counsel, auditors, taxing authorities or other
      governmental agencies and the Certificateholders, (ii) pursuant to any law,
      rule, regulation, order, judgment, writ, injunction or decree of any court
      or
      governmental authority having jurisdiction over the Depositor and the Trustee
      or
      the Trust Fund, and in any case, the Depositor or the Trustee, (iii) disclosure
      of any and all information that is or becomes publicly known, or information
      obtained by the Trustee from sources other than the Depositor, GMACM or the
      Master Servicer, (iv) disclosure as required pursuant to this Agreement or
      (v)
      disclosure of any and all information (A) in any preliminary or final offering
      circular, registration statement or contract or other document pertaining to
      the
      transactions contemplated by the Agreement approved in advance by the Depositor,
      GMACM or the Master Servicer or (B) to any affiliate, independent or internal
      auditor, agent, employee or attorney of the Trustee having a need to know the
      same, provided that the Trustee advises such recipient of the confidential
      nature of the information being disclosed, shall use its best efforts to assure
      the confidentiality of any such disseminated non-public information. Nothing
      in
      this Section 7.09 shall limit the obligation of GMACM to comply with any
      applicable law prohibiting disclosure of information regarding the Mortgagors
      and the failure of GMACM to provide access as provided in this Section 7.09
      as a result of such obligation shall not constitute a breach of this
      Section.  Nothing in this Section 7.09 shall require GMACM to
      collect, create, collate or otherwise generate any information that it does
      not
      generate in its usual course of business.  GMACM shall not be required
      to make copies of or ship documents to any party unless provisions have been
      made for the reimbursement of the costs thereof. The Depositor may, but is
      not
      obligated to, enforce the obligations of the Master Servicer and GMACM under
      this Agreement and may, but is not obligated to, perform, or cause a designee
      to
      perform, any defaulted obligation of the Master Servicer or GMACM under this
      Agreement or exercise the rights of the Master Servicer or GMACM under this
      Agreement; provided that neither the Master Servicer nor GMACM shall be relieved
      of any of its obligations under this Agreement by virtue of such performance
      by
      the Depositor or its designee. The Depositor shall not have any responsibility
      or liability for any action or failure to act by the Master Servicer or GMACM
      and is not obligated to supervise the performance of the Master Servicer or
      GMACM under this Agreement or otherwise.

     

    ARTICLE
      VIII

     

    DEFAULT;
      TERMINATION OF SERVICER AND MASTER SERVICER

     

    Section
      8.01  Events
      of Default.

     

    (a)  In
      case
      one or more of the following events of default by GMACM, or Wells Fargo with
      respect to 8.01(a)(xi) (each, a “Servicer Default”), shall occur and be
      continuing, that is to say with respect to related Mortgage Loans
      only:

     

    (i)  any
      failure by GMACM to remit to the Securities Administrator any payment, including
      an Advance, required to be made under the terms of this Agreement which
      continues unremedied for a period of two (2) Business Days after the day on
      which such payment or Advance was required to be made by GMACM; or

     

    (ii)  failure
      on the part of GMACM to duly observe or perform in any material respect any
      other of the covenants or agreements on the part of GMACM set forth in this
      Agreement (other than those described in (viii) and (ix) below), the breach
      of
      which has a material adverse effect and which continue unremedied for a period
      of thirty days after the date on which written notice of such failure, requiring
      the same to be remedied, shall have been given to GMACM by the Trustee, Master
      Servicer or the Depositor or to such Servicer, the Trustee and the Master
      Servicer by the holders of Certificates evidencing not less than twenty-five
      percent (25%) of the Voting Rights evidenced by the 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,
      bankruptcy, readjustment of debt, marshaling of assets and liabilities or
      similar proceedings, or for the winding-up or liquidation of its affairs, shall
      have been entered against GMACM and such decree or order shall have remained
      in
      force undischarged or unstayed for a period of sixty days; or

     

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

     

    (v)  GMACM
      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)  GMACM
      attempts to assign its right to servicing compensation hereunder (other than
      any
      payment by GMACM to the Sponsor of any portion of the Servicing Fee payable
      to
      GMACM as provided in a separate side letter between the Sponsor and such
      Servicer) or GMACM attempts to sell or otherwise dispose of all or substantially
      all of its property or assets or to assign this Agreement or the servicing
      responsibilities hereunder or to delegate its duties hereunder or any portion
      thereof except, in each case as otherwise permitted herein; or

     

    (vii)  GMACM
      ceases to be qualified to transact business in any jurisdiction where it is
      currently so qualified, but only to the extent such non-qualification materially
      and adversely affects GMACM’s ability to perform its obligations
      hereunder;

     

    (viii)  so
      long
      as the Trust Fund is subject to Exchange Act reporting requirements, failure
      by
      GMACM to duly perform, within the required time period, its obligations under
      Sections 3.13, 3.14, 3.18 or Section 5.17, which default shall not be
      subject to notice or a cure period;

     

    (ix)  after
      the
      Trust Fund ceases to be subject to Exchange Act reporting requirements, any
      failure by GMACM to duly perform, within the required time period, its
      obligation to provide the annual statements of compliance and attestation
      reports described in Sections 3.13 and 3.14 hereof, which failure continues
      unremedied for a period of ten (10) Business Days after the date on which
      written notice of such failure, requiring the same to be remedied, has been
      given to GMACM by the Master Servicer;

     

    (x)  any
      failure by GMACM (or any successor thereto) to provide, within the required
      time
      period set forth in Section 3.28 hereof, any required reports or data
      pertaining to the GMACM Mortgage Loans, which failure continues unremedied
      for a
      period of thirty (30) days after the date on which written notice of such
      failure, requiring the same to be remedied, has been given to GMACM (or any
      successor thereto) by the Master Servicer; or

     

    (xi)  with
      respect to Wells Fargo only, an event of default by Wells Fargo under the
      Servicing Agreement

     

    then,
      and
      in each and every such case, so long as a Servicer Default with respect to
      GMACM
      shall not have been remedied, the Master Servicer, by notice in writing to
      the
      Servicer shall with respect to a payment default by such Servicer pursuant
      to
      Section 8.01(i) of this Agreement and, upon the occurrence and continuance
      of any other Servicer Default with respect to GMACM may, and, at the written
      direction of Certificateholders evidencing not less than 25% of the Voting
      Rights of the Certificates affected thereby shall, in addition to whatever
      rights the Trustee on behalf of the Certificateholders may have under
      Section 7.03 of this Agreement and at law or equity to damages, including
      injunctive relief and specific performance, terminate all the rights and
      obligations of GMACM under this Agreement and in and to the related GMACM
      Mortgage Loans and the proceeds thereof without compensating GMACM for the
      same
      with respect to a default by GMACM.  In connection with the occurrence
      of a Servicer Default by Wells Fargo which shall not have been remedied, the
      Master Servicer shall notify the Trustee and the Trustee, by notice in writing
      to such Servicer, shall with respect to a payment default by such Servicer
      pursuant to Section 8.01(a)(xi) of this Agreement, and upon the occurrence
      and continuance of any other Servicer Default by such Servicer, may, and at
      the
      written direction of Certificateholders evidencing not less than 25% of the
      Voting Rights of the Certificates affected thereby shall, in addition to
      whatever rights the Trustee on behalf of such Certificateholders may have under
      the Servicing Agreement and at law or equity to damages, including injunctive
      relief and specific performance, terminate the rights and obligations of such
      Servicer under the Servicing Agreement and in and to the Wells Fargo Mortgage
      Loans and the proceeds thereof without compensating Wells Fargo for the same
      with respect to a default by Wells Fargo. On or after the receipt by such
      Servicer of such written notice, all authority and power of the defaulting
      Servicer under this Agreement or the Servicing Agreement, as applicable whether
      with respect to the related Mortgage Loans or otherwise, shall pass to and
      be
      vested in the Master Servicer or, if Wells Fargo is the defaulting Servicer,
      the
      Trustee.  Upon written request from the Master Servicer or the
      Trustee, as applicable, the defaulting Servicer shall prepare, execute and
      deliver, any and all documents and other instruments, place in the Trustee’s (or
      its Custodian’s) possession all Mortgage Files relating to the related Mortgage
      Loans, and 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 related Mortgage Loans and related
      documents, or otherwise, at such Servicer’s sole expense.  The
      defaulting Servicer shall cooperate with the Master Servicer or the Trustee,
      as
      applicable in effecting the termination of such Servicer’s responsibilities and
      rights hereunder or under the Servicing Agreement, as applicable, including,
      without limitation, the transfer to such successor for administration by it
      of
      all cash amounts which shall at the time be credited by the defaulting Servicer
      to the related Custodial Account or Escrow Account or thereafter received with
      respect to the related Mortgage Loans or any related REO Property (provided,
      however, that the defaulting Servicer shall continue to be entitled to receive
      all amounts accrued or owing to it under this Agreement or the Servicing
      Agreement, as applicable, on or prior to the date of such termination, whether
      in respect of Advances, Servicing Advances, accrued and unpaid Servicing Fees
      or
      otherwise, and shall continue to be entitled to the benefits of
      Section 7.04 of this Agreement or the benefits under the Servicing
      Agreement, as applicable, notwithstanding any such termination, with respect
      to
      events occurring prior to such termination).  Neither Master Servicer
      nor the Trustee shall have knowledge of a Servicer Default unless a Responsible
      Officer of the Master Servicer or the Trustee, as applicable, has actual
      knowledge or unless written notice of any Servicer Default is received by the
      Master Servicer or the Trustee, as applicable, at its address for notice and
      such notice references the Certificates, the Trust Fund or this
      Agreement.

     

    (b)  In
      case
      one or more of the following events of default by the Master  Servicer
      (each, a “Master Servicer Default”) shall occur and be continuing, that is to
      say:

     

    (i)  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, or the breach by the Master
      Servicer of any representation and warranty contained in Section 2.03,
      which continues unremedied for a period of thirty (30) days after the date
      on
      which written notice of such failure, requiring the same to be remedied, shall
      have been given to the Master Servicer by the Depositor or the Trustee or to
      the
      Master Servicer, the Depositor and the Trustee by the Holders of Certificates
      entitled to at least twenty-five percent (25%) of the Voting Rights of the
      Certificates affected thereby; or

     

    (ii)  a
      decree
      or order of a court or agency or supervisory authority having jurisdiction
      in
      the premises in an involuntary case under any present or future federal or
      state
      bankruptcy, insolvency or similar law or the appointment of a conservator or
      receiver or liquidator in any insolvency, readjustment of debt, marshalling
      of
      assets and liabilities or similar proceeding, or for the winding-up or
      liquidation of its affairs, shall have been entered against the Master Servicer
      and such decree or order shall have remained in force undischarged or unstayed
      for a period of sixty (60) days; or

     

    (iii)  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 or similar proceedings of or relating to it or of or relating to
      all
      or substantially all of its property; or

     

    (iv)  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

     

    (v)  so
      long
      as the Trust Fund is subject to Exchange Act reporting requirements, failure
      by
      the Master Servicer to duly perform, within the required time period, its
      obligations under Sections 3.13, 3.14, 3.18 or Section 5.17.

     

    If
      a
      Master Servicer Default shall occur, then, and in each and every such case,
      so
      long as such Master Servicer Default shall not have been remedied, the Depositor
      or the Trustee may, and at the written direction of the Holders of Certificates
      entitled to at least 51% of Voting Rights of the Certificates affected thereby,
      the Trustee shall, by notice in writing to the Master Servicer (and to the
      Depositor if given by the Trustee or to the Trustee if given by the Depositor)
      with a copy to each Rating Agency, terminate all of the rights and obligations
      of the Master Servicer in its capacity as Master Servicer under this Agreement
      with respect to the related Mortgage Loans, to the extent permitted by law,
      and
      in and to the related 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 under this Agreement, whether with respect to the
      Certificates (other than as a Holder of any Certificate) or the related Mortgage
      Loans or otherwise including, without limitation, the compensation payable
      to
      the Master Servicer under this Agreement with respect to the related Mortgage
      Loans, shall pass to and be vested in the Trustee pursuant to and under this
      Section, and, without limitation, the Trustee is hereby authorized and
      empowered, as attorney-in-fact or otherwise, to execute and deliver, on behalf
      of and at the expense of the Master Servicer, 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 related Mortgage
      Loans and related documents, or otherwise. The Master Servicer agrees promptly
      (and in any event no later than ten Business Days subsequent to such notice)
      to
      provide the Trustee with all documents and records requested by it to enable
      it
      to assume the Master Servicer’s functions under this Agreement with respect to
      the related Mortgage Loans, and to cooperate with the Trustee in effecting
      the
      termination of the Master Servicer’s responsibilities and rights under this
      Agreement with respect to the related Mortgage Loans (provided, however, that
      the Master Servicer shall continue to be entitled to receive all amounts accrued
      or owing to it under this Agreement with respect to the related Mortgage Loans
      on or prior to the date of such termination and shall continue to be entitled
      to
      the benefits of Section 7.03, notwithstanding any such termination, with
      respect to events occurring prior to such termination). For purposes of this
      Section 8.01, the Trustee shall not be deemed to have knowledge of a Master
      Servicer Default unless a Responsible Officer of the Trustee assigned to and
      working in the Trustee’s Corporate Trust Office has actual knowledge thereof or
      unless written notice of any event which is in fact such a Master Servicer
      Default is received by the Trustee and such notice references the Certificates,
      the Trust Fund or this Agreement. The Trustee shall promptly notify the Rating
      Agencies of the occurrence of a Master Servicer Default of which it has
      knowledge as provided above.

     

    Notwithstanding
      the above, the Trustee may, if it shall be unwilling to continue to so act,
      or
      shall, if it is unable to so act, petition a court of competent jurisdiction
      to
      appoint, or appoint on its own behalf any established housing and home finance
      institution servicer, master servicer, servicing or mortgage servicing
      institution having a net worth of not less than $15,000,000 and meeting such
      other standards for a successor master servicer as are set forth in this
      Agreement, as the successor to such Master Servicer with respect to the Mortgage
      Loans in the assumption of all of the responsibilities, duties or liabilities
      of
      a master servicer, like the Master Servicer.

     

    To
      the
      extent that the costs and expenses of the Trustee related to the termination
      of
      the Master Servicer with respect to the Mortgage Loans, appointment of a
      successor Master Servicer or the transfer and assumption of the master servicing
      with respect to the Mortgage Loans by the Trustee (including, without
      limitation, (i) all legal costs and expenses and all due diligence costs and
      expenses associated with an evaluation of the potential termination of the
      Master Servicer with respect to the Mortgage Loans as a result of a Master
      Servicer Default and (ii) all costs and expenses associated with the complete
      transfer of the master servicing with respect to the Mortgage Loans, including
      all servicing files and all servicing data and the completion, correction or
      manipulation of such servicing data as may be required by the successor Master
      Servicer to correct any errors or insufficiencies in the servicing data or
      otherwise to enable the successor Master Servicer to master service the Mortgage
      Loans in accordance with this Agreement) are not fully and timely reimbursed
      by
      the terminated Master Servicer, the Trustee shall be entitled to reimbursement
      of such costs and expenses from the Distribution Account.  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 or any failure to perform, or
      any
      delay in performing, any duties or responsibilities hereunder, in either case
      caused by the failure of the Master Servicer to deliver or provide, or any
      delay
      in delivering or providing, any cash, information, documents or records to
      it.  Furthermore, neither the Trustee nor any other successor master
      servicer shall be liable for any acts or omissions of the terminated Master
      Servicer.

     

    Section
      8.02  Master
      Servicer or Trustee to Act; Appointment of Successor.

     

    On
      and
      after the time a Servicer receives a notice of termination pursuant to
      Section 8.01 of this Agreement or pursuant to the Servicing Agreement, the
      Master Servicer or, if Wells Fargo is the defaulting Servicer, the Trustee,
      shall become the successor to such Servicer with respect to the related Mortgage
      Loans and the transactions set forth or provided for herein and after a
      transition period (not to exceed 90 days), shall be subject to all the
      responsibilities, duties and liabilities relating thereto placed on the
      terminated Servicer by the terms and provisions hereof or the Servicing
      Agreement, as applicable, and applicable law including the obligation to make
      Advances with respect to the related Mortgage Loans pursuant to Article V hereof
      or the Servicing Agreement, as applicable, except as otherwise provided herein
      or therein; provided, however, that the Master Servicer’s or the Trustee’s
      obligation to make Advances with respect to the related Mortgage Loan in its
      capacity as Successor Servicer shall not be subject to such 90-day transition
      period and the Master Servicer or the Trustee, as applicable, will make any
      Advance required to be made by the terminated Servicer on the Distribution
      Date
      on which the terminated Servicer was required to make such Advance. Effective
      on
      the date of such notice of termination, as compensation therefor, the Master
      Servicer or the Trustee, as applicable, shall be entitled to all fees, costs
      and
      expenses relating to the related Mortgage Loans that the terminated Servicer
      would have been entitled to if it had continued to act hereunder or under the
      Servicing Agreement, as applicable, provided, however, that neither the Master
      Servicer nor the Trustee shall be (i) liable for any acts or omissions of the
      terminated Servicer, (ii) obligated to make Advances if it is prohibited from
      doing so under applicable law or determines that such Advance, if made, would
      constitute a Nonrecoverable Advance, (iii) responsible for expenses of the
      terminated Servicer pursuant to Section 2.03 of this Agreement or pursuant
      to the Servicing Agreement or (iv) obligated to deposit losses on any Permitted
      Investment directed by the terminated Servicer.  Notwithstanding the
      foregoing, the Master Servicer or the Trustee, as applicable, may, if it shall
      be unwilling to so act, or shall, if it is prohibited by applicable law from
      making Advances pursuant to Article VI of this Agreement or if it is otherwise
      unable to so act, appoint, or petition a court of competent jurisdiction to
      appoint, any established mortgage loan servicing institution the appointment
      of
      which does not adversely affect the then current rating of the Certificates
      by
      each Rating Agency as the successor to the terminated Servicer hereunder in
      the
      assumption of all or any part of the responsibilities, duties or liabilities
      of
      the terminated Servicer with respect to the related Mortgage Loans hereunder
      or
      under the Servicing Agreement. Any Successor Servicer shall (i) be an
      institution that is a Fannie Mae and Freddie Mac approved seller/servicer in
      good standing, that has a net worth of at least $15,000,000 and (ii) be willing
      to act as successor servicer of the related Mortgage Loans under this Agreement
      or under the Servicing Agreement, and shall have executed and delivered to
      the
      Depositor and the Trustee an agreement accepting such delegation and assignment,
      that contains an assumption by such Person of the rights, powers, duties,
      responsibilities, obligations and liabilities of the terminated Servicer with
      respect to the related Mortgage Loans (other than any liabilities of the
      terminated Servicer hereof incurred prior to termination of such Servicer under
      Section 8.01 of this Agreement or under the Servicing Agreement, as
      applicable), with like effect as if originally named as a party to this
      Agreement or under the Servicing Agreement, provided that each Rating Agency
      shall have acknowledged in writing that its rating of the Certificates (in
      effect immediately prior to such assignment and delegation will not be qualified
      or reduced as a result of such assignment and delegation. If the Master Servicer
      or the Trustee assumes the duties and responsibilities of the terminated
      Servicer with respect to the related Mortgage Loans in accordance with this
      Section 8.02, the Master Servicer or the Trustee, as applicable, shall not
      resign as servicer until a Successor Servicer has been appointed and has
      accepted such appointment. Pending appointment of a successor to the terminated
      Servicer hereunder or under this Servicing Agreement, the Master Servicer or
      the
      Trustee, as applicable, unless such party is prohibited by law from so acting,
      shall act in such capacity as hereinabove provided. In connection with such
      appointment and assumption, the Master Servicer or the Trustee, as applicable,
      may make such arrangements for the compensation of such successor out of
      payments on the related Mortgage Loans or otherwise as it and such successor
      shall agree; provided that no such compensation shall be in excess of that
      permitted the terminated Servicer with respect to the related Mortgage Loans
      hereunder or under this Servicing Agreement. The Master Servicer or the Trustee,
      as applicable and such successor shall take such action, consistent with this
      Agreement, as shall be necessary to effectuate any such succession. Neither
      the
      Master Servicer nor any other Successor Servicer shall be deemed to be in
      default hereunder by reason of any failure to make, or any delay in making,
      any
      distribution hereunder or any portion thereof or any failure to perform, or
      any
      delay in performing, any duties or responsibilities hereunder, in either case
      caused by the failure of the terminated Servicer to deliver or provide, or
      any
      delay in delivering or providing, any cash, information, documents or records
      to
      it.

     

    The
      costs
      and expenses of the Master Servicer or the Trustee, as applicable, in connection
      with the termination of the terminated Servicer, appointment of a Successor
      Servicer and, if applicable, any transfer of servicing, including, without
      limitation, all costs and expenses associated with the complete transfer of
      all
      servicing data and the completion, correction or manipulation of such servicing
      data as may be required by the Master Servicer or the Trustee, as applicable,
      to
      correct any errors or insufficiencies in the servicing data or otherwise to
      enable the Master Servicer, the Trustee or the Successor Servicer to service
      the
      related Mortgage Loans properly and effectively, to the extent not paid by
      the
      terminated Servicer as may be required herein shall be payable to the Master
      Servicer or the Trustee, as applicable, from the Distribution Account pursuant
      to Section 3.32. Any successor to the terminated Servicer as successor
      servicer under this Agreement shall give notice to the applicable Mortgagors
      of
      such change of servicer and shall, during the term of its service as successor
      servicer maintain in force the policy or policies that the terminated Servicer
      is required to maintain pursuant to Section 3.05 of this Agreement or
      pursuant to the Servicing Agreement.  Notwithstanding anything herein
      to the contrary, in no event shall the Trustee be liable for any Servicing
      Fee
      or for any differential in the amount of the Servicing Fee paid hereunder or
      under any Servicing Agreement, as applicable, and the amount necessary to induce
      any successor master servicer or successor servicer to act as successor master
      servicer or successor servicer under this Agreement or any Servicing Agreement,
      as applicable, and the transactions set forth or provided for
      herein.

     

    Section
      8.03  Notification
      to Certificateholders.

     

    (a)  Upon
      any
      termination of or appointment of a successor to a Servicer or the Master
      Servicer, the Trustee shall give prompt written notice thereof to the
      Certificateholders and to each Rating Agency.

     

    (b)  Within
      sixty (60) days after the occurrence of any Servicer Default or Master Servicer
      Default, the Trustee shall transmit by mail to all Certificateholders notice
      of
      each such Servicer Default or Master Servicer Default hereunder known to the
      Trustee, unless such default shall have been cured or waived.

     

    Section
      8.04  Waiver
      of Servicer Defaults and Master Servicer Defaults.

     

    The
      Trustee shall waive by written notice from Certificateholders evidencing 66-2/3%
      of the Voting Rights of the Certificates affected thereby (unless such default
      materially and adversely affects all Certificateholders, in which case the
      written direction shall be from all of the Certificateholders) any default
      by a
      Servicer or the Master Servicer in the performance of its obligations hereunder
      or under the Servicing Agreement and its consequences.  Upon any such
      waiver of a past default, such default shall cease to exist, and any Servicer
      Default or Master Servicer 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 in writing.

     

    ARTICLE
      IX

     

    CONCERNING
      THE TRUSTEE AND SECURITIES ADMINISTRATOR

     

    Section
      9.01  Duties
      of Trustee and Securities Administrator.

     

    (a)  The
      Trustee, prior to the occurrence of a Servicer Default with respect to Wells
      Fargo or a Master Servicer Default, and after the curing or waiver of all
      Servicer Defaults with respect to Wells Fargo and all Master Servicer Defaults,
      which may have occurred, and the Securities Administrator each undertake to
      perform such duties and only such duties as are specifically set forth in this
      Agreement as duties of the Trustee and the Securities Administrator,
      respectively. If a Servicer Default with respect to Wells Fargo or a Master
      Servicer Default has occurred and has not 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.  Any permissive right of the Trustee enumerated in this
      Agreement shall not be construed as a duty.

     

    (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 it, which are specifically required to be
      furnished pursuant to any provision of this Agreement, shall examine them to
      determine whether they conform to the requirements of this Agreement. If any
      such instrument is found not to conform to the requirements of this Agreement
      in
      a material manner, the Trustee or the Securities Administrator, as the case
      may
      be, shall take such action as it deems appropriate to have the instrument
      corrected, and if the instrument is not corrected to its satisfaction, the
      Securities Administrator will provide notice to the Trustee
      thereof.

     

    (c)  The
      Trustee shall promptly remit to the related Servicer any complaint, claim,
      demand, notice or other document (collectively, the “Notices”) delivered to the
      Trustee as a consequence of the assignment of any Mortgage Loan hereunder and
      relating to the servicing of the Mortgage Loans; provided than any such notice
      (i) is delivered to the Trustee at its Corporate Trust Office, (ii) contains
      information sufficient to permit the Trustee to make a determination that the
      real property to which such document relates is a Mortgaged Property. The
      Trustee shall have no duty hereunder with respect to any Notice it may receive
      or which may be alleged to have been delivered to or served upon it unless
      such
      Notice is delivered to it or served upon it at its Corporate Trust Office and
      such Notice contains the information required pursuant to clause (ii) of the
      preceding sentence.

     

    (d)   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 misconduct; provided, however,
      that:

     

    (i)  Prior
      to
      the occurrence of a Servicer Default with respect to Wells Fargo or a Master
      Servicer Default and after the curing or waiver of all such Servicer Defaults
      with respect to Wells Fargo and all Master Servicer Defaults which may have
      occurred with respect to the Trustee and at all times with respect to the
      Securities Administrator, the duties and obligations of the Trustee and the
      Securities Administrator shall be determined solely by the express provisions
      of
      this Agreement, neither the Trustee nor the Securities Administrator shall
      be
      liable except for the performance of its duties and obligations as are
      specifically set forth in this Agreement, no implied covenants or obligations
      shall be read into this Agreement against the Trustee or the Securities
      Administrator and, in the absence of bad faith on the part of the Trustee or
      the
      Securities Administrator, respectively, the Trustee or the Securities
      Administrator, respectively, may conclusively rely and shall be fully protected
      in acting or refraining from acting, as to the truth of the statements and
      the
      correctness of the opinions expressed therein, upon any certificates or opinions
      furnished to the Trustee or the Securities Administrator, respectively, that
      conform to the requirements of this Agreement;

     

    (ii)  Neither
      the Trustee nor the Securities Administrator shall be liable in its individual
      capacity for an error of judgment made in good faith by a Responsible Officer
      or
      Responsible Officers of the Trustee or an officer or officers of the Securities
      Administrator, respectively, unless it shall be proved that the Trustee or
      Securities Administrator, respectively, was negligent in ascertaining the
      pertinent facts;

     

    (iii)  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 and believed
      by it to be authorized or within the rights or powers conferred upon it by
      this
      Agreement or in accordance with the directions of the Holders of Certificates
      evidencing not less than 25% of the aggregate Voting Rights of the Certificates,
      if such action or non-action relates 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 other power conferred upon the Trustee
      or the Securities Administrator under this Agreement;

     

    (iv)  The
      Trustee shall not be required to take notice or be deemed to have notice or
      knowledge of any default, Servicer Default with respect to Wells Fargo or Master
      Servicer Default unless a Responsible Officer of the Trustee shall have actual
      knowledge thereof. In the absence of such notice, the Trustee may conclusively
      assume there is no such default, Servicer Default with respect to Wells Fargo
      or
      Master Servicer Default;

     

    (v)  The
      Trustee shall not in any way be liable by reason of any insufficiency in any
      Account held by or in the name of Trustee unless it is determined by a court
      of
      competent jurisdiction that the Trustee’s gross negligence or willful misconduct
      was the primary cause of such insufficiency (except to the extent that the
      Trustee is obligor and has defaulted thereon);

     

    (vi)  Anything
      in this Agreement to the contrary notwithstanding, in no event shall the Trustee
      or the Securities Administrator be liable for special, indirect, punitive or
      consequential loss or damage of any kind whatsoever (including but not limited
      to lost profits), even if the Trustee or the Securities Administrator has been
      advised of the likelihood of such loss or damage and regardless of the form
      of
      action and whether or not any such damages were foreseeable or contemplated;
      and

     

    (vii)  None
      of
      the Sponsor, the Depositor or 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 partners, joint venturers or agents of one
      another.

     

    Neither
      the Trustee (regardless of the capacity in which it is acting) nor the
      Securities Administrator shall be required to expend or risk its own funds
      or
      otherwise incur liability, financial or otherwise, in the performance of any
      of
      its duties hereunder, or in the exercise of any of its rights or powers, if
      there is reasonable ground for believing that the repayment of such funds or
      adequate indemnity against such risk or liability is not reasonably assured
      to
      it, and none of the provisions contained in this Agreement shall in any event
      require the Trustee or the Securities Administrator to perform, or be
      responsible for the manner of performance of, any of the obligations of the
      terminated Servicer hereunder.

     

    (e)  All
      funds
      received by the Securities Administrator and required to be deposited in the
      Distribution Account pursuant to this Agreement will be promptly so deposited
      by
      the Securities Administrator.

     

    Section
      9.02  Certain
      Matters Affecting the Trustee and Securities Administrator.

     

    (a)  Except
      as
      otherwise provided in Section 9.01:

     

    (i)  The
      Trustee and the Securities Administrator may conclusively rely and shall be
      fully protected in acting or refraining from acting in reliance on any
      resolution or certificate of the Sponsor, the Depositor or the Servicers, any
      certificates of auditors or any other certificate, statement, instrument,
      opinion, report, notice, request, consent, order, appraisal, bond or other
      paper
      or document believed by it to be genuine and to have been signed or presented
      by
      the proper party or parties;

     

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

     

    (iii)  Neither
      the Trustee nor the Securities Administrator shall be under any obligation
      to
      exercise any of the trusts or powers vested in it by this Agreement, other
      than
      its obligation to give notices pursuant to this Agreement, or to institute,
      conduct or defend any litigation hereunder or in relation hereto at the request,
      order or direction of any of the Certificateholders pursuant to the provisions
      of this Agreement, unless such Certificateholders shall have offered to the
      Trustee or the Securities Administrator, as the case may be, reasonable security
      or indemnity satisfactory to it against the costs, expenses and liabilities
      which may be incurred therein or thereby. Nothing contained herein shall,
      however, relieve the Trustee of the obligation, upon the occurrence of a
      Servicer Default with respect to Wells Fargo or a Master Servicer Default of
      which a Responsible Officer of the Trustee has actual knowledge (which has
      not
      been cured or waived), to exercise such of the rights and powers vested in
      it by
      this Agreement, and to 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 his own affairs;

     

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

     

    (v)  Prior
      to
      the occurrence of a Servicer Default with respect to Wells Fargo or a Master
      Servicer Default hereunder and after the curing or waiver of all Servicer
      Defaults with respect to Wells Fargo or all Master Servicer Defaults which
      may
      have occurred with respect to the Trustee and at all times with respect to
      the
      Securities Administrator, 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, unless
      requested in writing to do so by Holders of Certificates evidencing not less
      than twenty-five percent (25%) of the aggregate Voting Rights of the
      Certificates and provided that the payment within a reasonable time to the
      Trustee or the Securities Administrator of the costs, expenses or liabilities
      likely to be incurred by it in the making of such investigation is, in the
      opinion of the Trustee or the Securities Administrator, as applicable, not
      reasonably assured to the Trustee or the Securities Administrator, as
      applicable, 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 as a condition to taking any such
      action. The reasonable expense of every such examination shall be paid by the
      Certificateholders requesting the investigation;

     

    (vi)  The
      Trustee may execute any of the trusts or powers hereunder or perform any duties
      hereunder either directly or through Affiliates, nominees, custodians, agents
      or
      attorneys. The Trustee shall not be liable or responsible for the misconduct
      or
      negligence of any of the Trustee’s agents or attorneys or paying agent appointed
      hereunder by the Trustee with due care;

     

    (vii)  Should
      the Trustee deem the nature of any action required on its part to be unclear,
      the Trustee may require prior to such action that it be provided by the
      Depositor with reasonable further instructions; 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 accountable for other than
      its
      gross negligence or willful misconduct in the performance of any such
      act;

     

    (viii)  The
      Trustee shall not be required to give any bond or surety with respect to the
      execution of the trust created hereby or the powers granted
      hereunder;

     

    (ix)  The
      Trustee shall not have any duty to conduct any affirmative investigation as
      to
      the occurrence of any condition requiring the repurchase of any Mortgage Loan
      by
      any Person pursuant to this Agreement, or the eligibility of any Mortgage Loan
      for purposes of this Agreement;

     

    (x)  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 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 Servicer upon receipt any such complaint, claim,
      demand, notice or other document (i) which is delivered to the Trustee at is
      Corporate Trust Office, (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; and

     

    (xi)  The
      Trustee, not in its individual capacity but solely in its separate capacity
      as
      Supplemental Interest Trust Trustee, is hereby directed to execute and deliver
      the Swap Agreement on behalf of Party B (as defined therein) and to exercise
      the
      rights, perform the obligations, and make the representations of Party B
      thereunder, solely in its capacity as Supplemental Interest Trust Trustee on
      behalf of Party B (as defined therein) and not in its individual
      capacity.

     

    The
      Certificateholders (by acceptance of their Certificates) acknowledge and agree
      that:

     

    (a)
      the
      Supplemental Interest Trust Trustee shall execute and deliver the Swap Agreement
      on behalf of Party B (as defined therein),

     

     (b)
      the Supplemental Interest Trust Trustee shall exercise the rights, perform
      the
      obligations, and make the representations of Party B thereunder, solely in
      its
      capacity as Supplemental Interest Trust Trustee on behalf of Party B (as defined
      therein) and not in its individual capacity, and

     

     (c)
      the Securities Administrator shall also be entitled to exercise the rights
      and
      obligated to perform the obligations of Party B under the Swap
      Agreement.

     

    Every
      provision of this Agreement relating to the conduct or affecting the liability
      of or affording protection to the Trustee shall apply to the Trustee’s
      execution, as Supplemental Interest Trust Trustee of the Swap Agreement, and
      the
      performance of its duties and satisfaction of its obligations
      thereunder.

     

    Every
      provision of this Agreement relating to the conduct or affecting the liability
      of or affording protection to the Securities Administrator shall apply to the
      Securities Administrator’s performance of its duties and satisfaction of its
      obligations under the Swap Agreement.

     

    (xii)  None
      of
      the Securities Administrator, the Master Servicer, the Servicer, the Sponsor,
      the Depositor, the Custodian or the Trustee shall be responsible for the acts
      or
      omissions of the others or of the Swap Provider, it being understood that this
      Agreement shall not be construed to render them partners, joint venturers or
      agents of one another.

     

    (xiii)  The
      Trustee is hereby directed to execute and deliver the Cap Contract on behalf
      of
      Party B (as defined therein) and to exercise the rights, perform the
      obligations, and make the representations of Party B thereunder, solely in
      its
      capacity as Trustee on behalf of Party B (as defined therein) and not in its
      individual capacity.

     

    The
      Certificateholders (by acceptance of their Certificates) acknowledge and agree
      that:

     

    (a)           the
      Trustee shall execute and deliver the Cap Contract on behalf of Party B (as
      defined therein),

     

    (b)           the
      Trustee shall exercise the rights, perform the obligations, and make the
      representations of Party B thereunder, solely in its capacity as Trustee on
      behalf of Party B (as defined therein) and not in its individual capacity,
      and

     

    (c)           the
      Securities Administrator shall also be entitled to exercise the rights and
      obligated to perform the obligations of Party B under the Cap
      Contract.

     

    Every
      provision of this Agreement relating to the conduct or affecting the liability
      of or affording protection to the Trustee shall apply to the Trustee’s execution
      (as Supplemental Interest Trust Trustee) of the Cap Contract, and the
      performance of its duties and satisfaction of its obligations
      thereunder.

     

    Every
      provision of this Agreement relating to the conduct or affecting the liability
      of or affording protection to the Securities Administrator shall apply to the
      Securities Administrator’s performance of its duties and satisfaction of its
      obligations under the Cap Contract.

     

    Section
      9.03  Trustee
      and Securities Administrator not Liable for Certificates or Mortgage
      Loans.

     

    The
      recitals contained herein and in the Certificates (other than the signature
      of
      the Securities Administrator, the authentication of the Securities Administrator
      on the Certificates, the acknowledgements of the Trustee contained in Article
      II
      and the representations and warranties of the Trustee in Section 9.12)
      shall be taken as the statements of the Depositor, and neither the Trustee
      nor
      the Securities Administrator assumes any responsibility for their correctness.
      Neither the Trustee nor the Securities Administrator makes any representations
      or warranties as to the validity or sufficiency (other than as specifically
      set
      forth in Section 9.12) of the Cap Contract, the Swap Agreement, the
      Certificates (other than the signature of the Securities Administrator and
      authentication of the Securities Administrator on the Certificates) or of any
      Mortgage Loan except as expressly provided in Section 2.02. The Securities
      Administrator’s signature and authentication (or authentication of its agent) on
      the Certificates shall be solely in its capacity as Securities Administrator
      and
      shall not constitute the Certificates an obligation of the Securities
      Administrator in any other capacity. The Trustee and the Securities
      Administrator shall not be accountable for the use or application by the
      Depositor of any of the Certificates or of the proceeds of such Certificates,
      or
      for the use or application of any funds paid to the Depositor with respect
      to
      the Mortgage Loans.

     

    Section
      9.04  Trustee
      and Securities Administrator May Own Certificates.

     

    Each
      of
      the Trustee and the Securities Administrator in its individual capacity or
      in
      any other capacity other than as Trustee or Securities Administrator hereunder
      may become the owner or pledgee of any Certificates and may transact business
      with other interested parties and their Affiliates with the same rights it
      would
      have if it were not the Trustee or the Securities Administrator.

     

    Section
      9.05  Fees
      and Expenses of Trustee and Securities Administrator.

     

    The
      fees
      of the Trustee and the Securities Administrator hereunder shall be paid in
      accordance with a side letter agreement with the Master Servicer and at the
      sole
      expense of the Master Servicer. In addition, the Trustee, the Securities
      Administrator, the Custodian and any director, officer, employee or agent of
      the
      Trustee, the Securities Administrator and the Custodian shall be indemnified
      by
      the Trust Fund and held harmless against any loss, liability or expense
      (including reasonable attorney’s fees and expenses) incurred by the Trustee, the
      Custodian or the Securities Administrator including any pending or threatened
      claim or legal action arising out of or in connection with the acceptance or
      administration of its respective obligations and duties under this Agreement,
      including the Cap Contract, the Swap Agreement and any and all other agreements
      related hereto, other than any loss, liability or expense (i) for which the
      Trustee is indemnified by the Master Servicer or the related Servicer, (ii)
      that
      constitutes a specific liability of the Trustee or the Securities Administrator
      pursuant to this Agreement or (iii) any loss, liability or expense incurred
      by
      reason of willful misfeasance, bad faith or negligence in the performance of
      duties hereunder by the Trustee or the Securities Administrator or by reason
      of
      reckless disregard of obligations and duties hereunder. In no event shall the
      Trustee or the Securities Administrator be liable for special, indirect or
      consequential loss or damage of any kind whatsoever (including but not limited
      to lost profits), even if it has been advised of the likelihood of such loss
      or
      damage and regardless of the form of action. The Master Servicer agrees to
      indemnify the Trustee, from, and hold the Trustee harmless against, any loss,
      liability or expense (including reasonable attorney’s fees and expenses)
      incurred by the Trustee by reason of the Master Servicer’s willful misfeasance,
      bad faith or gross negligence in the performance of its duties under this
      Agreement or by reason of the Master Servicer’s reckless disregard of its
      obligations and duties under this Agreement. The indemnities in this
      Section 9.05 shall survive the termination or discharge of this Agreement
      and the resignation or removal of the Master Servicer, the Trustee, the
      Securities Administrator or the Custodian. Any payment hereunder made by the
      Master Servicer to the Trustee shall be from the Master Servicer’s own funds,
      without reimbursement from any REMIC therefor.

     

    Section
      9.06  Eligibility
      Requirements for Trustee and Securities Administrator.

     

    The
      Trustee and the Securities Administrator shall at all times be a corporation
      or
      an association (other than the Depositor, the Sponsor or any Affiliate of the
      foregoing) 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 at least $50,000,000 (or a
      member of a bank holding company whose capital and surplus is at least
      $50,000,000) and subject to supervision or examination by federal or state
      authority. If such corporation or association publishes reports of conditions
      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 association
      shall be deemed to be its combined capital and surplus as set forth in its
      most
      recent report of conditions so published. In case at any time the Trustee or
      the
      Securities Administrator, as applicable, shall cease to be eligible in
      accordance with the 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 9.07.

     

    Additionally,
      the Securities Administrator (i) may not be an originator, Master Servicer,
      Servicer, Depositor or an affiliate of the Depositor unless the Securities
      Administrator is in an institutional trust department, (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-1" by S&P (or such rating
      acceptable to Fitch pursuant to a rating confirmation).  Wells Fargo
      Bank, N.A. shall act as Securities Administrator for so long as it is Master
      Servicer under this Agreement.

     

    Section
      9.07  Resignation
      and Removal of Trustee and Securities Administrator.

     

    The
      Trustee and the Securities Administrator may at any time resign (including,
      without limitation, and in the case of the Securities Administrator, upon the
      resignation or removal of the Master Servicer) and be discharged from the trust
      hereby created by giving written notice thereof to the Depositor, to the Master
      Servicer, to the Securities Administrator (or the Trustee, if the Securities
      Administrator resigns) and to the Certificateholders. Upon receiving such notice
      of resignation, the Depositor shall promptly appoint a successor trustee or
      successor Securities Administrator by written instrument, in duplicate, which
      instrument shall be delivered to the resigning Trustee or Securities
      Administrator, as applicable, and to the successor trustee or successor
      Securities Administrator, as applicable. A copy of such instrument shall be
      delivered to the Certificateholders, the Trustee, the Securities Administrator
      and the Master Servicer by the Depositor. If no successor trustee or successor
      Securities Administrator shall have been so appointed and have accepted
      appointment within thirty (30) days after the giving of such notice of
      resignation, the resigning Trustee or Securities Administrator, as the case
      may
      be, may, at the expense of the Trust Fund, petition any court of competent
      jurisdiction for the appointment of a successor trustee or successor Securities
      Administrator, as applicable.

     

    If
      at any
      time the Trustee or the Securities Administrator shall cease to be eligible
      in
      accordance with the provisions of Section 9.06 and shall fail to resign
      after written request therefor by the Depositor, or if at any time the Trustee
      or the Securities Administrator shall become incapable of acting, or shall
      be
      adjudged bankrupt or insolvent, or a receiver of the Trustee or the Securities
      Administrator or of its property shall be appointed, or any public officer
      shall
      take charge or control of the Trustee or the Securities Administrator or of
      its
      property or affairs for the purpose of rehabilitation, conservation or
      liquidation, then the Depositor may remove the Trustee or the Securities
      Administrator, as applicable, and appoint a successor trustee or successor
      Securities Administrator, as applicable, by written instrument, in duplicate,
      which instrument shall be delivered to the Trustee or the Securities
      Administrator so removed and to the successor trustee or successor Securities
      Administrator. A copy of such instrument shall be delivered to the
      Certificateholders, the Trustee, the Securities Administrator and the Master
      Servicer by the Depositor.

     

    The
      Holders of Certificates entitled to at least fifty-one percent (51%) of the
      Voting Rights may at any time remove the Trustee or the Securities Administrator
      and appoint a successor trustee or successor Securities Administrator by written
      instrument or instruments, in triplicate, signed by such Holders or their
      attorneys-in-fact duly authorized, one complete set of which instruments shall
      be delivered to the Depositor, one complete set to the Trustee or the Securities
      Administrator so removed and one complete set to the successor so appointed.
      A
      copy of such instrument shall be delivered to the Certificateholders, the
      Trustee (in the case of the removal of the Securities Administrator), the
      Securities Administrator (in the case of the removal of the Trustee) and the
      Master Servicer by the Depositor.

     

    Any
      resignation or removal of the Trustee or the Securities Administrator and
      appointment of a successor trustee or successor Securities Administrator
      pursuant to any of the provisions of this Section shall not become
      effective until acceptance of appointment by the successor trustee or successor
      Securities Administrator, as applicable, as provided in
      Section 9.08.

     

    Notwithstanding
      anything to the contrary contained herein, the Master Servicer and the
      Securities Administrator shall at all times be the same Person.

     

    Any
      Person appointed as successor trustee pursuant to this Section 9.07 shall also
      be required to serve as successor supplemental interest trust trustee under
      the
      Swap Agreement.

     

    Section
      9.08  Successor
      Trustee or Securities Administrator.

     

    Any
      successor trustee or successor Securities Administrator appointed as provided
      in
      Section 9.07 hereof shall execute, acknowledge and deliver to the Depositor
      and to its predecessor trustee or predecessor Securities Administrator
      instrument accepting such appointment hereunder and thereupon the resignation
      or
      removal of the predecessor trustee or predecessor Securities Administrator
      shall
      become effective and such successor trustee or successor Securities
      Administrator, without any further act, deed or conveyance, shall become fully
      vested with all the rights, powers, duties and obligations of its predecessor
      hereunder, with the like effect as if originally named as trustee or Securities
      Administrator herein. The predecessor trustee or predecessor Securities
      Administrator shall deliver to the successor trustee or successor Securities
      Administrator all Mortgage Loan Documents and related documents and statements
      to the extent held by it hereunder, as well as all monies, held by it hereunder,
      and the Depositor and the predecessor trustee or predecessor Securities
      Administrator shall execute and deliver such instruments and do such other
      things as may reasonably be required for more fully and certainly vesting and
      confirming in the successor trustee or successor Securities Administrator all
      such rights, powers, duties and obligations.

     

    No
      successor trustee or successor Securities Administrator shall accept appointment
      as provided in this Section 9.08 unless at the time of such acceptance such
      successor trustee or successor Securities Administrator shall be eligible under
      the provisions of Section 9.07 hereof and its appointment shall not
      adversely affect the then current rating of the Certificates.

     

    Upon
      acceptance of appointment by a successor trustee or successor Securities
      Administrator as provided in this Section 9.08, the successor trustee or
      successor Securities Administrator shall mail notice of the succession of such
      trustee or Securities Administrator hereunder to all Holders of Certificates.
      If
      the successor trustee or successor Securities Administrator fails to mail such
      notice within ten days after acceptance of appointment, the Depositor shall
      cause such notice to be mailed at the expense of the Trust Fund.

     

    Section
      9.09  Merger
      or Consolidation of Trustee or Securities Administrator.

     

    Any
      corporation, state bank or national banking association into which the Trustee
      or Securities Administrator may be merged or converted or with which it may
      be
      consolidated or any corporation, state bank or national banking association
      resulting from any merger, conversion or consolidation to which the Trustee
      or
      the Securities Administrator shall be a party, or any corporation, state bank
      or
      national banking association succeeding to substantially all of the corporate
      trust business of the Trustee or Securities Administrator or shall be the
      successor of the Trustee or Securities Administrator hereunder, provided that
      such corporation shall be eligible under the provisions of Section 9.06
      without the execution or filing of any paper or further act on the part of
      any
      of the parties hereto, anything herein to the contrary
      notwithstanding.

     

    Section
      9.10  Appointment
      of Co-Trustee or Separate Trustee.

     

    Notwithstanding
      any other provisions hereof, at any time, for the purpose of meeting any legal
      requirements of any jurisdiction in which any part of, REMIC I or any property
      securing the same may at the time be located, the Trustee shall have the power
      and shall execute and deliver all instruments to appoint one or more Persons
      approved by the Trustee to act as co-trustee or co-trustees, jointly with the
      Trustee, or separate trustee or separate trustees, of all or any part of REMIC
      I, and to vest in such Person or Persons, in such capacity, and for the benefit
      of the Holders of the Certificates, such title to REMIC I, or any part thereof,
      and, subject to the other provisions of this Section 9.10, such powers,
      duties, obligations, rights and trusts as the Trustee may consider necessary
      or
      desirable. No co-trustee or separate trustee hereunder shall be required to
      meet
      the terms of eligibility as a successor trustee under Section 9.06
      hereunder and no notice to Holders of Certificates of the appointment of
      co-trustee(s) or separate trustee(s) shall be required under Section 9.08
      hereof.

     

    In
      the
      case of any appointment of a co-trustee or separate trustee pursuant to this
      Section 9.10 all rights, powers, duties and obligations conferred or
      imposed upon the Trustee shall be conferred or imposed upon and exercised or
      performed by the Trustee and such separate trustee or co-trustee jointly, except
      to the extent that under any law of any jurisdiction in which any particular
      act
      or acts are to be performed by the Trustee (whether as Trustee hereunder or
      as
      successor to a defaulting Master Servicer hereunder), the Trustee shall be
      incompetent or unqualified to perform such act or acts, in which event such
      rights, powers, duties and obligations (including the holding of title to or
      REMIC I or any portion thereof in any such jurisdiction) shall be exercised
      and
      performed by such separate trustee or co-trustee at the direction of the
      Trustee.

     

    Any
      notice, request or other writing given to the Trustee shall be deemed to have
      been given to each of the then separate trustees and co-trustees, as effectively
      as if given to each of them. Every instrument appointing any separate trustee
      or
      co-trustee shall refer to this Agreement and the conditions of this Article
      IX.
      Each separate trustee and co-trustee, upon its acceptance of the trust
      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.

     

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

     

    Section
      9.11  Appointment
      of Office or Agency.

     

    The
      Certificates may be surrendered for registration of transfer or exchange at
      the
      Securities Administrator’s office initially located at Sixth Street and
      Marquette Avenue, Minneapolis, Minnesota 55479, and presented for final
      distribution at the Corporate Trust Office of the Securities Administrator
      where
      notices and demands to or upon the Securities Administrator in respect of the
      Certificates and this Agreement may be served.

     

    Section
      9.12  Representations
      and Warranties.

     

    The
      Trustee hereby represents and warrants to the Master Servicer, the Securities
      Administrator, GMACM and the Depositor as of the Closing Date,
      that:

     

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

     

    (ii)  The
      execution and delivery of this Agreement by it, and the performance and
      compliance with the terms of this Agreement by it, will not violate its articles
      of association or bylaws or 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 agreement or other instrument to which it is a party
      or
      which is applicable to it or any of its assets.

     

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

     

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

     

    (v)  It
      is not
      in violation of, and its execution and delivery of this Agreement and its
      performance and compliance with the terms of this Agreement will not constitute
      a violation of, any law, any order or decree of any court or arbiter, or any
      order, regulation or demand of any federal, state or local governmental or
      regulatory authority, which violation, in its good faith and reasonable
      judgment, is likely to affect materially and adversely either the ability of
      it
      to perform its obligations under this Agreement or its financial
      condition.

     

    No
      litigation is pending or, to the best of its knowledge, threatened against
      it,
      which would prohibit it from entering into this Agreement or, in its good faith
      reasonable judgment, is likely to materially and adversely affect either the
      ability of it to perform its obligations under this Agreement or its financial
      condition.

     

    Section
      9.13  Tax
      Matters.

     

    It
      is
      intended that the Trust Fund shall constitute, and that the affairs of the
      Trust
      Fund shall be conducted so that each REMIC formed hereunder qualifies as, a
      “real estate mortgage investment conduit” as defined in and in accordance with
      the REMIC Provisions. In furtherance of such intention, the Securities
      Administrator covenants and agrees that it shall act as agent (and the
      Securities Administrator is hereby appointed to act as agent) on behalf of
      the
      Trust Fund. The Securities Administrator, as agent on behalf of the Trust Fund,
      shall do or refrain from doing, as applicable, the following: (a) the Securities
      Administrator shall prepare and file, or cause to be prepared and filed, in
      a
      timely manner, U.S. Real Estate Mortgage Investment Conduit Income Tax Returns
      (Form 1066 or any successor form adopted by the Internal Revenue Service) and
      prepare and file or cause to be prepared and filed with the Internal Revenue
      Service and applicable state or local tax authorities income tax or information
      returns for each taxable year with respect to each such REMIC containing such
      information and at the times and in the manner as may be required by the Code
      or
      state or local tax laws, regulations, or rules, and furnish or cause to be
      furnished to Certificateholders the schedules, statements or information at
      such
      times and in such manner as may be required thereby; (b) the Securities
      Administrator shall apply for an employer identification number with the
      Internal Revenue Service via a Form SS-4 or other comparable method for each
      REMIC that is or becomes a taxable entity, and within thirty days of the Closing
      Date, furnish or cause to be furnished to the Internal Revenue Service, on
      Forms
      8811 or as otherwise may be required by the Code, the name, title, address,
      and
      telephone number of the person that the holders of the Certificates may contact
      for tax information relating thereto, together with such additional information
      as may be required by such Form, and update such information at the time or
      times in the manner required by the Code for the Trust Fund; (c) the Securities
      Administrator shall make or cause to be made elections, on behalf of each REMIC
      formed hereunder to be treated as a REMIC on the federal tax return of such
      REMIC for its first taxable year (and, if necessary, under applicable state
      law); (d) the Securities Administrator shall prepare and forward, or cause
      to be
      prepared and forwarded, to the Certificateholders and to the Internal Revenue
      Service and, if necessary, state tax authorities, all information returns and
      reports as and when required to be provided to them in accordance with the
      REMIC
      Provisions, including without limitation, the calculation of any original issue
      discount using the Prepayment Assumption; (e) the Securities Administrator
      shall
      provide information necessary for the computation of tax imposed on the transfer
      of a Residual Certificate to a Person that is not a Permitted Transferee, or
      an
      agent (including a broker, nominee or other middleman) of a Person that is
      not a
      Permitted Transferee, or a pass-through entity in which a Person that is not
      a
      Permitted Transferee is the record Holder of an interest (the reasonable cost
      of
      computing and furnishing such information may be charged to the Person liable
      for such tax); (f) the Securities Administrator shall, to the extent under
      its
      control, conduct the affairs of the Trust Fund at all times that any
      Certificates are outstanding so as to maintain the status of each REMIC formed
      hereunder as a REMIC under the REMIC Provisions; (g) the Securities
      Administrator shall not knowingly or intentionally take any action or omit
      to
      take any action that would cause the termination of the REMIC status of any
      REMIC formed hereunder; (h) the Securities Administrator shall pay, from the
      sources specified in the last paragraph of this Section 9.12, the amount of
      any federal, state and local taxes, including prohibited transaction taxes
      as
      described below, imposed on any REMIC formed hereunder prior to the termination
      of the Trust Fund when and as the same shall be due and payable (but such
      obligation shall not prevent the Securities Administrator or any other
      appropriate Person from contesting any such tax in appropriate proceedings
      and
      shall not prevent the Securities Administrator from withholding payment of
      such
      tax, if permitted by law, pending the outcome of such proceedings); (i) the
      Trustee shall sign or cause to be signed federal, state or local income tax
      or
      information returns or any other document prepared by the Securities
      Administrator pursuant to this Section 9.13 requiring a signature thereon
      by the Trustee; (j) the Securities Administrator shall maintain records relating
      to each REMIC formed hereunder including but not limited to the income,
      expenses, assets and liabilities of each such REMIC and adjusted basis of the
      Trust Fund property determined at such intervals as may be required by the
      Code,
      as may be necessary to prepare the foregoing returns, schedules, statements
      or
      information; (k) the Securities Administrator shall, for federal income tax
      purposes, maintain books and records with respect to the REMICs on a calendar
      year and on an accrual basis; (l) the Securities Administrator shall not enter
      into any arrangement not otherwise provided for in this Agreement by which
      the
      REMICs will receive a fee or other compensation for services nor permit the
      REMICs to receive any income from assets other than “qualified mortgages” as
      defined in Section 860G(a)(3) of the Code or “permitted investments” as
      defined in Section 860G(a)(5) of the Code; and (m) as and when necessary
      and appropriate, the Securities Administrator shall represent the Trust Fund
      in
      any administrative or judicial proceedings relating to an examination or audit
      by any governmental taxing authority, request an administrative adjustment
      as to
      any taxable year of any REMIC formed hereunder, enter into settlement agreements
      with any governmental taxing agency, extend any statute of limitations relating
      to any tax item of the Trust Fund, and otherwise act on behalf of each REMIC
      formed hereunder in relation to any tax matter involving any such
      REMIC.

     

    In
      order
      to enable the Securities Administrator to perform its duties as set forth
      herein, the Depositor shall provide, or cause to be provided, to the Securities
      Administrator within ten (10) days after the Closing Date all information or
      data that the Securities Administrator requests in writing and determines to
      be
      relevant for tax purposes to the valuations and offering prices of the
      Certificates, including, without limitation, the price, yield, prepayment
      assumption and projected cash flows of the Certificates and the Mortgage Loans.
      Thereafter, the Depositor shall provide to the Securities Administrator promptly
      upon written request therefor, any such additional information or data that
      the
      Securities Administrator may, from time to time, request in order to enable
      the
      Securities Administrator to perform its duties as set forth herein. The
      Depositor hereby indemnifies the Securities Administrator for any losses,
      liabilities, damages, claims or expenses of the Securities Administrator arising
      from any errors or miscalculations of the Securities Administrator that result
      from any failure of the Depositor to provide, or to cause to be provided,
      accurate information or data to the Securities Administrator on a timely
      basis.

     

    In
      the
      event that any tax is imposed on “prohibited transactions” of any REMIC as
      defined in Section 860F(a)(2) of the Code, on the “net income from
      foreclosure property” of the Trust Fund as defined in Section 860G(c) of
      the Code, on any contribution to any REMIC after the startup day pursuant to
      Section 860G(d) of the Code, or any other tax is imposed, including,
      without limitation, any federal, state or local tax or minimum tax imposed
      upon
      any of REMIC, and is not paid as otherwise provided for herein, such tax shall
      be paid by (i) the Securities Administrator, if any such other tax arises out
      of
      or results from a breach by the Securities Administrator of any of its
      obligations under this Section, (ii) any party hereto (other than the Securities
      Administrator) to the extent any such other tax arises out of or results from
      a
      breach by such other party of any of its obligations under this Agreement or
      (iii) in all other cases, or in the event that any liable party hereto fails
      to
      honor its obligations under the preceding clauses (i) or (ii), any such tax
      with
      respect to REMIC I will be paid first with amounts otherwise to be distributed
      to the Class R Certificateholders, and second with amounts otherwise to be
      distributed to all other Certificateholders in the following order of priority:
      first, to the Class X Certificates, second, to the Class M-5 Certificates,
      third, to the Class M-4 Certificates, fourth, to the Class M-3 Certificates,
      fifth, to the Class M-2 Certificates, sixth, to the Class M-1 Certificates,
      and
      seventh, to the Senior Certificates (pro rata based on the amounts to be
      distributed. Notwithstanding anything to the contrary contained herein, to
      the
      extent that such tax is payable by the Holder of any Certificates, the
      Securities Administrator is hereby authorized to retain on any Distribution
      Date, from the Holders of the Residual Certificates (and, if necessary, second,
      from the Holders of the other Certificates in the priority specified in the
      preceding sentence), funds otherwise distributable to such Holders in an amount
      sufficient to pay such tax. The Securities Administrator shall include in its
      monthly report to Certificateholders distributions to such parties taking into
      account the priorities described in the second preceding sentence. The
      Securities Administrator agrees to promptly notify in writing the party liable
      for any such tax of the amount thereof and the due date for the payment
      thereof.  Notwithstanding the foregoing, however, in no event shall
      the Securities Administrator have any liability (1) for any action or omission
      that is taken in accordance with and in compliance with the express terms of,
      or
      which is expressly permitted by the terms of this Agreement, (2) for any losses
      other than arising out of a grossly negligent performance by the Securities
      Administrator of its duties and obligations set forth herein, and (3) for any
      special or consequential damages to Certificateholders (in addition to payment
      of principal and interest on the Certificates).

     

    ARTICLE
      X

     

    TERMINATION

     

    Section
      10.01  Termination
      Upon Liquidation or Repurchase of all Mortgage Loans.

     

    Subject
      to Section 10.03, the obligations and responsibilities of the Depositor,
      the Sponsor, the Securities Administrator, the Master Servicer and the Trustee
      created hereby with respect to the Trust Fund shall terminate (other than the
      obligations of the Master Servicer to the Trustee pursuant to Section 9.05
      and of the Securities Administrator to make payments in respect of REMIC I
      Regular Interests, REMIC II Regular Interests, the Class X Interest, the Class
      -P Interest, the Class IO Interest or the Certificates as hereinafter set forth)
      upon the earlier of (a) the Master Servicer’s exercise of its optional right to
      purchase the Mortgage Loans and REO Properties (the “Cleanup Call”) and (b) the
      later of (i)(x) the maturity or other liquidation (or any Advance with respect
      thereto) of the last Mortgage Loan remaining in the Trust Fund and the
      disposition of all REO Property and (ii) the distribution to the
      Certificateholders of all amounts required to be distributed to them pursuant
      to
      this Agreement, in each case as applicable.  In no event shall the
      trusts created hereby continue beyond the earlier of (i) the expiration of
      twenty-one (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 and (ii) the Latest Possible Maturity
      Date.

     

    The
      Cleanup Call shall, be exercisable at a price (the “Termination Price”) equal to
      the sum of (i) 100% of the Stated Principal Balance of the Mortgage Loans,
      (ii)
      accrued interest thereon at the applicable Mortgage Rate to, but not including,
      the first day of the month of such purchase, (iii) the appraised value of any
      REO Property (up to the Stated Principal Balance of the related Mortgage Loan),
      such appraisal to be conducted by an appraiser selected in good faith by the
      Master Servicer, (iv) all unreimbursed out-of-pocket costs of the Securities
      Administrator, the Master Servicer, the Servicers or the Trustee, including
      unreimbursed servicing advances and the principal portion of any unreimbursed
      Advances, made on the Mortgage Loans prior to the exercise of such repurchase
      right; (v) any Swap Termination Payment payable to the Swap Provider which
      remains unpaid or which is due to the Cleanup Call; and  (vi) any
      other amounts due and owing to the Trustee, the Securities Administrator, the
      Master Servicer and the Custodian payable pursuant to this Agreement or the
      Custodial Agreement.

     

    The
      right
      to exercise the Cleanup Call as described above shall be exercisable if the
      Stated Principal Balance of all of the Mortgage Loans at the time of any such
      repurchase, is less than or equal to ten percent (10%) of the aggregate Cut-off
      Date Principal Balance of the Mortgage Loans.

     

    In
      connection with the Cleanup Call, four Business Days prior to the final
      Distribution Date specified in the notice required pursuant to
      Section 10.02, the Securities Administrator shall, no later than 4:00 pm
      New York City time on such day, request in writing (in accordance with the
      applicable provision of the Swap Agreement) and by phone from the Swap Provider
      the amount of the Estimated Swap Termination Payment.  The Swap
      Provider shall, no later than 2:00 pm on the following Business Day, notify
      in
      writing (which may be done in electronic format) the Securities Administrator
      of
      the amount of the Estimated Swap Termination Payment; the Securities
      Administrator shall promptly on the same day notify the Master Servicer of
      the
      amount of the Estimated Swap Termination Payment.

     

    Two
      Business Days prior to the final Distribution Date specified in the notice
      required pursuant to Section 10.02, (i) the Master Servicer shall, no later
      than 1:00 pm New York City time on such day, deposit funds in the Distribution
      Account in an amount equal to the sum of the Termination Price (other than
      the
      Swap Termination Payment) and the Estimated Swap Termination Payment, and (ii)
      if the Securities Administrator shall have determined that the aggregate Stated
      Principal Balance of all of the Mortgage Loans as of the related Determination
      Date is not more than 10% of the aggregate Principal Balance of the Mortgage
      Loans as of the Cut-off Date and that all other requirements of the optional
      termination have been met, including without limitation, the deposit required
      pursuant to the immediately preceding clause (i) as well as the requirements
      specified in Section 10.03, then the Securities Administrator shall, on the
      same Business Day, provide written notice to the Depositor, the Master Servicer,
      the Servicer, the Supplemental Interest Trust Trustee, the Trustee and the
      Swap
      Provider confirming (in accordance with the applicable provisions of the Swap
      Agreement) (a) its receipt of the Termination Price (other than the Swap
      Termination Payment) and the Estimated Swap Termination Payment and (b) that
      all
      other requirements of the Cleanup Call have been met.  Upon the
      Securities Administrator’s providing the notice described in the preceding
      sentence, the Cleanup Call shall become irrevocable, the notice to
      Certificateholders of such Cleanup Call provided pursuant to Section 10.02
      shall become unrescindable, the Swap Provider shall determine the Swap
      Termination Payment in accordance with the Swap Agreement, and the Swap Provider
      shall provide to the Securities Administrator written notice of the amount
      of
      the Swap Termination Payment not later than one Business Day prior to the final
      Distribution Date specified in the notice required pursuant to
      Section 10.02.

     

    In
      connection with the exercise of the Cleanup Call, only an amount equal to the
      Termination Price less any Swap Termination Payment shall be made available
      for
      distribution to the Regular Certificates. Any Estimated Swap Termination Payment
      deposited into the Distribution Account by the Master Servicer shall be
      withdrawn by the Securities Administrator from the Distribution Account on
      the
      final Distribution Date and distributed as follows:  (i) to the
      Supplemental Interest Trust for payment to the Swap Provider in accordance
      with
      Section 5.06, an amount equal to the Swap Termination Payment calculated
      pursuant to the Swap Agreement, provided that in no event shall the amount
      distributed to the Swap Provider in respect of the Swap Termination Payment
      exceed the Estimated Swap Termination Payment, and (ii) to the Master Servicer
      an amount equal to the excess, if any, of the Estimated Swap Termination Payment
      over the Swap Termination Payment.  The Swap Termination Payment shall
      not be part of any REMIC and shall not be paid into any account which is part
      of
      any REMIC.

     

    Section
      10.02  Final
      Distribution on the Certificates.

     

    If
      on any
      Determination Date, (i) the Securities Administrator determines based on the
      reports delivered by the Master Servicer under this Agreement that there are
      no
      Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other
      than the funds in the Distribution Account, the Securities Administrator shall
      notify the Trustee and send a final distribution notice promptly to each
      Certificateholder or (ii) the Securities Administrator determines that a Class
      of Certificates shall be retired after a final distribution on such Class,
      the
      Securities Administrator shall notify the Trustee and the Certificateholders
      within five (5) Business Days after such Determination Date that the final
      distribution in retirement of such Class of Certificates is scheduled to be
      made
      on the immediately following Distribution Date. Any final distribution made
      pursuant to the immediately preceding sentence will be made only upon
      presentation and surrender of the Certificates at the office of the Securities
      Administrator set forth herein. If the Master Servicer elects to exercise the
      Cleanup Call pursuant to Section 10.01, at least twenty (20) days prior to
      the date notice is to be mailed to the Certificateholders, the Master Servicer
      shall notify the Securities Administrator and the Trustee of the date the Master
      Servicer intends to exercise the Cleanup Call. The Master Servicer shall remit
      the Termination Price to the Securities Administrator on behalf of the related
      REMIC on the Business Day prior to the Distribution Date for such Optional
      Termination by the Master Servicer.

     

    Notice
      of
      the exercise of the Cleanup Call specifying the Distribution Date on which
      the
      Certificateholders may surrender their Certificates for payment of the final
      distribution and cancellation, shall be given promptly by the Securities
      Administrator by letter to the Certificateholders mailed no later than the
      fifteenth (15th) day of the month of such final distribution. Any such notice
      shall specify (a) the Distribution Date upon which final distribution on such
      Certificates will be made upon presentation and surrender of such Certificates
      at the office therein designated, (b) the amount of such final distribution,
      (c)
      the location of the office or agency at which such presentation and surrender
      must be made and (d) that the Record Date otherwise applicable to such
      Distribution Date is not applicable, distributions being made only upon
      presentation and surrender of such Certificates at the office therein specified.
      The Securities Administrator will give such notice to each Rating Agency at
      the
      time such notice is given to the Certificateholders.

     

    In
      the
      event such notice is given, the Master Servicer shall deposit in the
      Distribution Account on the Business Day prior to the applicable Distribution
      Date in an amount equal to the final distribution in respect of the
      Certificates. Upon certification to the Trustee by the Securities Administrator
      of the making of such final deposit, the Trustee shall promptly release or
      cause
      to be released to the Master Servicer the Mortgage Files for the remaining
      Mortgage Loans and the Trustee shall execute all assignments, endorsements
      and
      other instruments delivered to it and necessary to effectuate such
      transfer.

     

    Upon
      presentation and surrender of the Certificates, the Securities Administrator
      shall cause to be distributed to Certificateholders of each such Class the
      amounts allocable to such Certificates held in the Distribution Account in
      the
      order and priority set forth in Section 5.05 hereof on the final
      Distribution Date and in proportion to their respective Percentage
      Interests.

     

    In
      the
      event that any affected Certificateholders shall not surrender Certificates
      for
      cancellation within six (6) months after the date specified in the above
      mentioned written notice, the Securities Administrator shall give a second
      written notice to the remaining affected Certificateholders to surrender their
      Certificates for cancellation and receive the final distribution with respect
      thereto. If within six (6) months after the second notice all the applicable
      Certificates shall not have been surrendered for cancellation, the Securities
      Administrator may take appropriate steps, or may appoint an agent to take
      appropriate steps, to contact the remaining affected Certificateholders
      concerning surrender of their Certificates, and the cost thereof shall be paid
      out of the funds and other assets that remain a part of the Trust
      Fund.  If within two (2) years after the second notice all affected
      Certificates shall not have been surrendered for cancellation, the Residual
      Certificateholders shall be entitled to all unclaimed funds and other assets
      of
      the Trust Fund that remain subject hereto and the Securities Administrator
      shall
      release such funds upon written direction.

     

    Section
      10.03  Additional
      Termination Requirements.

     

    In
      the
      event of (i) the exercise by the Master Servicer of the Cleanup Call pursuant
      to
      the terms of this Agreement, or (ii) the final payment on or other liquidation
      of the last Mortgage Loan or REO Property in REMIC I pursuant to
      Section 10.01, the following additional requirements, unless the Trustee
      has been supplied with an Opinion of Counsel, at the expense of the Master
      Servicer  or the Depositor, to the effect that the failure of the
      Trust Fund to comply with the requirements of this Section 10.03 will not
      (i) result in the imposition of taxes on “prohibited transactions” of a REMIC,
      or (ii) cause any REMIC to fail to qualify as a REMIC at any time that the
      Certificates are outstanding:

     

    
      	
              (1)  

            	
              The
                Master Servicer (in the case of the exercise of the Cleanup Call)
                or the
                Depositor (in all other cases) shall establish a ninety-day liquidation
                period and notify the Securities Administrator thereof, and the Securities
                Administrator shall in turn specify the first day of such period
                in a
                statement attached to the tax return for each of REMIC I, REMIC II,
                REMIC
                III, REMIC IV, REMIC V or REMIC VI, as applicable, pursuant to Treasury
                regulation Section 1.860F-1. The Master Servicer or the Depositor,
                as
                applicable, shall satisfy all the requirements of a qualified liquidation
                under Section 860F of the Code and any regulations thereunder, as
                evidenced by an Opinion of Counsel obtained at the expense of the
                Master
                Servicer or the Depositor, as
                applicable;

            

    

     

    
      	
              (2)  

            	
              During
                such ninety-day liquidation period, and at or prior to the time of
                making
                the final payment on the Certificates, the Master Servicer (in the
                case of
                the exercise of the Cleanup Call) or the Depositor (in all other
                cases)
                shall sell all of the assets of REMIC I for cash;
                and

            

    

     

    
      	
              (3)  

            	
              At
                the time of the making of the final payment on the Certificates,
                the
                Trustee shall distribute or credit, or cause to be distributed or
                credited, to the Holders of the Residual Certificates all cash on
                hand in
                the Trust Fund (other than cash retained to meet claims), and the
                Trust
                Fund shall terminate at that time.

            

    

     

    By
      their
      acceptance of the Certificates, the Holders thereof hereby authorize the Master
      Servicer (in the case of the exercise of the Cleanup Call) or the Depositor
      (in
      all other cases) to specify the ninety-day liquidation period for REMIC I,
      REMIC
      II, REMIC III, REMIC IV, REMIC V and REMIC VI, as applicable, which
      authorization shall be binding upon all successor
      Certificateholders.

     

    The
      Securities Administrator as agent for each REMIC hereby agrees to adopt and
      sign
      such a plan of complete liquidation upon the written request of the Master
      Servicer or the Depositor, as applicable, and the receipt of the Opinion of
      Counsel referred to in Section 10.03(1) and to take such other action in
      connection therewith as may be reasonably requested by the Master Servicer
      or
      the Depositor, as applicable.

     

    ARTICLE
      XI

     

    MISCELLANEOUS
      PROVISIONS

     

    Section
      11.01  Amendment.

     

    This
      Agreement may be amended from time to time by parties hereto without the consent
      of any of the Certificateholders to cure any ambiguity, to correct or supplement
      any provisions herein, to change the manner in which the Distribution Account
      maintained by the Securities Administrator or the Custodial Accounts maintained
      by the Servicers are maintained or to make such other provisions with respect
      to
      matters or questions arising under this Agreement as shall not be inconsistent
      with any other provisions herein if such action shall not, as evidenced by
      an
      Opinion of Counsel, adversely affect in any material respect the interests
      of
      any Certificateholder (or the Swap Provider unless the Swap Provider shall
      have
      consented to the amendment, which consent shall not be unreasonably withheld);
      provided that any such amendment shall be deemed not to adversely affect in
      any
      material respect the interests of the Certificateholders and no such Opinion
      of
      Counsel shall be required if the Person requesting such amendment obtains a
      letter from each Rating Agency stating that such amendment would not result
      in
      the downgrading or withdrawal of the respective ratings then assigned to the
      Certificates; provided further that any such amendment shall be deemed not
      to
      adversely affect in any material respect the interests of the Certificateholders
      and no such Opinion of Counsel nor any letter from the Rating Agencies stating
      that such amendment would not result in the downgrading or withdrawal of the
      respective ratings then assigned to the Certificates shall be required if such
      amendment is to effect a transfer of servicing to a successor Servicer pursuant
      to and in accordance with Section 7.06(a).

     

    Notwithstanding
      the foregoing, without the consent of the Certificateholders or the Swap
      Provider, the parties hereto may at any time and from time to time amend this
      Agreement to modify, eliminate or add to any of its provisions to such extent
      as
      shall be necessary or appropriate to maintain the qualification of each REMIC
      as
      a REMIC under the Code or to avoid or minimize the risk of the imposition of
      any
      tax on any REMIC pursuant to the Code that would be a claim against any REMIC
      at
      any time prior to the final redemption of the Certificates, provided that the
      Trustee has been provided an Opinion of Counsel, which opinion shall be an
      expense of the party requesting such opinion but in any case shall not be an
      expense of the Trustee or the Trust Fund, to the effect that such action is
      necessary or appropriate to maintain such qualification or to avoid or minimize
      the risk of the imposition of such a tax.

     

    This
      Agreement may also be amended from time to time by the parties hereto, and
      the
      Holders of each Class of Certificates affected thereby evidencing over 50%
      of
      the Voting Rights of such Class or Classes for the purpose of adding any
      provisions to or changing in any manner or eliminating any of the provisions
      of
      this Agreement or of modifying in any manner the rights of the Holders of
      Certificates (or, if such amendment modifies the rights of the Swap Provider
      hereunder, with the consent of the Swap Provider, which consent shall not be
      unreasonably withheld); provided that no such amendment shall (i) reduce in
      any
      manner the amount of, or delay the timing of, payments required to be
      distributed on any Certificate without the consent of the Holder of such
      Certificate, (ii) cause any REMIC to cease to qualify as a REMIC or (iii) reduce
      the aforesaid percentages of Certificates of each Class the Holders of which
      are
      required to consent to any such amendment without the consent of the Holders
      of
      all Certificates of such Class then outstanding.

     

    Notwithstanding
      any contrary provision of this Agreement, the Trustee shall not consent to
      any
      amendment to this Agreement unless it shall have first received an Opinion
      of
      Counsel, which opinion shall be an expense of the party requesting such
      amendment but in any case shall not be an expense of the Trustee, to the effect
      that such amendment will not (other than an amendment pursuant to clause (ii)
      of, and in accordance with, the preceding paragraph) cause the imposition of
      any
      tax on any REMIC or the Certificateholders or cause any REMIC to cease to
      qualify as a REMIC at any time that any Certificates are outstanding. Further,
      nothing in this Agreement shall require the Trustee to enter into an amendment
      without receiving an Opinion of Counsel, satisfactory to the Trustee that (i)
      such amendment is permitted and is not prohibited by this Agreement and (ii)
      that all requirements for amending this Agreement (including any consent of
      the
      applicable Certificateholders) have been complied with.

     

    Promptly
      after the execution of any amendment to this Agreement requiring the consent
      of
      Certificateholders, the Trustee shall furnish written notification of the
      substance of such amendment to each Certificateholder and each Rating
      Agency.

     

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

     

    Notwithstanding
      any of the other provisions of this Section 11.01, none of the parties to
      this Agreement shall enter into any amendment to this Agreement that could
      reasonably be expected to have a material adverse effect on the interests of
      the
      Swap Provider hereunder (excluding, for the avoidance of doubt, any amendment
      to
      this Agreement that is entered into solely for the purpose of appointing a
      successor servicer, master servicer, securities administrator, trustee or other
      service provider) without the prior written consent of the Swap Provider, which
      consent shall not be unreasonably withheld, conditioned or delayed.

     

    The
      Trustee may, but shall not be obligated to enter into any amendment that affects
      its rights, duties or immunities under this Agreement or otherwise.

     

    Section
      11.02  Recordation
      of Agreement; Counterparts.

     

    To
      the
      extent permitted by applicable law, this Agreement is subject to recordation
      in
      all appropriate public offices for real property records in all of the counties
      or other comparable jurisdictions in which any or all of the Mortgaged
      Properties are situated, and in any other appropriate public recording office
      or
      elsewhere. The Sponsor or the Depositor shall effect such recordation at the
      Trust’s expense upon the request in writing of a Certificateholder, but only if
      such direction is accompanied by an Opinion of Counsel (provided at the expense
      of the Certificateholder requesting recordation) to the effect that such
      recordation would materially and beneficially affect the interests of the
      Certificateholders or is required by law.

     

    For
      the
      purpose of facilitating the recordation of this Agreement as herein provided
      and
      for other purposes, this Agreement may be executed simultaneously in any number
      of counterparts, each of which counterparts shall be deemed to be an original,
      and such counterparts shall constitute but one and the same
      instrument.

     

    Section
      11.03  Governing
      Law.

     

    THIS
      AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE SUBSTANTIVE
      LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED
      IN THE STATE OF NEW YORK AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES
      HERETO AND THE CERTIFICATEHOLDERS SHALL BE DETERMINED IN ACCORDANCE WITH SUCH
      LAWS WITHOUT REGARD TO THE CONFLICTS OF LAWS PRINCIPLES THEREOF OTHER THAN
      THE
      PROVISIONS OF SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS
      LAW.

     

    Section
      11.04  Intention
      of Parties.

     

    It
      is the
      express intent of the parties hereto that the conveyance of the Mortgage Notes,
      Mortgages, assignments of Mortgages, title insurance policies and any
      modifications, extensions and/or assumption agreements and private mortgage
      insurance policies relating to the Mortgage Loans by the Sponsor to the
      Depositor, and by the Depositor to the Trust Fund be, and be construed as,
      an
      absolute sale thereof to the Depositor or the Trust Fund, as applicable. It
      is,
      further, not the intention of the parties that such conveyance be deemed a
      pledge thereof by the Sponsor to the Depositor, or by the Depositor to the
      Trust
      Fund. However, in the event that, notwithstanding the intent of the parties,
      such assets are held to be the property of the Sponsor or the Depositor, as
      applicable, or if for any other reason this Agreement is held or deemed to
      create a security interest in such assets, then (i) this Agreement shall be
      deemed to be a security agreement within the meaning of the Uniform Commercial
      Code of the State of New York and (ii) each conveyance provided for in this
      Agreement shall be deemed to be an assignment and a grant by the Sponsor or
      the
      Depositor, as applicable, for the benefit of the Certificateholders, of a
      security interest in all of the assets that constitute the Trust Fund, whether
      now owned or hereafter acquired.

     

    The
      Depositor for the benefit of the Certificateholders shall, to the extent
      consistent with this Agreement, take such actions as may be necessary to ensure
      that, if this Agreement were deemed to create a security interest in the assets
      of the Trust Fund, such security interest would be deemed to be a perfected
      security interest of first priority under applicable law and will be maintained
      as such throughout the term of the Agreement.

     

    Section
      11.05  Notices.

     

    The
      Securities Administrator shall use its best efforts to promptly provide notice
      to each Rating Agency with respect to each of the following of which it has
      actual knowledge:

     

    
      	
              (1)  

            	
              Any
                material change or amendment to this
                Agreement;

            

    

     

    
      	
              (2)  

            	
              The
                occurrence of any Servicer Default or Master Servicer Default that
                has not
                been cured;

            

    

     

    
      	
              (3)  

            	
              The
                resignation or termination of a Servicer, the Master Servicer or
                the
                Trustee and the appointment of any successor;
                and

            

    

     

    
      	
              (4)  

            	
              The
                final payment to
                Certificateholders.

            

    

     

    In
      addition, the Securities Administrator shall, upon request, promptly furnish
      to
      each Rating Agency copies of the following:

     

    
      	
              (1)  

            	
              Each
                annual statement of compliance described in Section 3.13 of this
                Agreement; and

            

    

     

    
      	
              (2)  

            	
              Each
                Assessment of Compliance and Attestation Report described in
                Section 3.14.

            

    

     

    All
      directions, demands and notices hereunder shall be in writing and shall be
      deemed to have been duly given when delivered at or mailed by registered mail,
      return receipt requested, postage prepaid, or by recognized overnight courier,
      or by facsimile transmission to a number provided by the appropriate party
      if
      receipt of such transmission is confirmed to (i) in the case of the Depositor,
      Nomura Asset Acceptance Corporation, 2 World Financial Center, Building B,
      New
      York, New York 10281 Attention: Nomura Asset Acceptance Corporation, Alternative
      Loan Trust, Series 2007-2; (ii) in the case of the Sponsor, Nomura Credit &
Capital, Inc., 2 World Financial Center, Building B, New York, New York 10281,
      Attention: Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series
      2007-2 or such other address as may be hereafter furnished to the other parties
      hereto by the Sponsor in writing; (iii) in the case of the GMACM, GMAC Mortgage,
      LLC, 500 Enterprise Road Horsham, Pennsylvania 19044, Attention: Ken Perkins;
      (iv) in the case of the Trustee, at each Corporate Trust Office or such other
      address as the Trustee may hereafter furnish to the other parties hereto; (v)
      in
      the case of the Custodian, Wells Fargo Bank, N.A., 24 Executive Park, Suite
      100,
      Irvine, California 92614, (vi) in the case of the Securities Administrator,
      its
      Corporate Trust Office; (vii) in the case of the Master Servicer, P.O. Box
      98,
      Columbia, Maryland 21046 (or for overnight deliveries, 9062 Old Annapolis Road,
      Columbia, Maryland 21045, Attention Client Manager - NAAC 2007-2); (viii) in
      the
      case of Wells Fargo Bank, N.A. the Servicer, 1 Home Campus, Des Moines, IA
      50328-0001, Attention: John B. Brown, MAC X2302-033, Fax: (515) 324-3118,
      with a copy to: 1 Home Campus, Des Moines, IA 50328-0001, Attention:
      General Counsel MAC
      X2401-06T; and (ix) in the case of the Rating Agencies, (a) Standard
& Poor’s, 55 Water Street, 41st
      Floor, New York,
      New York 10041, Attention: Mortgage Surveillance Group and (b) Moody’s Investors
      Service, Inc., 99 Church Street, New York, New York 10007, Attention: Home
      Equity Monitoring.  Any notice delivered to the Sponsor or the Trustee
      under this Agreement shall be effective only upon receipt. Any notice required
      or permitted to be mailed to a Certificateholder, unless otherwise provided
      herein, shall be given by first-class mail, postage prepaid, at the address
      of
      such Certificateholder as shown in the Certificate Register; any notice so
      mailed within the time prescribed in this Agreement shall be conclusively
      presumed to have been duly given, whether or not the Certificateholder receives
      such notice.

     

    Section
      11.06  Severability
      of Provisions.

     

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

     

    Section
      11.07  Assignment.

     

    Notwithstanding
      anything to the contrary contained herein, except as provided pursuant to
      Section 7.02, this Agreement may not be assigned by the Sponsor or the
      Depositor.

     

    Section
      11.08  Limitation
      on Rights of Certificateholders.

     

    The
      death
      or incapacity of any Certificateholder shall not operate to terminate this
      Agreement or the Trust Fund, nor entitle such Certificateholder’s legal
      representative or heirs to claim an accounting or to take any action or commence
      any proceeding in any court for a petition or winding up of the Trust Fund,
      or
      otherwise affect the rights, obligations and liabilities of the parties hereto
      or any of them.

     

    No
      Certificateholder shall have any right to vote (except as provided herein)
      or in
      any manner otherwise control the operation and management of the Trust Fund,
      or
      the obligations of the parties hereto, nor shall anything herein set forth
      or
      contained in the terms of the Certificates be construed so as to constitute
      the
      Certificateholders from time to time as partners or members of an association;
      nor shall any Certificateholder be under any liability to any third party by
      reason of any action taken by the parties to this Agreement pursuant to any
      provision hereof.

     

    No
      Certificateholder shall have any right by virtue or by availing itself of any
      provisions of this Agreement to institute any suit, action or proceeding in
      equity or at law upon or under or with respect to this Agreement, unless such
      Holder previously shall have given to the Trustee, a written notice of a
      Servicer Default and of the continuance thereof, as hereinbefore provided,
      the
      Holders of Certificates evidencing not less than twenty-five percent (25%)
      of
      the Voting Rights evidenced by the Certificates shall also have made written
      request to the Trustee to institute such action, suit or proceeding in its
      own
      name as Trustee, hereunder and shall have offered to the Trustee such indemnity
      satisfactory to it as it may require against the costs, expenses, and
      liabilities to be incurred therein or thereby, and the Trustee or for sixty
      (60)
      days after its receipt of such notice, request and offer of indemnity shall
      have
      neglected or refused to institute any such action, suit or proceeding; it being
      understood and intended, and being expressly covenanted by each
      Certificateholder with every other Certificateholder and the Trustee, that
      no
      one or more Holders of Certificates shall have any right in any manner whatever
      by virtue or by availing itself or themselves of any provisions of this
      Agreement to affect, disturb or prejudice the rights of the Holders of any
      other
      of the Certificates, or to obtain or seek to obtain priority over or preference
      to any other such Holder or to enforce any right under this Agreement, except
      in
      the manner herein provided and for the common benefit of all Certificateholders.
      For the protection and enforcement of the provisions of this Section 11.08,
      each and every Certificateholder or the Trustee shall be entitled to such relief
      as can be given either at law or in equity.

     

    Section
      11.09  Certificates
      Nonassessable and Fully Paid.

     

    It
      is the
      intention of the Depositor that Certificateholders shall not be personally
      liable for obligations of the Trust Fund, that the interests in the Trust Fund
      represented by the Certificates shall be nonassessable for any reason
      whatsoever, and that the Certificates, upon due authentication thereof by the
      Trustee pursuant to this Agreement, are and shall be deemed fully
      paid.

     

    Section
      11.10  Intention
      of the Parties and Interpretation.

     

    Each
      of
      the parties acknowledges and agrees that the purpose of Sections 3.13, 3.14,
      3.18 and Section 5.17 of this Agreement is to facilitate compliance by the
      Sponsor and the Depositor with the provisions of Regulation AB promulgated
      by
      the SEC under the Exchange Act (17 C.F.R. §§ 229.1100 - 229.1123), as such may
      be amended from time to time and subject to clarification and interpretive
      advice as may be issued by the staff of the SEC from time to
      time.  Therefore, each of the parties agrees that (a) the obligations
      of the parties hereunder shall be interpreted in such a manner as to accomplish
      that purpose, (b) the parties’ obligations hereunder will be supplemented and
      modified as necessary to be consistent with any such amendments, interpretive
      advice or guidance, convention or consensus among active participants in the
      asset-backed securities markets, advice of counsel, or otherwise in respect
      of
      the requirements of Regulation AB, (c) the parties shall comply with requests
      made by the Sponsor or the Depositor for delivery of additional or different
      information as the Sponsor or the Depositor may determine in good faith is
      necessary to comply with the provisions of Regulation AB and (d) no amendment
      of
      this Agreement shall be required to effect any such changes in the parties’
obligations as are necessary to accommodate evolving interpretations of the
      provisions of Regulation AB.

     

    Notwithstanding
      the foregoing, the Servicer shall be under no obligation to provide any
      information in addition to that required by Sections 3.13, 3.14, 3.18 and
      Section 5.17 of this Agreement as of the Closing Date that the Depositor deems
      required under Regulation AB if (i) the Servicer does not believe that such
      additional information is required under Regulation AB and (ii) the Servicer
      is
      not providing such additional information for its own securitizations, unless
      the Depositor pays all reasonable costs incurred by the Servicer in connection
      with the preparation and delivery of such additional information and the
      Servicer is given reasonable time to establish the necessary systems and
      procedures to produce such additional information.

     

    Section
      11.11  Early
      Termination of the Cap Contract.

     

    Upon
      a
      Cap Contract early termination other than in connection with the Optional
      Termination, the Depositor will use reasonable efforts to appoint a successor
      cap provider to enter into a new cap contract on terms substantially similar
      to
      the Cap Contract, with a successor cap provider meeting all applicable
      eligibility requirements.  The Securities Administrator will apply any
      Cap Contract termination payment received from the original Cap Provider in
      connection with such Cap Contract early termination to the upfront payment
      required to appoint the successor cap provider.

     

    If
      the
      Depositor is unable to appoint a successor cap provider within 30 days of the
      Cap Contract early termination, then the Securities Administrator shall deposit
      any Cap Contract termination payment received from the original Cap Provider
      into a separate, non-interest bearing reserve account and will, on each
      subsequent Distribution Date, withdraw from the amount then remaining on deposit
      in such reserve account an amount equal to the payment, if any, that would
      have
      been paid to the Securities Administrator by the original Cap Provider
      calculated in accordance with the terms of the original Cap Contract, and
      distribute such amount in accordance with the last paragraph of
      Section 5.05(a).

     

    Section
      11.12  Early
      Termination of a Swap Agreement.

     

    Upon
      a
      Swap Agreement early termination other than in connection with the Optional
      Termination, the Depositor will use reasonable efforts to appoint a successor
      swap provider, meeting all applicable eligibility requirements, which shall
      enter into a new interest rate swap agreement on terms substantially similar
      to
      the Swap Agreement with the Supplemental Interest Trust Trustee. If the
      Securities Administrator receives a Swap Termination Payment from the Swap
      Provider in connection with such Swap Early Termination, the Securities
      Administrator will apply such Swap Termination Payment to any upfront payment
      required to appoint the successor swap provider.  If the Securities
      Administrator is required to pay a Swap Termination Payment to the Swap Provider
      in connection with such Swap Early Termination, the Securities Administrator
      will apply any upfront payment received from the successor swap provider to
      pay
      such Swap Termination Payment.

     

    If
      the
      Depositor is unable to appoint a successor swap provider within 30 days of
      the
      Swap Early Termination, then the Securities Administrator will deposit any
      Swap
      Termination Payment received from the original Swap Provider into a separate,
      non-interest bearing reserve account and will, on each subsequent Distribution
      Date, withdraw from the amount then remaining on deposit in such reserve account
      an amount equal to the related Net Swap Payment, if any, that would have been
      paid to the Securities Administrator by the original Swap Provider calculated
      in
      accordance with the terms of the original Swap Agreement, and distribute such
      amount in accordance with Section 5.06.

     

    Section
      11.13  Third
      Party Beneficiaries

     

    The
      Swap
      Provider shall be an express third-party beneficiary of this Agreement to the
      extent of its express rights to receive any payments under this Agreement or
      any
      other express rights of the Swap
      Provider explicitly stated in this Agreement, and shall have
      the right to enforce such rights under this Agreement as if it were a party
      hereto.

     

    *     *     *

     

    IN
      WITNESS WHEREOF, the Depositor, the Sponsor, GMACM, the Master Servicer, the
      Securities Administrator and the Trustee have caused their names to be signed
      hereto by their respective officers thereunto duly authorized as of the day
      and
      year first above written.

    

    
      	 	NOMURA
              ASSET ACCEPTANCE CORPORATION,	 
	 	as
              Depositor	 
	 	 	 	 
	 	By: 	
              /s/
                John P. Graham

            	 
	 	Name:	
              John
                P. Graham

            	 
	 	Title:	
              President

            	 
	 	 	 	 
	 	 	 	 
	 	NOMURA
              CREDIT & CAPITAL, INC.,	 
	 	as
              Sponsor	 
	 	 	 	 
	 	By: 	
              /s/
                Timothy P.F. Crowley

            	 
	 	Name:	
              Timothy
                P.F. Crowley

            	 
	 	Title:	
              Vice
                President

            	 
	 	 	 	 
	 	 	 	 
	 	WELLS
              FARGO BANK, NATIONAL ASSOCIATION,	 
	 	as
              Master Servicer and Securities Administrator	 
	 	 	 	 
	 	By: 	
              /s/
                Graham M. Oglesby

            	 
	 	Name:	
              Graham
                M. Oglesby

            	 
	 	Title:	
              Vice
                President

            	 
	 	 	 	 
	 	 	 	 
	 	HSBC
              BANK USA, NATIONAL ASSOCIATION,	 
	 	as
              Trustee	 
	 	 	 	 
	 	By: 	
              /s/
                Elena Zheng

            	 
	 	Name:	
              Elena
                Zheng

            	 
	 	Title:	
              Assistant
                Vice President, HSBC Bank USA, N.A.

            	 
	 	 	 	 
	 	 	 	 
	 	GMAC
              MORTGAGE, LLC,	 
	 	as
              a Servicer	 
	 	 	 	 
	 	By: 	
              /s/
                Kenneth R. Perkins

            	 
	 	Name:	
              Kenneth
                R. Perkins

            	 
	 	Title:	
              Senior
                Vice President

            	 
	 	 	 	 
	 	With
              respect to Sections 3.33, 3.34, 3.35 and 3.36	 
	 	 	 	 
	 	CLAYTON
              FIXED INCOME SERVICES INC.	 
	 	 	 	 
	 	By: 	
              /s/
                John Andriola

            	 
	 	Name:	
              John
                Andriola

            	 
	 	Title:	
              Authorized
                Representative

            	 

    

    

    
      	
              STATE
                OF NEW YORK

            	
              )

            
	 	
              )
                ss.:

            
	
              COUNTY
                OF NEW YORK

            	
              )

            

    

    

    On
      this
      29th day of June 2007, before me, a notary public in and for said State,
      appeared John P. Graham, personally known to me on the basis of satisfactory
      evidence to be an authorized representative of Nomura Asset Acceptance
      Corporation, one of the corporations that executed the within instrument, and
      also known to me to be the person who executed it on behalf of such corporation
      and acknowledged to me that such corporation executed the within
      instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    
      	 	
              /s/
                Juliet F. Buck

            
	 	
              Notary
                Public

            

    

     

    [Notarial
      Seal]

     

    

    
      	
              STATE
                OF NEW YORK

            	
              )

            
	 	
              )
                ss.:

            
	
              COUNTY
                OF NEW YORK

            	
              )

            

    

    

    On
      this
      29th day of June 2007 before me, a notary public in and for said State, appeared
      Timothy P.F. Crowley, personally known to me on the basis of satisfactory
      evidence to be an authorized representative of Nomura Credit & Capital,
      Inc., that executed the within instrument, and also known to me to be the person
      who executed it on behalf of such corporation, and acknowledged to me that
      such
      corporation executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    
      	 	
              /s/
                Juliet F. Buck

            
	 	
              Notary
                Public

            

    

     

    [Notarial
      Seal]

     

    

    
      	
              STATE
                OF IOWA

            	
              )

            
	 	
              )
                ss.:

            
	
              COUNTY
                OF HOWARD

            	
              )

            

    

    

    On
      this
      29th day of June 2007 before me, a notary public in and for said State, appeared
      Wesley B. Howard, personally known to me on the basis of satisfactory evidence
      to be an authorized representative of GMAC Mortgage, LLC, that executed the
      within instrument, and also known to me to be the person who executed it on
      behalf of such corporation, and acknowledged to me that such corporation
      executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    
      	 	
              /s/
                Susan E. Brindle

            
	 	
              Notary
                Public

            

    

     

    [Notarial
      Seal]

     

    

    
      	
              STATE
                OF NEW YORK

            	
              )

            
	 	
              )
                ss.:

            
	
              COUNTY
                OF NEW YORK

            	
              )

            

    

    

    On
      this
      29th day of June 2007, before me, a notary public in and for said State,
      appeared Elena Zheng, personally known to me on the basis of satisfactory
      evidence to be an authorized representative of HSBC Bank USA, National
      Association that executed the within instrument, and also known to me to be
      the
      person who executed it on behalf of such corporation, and acknowledged to me
      that such corporation executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    
      	 	
              /s/
                Audrey Zabriskie

            
	 	
              Notary
                Public

            

    

     

    [Notarial
      Seal]

     

    

    
      	
              STATE
                OF MARYLAND

            	
              )

            
	 	
              )
                ss.:

            
	
              COUNTY
                OF HOWARD

            	
              )

            

    

    

    On
      this
      29th day of June 2007, before me, a notary public in and for said State,
      appeared Graham Oglesby, personally known to me on the basis of satisfactory
      evidence to be an authorized representative of Wells Fargo Bank, National
      Association that executed the within instrument, and also known to me to be
      the
      person who executed it on behalf of such entity, and acknowledged to me that
      such entity executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    
      	 	
              /s/
                Kellie Greer

            
	 	
              Notary
                Public

            

    

     

    [Notarial
      Seal]

     

    

    
      	
              STATE
                OF COLORADO

            	
              )

            
	 	
              )
                ss.:

            
	
              COUNTY
                OF DENVER

            	
              )

            

    

    

    On
      this
      29th day of June 2007, before me, a notary public in and for said State,
      appeared John Andriola, personally known to me on the basis of satisfactory
      evidence to be an authorized representative of Clayton Fixed Income Services
      Inc. that executed the within instrument, and also known to me to be the person
      who executed it on behalf of such entity, and acknowledged to me that such
      entity executed the within instrument.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
      day and year in this certificate first above written.

     

    
      	 	
              /s/
                Jennifer L. Wilson

            
	 	
              Notary
                Public

            

    

     

    [Notarial
      Seal]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
       

      EXHIBIT
        A-1

      

      FORM
        OF CLASS A-[1A][1B][2][3][4][5][6][7] CERTIFICATE

      

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

      

      THE
        CERTIFICATE PRINCIPAL BALANCE OF
        THIS CERTIFICATE WILL BE DECREASED BY THE PRINCIPAL PAYMENTS HEREON AND REALIZED
        LOSSES ALLOCABLE HERETO. ACCORDINGLY, FOLLOWING THE INITIAL ISSUANCE OF THE
        CERTIFICATES, THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL
        BE
        DIFFERENT FROM THE DENOMINATION SHOWN BELOW. ANYONE ACQUIRING THIS CERTIFICATE
        MAY ASCERTAIN ITS CERTIFICATE PRINCIPAL BALANCE BY INQUIRY OF THE SECURITIES
        ADMINISTRATOR NAMED HEREIN.

      

      [FOR
        CLASS A-[1A][1B][2][3][4][5]
        CERTIFICATES] PRIOR TO THE TERMINATION OF THE FINAL MATURITY RESERVE TRUST
        OR
        SUPPLEMENTAL INTEREST TRUST, ANY TRANSFEREE OF THIS CERTIFICATE SHALL BE
        DEEMED
        TO HAVE MADE THE REPRESENTATIONS SET FORTH IN SECTION 6.02(b) OF THE
        AGREEMENT.  [FOR CLASS A-[6][7] CERTIFICATES][NO TRANSFER OF THIS
        CERTIFICATE MAY BE MADE EXCEPT IN ACCORDANCE WITH SECTION 6.02(b) OF THE
        AGREEMENT.]

      

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY TO THE DEPOSITOR OR ITS AGENT FOR REGISTRATION OF TRANSFER,
        EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME
        OF
        CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
        OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY
        TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
        PERSON
        IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
        HEREIN.

       

      
        	
                Certificate
                  No. __

              	
                Initial
                  Pass-Through Rate:  [___%][Floating]

              
	 	 
	
                Class
                  A-[1A][1B][2][3][4][5][6][7] Senior

              	 
	 	 
	
                Date
                  of Pooling and Servicing Agreement

                 and
                  Cut-off Date: June 1, 2007

                 

              	
                Aggregate
                  Initial Certificate Principal Balance of the Class
                  A-[1A][1B][2][3][4][5][6][7] Certificates as of the Cut-off
                  Date:

                $

              
	
                Trustee:
                  HSBC Bank USA, National Association

              	 
	
                First
                  Distribution Date: July 25, 2007

                 

              	
                Initial
                  Certificate Principal Balance of this Certificate as of the Cut-off
                  Date:

                $

              
	 	
                Master
                  Servicer and Securities Administrator:

                Wells
                  Fargo Bank, N.A.

              
	
                Assumed
                  Final Distribution Date:

                June
                  25, 2037

              	
                CUSIP:  
                  [__________________]

              
	 	 

      

      

      MORTGAGE
        PASS-THROUGH CERTIFICATE

      SERIES
        2007-2

      

      evidencing
        a fractional undivided interest in the distributions allocable to the Class
        A-[1A][1B][2][3][4][5][6][7] Certificates with respect to a Trust Fund
        consisting primarily of a pool of conventional one- to four-family fixed-rate
        mortgage loans sold by NOMURA ASSET ACCEPTANCE CORPORATION.

      

      

      This
        Certificate is payable solely from
        the assets of the Trust Fund, and does not represent an obligation of or
        interest in Nomura Asset Acceptance Corporation (“NAAC”) or  the
        Trustee or any of their affiliates or any other person. Neither this Certificate
        nor the underlying Mortgage Loans are guaranteed or insured by any governmental
        entity or by NAAC or the Trustee or any of their affiliates or any other
        person.
        None of NAAC, the Trustee, the Securities Administrator or any of their
        affiliates will have any obligation with respect to any certificate or other
        obligation secured by or payable from payments on the Certificates.

      

      This
        certifies that Cede & Co. is
        the registered owner of the Percentage Interest evidenced hereby in the
        beneficial ownership interest of Certificates of the same Class as this
        Certificate in a trust (the “Trust Fund”) generally consisting of conventional
        first lien, fixed-rate mortgage loans secured by one- to four-family residences,
        units in planned unit developments, individual condominium units, cooperatives,
        condotels and townhouses (collectively, the “Mortgage Loans”) sold by NAAC. The
        Mortgage Loans were sold by Nomura Credit & Capital, Inc. (the “Sponsor”) to
        NAAC. The Trust Fund was created pursuant to the Pooling and Servicing Agreement
        dated as of the Cut-off Date specified above (the “Agreement”), among NAAC, as
        depositor (the “Depositor”), the Sponsor, GMAC Mortgage, LLC, as a servicer,
        HSBC Bank USA, National Association, as trustee (the “Trustee”), and Wells Fargo
        Bank, N.A., as master servicer (the “Master Servicer”) and securities
        administrator (the “Securities Administrator”), a summary of certain of the
        pertinent provisions of which is set forth hereafter. To the extent not defined
        herein, capitalized terms used herein shall have the meaning ascribed to
        them in
        the Agreement. This Certificate is issued under and is subject to the terms,
        provisions and conditions of the Agreement, to which Agreement the Holder
        of
        this Certificate by virtue of its acceptance hereof assents and by which
        such
        Holder is bound.

      

      Interest
        on this Certificate will accrue during [FOR CLASS A[-1A][2][3][4][7]][the
        period
        commencing on the immediately preceding Distribution Date (as hereinafter
        defined)(or with respect to the first Accrual Period, the Closing Date) to
        and
        including the 24th day of the calendar month in which such Distribution date
        occurs][FOR CLASS A[-1B][[5][6]][the calendar month immediately preceding
        the
        calendar month in which such Distribution Date occurs] on the Certificate
        Principal Balance hereof at a per annum Pass-Through Rate equal to the lesser
        of
        [FOR CLASS A-[1A][2]][ (i) the sum of One-Month
        LIBOR for such distribution date plus a certificate margin equal to
        [_____]%][FOR CLASS A-1B][____%][FOR CLASS A-[3][4][7]][(i) the sum of One-Month
        LIBOR for such Distribution Date plus (A) on or prior to the first possible
        Optional Termination Date,  a certificate margin equal to[_____]% or
        (B) after the first possible Optional Termination Date, a certificate margin
        equal to [_____]%] [FOR CLASS A- [5][6]][(i) (A) on or prior to the first
        possible Optional Termination Date, [_____]% or (B) after the first possible
        Optional Termination Date, [_____]% and (ii) the Net WAC Pass-Through Rate
        for
        such Distribution Date] and (ii) the Net WAC Pass-Through Rate for such
        Distribution Date.

      

      The
        Securities Administrator will distribute on the 25th day of each month, or,
        if
        such 25th day is not a Business Day, the immediately following Business Day
        (each, a “Distribution Date”), commencing on the First Distribution Date
        specified above, to the Person in whose name this Certificate is registered
        on
        the applicable Record Date, an amount equal to the product of the Percentage
        Interest evidenced by this Certificate and the amount (of interest and
        principal, if any) required to be distributed to the Holders of Certificates
        of
        the same Class as this Certificate. The Assumed Final Distribution Date is
        the
        Distribution Date in June 2037 which is not likely to be the date on which
        the
        Certificate Principal Balance of this Class of Certificates will be reduced
        to
        zero.

      

      Distributions
        on this Certificate will
        be made by the Securities Administrator by check mailed to the address of
        the
        Person entitled thereto as such name and address shall appear on the Certificate
        Register or, if such Person so requests by notifying the Securities
        Administrator in writing as specified in the Agreement. Notwithstanding the
        foregoing, the final distribution on this Certificate will be made after
        due
        notice by the Securities Administrator of the pendency of such distribution
        and
        only upon presentation and surrender of this Certificate at the office or
        agency
        appointed by the Securities Administrator for that purpose and designated
        in
        such notice. The initial Certificate Principal Balance of this Certificate
        is
        set forth above. The Certificate Principal Balance hereof will be reduced
        to the
        extent of distributions allocable to principal hereon.

      

      This
        Certificate is one of a duly
        authorized issue of Certificates designated as set forth on the face hereof
        (the
“Certificates”). The Certificates, in the aggregate, evidence the entire
        beneficial ownership interest in the Trust Fund formed pursuant to the
        Agreement.

      

      The
        Certificateholder, by its
        acceptance of this Certificate, agrees that it will look solely to the Trust
        Fund for payment hereunder and that the Trustee is not liable to the
        Certificateholders for any amount payable under this Certificate or the
        Agreement or, except as expressly provided in the Agreement, subject to any
        liability under the Agreement.

      

      [Class
        A-[1A][1B][2][3][4][5]
        Certificates][Prior to the termination of the Final Maturity Reserve Trust
        or
        Supplemental Interest Trust, any transferee of this Certificate shall be
        deemed
        to have made the representations set forth in Section 6.02(b) of the
        Agreement.][Class A-[6][7] Certificates][No transfer of this Certificate
        may be
        made except in accordance with Section 6.02(b) of the Agreement.]

      

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced hereby, and the rights, duties and immunities
        of the Securities Administrator.  This Certificate is limited in right
        of payment to certain collections and recoveries respecting the Mortgage
        Loans
        and other assets included in the Trust Fund, Supplemental Interest
        Trust  and Final Maturity Reserve Trust, all as more specifically set
        forth in the Agreement.

      

      The
        Agreement permits, with certain
        exceptions therein provided, the amendment thereof and the modification of
        the
        rights and obligations of the Depositor and the rights of the Certificateholders
        under the Agreement from time to time by the parties thereto with the consent
        of
        the Holders of the Class or Classes of Certificates affected thereby evidencing
        over 50% of the Voting Rights of such Class or Classes.  Any such
        consent by the Holder of this Certificate shall be conclusive and binding
        on
        such Holder and upon all future Holders of this Certificate and of any
        Certificate issued upon the transfer hereof or in lieu hereof whether or
        not
        notation of such consent is made upon this Certificate. The Agreement also
        permits the amendment thereof, in certain limited circumstances, without
        the
        consent of the Holders of any of the Certificates.

      

      As
        provided in the Agreement and
        subject to certain limitations therein set forth, the transfer of this
        Certificate is registrable with the Securities Administrator upon surrender
        of
        this Certificate for registration of transfer at the offices or agencies
        maintained by the Securities Administrator for such purposes, duly endorsed
        by,
        or accompanied by a written instrument of transfer in form satisfactory to
        the
        Securities Administrator duly executed by the Holder hereof or such Holder’s
        attorney duly authorized in writing, and thereupon one or more new Certificates
        in authorized denominations representing a like aggregate Percentage Interest
        will be issued to the designated transferee.

      

      The
        Certificates are issuable only as
        registered Certificates without coupons in the Classes and denominations
        specified in the Agreement. As provided in the Agreement and subject to certain
        limitations therein set forth, this Certificate is exchangeable for one or
        more
        new Certificates evidencing the same Class and in the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same.

      

      No
        service charge will be made to the
        Certificateholders for any such registration of transfer, but the Securities
        Administrator may require payment of a sum sufficient to cover any tax or
        other
        governmental charge payable in connection therewith. The Depositor, the Master
        Servicer, the Trustee, the Securities Administrator and any agent of any
        of them
        may treat the Person in whose name this Certificate is registered as the
        owner
        hereof for all purposes, and none of the Depositor, the Master Servicer,
        the
        Trustee, the Securities Administrator or any such agent shall be affected
        by
        notice to the contrary.

      

      The
        obligations created by the
        Agreement (other than the obligations to make payments to the holders of
        the
        Certificates) shall terminate upon the earlier of (i) the later of (A) the
        maturity or other liquidation (or Advance with respect thereto) of the last
        Mortgage Loan remaining in the Trust Fund and disposition of all property
        acquired upon foreclosure or deed in lieu of foreclosure of any Loan and
        (B) the
        remittance of all funds due under the Agreement with respect to the Mortgage
        Loans, or (ii) the optional repurchase by the Master Servicer of all the
        Mortgage Loans and other assets of the Trust Fund relating to the Mortgage
        Loans
        in accordance with the terms of the Agreement. Such optional repurchase may
        be
        made by the Master Servicer only on or after the Distribution Date on which
        the
        aggregate Stated Principal Balance of the Mortgage Loans is less than the
        percentage of the aggregate Stated Principal Balance of the Mortgage Loans
        is
        less than or equal to 10% of the Cut-off Date Principal Balance of the Mortgage
        Loans.  The exercise of such right will effect the early retirement of
        the Certificates. Notwithstanding the foregoing, the Master Servicer shall
        not
        be entitled to exercise the Cleanup Call to the extent that the Depositor
        creates a net interest margin transaction which includes the Class X
        Certificates or Class P Certificates and the notes issued pursuant to such
        net
        interest margin transaction are outstanding on the date on which the Master
        Servicer intends to exercise the Cleanup Call. In no event, however, will
        the
        Trust Fund created by the Agreement continue beyond the earlier of (i) the
        expiration of 21 years after the death of certain persons identified in the
        Agreement and (ii) the Assumed Final Distribution Date.

      

      Unless
        this Certificate has been
        countersigned by an authorized signatory of the Securities Administrator
        by
        manual signature, this Certificate shall not be entitled to any benefit under
        the Agreement, or be valid for any purpose.

      

      IN
        WITNESS WHEREOF, the Securities
        Administrator has caused this Certificate to be duly executed.

      

      
        	
                Dated:                      June
                  __, 2007

              	 	 	
                WELLS
                  FARGO BANK, N.A.

                as
                  Securities Administrator

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Authorized
                  Signatory

              
	 	 	 	 	 	 	 	 	 

      

       

      CERTIFICATE
        OF AUTHENTICATION

      

      This
        is one of the Class
        A-[1A][1B][2][3][4][5][6][7] Certificates referred to in the within-mentioned
        Agreement.

      
        	 	 	 	
                WELLS
                  FARGO BANK, N.A.

                as
                  Securities Administrator

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Authorized
                  Signatory

              
	 	 	 	 	 	 	 	 	 

      

      

      ASSIGNMENT

      

      FOR
        VALUE RECEIVED, the undersigned
        hereby sell(s), assign(s) and transfer(s) unto
        __________________________________ (Please print or typewrite name and address
        including postal zip code of assignee) a Percentage Interest evidenced by
        the
        within Mortgage Pass-Through Certificate and hereby authorizes the transfer
        of
        registration of such interest to assignee on the Certificate Register of
        the
        Trust Fund.

      

      I
        (We) further direct the Certificate
        Registrar to issue a new Certificate of a like denomination and Class, to
        the
        above named assignee and deliver such Certificate to the following
        address:

      

      
        	 	 	 
	 	 	
                .

              

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      
 

      DISTRIBUTION
        INSTRUCTIONS

      

      The
        assignee should include the
        following for purposes of distribution:

      

      
        	
                Distributions
                  shall be made, by
                  wire transfer or otherwise, in immediately available

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided
                  by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      

      EXHIBIT
        A-2

      

      FORM
        OF CLASS M-[1][2][3][4][5] CERTIFICATE

      

      THIS
        CERTIFICATE IS SUBORDINATED IN
        RIGHT OF PAYMENT TO THE GROUP I SENIOR CERTIFICATES  [[AND ]THE CLASS
        M-1 CERTIFICATES] [[,/AND] THE CLASS M-2 CERTIFICATES] [[AND/,] THE CLASS
        M-3
        CERTIFICATES] [[AND/,] THE CLASS M-4 CERTIFICATES] AS DESCRIBED IN THE AGREEMENT
        (AS DEFINED BELOW).

      

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

      

      THE
        CERTIFICATE PRINCIPAL BALANCE OF
        THIS CERTIFICATE WILL BE DECREASED BY THE PRINCIPAL PAYMENTS HEREON AND REALIZED
        LOSSES ALLOCABLE HERETO. ACCORDINGLY, FOLLOWING THE INITIAL ISSUANCE OF THE
        CERTIFICATES, THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL
        BE
        DIFFERENT FROM THE DENOMINATION SHOWN BELOW. ANYONE ACQUIRING THIS CERTIFICATE
        MAY ASCERTAIN ITS CERTIFICATE PRINCIPAL BALANCE BY INQUIRY OF THE SECURITIES
        ADMINISTRATOR NAMED HEREIN.

      

      NO
        TRANSFER OF THIS CERTIFICATE MAY BE
        MADE EXCEPT IN ACCORDANCE WITH SECTION 6.02(b) OF THE
        AGREEMENT.

      

      UNLESS
        THIS CERTIFICATE IS PRESENTED BY
        AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE DEPOSITOR
        OR
        ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
        ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY
        AND
        ANY PAYMENT IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
        FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED
        OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

      

      
        	
                Certificate
                  No. __

              	
                Pass-Through
                  Rate: [___%]

              
	 	 
	
                Class
                  M-[1][2][3][4][5] Mezzanine

              	 
	 	 
	
                Date
                  of Pooling and Servicing Agreement

                 and
                  Cut-off Date: June 1, 2007

              	
                Aggregate
                  Initial Certificate Principal Balance of this Class M-[1][2][3][4][5]
                  Certificate as of the Cut-off Date:

                $_______________

              
	
                Trustee:
                  HSBC Bank USA, National Association

              	 
	
                First
                  Distribution Date:

                July
                  25, 2007

              	
                Initial
                  Certificate Principal Balance of this Certificate as of the Cut-off
                  Date:

                $________________

              
	 	
                Master
                  Servicer and Securities Administrator: Wells Fargo Bank,
                  N.A.

              
	
                Assumed
                  Final Distribution Date:

                June
                  25, 2037

              	
                CUSIP:  
                  [__________________]

              
	 	 

      

      

      MORTGAGE
        PASS-THROUGH CERTIFICATE

      SERIES
        2007-2

      

      evidencing
        a fractional undivided interest in the distributions allocable to the
        Class  M-[1][2][3][4][5] Certificates with respect to a Trust Fund
        consisting primarily of a pool of conventional one- to four-family fixed-rate
        mortgage loans sold by NOMURA ASSET ACCEPTANCE CORPORATION.

      

      

      This
        Certificate is payable solely from
        the assets of the Trust Fund, and does not represent an obligation of or
        interest in Nomura Asset Acceptance Corporation (“NAAC”) or  the
        Trustee or any of their affiliates or any other person. Neither this Certificate
        nor the underlying Mortgage Loans are guaranteed or insured by any governmental
        entity or by NAAC or the Trustee or any of their affiliates or any other
        person.
        None of NAAC, the Trustee, the Securities Administrator or any of their
        affiliates will have any obligation with respect to any certificate or other
        obligation secured by or payable from payments on the Certificates.

      

      This
        certifies that Cede & Co. is
        the registered owner of the Percentage Interest evidenced hereby in the
        beneficial ownership interest of Certificates of the same Class as this
        Certificate in a trust (the “Trust Fund”) generally consisting of conventional
        first lien, fixed-rate mortgage loans secured by one- to four-family residences,
        units in planned unit developments, individual condominium units, cooperatives,
        condotels and townhouses (collectively, the “Mortgage Loans”) sold by NAAC. The
        Mortgage Loans were sold by Nomura Credit & Capital, Inc. (the “Sponsor”) to
        NAAC. The Trust Fund was created pursuant to the Pooling and Servicing Agreement
        dated as of the Cut-off Date specified above (the “Agreement”), among NAAC, as
        depositor (the “Depositor”), the Sponsor, GMAC Mortgage, LLC, as a servicer,
        HSBC Bank USA, National Association, as trustee (the “Trustee”), and Wells Fargo
        Bank, N.A. as master servicer (the “Master Servicer”) and securities
        administrator (the “Securities Administrator”), a summary of certain of the
        pertinent provisions of which is set forth hereafter. To the extent not defined
        herein, capitalized terms used herein shall have the meaning ascribed to
        them in
        the Agreement. This Certificate is issued under and is subject to the terms,
        provisions and conditions of the Agreement, to which Agreement the Holder
        of
        this Certificate by virtue of its acceptance hereof assents and by which
        such
        Holder is bound.

      

      Interest
        on this Certificate will
        accrue during the calendar month prior to the calendar month in which a
        Distribution Date (as hereinafter defined) occurs on the Certificate Principal
        Balance hereof at a per annum Pass-Through Rate equal to the lesser of (i)
        the
        sum of One-Month LIBOR for such Distribution Date plus (A) with respect to
        each
        Distribution Date which occurs on or prior to the Optional Termination Date,
        a
        Certificate margin equal to [____]% per annum and (B) with respect to each
        Distribution Date which occurs thereafter, a Certificate margin equal to
        [____]%
        per annum and (ii) the Net WAC Pass-Through Rate for such Distribution
        Date.  The Securities Administrator will distribute on the 25th day of
        each month, or, if such 25th day is not a Business Day, the immediately
        following Business Day (each, a “Distribution Date”), commencing on the First
        Distribution Date specified above, to the Person in whose name this Certificate
        is registered at the close of business on the last Business Day of the calendar
        month immediately preceding the month in which the Distribution Date occurs,
        an
        amount equal to the product of the Percentage Interest evidenced by this
        Certificate and the amount (of interest and principal, if any) required to
        be
        distributed to the Holders of Certificates of the same Class as this
        Certificate. The Assumed Final Distribution Date is the Distribution Date
        in
        June 2037 which is not likely to be the date on which the Certificate Principal
        Balance of this Class of Certificates will be reduced to zero.

      

      Distributions
        on this Certificate will
        be made by the Securities Administrator by check mailed to the address of
        the
        Person entitled thereto as such name and address shall appear on the Certificate
        Register or, if such Person so requests by notifying the Securities
        Administrator in writing as specified in the Agreement. Notwithstanding the
        foregoing, the final distribution on this Certificate will be made after
        due
        notice by the Securities Administrator of the pendency of such distribution
        and
        only upon presentation and surrender of this Certificate at the office or
        agency
        appointed by the Securities Administrator for that purpose and designated
        in
        such notice. The initial Certificate Principal Balance of this Certificate
        is
        set forth above. The Certificate Principal Balance hereof will be reduced
        to the
        extent of distributions allocable to principal hereon and any Realized Losses
        allocable hereto.

      

      This
        Certificate is one of a duly
        authorized issue of Certificates designated as set forth on the face hereof
        (the
“Certificates”). The Certificates, in the aggregate, evidence the entire
        beneficial ownership interest in the Trust Fund formed pursuant to the
        Agreement.

      

      The
        Certificateholder, by its
        acceptance of this Certificate, agrees that it will look solely to the Trust
        Fund for payment hereunder and that the Trustee is not liable to the
        Certificateholders for any amount payable under this Certificate or the
        Agreement or, except as expressly provided in the Agreement, subject to any
        liability under the Agreement.

      

      This
        Certificate does not purport to
        summarize the Agreement and reference is made to the Agreement for the
        interests, rights and limitations of rights, benefits, obligations and duties
        evidenced hereby, and the rights, duties and immunities of the Securities
        Administrator.  This Certificate is limited in right of payment to
        certain collections and recoveries respecting the Mortgage Loans and other
        assets included in the Trust Fund, Supplemental Interest Trust and Final
        Maturity Reserve Trust, all as more specifically set forth in the
        Agreement.

      

      The
        Agreement permits, with certain
        exceptions therein provided, the amendment thereof and the modification of
        the
        rights and obligations of the Depositor and the rights of the Certificateholders
        under the Agreement from time to time by the parties thereto with the consent
        of
        the Holders of the Class or Classes of Certificates affected thereby evidencing
        over 50% of the Voting Rights of such Class or Classes.  Any such
        consent by the Holder of this Certificate shall be conclusive and binding
        on
        such Holder and upon all future Holders of this Certificate and of any
        Certificate issued upon the transfer hereof or in lieu hereof whether or
        not
        notation of such consent is made upon this Certificate. The Agreement also
        permits the amendment thereof, in certain limited circumstances, without
        the
        consent of the Holders of any of the Certificates.

      

      As
        provided in the Agreement and
        subject to certain limitations therein set forth, the transfer of this
        Certificate is registrable with the Securities Administrator upon surrender
        of
        this Certificate for registration of transfer at the offices or agencies
        maintained by the Securities Administrator for such purposes, duly endorsed
        by,
        or accompanied by a written instrument of transfer in form satisfactory to
        the
        Securities Administrator duly executed by the Holder hereof or such Holder’s
        attorney duly authorized in writing, and thereupon one or more new Certificates
        in authorized denominations representing a like aggregate Percentage Interest
        will be issued to the designated transferee.

      

      No
        transfer of this Certificate may be
        made except in accordance with Section 6.02(b) of the Agreement.

      

      The
        Certificates are issuable only as
        registered Certificates without coupons in the Classes and denominations
        specified in the Agreement. As provided in the Agreement and subject to certain
        limitations therein set forth, this Certificate is exchangeable for one or
        more
        new Certificates evidencing the same Class and in the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same.

      

      No
        service charge will be made to the
        Certificateholders for any such registration of transfer, but the Securities
        Administrator may require payment of a sum sufficient to cover any tax or
        other
        governmental charge payable in connection therewith. The Depositor, the Master
        Servicer, the Trustee, the Securities Administrator and any agent of any
        of them
        may treat the Person in whose name this Certificate is registered as the
        owner
        hereof for all purposes, and none of the Depositor, the Master
        Servicer,  the Trustee, the Securities Administrator or any such agent
        shall be affected by notice to the contrary.

      

      The
        obligations created by the
        Agreement (other than the obligations to make payments to the holders of
        the
        Certificates) shall terminate upon the earlier of (i) the later of (A) the
        maturity or other liquidation (or Advance with respect thereto) of the last
        Mortgage Loan remaining in the Trust Fund and disposition of all property
        acquired upon foreclosure or deed in lieu of foreclosure of any Mortgage
        Loan
        and (B) the remittance of all funds due under the Agreement with respect
        to the
        Mortgage Loans, or (ii) the optional repurchase by the Master Servicer of
        all
        the Mortgage Loans and other assets of the Trust Fund in accordance with
        the
        terms of the Agreement. Such optional repurchase may be made by the Master
        Servicer only if on such Distribution Date the aggregate Stated Principal
        Balance of the Mortgage Loans is less than or equal to 10% of the aggregate
        Stated Principal Balance of the Mortgage Loans at the Cut-off Date. The exercise
        of such right will effect the early retirement of the Certificates.
        Notwithstanding the foregoing, the Master Servicer shall not be entitled
        to
        exercise the Cleanup Call to the extent that the Depositor creates a net
        interest margin transaction which includes the Class X Certificates or Class
        P
        Certificates and the notes issued pursuant to such net interest margin
        transaction are outstanding on the date on which the Master Servicer intends
        to
        exercise the Cleanup Call. In no event, however, will the Trust Fund created
        by
        the Agreement continue beyond the earlier to occur of (i) expiration of 21
        years
        after the death of certain persons identified in the Agreement and (ii) the
        Assumed Final Distribution Date.

      

      Unless
        this Certificate has been
        countersigned by an authorized signatory of the Securities Administrator
        by
        manual signature, this Certificate shall not be entitled to any benefit under
        the Agreement, or be valid for any purpose.

       

      IN
        WITNESS WHEREOF, the Securities
        Administrator has caused this Certificate to be duly executed.

      

      
        	
                Dated:                      June
                  __, 2007

              	 	 	
                WELLS
                  FARGO BANK, N.A.

                as
                  Securities Administrator

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Authorized
                  Signatory

              
	 	 	 	 	 	 	 	 	 

      

      
 

      CERTIFICATE
        OF AUTHENTICATION

      

      This
        is one of the Class
        M-[1][2][3][4][5] Certificates referred to in the within-mentioned
        Agreement.

      

      
        	 	 	 	
                WELLS
                  FARGO BANK, N.A.

                as
                  Securities Administrator

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Authorized
                  Signatory

              
	 	 	 	 	 	 	 	 	 

      

      
 

      ASSIGNMENT

      

      FOR
        VALUE RECEIVED, the undersigned
        hereby sell(s), assign(s) and transfer(s) unto
        __________________________________ (Please print or typewrite name and address
        including postal zip code of assignee) a Percentage Interest evidenced by
        the
        within Mortgage Pass-Through Certificate and hereby authorizes the transfer
        of
        registration of such interest to assignee on the Certificate Register of
        the
        Trust Fund.

      

      I
        (We) further direct the Certificate
        Registrar to issue a new Certificate of a like denomination and Class, to
        the
        above named assignee and deliver such Certificate to the following
        address:

      

      
        	 	 	 
	 	 	
                .

              

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

       

      

      DISTRIBUTION
        INSTRUCTIONS

      

      The
        assignee should include the
        following for purposes of distribution:

      

      
        	
                Distributions
                  shall be made, by
                  wire transfer or otherwise, in immediately available

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                Account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided
                  by

              	 
	
                Assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        A-3

      

      FORM
        OF CLASS P CERTIFICATE

       

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

       

      THIS
        CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
        ACT OF
        1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER ANY STATE SECURITIES LAWS. THE
        HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
        MAY
        BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE
        WITH
        THE SECURITIES ACT AND OTHER APPLICABLE LAWS AND ONLY (1) PURSUANT TO RULE
        144A
        UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY
        BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A
        (A
“QIB”), PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF
        A
        QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE,
        PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) PURSUANT
        TO
        AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES
        ACT (IF
        AVAILABLE) OR (3) IN CERTIFICATED FORM TO AN “INSTITUTIONAL ACCREDITED INVESTOR”
WITHIN THE MEANING THEREOF IN RULE 501(a)(1), (2), (3) or (7) OF REGULATION
        D
        UNDER THE ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS COME WITHIN
        SUCH
        PARAGRAPHS PURCHASING NOT FOR DISTRIBUTION IN VIOLATION OF THE SECURITIES
        ACT,
        SUBJECT TO (A) THE RECEIPT BY THE SECURITIES ADMINISTRATOR OF A LETTER
        SUBSTANTIALLY IN THE FORM PROVIDED IN THE AGREEMENT AND (B) THE RECEIPT BY
        THE
        SECURITIES ADMINISTRATOR OF SUCH OTHER EVIDENCE ACCEPTABLE TO THE SECURITIES
        ADMINISTRATOR THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS IN COMPLIANCE
        WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS OR IN EACH CASE IN ACCORDANCE
        WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED STATES AND ANY OTHER
        APPLICABLE JURISDICTION.

       

      NO
        TRANSFER OF THIS CERTIFICATE SHALL BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
        PROVIDES A CERTIFICATION PURSUANT TO SECTION 6.02(b) OF THE
        AGREEMENT.

       

      

      
        	
                Certificate
                  No. __

              	
                Percentage
                  Interest: 100%

              
	 	 
	
                Class
                  P

              	 
	 	 
	
                Date
                  of Pooling and Servicing Agreement and Cut-off Date:

                June
                  1, 2007

              	
                Aggregate
                  Initial Certificate Principal Balance of the Class P Certificates as
                  of
                  the Cut-off Date:  $100

              
	 	 
	
                Trustee:
                  HSBC Bank USA, National Association

              	
                Master
                  Servicer and Securities Administrator: Wells Fargo Bank,
                  N.A.

              
	 	 
	
                First
                  Distribution Date:

                July
                  25, 2007

              	 
	 	 
	
                Assumed
                  Final Distribution Date:

                June
                  25, 2037

              	
                CUSIP:  [________________]

              
	 	 

      

      

      MORTGAGE
        PASS-THROUGH CERTIFICATE

      SERIES
        2007-2

       

      evidencing
        a fractional undivided interest in the distributions allocable to the Class
        P
        Certificates with respect to a Trust Fund consisting primarily of a pool
        of
        conventional one- to four-family fixed-rate mortgage loans sold by NOMURA
        ASSET
        ACCEPTANCE CORPORATION.

       

      This
        Certificate is payable solely from the assets of the Trust Fund, and does
        not
        represent an obligation of or interest in Nomura Asset Acceptance Corporation
        (“NAAC”) or the Trustee referred to below or any of their affiliates or any
        other person. Neither this Certificate nor the underlying Mortgage Loans
        are
        guaranteed or insured by any governmental entity or by NAAC or the Trustee
        or
        any of their affiliates or any other person. None of NAAC, the Trustee, the
        Securities Administrator or any of their affiliates will have any obligation
        with respect to any certificate or other obligation secured by or payable
        from
        payments on the Certificates.

       

      This
        certifies that
        [                           ]
        is the registered owner of the Percentage Interest evidenced hereby in the
        beneficial ownership interest of Certificates of the same Class as this
        Certificate in a trust (the “Trust Fund”), generally consisting of conventional
        first lien, fixed-rate mortgage loans secured by one- to four- family
        residences, units in planned unit developments, individual condominium units,
        cooperatives, condotels and townhouses (collectively, the “Mortgage Loans”) sold
        by NAAC. The Mortgage Loans were sold by Nomura Credit & Capital, Inc. (the
“Sponsor”) to NAAC. The Trust Fund was created pursuant to the Pooling and
        Servicing Agreement dated as of the Cut-off Date specified above (the
“Agreement”), among NAAC, as depositor (the “Depositor”), the Sponsor, GMAC
        Mortgage, LLC, as a servicer, HSBC Bank USA, National Association, as trustee
        (the “Trustee”), and Wells Fargo Bank, N.A. as master servicer (the “Master
        Servicer”) and securities administrator (the “Securities Administrator”), a
        summary of certain of the pertinent provisions of which is set forth hereafter.
        To the extent not defined herein, capitalized terms used herein shall have
        the
        meaning ascribed to them in the Agreement. This Certificate is issued under
        and
        is subject to the terms, provisions and conditions of the Agreement, to which
        Agreement the Holder of this Certificate by virtue of its acceptance hereof
        assents and by which such Holder is bound.

       

      Distributions
        on this Certificate will be made by the Securities Administrator by check
        mailed
        to the address of the Person entitled thereto as such name and address shall
        appear on the Certificate Register or, if such Person so requests by notifying
        the Securities Administrator in writing as specified in the Agreement.
        Notwithstanding the foregoing, the final distribution on this Certificate
        will
        be made after due notice by the Securities Administrator of the pendency
        of such
        distribution and only upon presentation and surrender of this Certificate
        at the
        office or agency appointed by the Securities Administrator for that purpose
        and
        designated in such notice.

       

      No
        transfer of this Certificate shall be made unless the transfer is made pursuant
        to an effective registration statement under the Securities Act of 1933,
        as
        amended (the “1933 Act”), and an effective registration or qualification under
        applicable state securities laws, or is made in a transaction that does not
        require such registration or qualification. In the event that such a transfer
        of
        this Certificate is to be made without registration or qualification, the
        Securities Administrator shall require receipt of (i) if such transfer is
        purportedly being made in reliance upon Rule 144A under the 1933 Act, written
        certifications from the Holder of the Certificate desiring to effect the
        transfer, and from such Holder’s prospective transferee, substantially in the
        forms attached to the Agreement as Exhibit E and either F or G, as applicable,
        and (ii) in all other cases, an Opinion of Counsel satisfactory to it that
        such
        transfer may be made without such registration or qualification (which Opinion
        of Counsel shall not be an expense of the Trust Fund or of the Depositor,
        the
        Securities Administrator or the Trustee in their respective capacities as
        such),
        together with copies of the written certification(s) of the Holder of the
        Certificate desiring to effect the transfer and/or such Holder’s prospective
        transferee upon which such Opinion of Counsel is based. Neither the Depositor,
        the Securities Administrator nor the Trustee is obligated to register or
        qualify
        the Class of Certificates specified on the face hereof under the 1933 Act
        or any
        other securities law or to take any action not otherwise required under the
        Agreement to permit the transfer of such Certificates without registration
        or
        qualification. Any Holder desiring to effect a transfer of this Certificate
        shall be required to indemnify the Trustee, the Securities Administrator,
        the
        Depositor and the Sponsor against any liability that may result if the transfer
        is not so exempt or is not made in accordance with such federal and state
        laws.

       

      No
        transfer of this Certificate shall be made to any person unless the transferee
        provides a certification pursuant to Section 6.02(b) of the
        Agreement.

       

      This
        Certificate is one of a duly authorized issue of Certificates designated
        as set
        forth on the face hereof (the “Certificates”). The Certificates, in the
        aggregate, evidence the entire beneficial ownership interest in the Trust
        Fund
        formed pursuant to the Agreement.

       

      The
        Certificateholder, by its acceptance of this Certificate, agrees that it
        will
        look solely to the Trust Fund for payment hereunder and that the Securities
        Administrator is not liable to the Certificateholders for any amount payable
        under this Certificate or the Agreement or, except as expressly provided
        in the
        Agreement, subject to any liability under the Agreement.

       

      This
        Certificate does not purport to summarize the Agreement and reference is
        made to
        the Agreement for the interests, rights and limitations of rights, benefits,
        obligations and duties evidenced hereby, and the rights, duties and immunities
        of the Securities Administrator.  This Certificate is limited in right
        of payment to Prepayment Charges collected in respect of the Mortgage Loans
        and
        amounts on deposit in the Class P Certificate Account as more specifically
        set
        forth in the Agreement.

       

      The
        Agreement permits, with certain exceptions therein provided, the amendment
        thereof and the modification of the rights and obligations of the Depositor
        and
        the rights of the Certificateholders under the Agreement from time to time
        by
        the parties thereto with the consent of the Holders of the Class or Classes
        of
        Certificates affected thereby evidencing over 50% of the Voting Rights of
        such
        Class or Classes.  Any such consent by the Holder of this Certificate
        shall be conclusive and binding on such Holder and upon all future Holders
        of
        this Certificate and of any Certificate issued upon the transfer hereof or
        in
        lieu hereof whether or not notation of such consent is made upon this
        Certificate. The Agreement also permits the amendment thereof, in certain
        limited circumstances, without the consent of the Holders of any of the
        Certificates.

       

      As
        provided in the Agreement and subject to certain limitations therein set
        forth,
        the transfer of this Certificate is registrable with the Securities
        Administrator upon surrender of this Certificate for registration of transfer
        at
        the offices or agencies maintained by the Securities Administrator for such
        purposes, duly endorsed by, or accompanied by a written instrument of transfer
        in form satisfactory to the Securities Administrator duly executed by the
        Holder
        hereof or such Holder’s attorney duly authorized in writing, and thereupon one
        or more new Certificates in authorized denominations representing a like
        aggregate Percentage Interest will be issued to the designated
        transferee.

       

      The
        Certificates are issuable only as registered Certificates without coupons
        in the
        Classes and denominations specified in the Agreement. As provided in the
        Agreement and subject to certain limitations therein set forth, this Certificate
        is exchangeable for one or more new Certificates evidencing the same Class
        and
        in the same aggregate Percentage Interest, as requested by the Holder
        surrendering the same.

       

      No
        service charge will be made to the Certificateholders for any such registration
        of transfer, but the Securities Administrator may require payment of a sum
        sufficient to cover any tax or other governmental charge payable in connection
        therewith. The Depositor, the Master Servicer, the Trustee, the Securities
        Administrator and any agent of any of them may treat the Person in whose
        name
        this Certificate is registered as the owner hereof for all purposes, and
        none of
        Depositor, the Master Servicer, the Trustee, the Securities Administrator
        or any
        such agent shall be affected by notice to the contrary.

       

      The
        obligations created by the Agreement (other than the obligations to make
        payments to the holders of the Certificates) shall terminate upon the earlier
        of
        (i) the later of (A) the maturity or other liquidation (or Advance with respect
        thereto) of the last Mortgage Loan remaining in the Trust Fund and disposition
        of all property acquired upon foreclosure or deed in lieu of foreclosure
        of any
        Mortgage Loan and (B) the remittance of all funds due under the Agreement
        with
        respect to the Mortgage Loans, or (ii) the optional repurchase by the Master
        Servicer of all the Mortgage Loans and other assets of the Trust Fund in
        accordance with the terms of the Agreement. Such optional repurchase may
        be made
        by the Master Servicer only if on such Distribution Date the aggregate Stated
        Principal Balance of the Mortgage Loans is less than or equal to 10% of the
        aggregate Stated Principal Balance of the Mortgage Loans at the Cut-off Date.
        The exercise of such right will effect the early retirement of the Certificates.
        Notwithstanding the foregoing, the Master Servicer shall not be entitled
        to
        exercise the Cleanup Call to the extent that the Depositor creates a net
        interest margin transaction which includes the Class X Certificates or Class
        P
        Certificates and the notes issued pursuant to such net interest margin
        transaction are outstanding on the date on which the Master Servicer intends
        to
        exercise the Cleanup Call. In no event, however, will the Trust Fund created
        by
        the Agreement continue beyond the earlier to occur of (i) expiration of 21
        years
        after the death of certain persons identified in the Agreement and (ii) the
        Assumed Final Distribution Date.

       

      Unless
        this Certificate has been countersigned by an authorized signatory of the
        Securities Administrator by manual signature, this Certificate shall not
        be
        entitled to any benefit under the Agreement, or be valid for any
        purpose.

       

      

      IN
        WITNESS WHEREOF, the Securities Administrator has caused this Certificate
        to be
        duly executed.

       

      
        	
                Dated:  June
                  __, 2007

              	
                WELLS
                  FARGO BANK, N.A.

                as
                  Securities Administrator

              
	 	 
	 	
                By:  _____________________________

              
	 	
                Authorized
                  Signatory

                 

              

      

       

      CERTIFICATE
        OF AUTHENTICATION

       

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

       

      
        	 	 	 	
                WELLS
                  FARGO BANK, N.A.

                as
                  Securities Administrator

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Authorized
                  Signatory

              

      

       

      ASSIGNMENT

       

      FOR
        VALUE
        RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
        __________________________________ (Please print or typewrite name and address
        including postal zip code of assignee) a Percentage Interest evidenced by
        the
        within Mortgage Pass-Through Certificate and hereby authorizes the transfer
        of
        registration of such interest to assignee on the Certificate Register of
        the
        Trust Fund.

       

      I
        (We)
        further direct the Certificate Registrar to issue a new Certificate of a
        like
        denomination and Class, to the above named assignee and deliver such Certificate
        to the following address:

      

      
        	 	 	 
	 	 	
                .

              

      

      

      
        	
                Dated:

              	
                ______________________________________

              
	 	
                Signature
                  by or on behalf of assignor

                 

              
	 	
                ______________________________________

              
	 	
                Signature
                  Guaranteed

                 

              

      

       

       

      DISTRIBUTION
        INSTRUCTIONS

       

      The
        assignee should include the following for purposes of distribution:

       

      
        	
                Distributions
                  shall be made, by wire transfer or otherwise, in immediately
                  available

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        A-4

      

      FORM
        OF CLASS X CERTIFICATE

      

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

      

      THIS
        CERTIFICATE IS SUBORDINATE TO THE
        SENIOR CERTIFICATES AND THE MEZZANINE CERTIFICATES TO THE EXTENT DESCRIBED
        IN
        THE AGREEMENT REFERRED TO HEREIN.

      

      THIS
        CERTIFICATE HAS NOT BEEN AND WILL
        NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
        ACT”), OR UNDER ANY STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THIS
        CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED
        OR
        OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER
        APPLICABLE LAWS AND ONLY (1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT
        (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED
        INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A (A “QIB”), PURCHASING FOR
        ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF A QIB, WHOM THE HOLDER
        HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
        IS BEING MADE IN RELIANCE ON RULE 144A, (2) PURSUANT TO AN EXEMPTION FROM
        REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE)
        OR (3)
        IN CERTIFICATED FORM TO AN “INSTITUTIONAL ACCREDITED INVESTOR” WITHIN THE
        MEANING THEREOF IN RULE 501(a)(1), (2), (3) or (7) OF REGULATION D UNDER
        THE ACT
        OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS COME WITHIN SUCH PARAGRAPHS
        PURCHASING NOT FOR DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, SUBJECT
        TO
        (A) THE RECEIPT BY THE SECURITIES ADMINISTRATOR OF A LETTER SUBSTANTIALLY
        IN THE
        FORM PROVIDED IN THE AGREEMENT AND (B) THE RECEIPT BY THE SECURITIES
        ADMINISTRATOR OF SUCH OTHER EVIDENCE ACCEPTABLE TO THE SECURITIES ADMINISTRATOR
        THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS IN COMPLIANCE WITH THE
        SECURITIES ACT AND OTHER APPLICABLE LAWS OR IN EACH CASE IN ACCORDANCE WITH
        ALL
        APPLICABLE SECURITIES LAWS OF THE UNITED STATES AND ANY OTHER APPLICABLE
        JURISDICTION.

      

      NO
        TRANSFER OF THIS CERTIFICATE SHALL
        BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE PROVIDES A CERTIFICATION PURSUANT
        TO SECTION 6.02(b) OF THE AGREEMENT.

      

      
        	
                Certificate
                  No. __

              	
                Percentage
                  Interest: ____

              
	 	 
	
                Class
                  X

              	
                Variable
                  Pass-Through Rate

              
	 	 
	
                Date
                  of Pooling and Servicing Agreement and Cut-off Date: June 1,
                  2007

                 

              	
                Initial
                  Certificate Notional Balance of this Certificate as of the Cut-off
                  Date:

                 

              
	
                Trustee:
                  HSBC Bank USA, National Association

              	 
	
                First
                  Distribution Date: July 25, 2007

                 

              	 
	 	
                Master
                  Servicer and Securities Administrator:  Wells Fargo Bank,
                  NA.

              
	
                Assumed
                  Final Distribution Date:

                June
                  25, 2037

                 

              	
                CUSIP:  
                  [__________________]

              

      

      

      MORTGAGE
        PASS-THROUGH CERTIFICATE

      SERIES
        2007-2

      

      evidencing
        a fractional undivided interest in the distributions allocable to the
        Class  X Certificates with respect to a Trust Fund consisting
        primarily of a pool of conventional one- to four-family fixed-rate mortgage
        loans sold by NOMURA ASSET ACCEPTANCE CORPORATION.

      

      

      This
        Certificate is payable solely from
        the assets of the Trust Fund, and does not represent an obligation of or
        interest in Nomura Asset Acceptance Corporation (“NAAC”) or the Trustee referred
        to below or any of their affiliates or any other person. Neither this
        Certificate nor the underlying Mortgage Loans are guaranteed or insured by
        any
        governmental entity or by NAAC or the Trustee or any of their affiliates
        or any
        other person. None of NAAC, the Trustee, the Securities Administrator or
        any of
        their affiliates will have any obligation with respect to any certificate
        or
        other obligation secured by or payable from payments on the
        Certificates.

      

      This
        certifies that
        [                           ]
        is the registered owner of the Percentage Interest evidenced hereby in the
        beneficial ownership interest of Certificates of the same Class as this
        Certificate in a trust (the “Trust Fund”) generally consisting of conventional
        first lien, fixed-rate mortgage loans secured by one- to four-family residences,
        units in planned unit developments, individual condominium units, cooperatives,
        condotels and townhouses (collectively, the “Mortgage Loans”) sold by NAAC. The
        Mortgage Loans were sold by Nomura Credit & Capital, Inc. (the “Sponsor”) to
        NAAC. The Trust Fund was created pursuant to the Pooling and Servicing Agreement
        dated as of the Cut-off Date specified above (the “Agreement”), among NAAC, as
        depositor (the “Depositor”), the Sponsor, GMAC Mortgage, LLC, as a servicer,
        HSBC Bank USA, National Association, as trustee (the “Trustee”), and Wells Fargo
        Bank, N.A., as master servicer (the “Master Servicer”) and securities
        administrator (the “Securities Administrator”), a summary of certain of the
        pertinent provisions of which is set forth hereafter. To the extent not defined
        herein, capitalized terms used herein shall have the meaning ascribed to
        them in
        the Agreement. This Certificate is issued under and is subject to the terms,
        provisions and conditions of the Agreement, to which Agreement the Holder
        of
        this Certificate by virtue of its acceptance hereof assents and by which
        such
        Holder is bound.

      

      Interest
        on this Certificate will
        accrue during the month prior to the month in which a Distribution Date (as
        hereinafter defined) occurs on the Certificate Notional Balance hereof at
        a per
        annum rate equal to the Pass-Through Rate as set forth in the Agreement.
        The
        Securities Administrator will distribute on the 25th day of each month, or,
        if
        such 25th day is not a Business Day, the immediately following Business Day
        (each, a “Distribution Date”), commencing on the First Distribution Date
        specified above, to the Person in whose name this Certificate is registered
        at
        the close of business on the last day Business Day immediately preceding
        such
        Distribution Date, an amount equal to the product of the Percentage Interest
        evidenced by this Certificate and the amount required to be distributed to
        the
        Holders of Certificates of the same Class as this Certificate. The Assumed
        Final
        Distribution Date is the Distribution Date in June 2037.

      

      Distributions
        on this Certificate will
        be made by the Securities Administrator by check mailed to the address of
        the
        Person entitled thereto as such name and address shall appear on the Certificate
        Register or, if such Person so requests by notifying the Securities
        Administrator in writing as specified in the Agreement. Notwithstanding the
        foregoing, the final distribution on this Certificate will be made after
        due
        notice by the Securities Administrator of the pendency of such distribution
        and
        only upon presentation and surrender of this Certificate at the office or
        agency
        appointed by the Securities Administrator for that purpose and designated
        in
        such notice.

      

      No
        transfer of this Certificate shall
        be made unless the transfer is made pursuant to an effective registration
        statement under the Securities Act of 1933, as amended (the “1933 Act”), and an
        effective registration or qualification under applicable state securities
        laws,
        or is made in a transaction that does not require such registration or
        qualification. In the event that such a transfer of this Certificate is to
        be
        made without registration or qualification, the Securities Administrator
        shall
        require receipt of (i) if such transfer is purportedly being made in reliance
        upon Rule 144A under the 1933 Act, written certifications from the Holder of the
        Certificate desiring to effect the transfer, and from such Holder’s prospective
        transferee, substantially in the forms attached to the Agreement as Exhibit
        E
        and either F or G, as applicable, and (ii) in all other cases, an Opinion
        of
        Counsel satisfactory to it that such transfer may be made without such
        registration or qualification (which Opinion of Counsel shall not be an expense
        of the Trust Fund or of the Depositor, the Securities Administrator or the
        Trustee in their respective capacities as such), together with copies of
        the
        written certification(s) of the Holder of the Certificate desiring to effect
        the
        transfer and/or such Holder’s prospective transferee upon which such Opinion of
        Counsel is based. Neither the Depositor, the Securities Administrator nor
        the
        Trustee is obligated to register or qualify the Class of Certificates specified
        on the face hereof under the 1933 Act or any other securities law or to take
        any
        action not otherwise required under the Agreement to permit the transfer
        of such
        Certificates without registration or qualification. Any Holder desiring to
        effect a transfer of this Certificate shall be required to indemnify the
        Trustee, the Securities Administrator, the Depositor and the Sponsor against
        any
        liability that may result if the transfer is not so exempt or is not made
        in
        accordance with such federal and state laws.

      

      No
        transfer of this Certificate shall
        be made to any person unless the transferee provides a certification pursuant
        to
        Section 6.02(b) of the Agreement.

      

      This
        Certificate is one of a duly
        authorized issue of Certificates designated as set forth on the face hereof
        (the
“Certificates”). The Certificates, in the aggregate, evidence the entire
        beneficial ownership interest in the Trust Fund formed pursuant to the
        Agreement.

      

      The
        Certificateholder, by its
        acceptance of this Certificate, agrees that it will look solely to the Trust
        Fund for payment hereunder and that neither the Trustee nor Securities
        Administrator is liable to the Certificateholders for any amount payable
        under
        this Certificate or the Agreement or, except as expressly provided in the
        Agreement, subject to any liability under the Agreement.

      

      This
        Certificate does not purport to
        summarize the Agreement and reference is made to the Agreement for the
        interests, rights and limitations of rights, benefits, obligations and duties
        evidenced hereby, and the rights, duties and immunities of the Securities
        Administrator.  This Certificate is limited in right of payment to
        certain collections and recoveries respecting the Mortgage Loans and other
        assets included in the Trust Fund, Supplemental Interest Trust  and
        Final Maturity Reserve Trust, all as more specifically set forth in the
        Agreement.

      

      The
        Agreement permits, with certain
        exceptions therein provided, the amendment thereof and the modification of
        the
        rights and obligations of the Depositor and the rights of the Certificateholders
        under the Agreement from time to time by the parties thereto with the consent
        of
        the Holders of the Class or Classes of Certificates affected thereby evidencing
        over 50% of the Voting Rights of such Class or Classes.  Any such
        consent by the Holder of this Certificate shall be conclusive and binding
        on
        such Holder and upon all future Holders of this Certificate and of any
        Certificate issued upon the transfer hereof or in lieu hereof whether or
        not
        notation of such consent is made upon this Certificate. The Agreement also
        permits the amendment thereof, in certain limited circumstances, without
        the
        consent of the Holders of any of the Certificates.

      

      As
        provided in the Agreement and
        subject to certain limitations therein set forth, the transfer of this
        Certificate is registrable with the Securities Administrator upon surrender
        of
        this Certificate for registration of transfer at the offices or agencies
        maintained by the Securities Administrator for such purposes, duly endorsed
        by,
        or accompanied by a written instrument of transfer in form satisfactory to
        the
        Securities Administrator duly executed by the Holder hereof or such Holder’s
        attorney duly authorized in writing, and thereupon one or more new Certificates
        in authorized denominations representing a like aggregate Percentage Interest
        will be issued to the designated transferee.

      

      The
        Certificates are issuable only as
        registered Certificates without coupons in the Classes and denominations
        specified in the Agreement. As provided in the Agreement and subject to certain
        limitations therein set forth, this Certificate is exchangeable for one or
        more
        new Certificates evidencing the same Class and in the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same.

      

      No
        service charge will be made to the
        Certificateholders for any such registration of transfer, but the Securities
        Administrator may require payment of a sum sufficient to cover any tax or
        other
        governmental charge payable in connection therewith. The Depositor, the Master
        Servicer, the Trustee, the Securities Administrator and any agent of any
        of them
        may treat the Person in whose name this Certificate is registered as the
        owner
        hereof for all purposes, and none of the Depositor, the Master Servicer,
        the
        Trustee, the Securities Administrator or any such agent shall be affected
        by
        notice to the contrary.

      

      The
        obligations created by the Agreement (other than the obligations to make
        payments to the holders of the Certificates) shall terminate upon the earlier
        of
        (i) the later of (A) the maturity or other liquidation (or Advance with respect
        thereto) of the last Mortgage Loan remaining in the Trust Fund and disposition
        of all property acquired upon foreclosure or deed in lieu of foreclosure
        of any
        Mortgage Loan and (B) the remittance of all funds due under the Agreement
        with
        respect to the Mortgage Loans, or (ii) the optional repurchase by the Master
        Servicer of all the Mortgage Loans and other assets of the Trust Fund in
        accordance with the terms of the Agreement. Such optional repurchase may
        be made
        by the Master Servicer only if on such Distribution Date the aggregate Stated
        Principal Balance of the Mortgage Loans is less than or equal to 10% of the
        aggregate Stated Principal Balance of the Mortgage Loans at the Cut-off Date.
        The exercise of such right will effect the early retirement of the Certificates.
        Notwithstanding the foregoing, the Master Servicer shall not be entitled
        to
        exercise the Cleanup Call to the extent that the Depositor creates a net
        interest margin transaction which includes the Class X Certificates or Class
        P
        Certificates and the notes issued pursuant to such net interest margin
        transaction are outstanding on the date on which the Master Servicer intends
        to
        exercise the Cleanup Call. In no event, however, will the Trust Fund created
        by
        the Agreement continue beyond the earlier to occur of (i) expiration of 21
        years
        after the death of certain persons identified in the Agreement and (ii) the
        Assumed Final Distribution Date.

      

      Unless
        this Certificate has been
        countersigned by an authorized signatory of the Securities Administrator
        by
        manual signature, this Certificate shall not be entitled to any benefit under
        the Agreement, or be valid for any purpose.

      

      

      IN
        WITNESS WHEREOF, the Securities
        Administrator has caused this Certificate to be duly executed.

      

      
        	
                Dated:                      June
                  __, 2007

              	 	 	
                WELLS
                  FARGO BANK, N.A., as Securities Administrator

                 

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Authorized
                  Signatory

              
	 	 	 	 	 	 	 	 	 

      

       

      CERTIFICATE
        OF AUTHENTICATION

      

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

      

      
        	 	 	 	
                WELLS
                  FARGO BANK, N.A., as Securities Administrator

                 

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Authorized
                  Signatory

              
	 	 	 	 	 	 	 	 	 

      

       

      ASSIGNMENT

      

      FOR
        VALUE RECEIVED, the undersigned
        hereby sell(s), assign(s) and transfer(s) unto
        __________________________________ (Please print or typewrite name and address
        including postal zip code of assignee) a Percentage Interest evidenced by
        the
        within Mortgage Pass-Through Certificate and hereby authorizes the transfer
        of
        registration of such interest to assignee on the Certificate Register of
        the
        Trust Fund.

      

      I
        (We) further direct the Certificate
        Registrar to issue a new Certificate of a like denomination and Class, to
        the
        above named assignee and deliver such Certificate to the following
        address:

      

      
        	 	 	 
	 	 	
                .

              

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

      
 

      DISTRIBUTION
        INSTRUCTIONS

      

      The
        assignee should include the
        following for purposes of distribution:

      

      
        	
                Distributions
                  shall be made, by
                  wire transfer or otherwise, in immediately available

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided
                  by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        A-5

      

      FORM
        OF CLASS R[-X] CERTIFICATE

      

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

      

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

      

      NO
        TRANSFER OF THIS CERTIFICATE SHALL
        BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE PROVIDES A CERTIFICATION PURSUANT
        TO SECTION 6.02(b) OF THE AGREEMENT.

      

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

      

      
        	
                Certificate
                  No. __

              	 
	 	 
	
                Class
                  R[-X]

              	
                Percentage
                  Interest: ____

              
	 	 
	
                Date
                  of Pooling and Servicing Agreement

                and
                  Cut-off Date: June 1, 2007

                 

              	 
	 	 
	
                First
                  Distribution Date:

                July
                  25, 2007

              	 
	 	 
	
                Trustee:
                  HSBC Bank USA, National Association

              	
                Master
                  Servicer and Securities Administrator: Wells Fargo Bank,
                  N.A.

              
	 	 
	
                Assumed
                  Final Distribution Date:

                June
                  25, 2037

                 

              	 
	 	
                CUSIP:  
                  [__________________]

              

      

      

      MORTGAGE
        PASS-THROUGH CERTIFICATE

      SERIES
        2007-2

      

      evidencing
        a fractional undivided interest in the distributions allocable to the Class
        R[-X] Certificates with respect to a Trust Fund consisting primarily of a
        pool
        of conventional one- to four-family fixed-rate and adjustable-rate mortgage
        loans sold by NOMURA ASSET ACCEPTANCE CORPORATION.

      

      This
        Certificate is payable solely from the assets of the Trust Fund, and does
        not
        represent an obligation of or interest in Nomura Asset Acceptance Corporation
        (“NAAC”) or the Trustee referred to below or any of their affiliates or any
        other person. Neither this Certificate nor the underlying Mortgage Loans
        are
        guaranteed or insured by any governmental entity or by NAAC or the Trustee
        or
        any of their affiliates or any other person. None of NAAC, the Trustee, the
        Securities Administrator or any of their affiliates will have any obligation
        with respect to any certificate or other obligation secured by or payable
        from
        payments on the Certificates.

       

      This
        certifies that
        [                           ]
        is the registered owner of the Percentage Interest evidenced hereby in the
        beneficial ownership interest of Certificates of the same Class as this
        Certificate in a trust (the “Trust Fund”) generally consisting of conventional
        first lien, fixed-rate mortgage loans secured by one- to four-family residences,
        units in planned unit developments, individual condominium units, cooperatives,
        condotels and townhouses (collectively, the “Mortgage Loans”) sold by NAAC. The
        Mortgage Loans were sold by Nomura Credit & Capital, Inc. (the “Sponsor”) to
        NAAC. The Trust Fund was created pursuant to the Pooling and Servicing Agreement
        dated as of the Cut-off Date specified above (the “Agreement”), among NAAC, as
        depositor (the “Depositor”), the Sponsor, GMAC Mortgage, LLC, as a servicer,
        HSBC Bank USA, National Association, as trustee (the “Trustee”), and Wells Fargo
        Bank, N.A., as master servicer (the “Master Servicer”) and securities
        administrator (the “Securities Administrator”), a summary of certain of the
        pertinent provisions of which is set forth hereafter. To the extent not defined
        herein, capitalized terms used herein shall have the meaning ascribed to
        them in
        the Agreement. This Certificate is issued under and is subject to the terms,
        provisions and conditions of the Agreement, to which Agreement the Holder
        of
        this Certificate by virtue of its acceptance hereof assents and by which
        such
        Holder is bound.

      

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

      

      The
        Securities Administrator will
        distribute on the 25th day of each month, or, if such 25th day is not a Business
        Day, the immediately following Business Day (each, a “Distribution Date”),
        commencing on the First Distribution Date specified above, to the Person
        in
        whose name this Certificate is registered at the close of business on the
        last
        day (or if such last day is not a Business Day, the Business Day immediately
        preceding such last day) of the calendar month immediately preceding the
        month
        in which the Distribution Date occurs, an amount equal to the product of
        the
        Percentage Interest evidenced by this Certificate and the amounts required
        to be
        distributed to the Holders of Certificates of the same Class as this
        Certificate. The Assumed Final Distribution Date is the Distribution Date
        in
        June 2037.

      

      Distributions
        on this Certificate will
        be made by the Securities Administrator by check mailed to the address of
        the
        Person entitled thereto as such name and address shall appear on the Certificate
        Register or, if such Person so requests by notifying the Securities
        Administrator in writing as specified in the Agreement. Notwithstanding the
        foregoing, the final distribution on this Certificate will be made after
        due
        notice by the Securities Administrator of the pendency of such distribution
        and
        only upon presentation and surrender of this Certificate at the office or
        agency
        appointed by the Securities Administrator for that purpose and designated
        in
        such notice.

      

      No
        transfer of this Certificate shall
        be made to any person unless the transferee provides a certification pursuant
        to
        Section 6.02(b) of the Agreement.

      

      This
        Certificate is one of a duly
        authorized issue of Certificates designated as set forth on the face hereof
        (the
“Certificates”). The Certificates, in the aggregate, evidence the entire
        beneficial ownership interest in the Trust Fund formed pursuant to the
        Agreement.

      

      The
        Certificateholder, by its
        acceptance of this Certificate, agrees that it will look solely to the Trust
        Fund for payment hereunder and that the Securities Administrator is not liable
        to the Certificateholders for any amount payable under this Certificate or
        the
        Agreement or, except as expressly provided in the Agreement, subject to any
        liability under the Agreement.

      

      This
        Certificate does not purport to
        summarize the Agreement and reference is made to the Agreement for the
        interests, rights and limitations of rights, benefits, obligations and duties
        evidenced hereby, and the rights, duties and immunities of the Securities
        Administrator.

      

      This
        Certificate does not purport to
        summarize the Agreement and reference is made to the Agreement for the
        interests, rights and limitations of rights, benefits, obligations and duties
        evidenced hereby, and the rights, duties and immunities of the Securities
        Administrator.  This Certificate is limited in right of payment
        to certain collections and recoveries respecting the Mortgage Loans and other
        assets included in the Trust Fund, Final Maturity Reserve Trust and Supplemental
        Interest Trust, all as more specifically set forth in the
        Agreement.

      

      As
        provided in the Agreement and
        subject to certain limitations therein set forth, the transfer of this
        Certificate is registrable with the Securities Administrator upon surrender
        of
        this Certificate for registration of transfer at the offices or agencies
        maintained by the Securities Administrator for such purposes, duly endorsed
        by,
        or accompanied by a written instrument of transfer in form satisfactory to
        the
        Securities Administrator duly executed by the Holder hereof or such Holder’s
        attorney duly authorized in writing, and thereupon one or more new Certificates
        in authorized denominations representing a like aggregate Percentage Interest
        will be issued to the designated transferee.

      

      The
        Certificates are issuable only as
        registered Certificates without coupons in the Classes and denominations
        specified in the Agreement. As provided in the Agreement and subject to certain
        limitations therein set forth, this Certificate is exchangeable for one or
        more
        new Certificates evidencing the same Class and in the same aggregate Percentage
        Interest, as requested by the Holder surrendering the same.

      

      No
        service charge will be made to the
        Certificateholders for any such registration of transfer, but the Securities
        Administrator may require payment of a sum sufficient to cover any tax or
        other
        governmental charge payable in connection therewith. The Depositor, the Master
        Servicer, the Trustee, the Securities Administrator and any agent of any
        of them
        may treat the Person in whose name this Certificate is registered as the
        owner
        hereof for all purposes, and none of the Depositor, the Master Servicer,
        the
        Trustee, the Securities Administrator or any such agent shall be affected
        by
        notice to the contrary.

      The
        obligations created by the Agreement (other than the obligations to make
        payments to the holders of the Certificates) shall terminate upon the earlier
        of
        (i) the later of (A) the maturity or other liquidation (or Advance with respect
        thereto) of the last Mortgage Loan remaining in the Trust Fund and disposition
        of all property acquired upon foreclosure or deed in lieu of foreclosure
        of any
        Mortgage Loan and (B) the remittance of all funds due under the Agreement
        with
        respect to the Mortgage Loans, or (ii) the optional repurchase by the Master
        Servicer of all the Mortgage Loans and other assets of the Trust Fund in
        accordance with the terms of the Agreement. Such optional repurchase may
        be made
        by the Master Servicer only if on such Distribution Date the aggregate Stated
        Principal Balance of the Mortgage Loans is less than or equal to 10% of the
        aggregate Stated Principal Balance of the Mortgage Loans at the Cut-off Date.
        The exercise of such right will effect the early retirement of the Certificates.
        Notwithstanding the foregoing, the Master Servicer shall not be entitled
        to
        exercise the Cleanup Call to the extent that the Depositor creates a net
        interest margin transaction which includes the Class X Certificates or Class
        P
        Certificates and the notes issued pursuant to such net interest margin
        transaction are outstanding on the date on which the Master Servicer intends
        to
        exercise the Cleanup Call. In no event, however, will the Trust Fund created
        by
        the Agreement continue beyond the earlier to occur of (i) expiration of 21
        years
        after the death of certain persons identified in the Agreement and (ii) the
        Assumed Final Distribution Date.

      

      Unless
        this Certificate has been
        countersigned by an authorized signatory of the Securities Administrator
        by
        manual signature, this Certificate shall not be entitled to any benefit under
        the Agreement, or be valid for any purpose.

       

      IN
        WITNESS WHEREOF, the Securities
        Administrator has caused this Certificate to be duly executed.

      

      
        	
                Dated:                      June
                  __, 2007

              	 	 	
                WELLS
                  FARGO BANK, N.A.

                as
                  Securities Administrator

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Authorized
                  Signatory

              
	 	 	 	 	 	 	 	 	 

      

       

      CERTIFICATE
        OF AUTHENTICATION

      

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

      

      
        	 	 	 	
                WELLS
                  FARGO BANK, N.A.

                as
                  Securities Administrator

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Authorized
                  Signatory

              
	 	 	 	 	 	 	 	 	 

      

       

      ASSIGNMENT

      

      FOR
        VALUE RECEIVED, the undersigned
        hereby sell(s), assign(s) and transfer(s) unto
        __________________________________ (Please print or typewrite name and address
        including postal zip code of assignee) a Percentage Interest evidenced by
        the
        within Mortgage Pass-Through Certificate and hereby authorizes the transfer
        of
        registration of such interest to assignee on the Certificate Register of
        the
        Trust Fund.

      

      I
        (We) further direct the Certificate
        Registrar to issue a new Certificate of a like denomination and Class, to
        the
        above named assignee and deliver such Certificate to the following
        address:

      

      
        	 	 	 
	 	 	
                .

              

      

      

      
        	
                Dated:

              	 
	 	
                Signature
                  by or on behalf of assignor

              
	 	 
	 	 
	 	
                Signature
                  Guaranteed

              

      

       

      DISTRIBUTION
        INSTRUCTIONS

      

      The
        assignee should include the
        following for purposes of distribution:

      

      
        	
                Distributions
                  shall be made, by
                  wire transfer or otherwise, in immediately available

              
	
                funds
                  to

              	 
	 
	
                for
                  the account of

              	 
	
                account
                  number

              	 	
                or,
                  if mailed by check, to

              
	 
	
                Applicable
                  statements should be mailed to

              	 
	 
	 
	
                This
                  information is provided
                  by

              	 
	
                assignee
                  named above, or

              	 
	
                its
                  agent.

              	 

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        B

       

      MORTGAGE
        LOAN SCHEDULE

       

      

      The
        Preliminary and Final Mortgage Loan
        Schedules shall set forth the following information with respect to each
        Mortgage Loan:

      

      
        	 	
                (a)

              	
                the
                  Mortgage Loan identifying number;

              
	 	 	 
	 	
                (b)

              	
                the
                  Mortgage Rate in effect as of the Cut-off Date;

              
	 	 	 
	 	
                (c)

              	
                the
                  Servicing Fee Rate;

              
	 	 	 
	 	
                (d)

              	
                the
                  Net Mortgage Rate in effect as of the Cut-off Date;

              
	 	 	 
	 	
                (e)

              	
                the
                  maturity date;

              
	 	 	 
	 	
                (f)

              	
                the
                  original principal balance;

              
	 	 	 
	 	
                (g)

              	
                the
                  Cut-off Date Principal Balance;

              
	 	 	 
	 	
                (h)

              	
                the
                  original term;

              
	 	 	 
	 	
                (i)

              	
                the
                  remaining term;

              
	 	 	 
	 	
                (j)

              	
                the
                  property type;

              
	 	 	 
	 	
                (k)

              	
                the
                  product type (e.g., 2/28, 15 year fixed, 30 year fixed, 15/30 balloon,
                  etc.)

              
	 	 	 
	 	
                (l)

              	
                with
                  respect to each MOM Loan, the related MIN;

              
	 	 	 
	 	
                (m)

              	
                the
                  Custodian;

              
	 	 	 
	 	
                (n)

              	
                a
                  code indicating whether the Mortgage Loan is subject to a Prepayment
                  Charge, the term of such Prepayment Charge and the amount of such
                  Prepayment Charge; and

              
	 	 	 
	 	
                (o)

              	
                the
                  Servicer.

              

      

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        C

       

      MORTGAGE
        LOAN PURCHASE AGREEMENT

       

      
        

        This
          is a Mortgage Loan Purchase
          Agreement (this “Agreement”), dated June 29, 2007, between Nomura Credit &
Capital, Inc., a Delaware corporation (the “Seller”) and Nomura Asset Acceptance
          Corporation, a Delaware corporation (the “Purchaser”).

        

        Preliminary
          Statement

        

        The
          Seller intends to sell the Mortgage
          Loans (as hereinafter identified) and any rights of the Seller in, to and
          under
          the Cap Agreement and the Interest Rate Swap Agreement (exclusive of any
          upfront
          premiums paid by the provider of the Cap Agreement and the Swap Agreement
          on the
          Closing Date) to the Purchaser on the terms and subject to the conditions
          set
          forth in this Agreement. The Purchaser intends to deposit the Mortgage
          Loans
          into a mortgage pool comprising the Trust Fund. The Trust Fund will be
          evidenced
          by a single series of mortgage pass-through certificates designated as
          Nomura
          Asset Acceptance Corporation, Alternative Loan Trust, Series 2007-2, Mortgage
          Pass-Through Certificates (the “Certificates”). The Certificates will consist of
          seventeen (17) classes of certificates. The Certificates will be issued
          pursuant
          to a pooling and servicing agreement, dated as of June 1, 2007 (the “Pooling and
          Servicing Agreement”), among the Purchaser as depositor, the Seller as sponsor,
          GMAC Mortgage, LLC as a servicer (“GMACM”), Wells Fargo Bank, N.A. (“Wells
          Fargo”) as master servicer and securities administrator and HSBC Bank USA,
          National Association as trustee (the “Trustee”).  The Purchaser will
          sell the Class A-1A, Class A-1B, Class A-2, Class A-3, Class A-4 and Class
          A-5
          Certificates to Banc of America Securities LLC and Greenwich Capital Markets,
          Inc. (together, the “Underwriters”), pursuant to the Underwriting Agreement,
          dated June 27, 2007, among the Purchaser and the Underwriters, and the
          Terms
          Agreement, dated June 27, 2007, among the Purchaser and the
          Underwriters.  Capitalized terms used but not defined herein shall
          have the meanings set forth in the Pooling and Servicing
          Agreement.  Pursuant to the custodial agreement, dated as of June 1,
          2007 (the “Custodial Agreement”), among the Trustee, GMACM as a servicer, Wells
          Fargo as a servicer (with GMACM, each a “Servicer” and together, the
“Servicers”) and Wells Fargo as custodian (the “Custodian”), the Trustee intends
          to have the Custodian take possession of the Mortgages and Mortgage Notes,
          along
          with certain other documents specified in the Custodial Agreement, as the
          custodian of the Trustee, in accordance with the terms and conditions
          thereof.

        

        The
          parties hereto agree as
          follows:

        

        SECTION
          1.      Agreement
          to Purchase. The Seller hereby sells, and the Purchaser hereby purchases, on
          June 29, 2007 (the “Closing Date”), (a) certain conventional, one-to-four
          family, fixed-rate mortgage loans secured by first liens on residential
          real
          properties (the “Mortgage Loans”), having an aggregate principal balance as of
          the close of business on June 1, 2007 (the “Cut-off Date”) of approximately
          $437,450,039 (the “Closing Balance”), after giving effect to all payments due on
          the Mortgage Loans on or before the Cut-off Date, whether or not received,
          including the right to any Prepayment Charges payable by the related Mortgagors
          in connection with any Principal Prepayments on the Mortgage Loans and
          (b)
          rights under the Cap Agreement and the Swap Agreement (exclusive of any
          upfront
          premiums paid by the provider of the Cap Agreement and the Swap Agreement
          on the
          Closing Date).

        

        SECTION
          2.      Mortgage
          Loan Schedule. The Purchaser and the Seller have agreed upon which of the
          mortgage loans owned by the Seller are to be purchased by the Purchaser
          pursuant
          to this Agreement and the Seller will prepare or cause to be prepared on
          or
          prior to the Closing Date a final schedule (the “Closing Schedule”) that
          describes such Mortgage Loans and sets forth all of the Mortgage Loans
          to be
          purchased under this Agreement, including the Prepayment Charges. The Closing
          Schedule will conform to the requirements set forth in this Agreement and
          to the
          definition of “Mortgage Loan Schedule” under the Pooling and Servicing
          Agreement.

        

        SECTION
          3.      Consideration.

        

        (a)    In
          consideration for the Mortgage Loans, the Cap Agreement and the Swap Agreement
          (exclusive of any upfront premiums paid by the provider of the Cap Agreement
          and
          the Swap Agreement on the Closing Date) to be purchased hereunder, the
          Purchaser
          shall, as described in Section 10, (i) pay to or upon the order of the
          Seller in
          immediately available funds an amount (the “Purchase Price”) equal to (i)
          $____________* and (ii) a 100% interest
          in the Class A-6, Class A-7, Class M-1, Class M-2, Class M-3, Class M-4,
          Class
          M-5, Class X, Class P, Class R, and Class R-X Certificates of which the
          Class X
          Certificates and the Class P Certificates shall be registered solely in
          the name
          of NMF Investments, LLC and the Class R Certificates and the Class R-X
          Certificates shall be registered solely in the name of Citigroup Global
          Markets,
          Inc.

        

        (b)    The
          Purchaser or any assignee, transferee or designee of the Purchaser shall
          be
          entitled to all scheduled payments of principal due after the Cut-off Date,
          all
          other payments of principal due and collected after the Cut-off Date, and
          all
          payments of interest on the Mortgage Loans allocable to the period after
          the
          Cut-off Date. All scheduled payments of principal and interest due on or
          before
          the Cut-off Date and collected after the Cut-off Date shall belong to the
          Seller.

        

        (c)    Pursuant
          to the Pooling and Servicing Agreement, the Purchaser will assign all of
          its
          right, title and interest in and to the Mortgage Loans, the Cap Agreement
          and
          the Swap Agreement (exclusive of any upfront premiums paid by the provider
          of
          the Cap Agreement and the Swap Agreement on the Closing Date), together
          with its
          rights under this Agreement, to the Trustee for the benefit of the
          Certificateholders.

        

        SECTION
          4.      Transfer
          of the Mortgage Loans.

        

        (a)    Possession
          of Mortgage Files. The Seller does hereby sell to the Purchaser, without
          recourse but subject to the terms of this Agreement, all of its right,
          title and
          interest in, to and under the Mortgage Loans, including the related Prepayment
          Charges, the Cap Agreement and the Swap Agreement (exclusive of any upfront
          premiums paid by the provider of the Cap Agreement and the Swap Agreement
          on the
          Closing Date). The contents of each Mortgage File not delivered to the
          Purchaser
          or to any assignee, transferee or designee of the Purchaser on or prior
          to the
          Closing Date are and shall be held in trust by the Seller for the benefit
          of the
          Purchaser or any assignee, transferee or designee of the Purchaser. Upon
          the
          sale of the Mortgage Loans, the ownership of each Mortgage Note, the related
          Mortgage and the other contents of the related Mortgage File is vested
          in the
          Purchaser and the ownership of all records and documents with respect to
          the
          related Mortgage Loan prepared by or that come into the possession of the
          Seller
          on or after the Closing Date shall immediately vest in the Purchaser and
          shall
          be delivered immediately to the Purchaser or as otherwise directed by the
          Purchaser.

        

        (b)           Delivery
          of Mortgage Loan Documents. Pursuant to various conveyance documents to be
          executed on the Closing Date and pursuant to the Pooling and Servicing
          Agreement, the Purchaser will assign on the Closing Date all of its right,
          title
          and interest in and to the Mortgage Loans to the Trustee for the benefit
          of the
          Certificateholders as their interests may appear. In connection with the
          transfer and assignment of the Mortgage Loans, the Seller has delivered
          or will
          deliver or cause to be delivered to the Trustee by the Closing Date or
          such
          later date as is agreed to by the Purchaser and the Seller (each of the
          Closing
          Date and such later date is referred to as a “Mortgage File Delivery
          Date”), the documents set forth on Exhibit 1 hereto, provided,
however, that in lieu of the foregoing, the Seller
          may deliver the
          following documents, under the circumstances set forth below: (x) in lieu
          of the
          original Mortgage, assignments to the Trustee or intervening assignments
          thereof
          which have been delivered, are being delivered or will upon receipt of
          recording
          information relating to the Mortgage required to be included thereon, be
          delivered to recording offices for recording and have not been returned
          in time
          to permit their delivery as specified above, the Seller may deliver a true
          copy
          thereof with a certification by the Seller on the face of such copy,
          substantially as follows: “Certified to be a true and correct copy of the
          original, which has been transmitted for recording”; (y) in lieu of the
          Mortgage, assignments to the Trustee or intervening assignments thereof,
          if the
          applicable jurisdiction retains the originals of such documents or if the
          originals are lost (in each case, as evidenced by a certification from
          the
          Seller to such effect), the Seller may deliver photocopies of such documents
          containing an original certification by the judicial or other governmental
          authority of the jurisdiction where such documents were recorded; and (z)
          in
          lieu of the Mortgage Notes relating to the Mortgage Loans, each identified
          in
          the list delivered by the Purchaser to the Trustee on the Closing Date
          and
          attached hereto as Exhibit 2, the Seller may deliver lost note affidavits
          and indemnities of the Seller; and provided further, however, that in the
          case
          of Mortgage Loans which have been prepaid in full after the Cut-off Date
          and
          prior to the Closing Date, the Seller, in lieu of delivering the above
          documents, may deliver to the Trustee a certification by the Seller to
          such
          effect. The Seller shall deliver such original documents (including any
          original
          documents as to which certified copies had previously been delivered) or
          such
          certified copies to the Trustee promptly after they are received. The Seller
          shall cause the Mortgage and intervening assignments, if any, and the assignment
          of the Mortgage to be recorded not later than 180 days after the Closing
          Date,
          or, in lieu of such assignments, shall provide an Opinion of Counsel pursuant
          to
          Section 6 hereof to the effect that the recordation of such assignment
          is not
          necessary to protect the Trustee’s interest in the related Mortgage Loan. Upon
          the request of the Purchaser, the Seller will assist the Purchaser in effecting
          the assignment referred to above.

        

        (c)           In
          connection with the assignment of any Mortgage Loan registered on the MERS®
System, the Seller further agrees that it will cause, at the Seller’s own
          expense, within thirty (30) days after the Closing Date, the MERS® System to
          indicate that such Mortgage Loans have been assigned by the Seller to the
          Purchaser and by the Purchaser to the Trustee in accordance with this Agreement
          for the benefit of the Certificateholders by including (or deleting, in
          the case
          of Mortgage Loans which are repurchased in accordance with this Agreement)
          in
          such computer files (a) the code in the field which identifies the specific
          Trustee and (b) the code in the field “Pool Field” which identifies the series
          of the Certificates issued in connection with such Mortgage Loans. The
          Seller
          further agrees that it will not, and will not permit the Servicers to,
          alter the
          codes referenced in this paragraph with respect to any Mortgage Loan during
          the
          term of the Pooling and Servicing Agreement unless and until such Mortgage
          Loan
          is repurchased in accordance with the terms of the Pooling and Servicing
          Agreement.

        

        (d)           Acceptance
          of Mortgage Loans. The documents delivered pursuant to Section 4(b) hereof
          shall be reviewed by the Purchaser or any assignee, transferee or designee
          of
          the Purchaser at any time before or after the Closing Date (and with respect
          to
          each document permitted to be delivered after the Closing Date, within
          seven (7)
          days of its delivery) to ascertain that all required documents have been
          executed and received and that such documents relate to the Mortgage Loans
          identified on the Mortgage Loan Schedule.

        

        (e)           Transfer
          of Interest in Agreements. The Purchaser has the right to assign its
          interest under this Agreement, in whole or in part, to the Trustee, as
          may be
          required to effect the purposes of the Pooling and Servicing Agreement,
          without
          the consent of the Seller, and the assignee shall succeed to the rights
          and
          obligations hereunder of the Purchaser. Any expense reasonably incurred
          by or on
          behalf of the Purchaser or the Trustee in connection with enforcing any
          obligations of the Seller under this Agreement will be promptly reimbursed
          by
          the Seller.

        

        SECTION
          5.      Examination
          of Mortgage Files.

        

        (a)    On
          or
          before the Mortgage File Delivery Date, the Seller will have made the Mortgage
          Files available to the Purchaser or its agent for examination which may
          be at
          the offices of the Trustee or the Seller and/or the Seller’s custodian. The fact
          that the Purchaser or its agent has conducted or has failed to conduct
          any
          partial or complete examination of the Mortgage Files shall not affect
          the
          Purchaser’s rights to demand cure, repurchase, substitution or other relief as
          provided in this Agreement. In furtherance of the foregoing, the Seller
          shall
          make the Mortgage Files available to the Purchaser or its agent from time
          to
          time so as to permit the Purchaser to confirm the Seller’s compliance with the
          delivery and recordation requirements of this Agreement and the Pooling
          and
          Servicing Agreement. In addition, upon request of the Purchaser, the Seller
          agrees to provide to the Purchaser, the Underwriters and to any investors
          or
          prospective investors in the Certificates information regarding the Mortgage
          Loans (which may be at the offices of the Seller and/or the Seller’s custodian)
          and to make available personnel knowledgeable about the Mortgage Loans
          for
          discussions with the Purchaser, the Underwriters and such investors or
          prospective investors, upon reasonable request during regular business
          hours,
          sufficient to permit the Purchaser, the Underwriters and such investors
          or
          potential investors to conduct such due diligence as any such party reasonably
          believes is appropriate.

        

        (b)    Pursuant
          to the Pooling and Servicing Agreement, on the Closing Date the Custodian
          on
          behalf of the Trustee, for the benefit of the Certificateholders, will
          review
          items of the Mortgage Files as set forth on Exhibit 1 and will deliver to
          the Seller a certification in the form attached as Exhibit 1 to the Custodial
          Agreement.

        

        (c)    Pursuant
          to the Pooling and Servicing Agreement, the Trustee or the Custodian, on
          behalf
          of the Trustee, will review the Mortgage Files within 180 days of the Closing
          Date and will deliver to the Seller a final certification substantially
          in the
          form of Exhibit 2 to the Custodial Agreement. If the Custodian is unable
          to
          deliver a final certification with respect to the items listed in Exhibit
          2 due to any document that is missing, has not been executed or is
          unrelated, determined on the basis of the Mortgagor name, original principal
          balance and loan number, to the Mortgage Loans identified in the Final
          Mortgage
          Loan Schedule (a “Material Defect”), pursuant to Section 6 of the
          Custodial Agreement, the Custodian will notify the Trustee of such Material
          Defect and the Trustee shall notify the Seller of such Material Defect.
          The
          Seller shall correct or cure any such Material Defect within ninety (90)
          days
          from the date of notice from the Trustee of the Material Defect and if
          the
          Seller does not correct or cure such Material Defect within such period
          and such
          defect materially and adversely affects the interests of the Certificateholders
          in the related Mortgage Loan, the Seller will, in accordance with the terms
          of
          the Pooling and Servicing Agreement, within ninety (90) days of the date
          of
          notice, provide the Trustee with a Replacement Mortgage Loan (if within
          two (2)
          years of the Closing Date) or purchase the related Mortgage Loan at the
          applicable Purchase Price; provided, however, that if such defect
          relates solely to the inability of the Seller to deliver the original security
          instrument or intervening assignments thereof or a certified copy because
          the
          originals of such documents or such certified copy have not been returned
          by the
          applicable jurisdiction, then the Seller shall not be required to repurchase
          such Mortgage Loan if the Seller delivers such original documents or certified
          copy promptly upon receipt, but in no event later than 360 days after the
          Closing Date. The foregoing repurchase obligation shall not apply in the
          event
          that the Seller cannot deliver such original or copy of any document submitted
          for recording to the appropriate recording office in the applicable jurisdiction
          because such document has not been returned by such office; provided that
          the
          Seller shall instead deliver a recording receipt of such recording office
          or, if
          such receipt is not available, a certificate of the Seller or a Servicing
          Officer confirming that such documents have been accepted for recording,
          and
          delivery to the Trustee shall be effected by the Seller within thirty (30)
          days
          of its receipt of the original recorded document.

        

        (d)    At
          the
          time of any substitution, the Seller shall deliver or cause to be delivered
          the
          Replacement Mortgage Loan, the related Mortgage File and any other documents
          and
          payments required to be delivered in connection with a substitution pursuant
          to
          the Pooling and Servicing Agreement. At the time of any purchase or
          substitution, the Trustee shall (i) assign to the Seller and cause the
          Custodian, on behalf of the Trustee, to release the documents (including,
          but
          not limited to, the Mortgage, Mortgage Note and other contents of the Mortgage
          File) in the possession of the Custodian, on behalf of the Trustee, relating
          to
          the Deleted Mortgage Loan and (ii) execute and deliver such instruments
          of
          transfer or assignment, in each case without recourse, as shall be necessary
          to
          vest in the Seller title to such Deleted Mortgage Loan.

        

        SECTION
          6.    Recordation of Assignments of
          Mortgage.

        

        (a)           The
          Seller will, promptly after the Closing Date, cause each Mortgage and each
          assignment of Mortgage from the Seller to the Trustee, and all unrecorded
          intervening assignments, if any, delivered on or prior to the Closing Date,
          to
          be recorded in all recording offices in the jurisdictions where the related
          Mortgaged Properties are located; provided, however, the Seller
          need not cause to be recorded any assignment for which (a) the related
          Mortgaged
          Property is located in any jurisdiction under the laws of which, as evidenced
          by
          an Opinion of Counsel delivered by the Seller to the Trustee and the Rating
          Agencies, the recordation of such assignment is not necessary to protect the
          Trustee’s interest in the related Mortgage Loan or (b) MERS is identified on the
          Mortgage or on a properly recorded assignment of the Mortgage as mortgagee
          of
          record solely as nominee for Seller and its successors and assigns;
provided, however, notwithstanding the delivery of any Opinion of
          Counsel, each assignment of Mortgage shall be submitted for recording by
          the
          Seller in the manner described above, at no expense to the Trust Fund or
          Trustee, upon the earliest to occur of (i) reasonable direction by the
          Holders
          of Certificates evidencing Percentage Interests aggregating not less than
          twenty-five percent (25%) of the Trust, (ii) the occurrence of an Event
          of
          Default, (iii) the occurrence of a bankruptcy, insolvency or foreclosure
          relating to the Seller, (iv) the occurrence of a servicing transfer as
          described
          in Section 8.02 of the Pooling and Servicing Agreement or (v) with respect
          to
          any assignment of Mortgage, the occurrence of a bankruptcy, insolvency
          or
          foreclosure relating to the Mortgagor under the related Mortgage.

        

        (b)           While
          each such Mortgage or assignment is being recorded, if necessary, the Seller
          shall leave or cause to be left with the Custodian, on behalf of the Trustee,
          a
          certified copy of such Mortgage or assignment. In the event that, within
          180
          days of the Closing Date, the Trustee has not been provided with an Opinion
          of
          Counsel as described above or received evidence of recording with respect
          to
          each Mortgage Loan delivered to the Purchaser pursuant to the terms hereof
          or as
          set forth above and the related Mortgage Loan is not a MOM Loan, the failure
          to
          provide evidence of recording or such Opinion of Counsel shall be considered
          a
          Material Defect, and the provisions of Section 5(c) and (d) shall apply.
          All
          customary recording fees and reasonable expenses relating to the recordation
          of
          the assignments of mortgage to the Trustee or the Opinion of Counsel, as
          the
          case may be, shall be borne by the Seller.

        

        SECTION
          7.    Representations, Warranties and Covenants of the
          Seller.

        

        The
          Seller hereby represents and
          warrants to the Purchaser, as of the date hereof and as of the Closing
          Date, and
          covenants, that:

        

        (i)           The
          Seller is a corporation duly organized, validly existing and in good standing
          under the laws of the State of Delaware and is qualified and in good standing
          to
          do business in each jurisdiction where such qualification is necessary,
          except
          where the failure to so qualify would not reasonably be expected to have
          a
          material adverse effect on the Seller’s business as presently conducted or on
          the Seller’s ability to enter into this Agreement and to consummate the
          transactions contemplated hereby.

        

        (ii)           The
          Seller has duly authorized the execution, delivery and performance of this
          Agreement, has duly executed and delivered this Agreement, and this Agreement,
          assuming due authorization, execution and delivery by the Purchaser, constitutes
          a legal, valid and binding obligation of the Seller, enforceable against
          it in
          accordance with its terms except as the enforceability thereof may be limited
          by
          bankruptcy, insolvency or reorganization or by general principles of
          equity.

        

        (iii)           The
          execution, delivery and performance of this Agreement by the Seller (x)
          does not
          conflict and will not conflict with, does not breach and will not result
          in a
          breach of and does not constitute and will not constitute a default (or
          an
          event, which with notice or lapse of time or both, would constitute a default)
          under (A) any terms or provisions of the organizational documents of the
          Seller,
          (B) any term or provision of any material agreement, contract, instrument
          or
          indenture, to which the Seller is a party or by which the Seller or any
          of its
          property is bound, or (C) any law, rule, regulation, order, judgment, writ,
          injunction or decree of any court or governmental authority having jurisdiction
          over the Seller or any of its property and (y) does not create or impose
          and
          will not result in the creation or imposition of any lien, charge or encumbrance
          which would have a material adverse effect upon the Mortgage Loans or any
          documents or instruments evidencing or securing the Mortgage Loans.

        

        (iv)           No
          consent, approval, authorization or order of, registration or filing with,
          or
          notice on behalf of the Seller to any governmental authority or court is
          required, under federal laws or the laws of the State of New York, for
          the
          execution, delivery and performance by the Seller of, or compliance by
          the
          Seller with, this Agreement or the consummation by the Seller of any other
          transaction contemplated hereby and by the Pooling and Servicing Agreement;
          provided, however, that the Seller makes no representation or warranty
          regarding
          federal or state securities laws in connection with the sale or distribution
          of
          the Certificates.

        

        (v)           This
          Agreement does not contain any untrue statement of material fact or omit
          to
          state a material fact necessary to make the statements contained herein
          not
          misleading. The written statements, reports and other documents prepared
          and
          furnished or to be prepared and furnished by the Seller pursuant to this
          Agreement or in connection with the transactions contemplated hereby taken
          in
          the aggregate do not contain any untrue statement of material fact or omit
          to
          state a material fact necessary to make the statements contained therein
          not
          misleading.

        

        (vi)           The
          Seller is not in violation of, and the execution and delivery of this Agreement
          by the Seller and its performance and compliance with the terms of this
          Agreement will not constitute a violation with respect to, any order or
          decree
          of any court or any order or regulation of any federal, state, municipal
          or
          governmental agency having jurisdiction over the Seller or its assets,
          which
          violation might have consequences that would materially and adversely affect
          the
          condition (financial or otherwise) or the operation of the Seller or its
          assets
          or might have consequences that would materially and adversely affect the
          performance of its obligations and duties hereunder.

        

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

        

        (viii)         Immediately
          prior to the sale of the Mortgage Loans to the Purchaser as herein contemplated,
          the Seller was the owner of the related Mortgage and the indebtedness evidenced
          by the related Mortgage Note, and, upon the payment to the Seller of the
          Purchase Price, in the event that the Seller retains or has retained record
          title, the Seller shall retain such record title to each Mortgage, each
          related
          Mortgage Note and the related Mortgage Files with respect thereto in trust
          for
          the Purchaser as the owner thereof from and after the date hereof.

        

        (ix)           There
          are no actions or proceedings against, or investigations known to it of,
          the
          Seller before any court, administrative or other tribunal (A) that might
          prohibit it from entering into this Agreement, (B) seeking to prevent the
          sale
          of the Mortgage Loans by the Seller or the consummation of the transactions
          contemplated by this Agreement or (C) that might prohibit or materially
          and
          adversely affect the performance by the Seller of its obligations under,
          or
          validity or enforceability of, this Agreement.

        

        (x)           The
          consummation of the transactions contemplated by this Agreement are in
          the
          ordinary course of business of the Seller, and the transfer, assignment
          and
          conveyance of the Mortgage Notes and the Mortgages by the Seller pursuant
          to
          this Agreement are not subject to the bulk transfer or any similar statutory
          provisions in effect in any relevant jurisdiction, except any as may have
          been
          complied with.

        

        (xi)           The
          Seller has not dealt with any broker, investment banker, agent or other
          person,
          except for the Purchaser or any of its affiliates, that may be entitled
          to any
          commission or compensation in connection with the sale of the Mortgage
          Loans
          (except that an entity that previously financed the Seller’s ownership of the
          Mortgage Loans may be entitled to a fee to release its security interest
          in the
          Mortgage Loans, which fee shall have been paid and which security interest
          shall
          have been released on or prior to the Closing Date).

        

        (xii)           There
          is no litigation currently pending or, to the best of the Seller’s knowledge
          without independent investigation, threatened against the Seller that would
          reasonably be expected to adversely affect the transfer of the Mortgage
          Loans,
          the issuance of the Certificates or the execution, delivery, performance
          or
          enforceability of this Agreement, or that would result in a material adverse
          change in the financial condition of the Seller.

        

        (xiii)          The Seller
          is a HUD approved mortgagee pursuant to Section 203 of the National Housing
          Act.

        

        SECTION
          8.            Representations
          and Warranties of the Seller Relating to the Mortgage Loans.

        

        The
          Seller hereby represents and
          warrants to the Purchaser that as to each Mortgage Loan as of the Closing
          Date:

        

        (i)           Information
          provided to the Rating Agencies, including the loan level detail set forth
          on
          the Mortgage Loan Schedule, is true and correct according to the Rating
          Agency
          requirements;

        

        (ii)           No
          fraud has taken place on the part of the Mortgagor or any other party involved
          in the origination or servicing of the Mortgage Loan;

        

        (iii)           The
          delinquency status of each Mortgage Loan as of the Cut-off Date, to the
          extent
          known by the Seller, is set forth in the Prospectus Supplement, dated June
          28,
          2007, prepared in connection with the offering of the Certificates. As
          of the
          Cut-off Date, no Monthly Payment required to be made under any Mortgage
          Loan was
          more than 30 days delinquent;

        

        (iv)           Neither
          the Seller nor the related originator of the Mortgage Loan has advanced
          any
          Monthly Payment required under the terms of the Mortgage Note;

        

        (v)           There
          are no delinquent taxes, assessment liens or insurance premiums affecting
          the
          related Mortgaged Property;

        

        (vi)           The
          terms of the Mortgage Note and the Mortgage have not been materially impaired,
          waived, altered or modified in any respect, except by written instruments,
          recorded in the applicable public recording office if necessary to maintain
          the
          lien priority of the Mortgage. The substance of any such waiver, alteration
          or
          modification has been approved by the title insurer, to the extent required
          by
          the related policy. No Mortgagor has been released, in whole or in part,
          except
          in connection with an assumption agreement (approved by the title insurer
          to the
          extent required by the policy);

        

        (vii)           The
          Mortgaged Property is insured against loss by fire and hazards of extended
          coverage (excluding earthquake insurance) in an amount which is at least
          equal
          to the lesser of (i) the amount necessary to compensate for any damage
          or loss
          to the improvements which are a part of such property on a replacement
          cost
          basis or (ii) the outstanding principal balance of the Mortgage Loan. If
          the
          Mortgaged Property is in an area identified on a flood hazard map or flood
          insurance rate map issued by the Federal Emergency Management Agency as
          having
          special flood hazards (and such flood insurance has been made available),
          a
          flood insurance policy meeting the requirements of the current guidelines
          of the
          Federal Insurance Administration is in effect. All such insurance policies
          contain a standard mortgagee clause naming the originator of the Mortgage
          Loan,
          its successors and assigns as mortgagee and the Seller has not engaged
          in any
          act or omission which would impair the coverage of any such insurance policies.
          Except as may be limited by applicable law, the Mortgage obligates the
          Mortgagor
          thereunder to maintain all such insurance at the Mortgagor's cost and expense,
          and on the Mortgagor's failure to do so, authorizes the holder of the Mortgage
          to maintain such insurance at Mortgagor's cost and expense and to seek
          reimbursement therefor from the Mortgagor;

        

        (viii)         Any
          and all requirements of any federal, state or local law including, without
          limitation, usury, truth in lending, real estate settlement procedures,
          consumer
          credit protection, equal credit opportunity, fair housing, predatory, fair
          lending or disclosure laws applicable to the origination and servicing
          of the
          Mortgage Loans, including prepayment charges, if any, have been complied
          with in
          all material respects, and the consummation of the transactions contemplated
          hereby will not involve the violation of any such laws;

        

        (ix)           The
          Mortgage has not been satisfied, cancelled, subordinated or rescinded,
          in whole
          or in part, and the Mortgaged Property has not been released from the lien
          of
          the Mortgage, in whole or in part, nor has any instrument been executed
          that
          would effect any such satisfaction, cancellation, subordination, rescission
          or
          release;

        

        (x)           
          The Mortgage was recorded or was submitted for recording in accordance
          with all
          applicable laws and is a valid, existing and enforceable perfected first
          lien on
          the Mortgaged Property including all improvements on the Mortgaged Property,
          subject only to (a) the lien of the current real property taxes and (b)
          covenants, conditions and restrictions, rights of way and
          easements;

        

        (xi)           The
          Mortgage Note and the related Mortgage are genuine and each is the legal,
          valid
          and binding obligation of the maker thereof, insured under the related
          title
          policy, and enforceable in accordance with its terms, except to the extent
          that
          the enforceability thereof may be limited by a bankruptcy, insolvency or
          reorganization;

        

        (xii)           The
          Seller is the sole legal, beneficial and equitable owner of the Mortgage
          Note
          and the Mortgage and has the full right to convey, transfer and sell the
          Mortgage Loan to the Purchaser free and clear of any encumbrance, equity,
          lien,
          pledge, charge, claim or security interest and immediately upon the sale,
          assignment and endorsement of the Mortgage Loans from the Seller to the
          Purchaser, the Purchaser shall have good and indefeasible title to and
          be the
          sole legal owner of the Mortgage Loans subject only to any encumbrance,
          equity,
          lien, pledge, charge, claim or security interest arising out of the Purchaser’s
          actions;

        

        (xiii)          Each
          Mortgage Loan is covered by a valid and binding American Land Title Association
          lender's title insurance policy issued by a title insurer qualified to
          do
          business in the jurisdiction where the Mortgaged Property is located, which
          title insurance policy is generally acceptable to Fannie Mae and Freddie
          Mac. No
          claims have been filed under such lender's title insurance policy, and
          the
          Seller has not done, by act or omission, anything that would impair the
          coverage
          of the lender's title insurance policy;

        

        (xiv)          There
          is no material default, breach, violation event or event of acceleration
          existing under the Mortgage or the Mortgage Note and no event which, with
          the
          passage of time or with notice and the expiration of any grace or cure
          period,
          would constitute a material default, breach, violation or event of acceleration,
          and the Seller has not, nor has its predecessors, waived any material default,
          breach, violation or event of acceleration;

        

        (xv)           There
          are no mechanics' or similar liens or claims which have been filed for
          work,
          labor or material provided to the related Mortgaged Property prior to the
          origination of the Mortgage Loan which are or may be liens prior to, or
          equal or
          coordinate with, the lien of the related Mortgage, except as may be disclosed
          in
          the related title policy;

        

        (xvi)          Except
          with respect to approximately 8.87% of the Mortgage Loans by aggregate
          principal
          balance as of the Cut-off Date, which are balloon loans and approximately
          44.94%
          by aggregate principal balance as of the Cut-off Date, which are interest
          only
          loans, each Mortgage Note is payable on the first day of each month in
          equal
          monthly installments of principal and interest (subject to adjustment in
          the
          case of the adjustable rate Mortgage Loans), with interest calculated on
          a
          30/360 basis and payable in arrears, sufficient to amortize the Mortgage
          Loan
          fully by the stated maturity date over an original term from commencement
          of
          amortization to not more than forty (40) years.  No Mortgage Loan
          permits negative amortization;

        

        (xvii)         The
          servicing practices used in connection with the servicing of the Mortgage
          Loans
          have been in all respects reasonable and customary in the mortgage servicing
          industry of like mortgage loan servicers, servicing mortgage loans similar
          to
          the Mortgage Loans in the same jurisdiction as the Mortgaged
          Property;

        

        (xviii)        To
          the best of the Seller’s knowledge, there is no proceeding pending for the total
          or partial condemnation of the Mortgaged Property;

        

        (xix)           The
          Mortgage and related Mortgage Note contain customary and enforceable provisions
          such as to render the rights and remedies of the holder thereof adequate
          for the
          realization against the Mortgaged Property of the benefits of the security
          provided thereby, including, (a) in the case of a Mortgage designated as
          a deed
          of trust, by trustee's sale, and (b) otherwise by judicial
          foreclosure;

        

        (xx)           The
          Mortgage Note is not and has not been secured by any collateral except
          the lien
          of the related Mortgage referred to in subsection (x) above;

        

        (xxi)           In
          the event the Mortgage constitutes a deed of trust, a trustee, duly qualified
          under applicable law to serve as such, has been properly designated and
          currently so serves and is named in the Mortgage, and no fees or expenses
          are or
          will become payable by the Seller to the trustee under the deed of trust,
          except
          in connection with a trustee's sale after default by the Mortgagor;

        

        (xxii)          The
          Mortgage Loan is not subject to any valid right of rescission, set-off,
          counterclaim or defense, including without limitation the defense of usury,
          nor
          will the operation of any of the terms of the Mortgage Note or the Mortgage,
          or
          the exercise of any right thereunder, render either the Mortgage Note or
          the
          Mortgage unenforceable, in whole or in part, or subject to any such right
          of
          rescission, set-off, counterclaim or defense, including without limitation
          the
          defense of usury, and no such right of rescission, set-off, counterclaim
          or
          defense has been asserted with respect thereto;

        

        (xxiii)         The
          Mortgaged Property is free of material damage and in good repair, excepting
          therefrom any Mortgage Loan subject to an escrow withhold as shown on the
          Mortgage Loan Schedule;

        

        (xxiv)         All
          of the improvements which were included in determining the appraised value
          of
          the Mortgaged Property lie wholly within the Mortgaged Property's boundary
          lines
          and no improvements on adjoining properties encroach upon the Mortgaged
          Property, excepting therefrom: (i) any encroachment insured against in
          the
          lender's title insurance policy identified in clause (xiii) above, (ii)
          any
          encroachment generally acceptable to mortgage loan originators doing business
          in
          the same jurisdiction as the Mortgaged Property, and (iii) any encroachment
          which does not materially interfere with the benefits of the security intended
          to be provided by such Mortgage;

        

        (xxv)          All
          parties to the Mortgage Note had the legal capacity to execute the Mortgage
          Note
          and the Mortgage, and the Mortgage Note and the Mortgage have been duly
          executed
          by such parties;

        

        (xxvi)         To
          the best of the Seller’s knowledge, at the time of origination of the Mortgage
          Loan, no appraised improvement located on or being part of the Mortgaged
          Property was in violation of any applicable zoning law or regulation and
          all
          inspections, licenses and certificates required in connection with the
          origination of any Mortgage Loan with respect to the occupancy of the Mortgaged
          Property, have been made or obtained from the appropriate
          authorities;

        

        (xxvii)        No
          Mortgagor has notified the Seller of any relief requested or allowed under
          the
          Servicemembers Civil Relief Act;

        

        (xxviii)
          All parties which have held an
          interest in the Mortgage Loan are (or during the period in which they held
          and
          disposed of such interest, were) (1) in compliance with any and all applicable
          licensing requirements of the state wherein the Mortgaged Property is located,
          (2) organized under the laws of such state, (3) qualified to do business
          in such
          state, (4) a federal savings and loan association or national bank, (5)
          not
          doing business in such state, or (6) exempt from the applicable licensing
          requirements of such state;

        

        (xxix)          The
          Mortgage File contains an appraisal of the related Mortgaged Property which
          was
          made prior to the approval of the Mortgage Loan by a qualified appraiser,
          duly
          appointed by the related originator and was made in accordance with the
          Financial Institutions Reform, Recovery, and Enforcement Act of 1989 and
          the
          Uniform Standards of Professional Appraisal Practice;

        

        (xxx)           Except
          as may otherwise be limited by applicable law, the Mortgage contains an
          enforceable provision for the acceleration of the payment of the unpaid
          principal balance of the Mortgage Loan in the event that the Mortgaged
          Property
          is sold or transferred without the prior written consent of the Mortgagee
          thereunder;

        

        (xxxi)          The
          Mortgage Loan does not contain any provision which would constitute a “buydown”
provision and pursuant to which Monthly Payments are paid or partially
          paid with
          funds deposited in a separate account established by the related originator,
          the
          Mortgagor or anyone on behalf of the Mortgagor, or paid by any source other
          than
          the Mortgagor. The Mortgage Loan is not a “graduated payment mortgage loan” and
          the Mortgage loan does not have a shared appreciation or other contingent
          interest feature;

        

        (xxxii)         To
          the best of the Seller’s knowledge there is no action or proceeding directly
          involving the Mortgaged Property presently pending in which compliance
          with any
          environmental law, rule or regulation is at issue and the Seller has received
          no
          notice of any condition at the Mortgaged Property which is reasonably likely
          to
          give rise to an action or proceeding in which compliance with any environmental
          law, rule or regulation is at issue;

        

        (xxxiii)        Each
          Mortgage Loan is an obligation which is principally secured by an interest
          in
          real property within the meaning of Treasury Regulation section
          1.860G-2(a);

        

        (xxxiv)        Each
          Mortgage Loan is directly secured by a first lien on, and consists of a
          single
          parcel of, real property with a detached one-to-four family residence erected
          thereon, a townhouse or an individual condominium unit in a condominium
          project,
          or an individual unit in a planned unit development (“PUD”).  No
          residence or dwelling is a leasehold, mobile home or a manufactured dwelling
          unless it is an Acceptable Manufactured Dwelling.  An “Acceptable
          Manufactured Dwelling” is a manufactured dwelling, which is permanently affixed
          to a foundation and treated as “real estate” under applicable law. No Mortgaged
          Property is used for commercial purposes. Mortgaged Properties which contain
          a
          home office shall not be considered as being used for commercial purposes
          as
          long as the Mortgaged Property has not been altered for commercial purposes
          and
          is not storing any chemicals or raw materials other than those commonly
          used for
          homeowner repair, maintenance and/or household purposes;

        

        (xxxv)         The
          Mortgage Interest Rate payable by the Mortgagor with respect to the Adjustable
          Rate Mortgage Loans is subject to adjustment at the time and in the amounts
          as
          are set forth in the related Mortgage Note;

        

        (xxxvi)   [Reserved];

        

        (xxxvii)    
 [Reserved];

        

        (xxxviii)  No
          Mortgage Loan is subject to
          the Home Ownership and Equity Protection Act of 1994 (“HOEPA”) or any comparable
          law and no Mortgage Loan is classified and/or defined as a “high cost”,
“covered”, (excluding home loans defined as “covered home loans” in the New
          Jersey Home Ownership Security Act of 2002 that were originated between
          November
          26, 2003 and July 7, 2004), “high risk home” or “predatory” loan under any other
          federal, state or local law or regulation or ordinance (or a similarly
          classified loan using different terminology under a law imposing heightened
          regulatory scrutiny or additional legal liability for residential mortgage
          loans
          having high interest rates, points and/or fees);

        

        (xxxix)       No
          Mortgage Loan was selected from the mortgage loans in the Seller’s portfolio in
          a manner so as to affect adversely the interests of the Purchaser;

        

        (xl)           Each
          Mortgage File contains a full appraisal on form 1004 or 2055 with an interior
          inspection (or the equivalent form for two-to four-family and investor
          properties), or on a similar alternate form which includes substantially
          similar
          information to that required such forms, as applicable;

        

        (xli)           Each
          Mortgage Loan is and will be a mortgage loan arising out of the originator’s
          practice in accordance with the originator’s underwriting
          guidelines;

        

        (xlii)         
          As of the Closing Date, the Seller has no knowledge of any fact that should
          lead
          it to expect that the Mortgage Loan will not be paid in full when
          due;

        

        (xliii)          No
          Mortgage Loan is a “high cost loan” or a “covered loan”, as applicable (as such
          terms are defined in the then current Standard & Poor’s LEVELS Version 6.0
          Glossary Appendix E;

        

        (xliv)          No
          Mortgage Loan originated on or after October 1, 2002 through March 6, 2003
          is
          governed by the Georgia Fair Lending Act; and

         

        (xlv)          The
          information set forth in the applicable part of the Mortgage Loan Schedule
          relating to the existence of a Prepayment Charge is complete, true and
          correct
          in all material respects at the date or dates on which such information
          is
          furnished respecting with such information is furnished, and each Prepayment
          Charge is permissible and enforceable in accordance with its terms upon
          the
          Mortgagor's full and voluntary principal prepayment under applicable federal,
          state or local law, except to the extent that: (1) the enforceability thereof
          may be limited by bankruptcy, insolvency, moratorium, receivership and
          other
          similar laws relating to creditors' rights; (2) the collectability thereof
          may
          be limited due to acceleration in connection with a foreclosure or other
          involuntary prepayment; or (3) subsequent changes in applicable law may
          limit or
          prohibit enforceability thereof.

        

        SECTION
          9.  Repurchase
          Obligation for Defective Documentation and for Breach of Representation
          and
          Warranty.

        

        (a)    The
          representations and warranties contained in Section 8 shall not be impaired
          by
          any review and examination of loan files or other documents evidencing
          or
          relating to the Mortgage Loans or any failure on the part of the Seller
          or the
          Purchaser to review or examine such documents and shall inure to the benefit
          of
          any assignee, transferee or designee of the Purchaser, including the Trustee
          for
          the benefit of the Certificateholders. With respect to the representations
          and
          warranties contained herein as to which the Seller has no knowledge, if
          it is
          discovered that the substance of any such representation and warranty was
          inaccurate as of the date such representation and warranty was made or
          deemed to
          be made, and such inaccuracy materially and adversely affects the value
          of the
          related Mortgage Loan or the interest therein of the Purchaser or the
          Purchaser’s assignee, transferee or designee, then notwithstanding the lack of
          knowledge by the Seller with respect to the substance of such representation
          and
          warranty being inaccurate at the time the representation and warranty was
          made,
          the Seller shall take such action described in the following paragraph
          in
          respect of such Mortgage Loan.   Notwithstanding anything to the
          contrary contained herein, any breach of a representation or warranty contained
          in clauses (viii), (xxxviii), (xliii), and/or (xliv), of Section 8 above,
          shall
          be automatically deemed to affect materially and adversely the interests
          of the
          Purchaser or the Purchaser’s assignee, transferee or designee.

        

        Upon
          discovery by the Seller, the
          Purchaser or any assignee, transferee or designee of the Purchaser of any
          materially defective document in, or that any material document was not
          transferred by the Seller (as listed on an exception report attached to
          the
          initial certification prepared by the Custodian, on behalf of the Trustee),
          or
          of a breach of any of the representations and warranties contained in Section
          8
          that materially and adversely affects the value of any Mortgage Loan or
          the
          interest therein of the Purchaser or the Purchaser’s assignee, transferee or
          designee, the party discovering such breach shall give prompt written notice
          to
          the Seller. Within 90 days of its discovery or its receipt of notice of
          any such
          missing documentation that was not transferred by the Seller as described
          above,
          or of materially defective documentation, or within 90 days of any such
          breach
          of a representation and warranty, the Seller promptly shall deliver such
          missing
          document or cure such defect or breach in all material respects or, in
          the event
          the Seller cannot deliver such missing document or cannot cure such defect
          or
          breach, the Seller shall, within 90 days of its discovery or receipt of
          notice
          of any such missing or materially defective documentation or within 90
          days of
          any such breach of a representation and warranty, either (i) repurchase
          the
          affected Mortgage Loan at the Purchase Price (as such term is defined in
          the
          Pooling and Servicing Agreement) or (ii) pursuant to the provisions of
          the
          Pooling and Servicing Agreement, cause the removal of such Mortgage Loan
          from
          the Trust Fund and substitute one or more Replacement Mortgage
          Loans.  The Seller shall amend the Closing Schedule to reflect the
          withdrawal of such Mortgage Loan from the terms of this Agreement and the
          Pooling and Servicing Agreement.  The Seller shall deliver to the
          Purchaser such amended Closing Schedule and shall deliver such other documents
          as are required by this Agreement or the Pooling and Servicing Agreement
          within
          five (5) days of any such amendment. Any repurchase pursuant to this Section
          9(a) shall be accomplished by transfer to an account designated by the
          Purchaser
          of the amount of the Purchase Price in accordance with Section 2.03 of
          the
          Pooling and Servicing Agreement. Any repurchase required by this Section
          shall
          be made in a manner consistent with Section 2.03 of the Pooling and Servicing
          Agreement.

        

        (b)    If
          the
          representation made by the Seller in Section 8(xlv) is breached, the Seller
          shall not have the right or obligation to cure, substitute or repurchase
          the
          affected Mortgage Loan but shall remit to the Servicer servicing such Mortgage
          Loan for deposit in the Collection Account, prior to the next succeeding
          Servicer Remittance Date, the amount of the Prepayment Charge indicated
          on the
          applicable part of the Mortgage Loan Schedule to be due from the Mortgagor
          in
          the circumstances less any amount collected and remitted to such Servicer
          for
          deposit into the Collection Account.

        

        (c)    It
          is
          understood and agreed that the obligations of the Seller set forth in this
          Section 9 to cure or repurchase a defective Mortgage Loan (and to make
          payments
          pursuant to Section 9(b)) constitute the sole remedies of the Purchaser
          against
          the Seller respecting a missing document or a breach of the representations
          and
          warranties contained in Section 8.

        

        SECTION
          10.    Closing; Payment for the Mortgage
          Loans.    The closing of the purchase and sale of the
          Mortgage Loans shall be held at the New York City office of Thacher Proffitt
          & Wood llp at 10:00 a.m. New York City time on the Closing
          Date.

        

        The
          closing shall be subject to each of
          the following conditions:

        

        (a)           All
          of the representations and warranties of the Seller under this Agreement
          shall
          be true and correct in all material respects as of the date as of which
          they are
          made and no event shall have occurred which, with notice or the passage
          of time,
          would constitute a default under this Agreement;

        

        (b)           The
          Purchaser shall have received, or the attorneys of the Purchaser shall
          have
          received in escrow (to be released from escrow at the time of closing),
          all
          Closing Documents as specified in Section 11 of this Agreement, in such
          forms as
          are agreed upon and acceptable to the Purchaser, duly executed by all
          signatories other than the Purchaser as required pursuant to the respective
          terms thereof;

        

        (c)           The
          Seller shall have delivered or caused to be delivered and released to the
          Purchaser or to its designee, all documents (including without limitation,
          the
          Mortgage Loans) required to be so delivered by the Purchaser pursuant to
          Section
          2.01 of the Pooling and Servicing Agreement; and

        

        (d)           All
          other terms and conditions of this Agreement and the Pooling and Servicing
          Agreement shall have been complied with.

        

        Subject
          to the foregoing conditions,
          the Purchaser shall deliver or cause to be delivered to the Seller on the
          Closing Date, against delivery and release by the Seller to the Trustee
          of all
          documents required pursuant to the Pooling and Servicing Agreement, the
          consideration for the Mortgage Loans as specified in Section 3 of this
          Agreement.

        

        SECTION
          11.        Closing Documents.
          Without limiting the generality of Section 10 hereof, the closing shall
          be
          subject to delivery of each of the following documents:

        

        (a)           An
          Officers’ Certificate of the Seller, dated the Closing Date, upon which the
          Purchaser and the Underwriters may rely with respect to certain facts regarding
          the sale of the Mortgage Loans by the Seller to the Purchaser;

        

        (b)           An
          Opinion of Counsel of the Seller, dated the Closing Date and addressed
          to the
          Purchaser and the Underwriters;

        

        (c)           Such
          opinions of counsel as the Rating Agencies or the Trustee may request in
          connection with the sale of the Mortgage Loans by the Seller to the Purchaser
          or
          the Seller’s execution and delivery of, or performance under, this Agreement;
          and

        

        (d)           Such
          further information, certificates, opinions and documents as the Purchaser
          or
          the Underwriters may reasonably request.

        

        SECTION
          12.         Costs. The
          Seller shall pay (or shall reimburse the Purchaser or any other Person
          to the
          extent that the Purchaser or such other Person shall pay) all costs and
          expenses
          incurred in connection with the transfer and delivery of the Mortgage Loans,
          including without limitation, fees for title policy endorsements and
          continuations, the fees and expenses of the Seller’s accountants and attorneys,
          the costs and expenses incurred in connection with producing a Servicer’s loan
          loss, foreclosure and delinquency experience, and the costs and expenses
          incurred in connection with obtaining the documents referred to in Sections
          11(b) and 11(c), the costs and expenses of printing (or otherwise reproducing)
          and delivering this Agreement, the Pooling and Servicing Agreement, the
          Certificates, the prospectus and prospectus supplement, and any private
          placement memorandum relating to the Certificates and other related documents,
          the initial fees, costs and expenses of the Trustee and its counsel, the
          fees
          and expenses of the Purchaser’s counsel in connection with the preparation of
          all documents relating to the securitization of the Mortgage Loans, the
          filing
          fee charged by the Securities and Exchange Commission for registration
          of the
          Certificates and the fees charged by any rating agency to rate the Certificates.
          The Seller shall pay all costs and expenses related to recording the Assignments
          of Mortgage.  All other costs and expenses in connection with the
          transactions contemplated hereunder shall be borne by the party incurring
          such
          expense.

        

        SECTION
          13.        Mandatory Delivery; Grant
          of Security Interest. The sale and delivery on the Closing Date of the
          Mortgage Loans described on the Mortgage Loan Schedule in accordance with
          the
          terms and conditions of this Agreement is mandatory. It is specifically
          understood and agreed that each Mortgage Loan is unique and identifiable
          on the
          date hereof and that an award of money damages would be insufficient to
          compensate the Purchaser for the losses and damages incurred by the Purchaser
          in
          the event of the Seller’s failure to deliver the Mortgage Loans on or before the
          Closing Date. The Seller hereby grants to the Purchaser a lien on and a
          continuing security interest in the Seller’s interest in each Mortgage Loan and
          each document and instrument evidencing each such Mortgage Loan to secure
          the
          performance by the Seller of its obligation hereunder, and the Seller agrees
          that it holds such Mortgage Loans in custody for the Purchaser, subject
          to the
          Purchaser’s (i) right, prior to the Closing Date, to reject any Mortgage Loan to
          the extent permitted by this Agreement and (ii) obligation to deliver or
          cause
          to be delivered the consideration for the Mortgage Loans pursuant to Section
          3
          hereof. Any Mortgage Loans rejected by the Purchaser shall concurrently
          therewith be released from the security interest created hereby. All rights
          and
          remedies of the Purchaser under this Agreement are distinct from, and cumulative
          with, any other rights or remedies under this Agreement or afforded by
          law or
          equity and all such rights and remedies may be exercised concurrently,
          independently or successively.

        

        Notwithstanding
          the foregoing, if on
          the Closing Date, each of the conditions set forth in Section 10 hereof
          shall
          have been satisfied and the Purchaser shall not have paid or caused to
          be paid
          the Purchase Price, or any such condition shall not have been waived or
          satisfied and the Purchaser determines not to pay or cause to be paid the
          Purchase Price, the Purchaser shall immediately effect the redelivery of
          the
          Mortgage Loans, if delivery to the Purchaser has occurred, and the security
          interest created by this Section 13 shall be deemed to have been
          released.

        

        SECTION
          14.         Notices. All
          demands, notices and communications hereunder shall be in writing and shall
          be
          deemed to have been duly given if personally delivered to or mailed by
          registered mail, postage prepaid, or transmitted by fax and, receipt of
          which is
          confirmed by telephone, if to the Purchaser, addressed to the Purchaser
          at Two
          World Financial Center, Building B, 21st Floor,
          New York,
          New York 10281, fax: (212) 667-1024, Attention: Legal Department (NAAC
          2007-2),
          or such other address as may hereafter be furnished to the Seller in writing
          by
          the Purchaser; and if to the Seller, addressed to the Seller at Two World
          Financial Center, Building B, 21st Floor,
          New York,
          New York 10281, fax: (212) 667-9680, Attention: Brett Marvin, or to such
          other
          address as the Seller may designate in writing to the Purchaser.

        

        SECTION
          15.         Severability of
          Provisions. Any part, provision, representation or warranty of this
          Agreement that is prohibited or that is held to be void or unenforceable
          shall
          be ineffective to the extent of such prohibition or unenforceability without
          invalidating the remaining provisions hereof.  Any part, provision,
          representation or warranty of this Agreement that is prohibited or unenforceable
          or is held to be void or unenforceable in any jurisdiction shall, as to
          such
          jurisdiction, be ineffective to the extent of such prohibition or
          unenforceability without invalidating the remaining provisions hereof,
          and any
          such prohibition or unenforceability in any jurisdiction as to any Mortgage
          Loan
          shall not invalidate or render unenforceable such provision in any other
          jurisdiction. To the extent permitted by applicable law, the parties hereto
          waive any provision of law which prohibits or renders void or unenforceable
          any
          provision hereof.

        

        SECTION
          16.   Agreement of
          Parties.  The Seller and the Purchaser each agree to execute and
          deliver such instruments and take such actions as either of the others
          may, from
          time to time, reasonably request in order to effectuate the purpose and
          to carry
          out the terms of this Agreement and the Pooling and Servicing
          Agreement.

        

        SECTION
          17.           Survival.    The
          Seller agrees that the representations, warranties and agreements made
          by it
          herein and in any certificate or other instrument delivered pursuant hereto
          shall be deemed to be relied upon by the Purchaser, notwithstanding any
          investigation heretofore or hereafter made by the Purchaser or on its behalf,
          and that the representations, warranties and agreements made by the Seller
          herein or in any such certificate or other instrument shall survive the
          delivery
          of and payment for the Mortgage Loans and shall continue in full force
          and
          effect, notwithstanding any restrictive or qualified endorsement on the
          Mortgage
          Notes and notwithstanding subsequent termination of this Agreement, the
          Pooling
          and Servicing Agreement or the Trust Fund.

        

        SECTION
          18.   GOVERNING
          LAW.  THIS AGREEMENT AND THE RIGHTS, DUTIES, OBLIGATIONS AND
          RESPONSIBILITIES OF THE PARTIES HERETO SHALL BE GOVERNED BY AND CONSTRUED
          IN
          ACCORDANCE WITH THE LAWS (EXCLUDING THE CHOICE OF LAW PROVISIONS) AND DECISIONS
          OF THE STATE OF NEW YORK. THE PARTIES HERETO INTEND THAT THE PROVISIONS
          OF
          SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL
          GOVERN.

        

        SECTION
          19.          Miscellaneous.
          This Agreement may be executed in two or more counterparts, each of which
          when
          so executed and delivered shall be an original, but all of which together
          shall
          constitute one and the same instrument. This Agreement shall inure to the
          benefit of and be binding upon the parties hereto and their respective
          successors and assigns. This Agreement supersedes all prior agreements
          and
          understandings relating to the subject matter hereof. Neither this Agreement
          nor
          any term hereof may be changed, waived, discharged or terminated orally,
          but
          only by an instrument in writing signed by the party against whom enforcement
          of
          the change, waiver, discharge or termination is sought. The headings in
          this
          Agreement are for purposes of reference only and shall not limit or otherwise
          affect the meaning hereof.

        

        It
          is the express intent of the parties
          hereto that the conveyance of the Mortgage Loans by the Seller to the Purchaser
          as provided in Section 4 hereof be, and be construed as, a sale of the
          Mortgage
          Loans by the Seller to the Purchaser and not as a pledge of the Mortgage
          Loans
          by the Seller to the Purchaser to secure a debt or other obligation of
          the
          Seller. However, in the event that, notwithstanding the aforementioned
          intent of
          the parties, the Mortgage Loans are held to be property of the Seller,
          then (a)
          it is the express intent of the parties that such conveyance be deemed
          a pledge
          of the Mortgage Loans by the Seller to the Purchaser to secure a debt or
          other
          obligation of the Seller and (b) (1) this Agreement shall also be deemed
          to be a
          security agreement within the meaning of Articles 8 and 9 of the New York
          Uniform Commercial Code; (2) the conveyance provided for in Section 4 hereof
          shall be deemed to be a grant by the Seller to the Purchaser of a security
          interest in all of the Seller’s right, title and interest in and to the Mortgage
          Loans and all amounts payable to the holders of the Mortgage Loans in accordance
          with the terms thereof and all proceeds of the conversion, voluntary or
          involuntary, of the foregoing into cash, instruments, securities or other
          property, including without limitation all amounts, other than investment
          earnings, from time to time held or invested in the Collection Account
          whether
          in the form of cash, instruments, securities or other property; (3) the
          possession by the Purchaser or its agent of Mortgage Notes, the related
          Mortgages and such other items of property that constitute instruments,
          money,
          negotiable documents or chattel paper shall be deemed to be “possession by the
          secured party” for purposes of perfecting the security interest pursuant to
          Section 9-305 of the New York Uniform Commercial Code; and (4) notifications
          to
          persons holding such property and acknowledgments, receipts or confirmations
          from persons holding such property shall be deemed notifications to, or
          acknowledgments, receipts or confirmations from, financial intermediaries,
          bailees or agents (as applicable) of the Purchaser for the purpose of perfecting
          such security interest under applicable law. Any assignment of the interest
          of
          the Purchaser pursuant to Section 4(d) hereof shall also be deemed to be
          an
          assignment of any security interest created hereby. The Seller and the
          Purchaser
          shall, to the extent consistent with this Agreement, take such actions
          as may be
          necessary to ensure that, if this Agreement were deemed to create a security
          interest in the Mortgage Loans, such security interest would be deemed
          to be a
          perfected security interest of first priority under applicable law and
          will be
          maintained as such throughout the term of this Agreement and the Pooling
          and
          Servicing Agreement.

        

        

        

        

        

        

        [Signature
          page to follow]

         

        

          

        

          
          *
            Please contact Nomura Credit & Capital, Inc. for pricing
            information.

           

           

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

         

         

        IN
          WITNESS WHEREOF, the Purchaser and the Seller have caused their names to
          be
          signed by their respective officers thereunto duly authorized as of the
          date
          first above written.

        

        

        

        

        
          	
                  NOMURA
                    CREDIT & CAPITAL, INC.

                
	 	 	 
	 	 	 
	
                  By:

                	
                  /s/

                	
                  Timothy
                    P.F. Crowley

                
	
                  Name:

                	 	
                  Timothy
                    P.F. Crowley

                
	
                  Title:

                	 	
                  Vice
                    President

                
	 	 	 

        

        

        

        

        

        
          	
                  NOMURA
                    ASSET ACCEPTANCE CORPORATION

                
	 	 	 
	
                  By:

                	
                  /s/

                	
                  John
                    P. Graham

                
	
                  Name:

                	 	
                   John
                    P. Graham

                
	
                  Title:

                	 	
                   President

                

        

         

        
 

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        EXHIBIT
          1

        

        CONTENTS
          OF MORTGAGE FILE

        

        With
          respect to each Mortgage Loan, the
          Mortgage File shall include each of the following items, which shall be
          available for inspection by the Purchaser or its designee, and which shall
          be
          delivered to the Purchaser or its designee pursuant to the terms of the
          Agreement.

         

        (a)  the
          original Mortgage Note (including all riders thereto) bearing all intervening
          endorsements necessary to show a complete chain of endorsements from the
          original payee, endorsed in blank, via original signature, and, if previously
          endorsed, signed in the name of the last endorsee by a duly qualified officer
          of
          the last endorsee.   If the Mortgage Loan was acquired by the
          last endorsee in a merger, the endorsement must be by “[name of last endorsee],
          successor by merger to [name of predecessor]”. If the Mortgage Loan was acquired
          or originated by the last endorsee while doing business under another name,
          the
          endorsement must be by “[name of last endorsee], formerly known as [previous
          name]”;

         

        (b)  the
          original Assignment of Mortgage executed in blank;

         

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

         

        (d)  the
          original Mortgage (including all riders thereto) with evidence of recording
          thereon and the original recorded power of attorney, if the Mortgage was
          executed pursuant to a power of attorney, with evidence of recording thereon,
          and in the case of each MOM Loan, the original Mortgage, noting the presence
          of
          the MIN of the Mortgage Loan and either language indicating that the Mortgage
          Loan is a MOM Loan or if the Mortgage Loan was not a MOM Loan at origination,
          the original Mortgage and the assignment thereof to MERS®, with evidence of
          recording indicated thereon; or, if the original Mortgage with evidence
          of
          recording thereon has not been returned by the public recording office
          where
          such Mortgage has been delivered for recordation or such Mortgage has been
          lost
          or such public recording office retains the original recorded Mortgage,
          a
          photocopy of such Mortgage, together with (i) in the case of a delay caused
          by
          the public recording office, an Officer’s Certificate of the title insurer
          insuring the Mortgage, the escrow agent, the seller or the Servicer servicing
          such Mortgage Loan stating that such Mortgage has been delivered to the
          appropriate public recording office for recordation and that the original
          recorded Mortgage or a copy of such Mortgage certified by such public recording
          office to be a true and complete copy of the original recorded Mortgage
          will be
          promptly delivered to the Custodian upon receipt thereof by the party delivering
          the Officer’s Certificate or by such Servicer; or (ii) in the case of a Mortgage
          where a public recording office retains the original recorded Mortgage
          or in the
          case where a Mortgage is lost after recordation in a public recording office,
          a
          copy of such Mortgage with the recording information thereon certified
          by such
          public recording office to be a true and complete copy of the original
          recorded
          Mortgage;

         

        (e)  the
          originals of all assumption, modification, consolidation or extension
          agreements, with evidence of recording thereon, if any;

         

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

         

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

         

        (h)  the
          original lender’s title insurance policy in the form of an ALTA mortgage title
          insurance policy or, if the original lender’s title insurance policy has not
          been issued, the irrevocable commitment to issue the same; and

         

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

         

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        EXHIBIT
          2

        FORM
          OF LOST NOTE AFFIDAVIT

        

        Loan
          #:  __________

        Borrower:
          _________

        

        LOST
          NOTE
          AFFIDAVIT

        

        

        I,
          as _____________________ of
          ____________________, a _______________  am authorized to make this
          Affidavit on behalf of Nomura Credit & Capital, Inc. (the “Seller”). In
          connection with the administration of the Mortgage Loans held by
          ______________________, a _______________ [corporation] as Seller on behalf
          of
          ____________________ (the “Purchaser”), _______________________ (the
“Deponent”), being duly sworn, deposes and says that:

        

        
          	 	
                  1.

                	
                  The
                    Seller’s address is:

                	 
	 	 	 	 
	 	 	 	 

        

        

        2.           The
          Seller previously delivered to the Purchaser a signed Initial Certification
          with
          respect to such Mortgage and/or Assignment of Mortgage;

        

        3.           Such
          Mortgage Note and/or Assignment of Mortgage was assigned or sold to the
          Purchaser by __________________, a _________________ pursuant to the terms
          and
          provisions of a Mortgage Loan Purchase Agreement dated as of June 29,
          2007;

        

        4.           Such
          Mortgage Note and/or Assignment of Mortgage is not outstanding pursuant
          to a
          request for release of Documents;

        

        5.           Aforesaid
          Mortgage Note and/or Assignment of Mortgage (the “Original”) has been
          lost;

        

        6.           Deponent
          has made or caused to be made a diligent search for the Original and has
          been
          unable to find or recover same;

        

        7.           The
          Seller was the Seller of the Original at the time of the loss; and

        

        8.           Deponent
          agrees that, if said Original should ever come into Seller’s possession, custody
          or power, Seller will immediately and without consideration surrender the
          Original to the Purchaser.

        

        9.           Attached
          hereto is a true and correct copy of (i) the Note, endorsed in blank by
          the
          Mortgagee and (ii) the Mortgage or Deed of Trust (strike one) which secures
          the
          Note, which Mortgage or Deed of Trust is recorded in the county where the
          property is located.

        

        10.           Deponent
          hereby agrees that the Seller (a) shall indemnify and hold harmless the
          Purchaser, its successors and assigns, against any loss, liability or damage,
          including reasonable attorney’s fees, resulting from the unavailability of any
          Notes, including but not limited to any loss, liability or damage arising
          from
          (i) any false statement contained in this Affidavit, (ii) any claim of
          any party
          that purchased a mortgage loan evidenced by the Lost Note or any interest
          in
          such mortgage loan, (iii) any claim of any borrower with respect to the
          existence of terms of a mortgage loan evidenced by the Lost Note on the
          related
          property to the fact that the mortgage loan is not evidenced by an original
          note
          and (iv) the issuance of a new instrument in lieu thereof (items (i) through
          (iv) above hereinafter referred to as the “Losses”) and (b) if required by any
          Rating Agency in connection with placing such Lost Note into a Pass-Through
          Transfer, shall obtain a surety from an insurer acceptable to the applicable
          Rating Agency to cover any Losses with respect to such Lost Note.

        

        11.           This
          Affidavit is intended to be relied upon by the Purchaser, its successors
          and
          assigns. Nomura Credit & Capital, Inc., represents and warrants that is has
          the authority to perform its obligations under this Affidavit of Lost
          Note.

        

        Executed
          this _ day of _______, 200_.

        

        

        

        
          	
                  By:

                	 
	
                  Name:

                	 
	
                  Title:

                	 

        

        

        

        On
          this __ day of ______, 200_, before
          me appeared ______________________  to me personally known, who being
          duly sworn did say that he is the _______________________ of
          ____________________, a ______________________ and that said Affidavit
          of Lost
          Note was signed and sealed on behalf of such corporation and said acknowledged
          this instrument to be the free act and deed of said entity.

        

        Signature:

        

        [Seal]

        

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        D

       

      TRANSFER
        AFFIDAVIT AND AGREEMENT

       

      
        	
                STATE
                  OF NEW YORK

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF NEW YORK

              	
                )

              	 

      

       

      ___________________________
        being duly sworn, deposes, represents and warrants as follows:

       

      
        	
                 

              	
                1.

              	
                I
                  am a _____________________ of _______________________________ (the
                  “Investor”) a corporation duly organized and existing under the laws of
                  _________________________, the record owner of Nomura Asset Acceptance
                  Corporation, Alternative Loan Trust, Series 2007-2 Mortgage Pass-Through
                  Certificates, Class R[-X] Certificates (the “Class R[-X] Certificates”),
                  on behalf of whom I make this affidavit and agreement. Capitalized
                  terms
                  used but not defined herein have the respective meanings assigned
                  thereto
                  in the Pooling and Servicing Agreement pursuant to which the Class
                  R[-X]
                  Certificates were issued.

              

      

       

      
        	
                 

              	
                2.

              	
                The
                  Investor (i) is and will be a “Permitted Transferee” as of
                  ____________________. ____ and (ii) is acquiring the Class R[-X]
                  Certificates for its own account or for the account of another
                  Investor
                  from which it has received an affidavit in substantially the same
                  form as
                  this affidavit. A “Permitted Transferee” is any person other than a
                  “disqualified organization” or a possession of the United
                  States.  For this purpose, a “disqualified organization” means
                  the United States, any state or political subdivision thereof,
                  any agency
                  or instrumentality of any of the foregoing (other than an instrumentality
                  all of the activities of which are subject to tax and, except for
                  the
                  Federal Home Loan Mortgage Corporation, a majority of whose board
                  of
                  directors is not selected by any such governmental entity) or any
                  foreign
                  government, international organization or any agency or instrumentality
                  of
                  such foreign government or organization, any real electric or telephone
                  cooperative, or any organization (other than certain farmers’
                  cooperatives) that is generally exempt from federal income tax
                  unless such
                  organization is subject to the tax on unrelated business taxable
                  income.

              

      

       

      
        	
                 

              	
                3.

              	
                The
                  Investor is aware (i) of the tax that would be imposed on transfers
                  of the
                  Class R[-X] Certificates to disqualified organizations under the
                  Internal
                  Revenue Code of 1986 that applies to all transfers of the Class
                  R[-X]
                  Certificates after July 31, 1988; (ii) that such tax would be on
                  the
                  transferor or, if such transfer is through an agent (which person
                  includes
                  a broker, nominee or middleman) for a non-Permitted Transferee,
                  on the
                  agent; (iii) that the person otherwise liable for the tax shall
                  be
                  relieved of liability for the tax if the transferee furnishes to
                  such
                  person an affidavit that the transferee is a Permitted Transferee
                  and, at
                  the time of transfer, such person does not have actual knowledge
                  that the
                  affidavit is false; and (iv) that each of the Class R[-X] Certificates
                  may
                  be a “noneconomic residual interest”  within the meaning of
                  proposed Treasury regulations promulgated under the Code and that
                  the
                  transferor of a “noneconomic residual interest” will remain liable for any
                  taxes due with respect to the income on such residual interest,
                  unless no
                  significant purpose of the transfer is to impede the assessment
                  or
                  collection of tax.

              

      

       

      
        	
                 

              	
                4.

              	
                The
                  Investor is aware of the tax imposed on a “pass-through entity” holding
                  the Class R[-X] Certificates if, at any time during the taxable
                  year of
                  the pass-through entity, a non-Permitted Transferee is the record
                  holder
                  of an interest in such entity. (For this purpose, a “pass-through entity”
                  includes a regulated investment company, a real estate investment
                  trust or
                  common trust fund, a partnership, trust or estate, and certain
                  cooperatives.)

              

      

       

      
        	
                 

              	
                5.

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

              

      

       

      
        	
                 

              	
                6.

              	
                The
                  Investor consents to any additional restrictions or arrangements
                  that
                  shall be deemed necessary upon advice of counsel to constitute
                  a
                  reasonable arrangement to ensure that the Class R[-X] Certificates
                  will
                  only be owned, directly or indirectly, by an Investor that is a
                  Permitted
                  Transferee.

              

      

       

      
        	
                 

              	
                7.

              	
                The
                  Investor’s taxpayer identification number is
                  ________________.

              

      

       

      
        	
                 

              	
                8.

              	
                The
                  Investor has reviewed the restrictions set forth on the face of
                  the Class
                  R[-X] Certificates and the provisions of Section 6.02(c) of the
                  Pooling
                  and Servicing Agreement under which the Class R[-X] Certificates
                  were
                  issued (in particular, clauses (iii)(A) and (iii)(B) of Section
                  6.02(d)
                  which authorize the Securities Administrator to deliver payments
                  to a
                  person other than the Investor and negotiate a mandatory sale by
                  the
                  Securities Administrator in the event that the Investor holds such
                  Certificate in violation of Section 6.02(c)); and that the Investor
                  expressly agrees to be bound by and to comply with such restrictions
                  and
                  provisions.

              

      

       

      
        	
                 

              	
                9.

              	
                The
                  Investor is not acquiring and will not transfer the Class R[-X]
                  Certificates in order to impede the assessment or collection of
                  any
                  tax.

              

      

       

      
        	
                 

              	
                10.

              	
                The
                  Investor anticipates that it will, so long as it holds the Class
                  R[-X]
                  Certificates, have sufficient assets to pay any taxes owed by the
                  holder
                  of such Class R[-X] Certificates, and hereby represents to and
                  for the
                  benefit of the person from whom it acquired the Class R[-X] Certificates
                  that the Investor intends to pay taxes associated with holding
                  such Class
                  R[-X] Certificates as they become due, fully understanding that
                  it may
                  incur tax liabilities in excess of any cash flows generated by
                  the Class
                  R[-X] Certificates.

              

      

       

      
        	
                 

              	
                11.

              	
                The
                  Investor has no present knowledge that it may become insolvent
                  or subject
                  to a bankruptcy proceeding for so long as it holds the Class R[-X]
                  Certificates.

              

      

       

      
        	
                 

              	
                12.

              	
                The
                  Investor has no present knowledge or expectation that it will be
                  unable to
                  pay any United States taxes owed by it so long as any of the Certificates
                  remain outstanding.

              

      

       

      
        	
                 

              	
                13.

              	
                The
                  Investor is not acquiring the Class R[-X] Certificates with the
                  intent to
                  transfer the Class R[-X] Certificates to any person or entity that
                  will
                  not have sufficient assets to pay any taxes owed by the holder
                  of such
                  Class R[-X] Certificates, or that may become insolvent or subject
                  to a
                  bankruptcy proceeding, for so long as the Class R[-X] Certificates
                  remain
                  outstanding.

              

      

       

      
        	
                 

              	
                14.

              	
                The
                  Investor will, in connection with any transfer that it makes of
                  the Class
                  R[-X] Certificates, obtain from its transferee the representations
                  required by Section 6.02(c) of the Pooling and Servicing Agreement
                  under
                  which the Class Class R[-X] Certificate were issued and will not
                  consummate any such transfer if it knows, or knows facts that should
                  lead
                  it to believe, that any such representations are
                  false.

              

      

       

      
        	
                 

              	
                15.

              	
                The
                  Investor will, in connection with any transfer that it makes of
                  the Class
                  R[-X] Certificates, deliver to the Securities Administrator an
                  affidavit,
                  which represents and warrants that it is not transferring the Class
                  R[-X]
                  Certificates to impede the assessment or collection of any tax
                  and that it
                  has no actual knowledge that the proposed transferee: (i) has insufficient
                  assets to pay any taxes owed by such transferee as holder of the
                  Class
                  R[-X] Certificates; (ii) may become insolvent or subject to a bankruptcy
                  proceeding for so long as the Class R[-X] Certificates remains
                  outstanding; and (iii) is not a “Permitted
                  Transferee”.

              

      

       

      
        	
                 

              	
                16.

              	
                The
                  Investor is a citizen or resident of the United States, a corporation,
                  partnership or other entity created or organized in, or under the
                  laws of,
                  the United States or any political subdivision thereof, or an estate
                  or
                  trust whose income from sources without the United States may be
                  included
                  in gross income for United States federal income tax purposes regardless
                  of its connection with the conduct of a trade or business within
                  the
                  United States.

              

      

       

      
        	
                 

              	
                17.

              	
                The
                  Investor of the Class R[-X] Certificate, hereby agrees that in
                  the event
                  that the Trust Fund created by the Pooling and Servicing Agreement
                  is
                  terminated pursuant to Section 10.01 thereof, the undersigned shall
                  assign
                  and transfer to the Holders of the Class X and the Class P Certificates
                  any amounts in excess of par received in connection with such termination.
                  Accordingly, in the event of such termination, the Securities
                  Administrator is hereby authorized to withhold any such amounts
                  in excess
                  of par and to pay such amounts directly to the Holders of the Class
                  X and
                  the Class P Certificates. This agreement shall bind and be enforceable
                  against any successor, transferee or assigned of the undersigned
                  in the
                  Class R[-X] Certificate. In connection with any transfer of the
                  Class
                  R[-X] Certificate, the Investor shall obtain an agreement substantially
                  similar to this clause from any subsequent
                  owner.

              

      

       

      IN
        WITNESS WHEREOF, the Investor has caused this instrument to be executed on
        its
        behalf, pursuant to the authority of its Board of Directors, by its [Vice]
        President, attested by its [Assistant] Secretary, this ____ day of
        _________________, ____.

       

      
        	 	 	 	 	 	 	 	
                [INVESTOR]

              
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Name:

              
	 	 	 	 	 	 	 	 	
                Title:
                  [Vice] President

              

      

      

       

      ATTEST:

       

      
        	
                By:

              	 	 
	 	
                Name:

              	 
	 	
                Title:
                  [Assistant] Secretary

              	 

      

      

       

      Personally
        appeared before me the above-named __________________, known or proved to
        me to
        be the same person who executed the foregoing instrument and to be a [Vice]
        President of the Investor, 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
        Investor.

       

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

       

      

      

      
        	 	 
	 	
                Notary
                  Public

              
	 	 
	 	
                County
                  of _____________________________

              
	 	
                State
                  of _______________________________

              
	 	 
	 	
                My
                  Commission expires:

              

      

      

       

      FORM
        OF
        TRANSFEROR AFFIDAVIT

       

      
        	
                STATE
                  OF NEW YORK

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF NEW YORK

              	
                )

              	 

      

      _________________________,
        being duly sworn, deposes, represents and warrants as follows:

       

      1.           I
        am
        a                      ____________________
        of _________________________ (the “Investor”), a corporation duly organized and
        existing under the laws of _____________, on behalf of whom I make this
        affidavit.

       

      2.           The
        Investor is not transferring the Class R[-X] Certificates (the “Residual
        Certificates”) to impede the assessment or collection of any tax.

       

      3.           The
        Investor has no actual knowledge that the Person that is the proposed transferee
        (the “Purchaser”) of the Residual Certificates:  (i) has insufficient
        assets to pay any taxes owed by such proposed transferee as holder of the
        Residual Certificates; (ii) may become insolvent or subject to a bankruptcy
        proceeding for so long as the Residual Certificates remain outstanding and
        (iii)
        is not a Permitted Transferee.

       

      4.           The
        Investor understands that the Purchaser has delivered to the Securities
        Administrator a transfer affidavit and agreement in the form attached to
        the
        Pooling and Servicing Agreement as Exhibit D. The Investor does not know
        or
        believe that any representation contained therein is false.

       

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

       

      6.           Capitalized
        terms not otherwise defined herein shall have the meanings ascribed to them
        in
        the Pooling and Servicing Agreement dated as of June 1, 2007, among Nomura
        Asset
        Acceptance Corporation, Nomura Credit & Capital, Inc., GMAC Mortgage, LLC,
        Wells Fargo Bank, N.A. and HSBC Bank USA, National Association.

       

       

      IN
        WITNESS WHEREOF, the Investor has caused this instrument to be executed on
        its
        behalf, pursuant to the authority of its Board of Directors, by its [Vice]
        President, attested by its [Assistant] Secretary, this ____ day of
        ________________, ____.

       

      
        	 	 	 	 	 	 	 	
                [INVESTOR]

              
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Name:

              
	 	 	 	 	 	 	 	 	
                Title:
                  [Vice] President

              

      

      

       

      ATTEST:

      

      

      
        	
                By:

              	 	 
	 	
                Name:

              	 
	 	
                Title:
                  [Assistant] Secretary

              	 

      

      

       

      Personally
        appeared before me the above-named _________________, known or proved to
        me to
        be the same person who executed the foregoing instrument and to be a [Vice]
        President of the Investor, 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
        Investor.

       

      Subscribed
        and sworn before me this ______ day of _____________, ____.

       

      

      
        	 	 
	 	
                Notary
                  Public

              
	 	 
	 	
                County
                  of _____________________________

              
	 	
                State
                  of _______________________________

              
	 	 
	 	
                My
                  Commission expires:

              

      

       

      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 Investor, 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
        Investor.

       

      Subscribed
        and sworn before me this ___ day of _________, 20___.

       

      NOTARY
        PUBLIC

       

      COUNTY
        OF

       

      STATE
        OF

       

      My
        commission expires the ___ day of ___________________, 20___.

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      EXHIBIT
        E

       

      FORM
        OF TRANSFEROR CERTIFICATE

       

      ______________,
        2006

       

      Nomura
        Asset Acceptance Corporation

      Two
        World
        Financial Center, Building B

      New
        York,
        New York 10281

       

      Wells
        Fargo Bank, N.A.

      Sixth
        Street and Marquette Avenue

      Minneapolis,
        Minnesota 55479

      Attention:
        Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series
        2007-2

       

      
        	
                Re:

              	
                Nomura
                  Asset Acceptance Corporation

                Mortgage
                  Pass-Through Certificates, Series 2007-2, Class
                  [X][P][R][-X]

              

      

       

      Ladies
        and Gentlemen:

       

      In
        connection with the sale by ___________ (the “Sponsor”) to ________ (the
“Purchaser”) of $_________ Initial Certificate Principal Balance of Mortgage
        Pass-Through Certificates, Series 2007-2, Class [X][P][R][-X] (the
“Certificates”), issued pursuant to the Pooling and Servicing Agreement (the
“Pooling and Servicing Agreement”), dated as of June 1, 2007, among Nomura Asset
        Acceptance Corporation, as depositor (the “Depositor”), Nomura Credit &
Capital, Inc., as sponsor, GMAC Mortgage, LLC, as a servicer, Wells Fargo
        Bank,
        N.A., as master servicer (the “Master Servicer”) and securities administrator
        (the “Securities Administrator”) and HSBC Bank USA, National Association, as
        trustee (the “Trustee”).  The Sponsor hereby certifies, represents and
        warrants to, a covenants with, the Depositor, the Securities Administrator
        and
        the Trustee that:

       

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

      

      

      
        	 	 	 	 	 	 	 	
                Very
                  truly yours,

              
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                ___________________________________________

              
	 	 	 	 	 	 	 	
                (Sponsor)

              
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	
                Name:

              	 
	 	 	 	 	 	 	 	
                Title:

              	 

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      EXHIBIT
        F

       

      FORM
        OF INVESTOR REPRESENTATION LETTER (NON-RULE 144A)

       

      ___________,
        2006

       

      Nomura
        Asset Acceptance Corporation

      Two
        World
        Financial Center

      New
        York,
        New York 10281

       

      Wells
        Fargo Bank, N.A.

      Sixth
        Street and Marquette Avenue

      Minneapolis,
        Minnesota 55479

      Attention:
        Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series
        2007-2

       

      
        	
                Re:

              	
                Nomura
                  Asset Acceptance Corporation, Alternative Loan Trust, Mortgage
                  Pass-Through Certificates, Series
                  2007-2

              

      

       

      Ladies
        and Gentlemen:

       

      _______________
        (the “Purchaser”) intends to purchase from ____________ (the “Sponsor”)
        $_________ Initial Certificate Principal Balance of Mortgage Pass-Through
        Certificates, Series 2007-2, Class [X][P][R][-X] (the “Certificates”), issued
        pursuant to the Pooling and Servicing Agreement (the “Pooling and Servicing
        Agreement”), dated as of June 1, 2007, among Nomura Asset Acceptance
        Corporation, as depositor (the “Depositor”), Nomura Credit & Capital, Inc.,
        as sponsor, GMAC Mortgage, LLC, as a servicer, Wells Fargo Bank, N.A., as
        master
        servicer (the “Master Servicer”) and securities administrator (the “Securities
        Administrator”) and HSBC Bank USA, National Association, as trustee (the
“Trustee”).  All terms used herein and not otherwise defined shall
        have the meanings set forth in the Pooling and Servicing
        Agreement.  The Purchaser hereby certifies, represents and warrants
        to, and covenants with, the Depositor, the Securities Administrator and the
        Trustee that:

       

      
        	
                1.

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

              
	 	 
	
                2.

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

              
	 	 
	
                3.

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

              
	 	 
	
                4.

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

              
	 	 
	
                5.

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

              

      

      

      

      
        	 	 	 	 	 	 	 	
                Very
                  truly yours,

              
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                ___________________________________________

              
	 	 	 	 	 	 	 	
                (Purchaser)

              
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	
                Name:

              	 
	 	 	 	 	 	 	 	
                Title:

              	 

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      EXHIBIT
        G

       

      FORM
        OF RULE 144A INVESTMENT LETTER

       

       [Date]

      Nomura
        Credit & Capital, Inc.

      Two
        World
        Financial Center, Building B

      New
        York,
        New York 10281

       

      Nomura
        Asset Acceptance Corporation

      Two
        World
        Financial Center

      New
        York,
        New York 10281

       

      Wells
        Fargo Bank, N.A.

      Sixth
        Street and Marquette Avenue

      Minneapolis,
        Minnesota 55479

       

      
        	
                Re:

              	
                Nomura
                  Asset Acceptance Corporation, Alternative Loan Trust, Mortgage
                  Pass-Through Certificates, Series 2007-2 (the “Certificates”), including
                  the Class [X][P][R][-X] Certificates (the “Private
                  Certificates”)

              

      

       

      Dear
        Ladies and Gentlemen:

       

      In
        connection with our purchase of Private Certificates, we confirm
        that:

       

      
        	 	
                (i)

              	
                we
                  understand that the Private Certificates are not being registered
                  under
                  the Securities Act of 1933, as amended (the “Act”) or any applicable state
                  securities or “Blue Sky” laws, and are being sold to us in a transaction
                  that is exempt from the registration requirements of such
                  laws;

              
	 	 	 
	 	
                (ii)

              	
                any
                  information we desired concerning the Certificates, including the
                  Private
                  Certificates, the trust in which the Certificates represent the
                  entire
                  beneficial ownership interest (the “Trust”) or any other matter we deemed
                  relevant to our decision to purchase Private Certificates has been
                  made
                  available to us;

              
	 	 	 
	 	
                (iii)

              	
                we
                  are able to bear the economic risk of investment in Private Certificates;
                  we are an institutional “accredited investor” as defined in Section 501(a)
                  of Regulation D promulgated under the Act and a sophisticated
                  institutional investor and we agree to obtain a representation
                  from any
                  transferee that such transferee is an institutional “accredited investor”
                  so long as we are required to obtain a representation letter regarding
                  compliance with the Act;

              
	 	 	 
	 	
                (iv)

              	
                we
                  are acquiring Private Certificates for our own account, not as
                  nominee for
                  any other person, and not with a present view to any distribution
                  or other
                  disposition of the Private Certificates;

              
	 	 	 
	 	
                (v)

              	
                we
                  agree the Private Certificates must be held indefinitely by us
                  (and may
                  not be sold, pledged, hypothecated or in any way disposed of) unless
                  subsequently registered under the Act and any applicable state
                  securities
                  or “Blue Sky” laws or an exemption from the registration requirements of
                  the Act and any applicable state securities or “Blue Sky” laws is
                  available;

              
	 	 	 
	 	
                (vi)

              	
                we
                  agree that in the event that at some future time we wish to dispose
                  of or
                  exchange any of the Private Certificates (such disposition or exchange
                  not
                  being currently foreseen or contemplated), we will not transfer
                  or
                  exchange any of the Private Certificates unless:

              
	 	 	 
	 	 	
                (A)
                  (1) the sale is to an Eligible Purchaser (as defined below), (2)
                  if
                  required by the Pooling and Servicing Agreement (as defined below)
                  a
                  letter to substantially the same effect as either this letter or,
                  if the
                  Eligible Purchaser is a Qualified Institutional Buyer as defined
                  under
                  Rule 144A of the Act, the Rule 144A and Related Matters Certificate
                  in the
                  form attached to the Pooling and Servicing Agreement (as defined
                  below)
                  (or such other documentation as may be acceptable to the Securities
                  Administrator) is executed promptly by the purchaser and delivered
                  to the
                  addressees hereof and (3) all offers or solicitations in connection
                  with
                  the sale, whether directly or through any agent acting on our behalf,
                  are
                  limited only to Eligible Purchasers and are not made by means of
                  any form
                  of general solicitation or general advertising whatsoever;
                  and

                 

              
	 	 	
                (B)
                  if the Private Certificate is not registered under the Act (as
                  to which we
                  acknowledge you have no obligation), the Private Certificate is
                  sold in a
                  transaction that does not require registration under the Act and
                  any
                  applicable state securities or “Blue Sky” laws and, if the Securities
                  Administrator or HSBC Bank USA, National Association, as trustee
                  (the
                  “Trustee”) so requests, a satisfactory Opinion of Counsel is furnished to
                  such effect, which Opinion of Counsel shall be an expense of the
                  transferor or the transferee;

                 

              
	 	
                (vii)

              	
                we
                  agree to be bound by all of the terms (including those relating
                  to
                  restrictions on transfer) of the Pooling and Servicing Agreement,
                  pursuant
                  to which the Trust was formed; we have reviewed carefully and understand
                  the terms of the Pooling and Servicing Agreement;

              
	 	 	 
	 	
                (viii)

              	
                we
                  either: (i) are not acquiring the Private Certificate directly
                  or
                  indirectly by, or on behalf of, an employee benefit plan or other
                  retirement arrangement which is subject to Title I of the Employee
                  Retirement Income Security Act of 1974, as amended, and/or Section
                  4975 of
                  the Internal Revenue Code of 1986, as amended, or (ii) are providing
                  the
                  opinion of counsel specified in Section 6.02(b) of the
                  Agreement.

              
	 	 	 
	 	
                (ix)

              	
                we
                  understand that each of the Class [X][P]R[-X] Certificates bears,
                  and will
                  continue to bear, legends substantially to the following effect:
“THIS
                  CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
                  ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER ANY STATE
                  SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE,
                  AGREES
                  THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE
                  TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER
                  APPLICABLE LAWS AND ONLY (1) PURSUANT TO RULE 144A UNDER THE SECURITIES
                  ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A
                  QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A (A
“QIB”),
                  PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT
                  OF A
                  QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER,
                  RESALE,
                  PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
                  (2)
                  PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144
                  UNDER THE
                  SECURITIES ACT (IF AVAILABLE) OR (3) IN CERTIFICATED FORM TO AN
                  “INSTITUTIONAL ACCREDITED INVESTOR” WITHIN THE MEANING THEREOF IN RULE
                  501(a)(1), (2), (3) or (7) OF REGULATION D UNDER THE ACT OR ANY
                  ENTITY IN
                  WHICH ALL OF THE EQUITY OWNERS COME WITHIN SUCH PARAGRAPHS PURCHASING
                  NOT
                  FOR DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, SUBJECT TO
                  (A) THE
                  RECEIPT BY THE SECURITIES ADMINISTRATOR OF A LETTER SUBSTANTIALLY
                  IN THE
                  FORM PROVIDED IN THE AGREEMENT AND (B) THE RECEIPT BY THE SECURITIES
                  ADMINISTRATOR OF SUCH OTHER EVIDENCE ACCEPTABLE TO THE SECURITIES
                  ADMINISTRATOR THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS
                  IN
                  COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS OR
                  IN EACH
                  CASE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED
                  STATES AND ANY OTHER APPLICABLE JURISDICTION.

                 

              
	 	 	
                NO TRANSFER
                  OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
                  PROVIDES A CERTIFICATION PURSUANT TO SECTION 6.02(b) OF THE
                  AGREEMENT

                 

              

      

      

      “Eligible
        Purchaser” means a corporation, partnership or other entity which we have
        reasonable grounds to believe and do believe (i) can make representations
        with
        respect to itself to substantially the same effect as the representations
        set
        forth herein, and (ii) is either a Qualified Institutional Buyer as defined
        under Rule 144A of the Act or an institutional “Accredited Investor” as defined
        under Rule 501 of the Act.

       

      Terms
        not
        otherwise defined herein shall have the meanings assigned to them in the
        Pooling
        and Servicing Agreement, dated as of June 1, 2007, between Nomura Asset
        Acceptance Corporation, as depositor, Nomura Credit & Capital, Inc., as
        sponsor, GMAC Mortgage, LLC, as a servicer, Wells Fargo Bank, N.A., as master
        servicer (the “Master Servicer”) and securities administrator (the “Securities
        Administrator”) and HSBC Bank USA, National Association, as trustee (the
“Trustee”) (the “Pooling and Servicing Agreement’).

       

      If
        the
        Purchaser proposes that its Certificates be registered in the name of a nominee
        on its behalf, the Purchaser has identified such nominee below, and has caused
        such nominee to complete the Nominee Acknowledgment at the end of this
        letter.

       

      Name
        of
        Nominee (if any): _______________________________

       

      IN
        WITNESS WHEREOF, this document has been executed by the undersigned who is
        duly
        authorized to do so on behalf of the undersigned Eligible Purchaser on the
        ___
        day of ________, 20___.

       

      
        	 	 	 	 	 	 	 	
                Very
                  truly yours,

              
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                [PURCHASER]

              
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                (Authorized
                  Officer)

              
	 	 	 	 	 	 	 	 	
                [By:__________________________________

              
	 	 	 	 	 	 	 	 	
                Attorney-in-fact]

              

      

      Nominee
        Acknowledgment

       

      The
        undersigned hereby acknowledges and agrees that as to the Certificates being
        registered in its name, the sole beneficial owner thereof is and shall be
        the
        Purchaser identified above, for whom the undersigned is acting as
        nominee.

       

      
        	 	 	 	 	 	 	 	
                [NAME
                  OF NOMINEE]

              
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                (Authorized
                  Officer)

              
	 	 	 	 	 	 	 	 	
                [By:__________________________________

              
	 	 	 	 	 	 	 	 	
                Attorney-in-fact]

              

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      EXHIBIT
        H

       

      FORM
        OF ADDITIONAL DISCLOSURE NOTIFICATION

       

      

      Wells
        Fargo Bank, N.A. as Securities Administrator

      9062
        Old
        Annapolis Road

      Columbia,
        Maryland 21045-1951

      Fax:
        (410) 715-2380

      E-mail:  cts.sec.notifications@wellsfargo.com

       

      Nomura
        Asset Acceptance Corporation

      Two
        World
        Financial Center, Building B

      New
        York, New York
        10281

       

      Attn:  Corporate
        Trust Services - Nomura Asset Acceptance Corporation, Alternative LoanTrust,
        Series 2007-2, Mortgage Pass-Through Certificates -SEC
        REPORTPROCESSING

       

      RE:  **Additional
        Form [10-K][10-D][8-K] Disclosure**Required

       

       

       

      Ladies
        and Gentlemen:

       

      In
        accordance with Section
        [  ] of the Pooling and Servicing Agreement, dated as of June 1, 2007,
        among the Purchaser as depositor, Nomura Credit & Capital, Inc. as sponsor,
        GMAC Mortgage, LLC as a servicer, HSBC Bank USA, National Association as
        trustee
        and Wells Fargo Bank, National Association as master servicer and securities
        administrator, the Undersigned, as [    ], hereby notifies
        you that certain events have come to our attention that [will][may] need
        to be
        disclosed on Form [10-K][10-D][8-K].

       

      Description
        of Additional Form [10-K][10-D][8-K]Disclosure:

       

      

       

      

       

      List
        of
        Any Attachments hereto to be included in the Additional Form [10-K][10-D][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:	 
	 	 	 	 

      

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      EXHIBIT
        I

       

      DTC
        LETTER OF REPRESENTATIONS

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        J

       

      SCHEDULE
        OF MORTGAGE LOANS WITH LOST NOTES

       

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        K

       

      Appendix
        E – Standard & Poor’s Predatory Lending Categories

       

      Standard
&
Poor’s
        has categorized
        loans governed by anti-predatory lending laws in the Jurisdictions listed
        below
        into three categories based upon a combination of factors that include (a)
        the
        risk exposure associated with the assignee liability and (b) the tests and
        thresholds set forth in those laws. Note that certain loans classified by
        the
        relevant statute as Covered are included in Standard & Poor’s High Cost Loan
        Category because they included thresholds and tests that are typical of what
        is
        generally considered High Cost by the industry.

       

      
        	
                Standard
&
Poor’s
                  High Cost
                  Loan Categorization

              
	
                State/Jurisdiction

              	
                Name
                  of Anti-Predatory Lending
                  Law/Effective Date

              	
                Category
                  under Applicable
                  Anti-Predatory Lending Law

              
	
                Arkansas

              	
                Arkansas
                  Home Loan Protection Act,
                  Ark. Code Ann. §§ 23-53-101 et seq. Effective July 16,
                  2003

              	
                High
                  Cost Home
                  Loan

              
	
                Cleveland
                  Heights,
                  OH

              	
                Ordinance
                  No. 72-2003 (PSH), Mun.
                  Code §§ 757.01 et seq. Effective June 2, 2003

              	
                Covered
                  Loan

              
	
                Colorado

              	
                Consumer
                  Equity Protection, Colo.
                  Stat. Ann. §§ 53.5-101 et seq. Effective for covered loans offered or
                  entered into on or after January 1, 2003. Other provisions of the
                  Act took
                  effect on June 7, 2002

              	
                Covered
                  Loan

              
	
                Connecticut

              	
                Connecticut
                  Abusive Home Loan
                  Lending Practices Act, Conn. Gen. Stat. §§ 36a-746 et seq. Effective
                  October 1, 2001

              	
                High
                  Cost Home
                  Loan

              
	
                District
                  of
                  Columbia

              	
                Home
                  Loan Protection Act, D.C.
                  Code §§ 26-1151.01 et seq. Effective for loans closed on or after January
                  28, 2003

              	
                Covered
                  Loan

              
	
                Florida

              	
                Fair
                  Lending Act, Fla. Stat. Ann.
                  §§ 494.0078 et seq. Effective October 2, 2002

              	
                High
                  Cost Home
                  Loan

              
	
                Georgia
                  (Oct. 1, 2002 – Mar. 6,
                  2003)

              	
                Georgia
                  Fair Lending Act, Ga. Code
                  Ann. §§ 7-6A-1 et seq. Effective October 1, 2002 – March 6,
                  2003

              	
                High
                  Cost Home
                  Loan

              
	
                Georgia
                  as amended (Mar. 7, 2003 –
                  current)

              	
                Georgia
                  Fair Lending Act, Ga. Code
                  Ann. §§ 7-6A-1 et seq. Effective for loans closed on or after March 7,
                  2003

              	
                High
                  Cost Home
                  Loan

              
	
                HOEPA
                  Section
                  32

              	
                Home
                  Ownership and Equity
                  Protection Act of 1994, 15 U.S.C. § 1639, 12 C.F.R. §§ 226.32 and 226.34
                  Effective October 1, 1995, amendments October 1,
                  2002

              	
                High
                  Cost
                  Loan

              

      

      

      
        	
                Standard
&
Poor’s
                  High Cost
                  Loan Categorization

              
	
                State/Jurisdiction

              	
                Name
                  of Anti-Predatory Lending
                  Law/Effective Date

              	
                Category
                  under Applicable
                  Anti-Predatory Lending Law

              
	
                Illinois

              	
                High
                  Risk Home Loan Act, Ill.
                  Comp. Stat. tit. 815, §§ 137/5 et seq. Effective January 1, 2004 (prior to
                  this date, regulations under Residential Mortgage License Act effective
                  from May 14, 2001)

              	
                High
                  Risk Home
                  Loan

              
	
                Indiana

              	
                Indiana
                  Home Loan Practices Act,
                  Ind. Code Ann. §§ 24-9-1-1 et seq. Effective January 1, 2005; amended by
                  2005 HB 1179, effective July 1, 2005.

              	
                High
                  Cost Home
                  Loans

              
	
                Kansas

              	
                Consumer
                  Credit Code, Kan. Stat.
                  Ann. §§ 16a-1-101 et seq. Sections 16a-1-301 and 16a-3-207 became
                  effective April 14, 1999; Section 16a-3-308a became effective July
                  1,
                  1999

              	
                High
                  Loan to Value Consumer Loan
                  (id. § 16a-3-207) and;

              
	
                High
                  APR Consumer Loan (id. §
                  16a-3-308a)

              
	
                Kentucky

              	
                2003
                  KY H.B. 287 – High Cost Home
                  Loan Act, Ky. Rev. Stat. §§ 360.100 et seq. Effective June 24,
                  2003

              	
                High
                  Cost Home
                  Loan

              
	
                Maine

              	
                Truth
                  in Lending, Me. Rev. Stat.
                  tit. 9-A, §§ 8-101 et seq. Effective September 29, 1995 and as amended
                  from time to time

              	
                High
                  Rate High Fee
                  Mortgage

              
	
                Massachusetts

              	
                Part
                  40 and Part 32, 209 C.M.R. §§
                  32.00 et seq. and 209 C.M.R. §§ 40.01 et seq. Effective March 22, 2001 and
                  amended from time to time

              	
                High
                  Cost Home
                  Loan

              
	
                Nevada

              	
                Assembly
                  Bill No. 284, Nev. Rev.
                  Stat. §§ 598D.010 et seq. Effective October 1, 2003

              	
                Home
                  Loan

              
	
                New
                  Jersey

              	
                New
                  Jersey Home Ownership Security
                  Act of 2002, N.J. Rev. Stat. §§ 46:10B-22 et seq. Effective for loans
                  closed on or after November 27, 2003

              	
                High
                  Cost Home
                  Loan

              
	
                New
                  Mexico

              	
                Home
                  Loan Protection Act, N.M.
                  Rev. Stat. §§ 58-21A-1 et seq. Effective as of January 1, 2004; Revised as
                  of February 26, 2004

              	
                High
                  Cost Home
                  Loan

              
	
                New
                  York

              	
                N.Y.
                  Banking Law Article 6-l
                  Effective for applications made on or after April 1,
                  2003

              	
                High
                  Cost Home
                  Loan

              
	
                North
                  Carolina

              	
                Restrictions
                  and Limitations on
                  High Cost Home Loans, N.C. Gen. Stat. §§ 24-1.1E et seq. Effective July 1,
                  2000; amended October 1, 2003 (adding open-end lines of
                  credit)

              	
                High
                  Cost Home
                  Loan

              

      

      

      
        	
                Standard
&
Poor’s
                  High Cost
                  Loan Categorization

              
	
                State/Jurisdiction

              	
                Name
                  of Anti-Predatory Lending
                  Law/Effective Date

              	
                Category
                  under Applicable
                  Anti-Predatory Lending Law

              
	
                Ohio

              	
                H.B.
                  386 (codified in various
                  sections of the Ohio Code), Ohio Rev. Code Ann. §§ 1349.25 et seq.
                  Effective May 24, 2002

              	
                Covered
                  Loan

              
	
                Oklahoma

              	
                Consumer
                  Credit Code (codified in
                  various sections of Title 14A) Effective July 1, 2000; amended
                  effective
                  January 1, 2004

              	
                Subsection
                  10
                  Mortgage

              
	
                Rhode
                  Island

              	
                Rhode
                  Island Home Loan Protection
                  Act, R.I. Gen. Laws §§ 34-25.2-1 et seq. Effective December 31,
                  2006.

              	
                High
                  Cost Home
                  Loan

              
	
                South
                  Carolina

              	
                South
                  Carolina High Cost and
                  Consumer Home Loans Act, S.C. Code Ann. §§ 37-23-10 et seq. Effective for
                  loans taken on or after January 1, 2004

              	
                High
                  Cost Home
                  Loan

              
	
                Tennessee

              	
                Tennessee
                  Home Loan Protection
                  Act, Tenn. Code Ann. §§ 45-20-101 et seq.  Effective January 1,
                  2007.

              	
                High
                  Cost Home
                  Loan

              
	
                West
                  Virginia

              	
                West
                  Virginia Residential Mortgage
                  Lender, Broker and Servicer Act, W. Va. Code Ann. §§ 31-17-1 et seq.
                  Effective June 5, 2002

              	
                West
                  Virginia Mortgage Loan Act
                  Loan

              

      

      

      
        	
                Standard
&
Poor’s
                  Covered Loan
                  Categorization

              
	
                State/Jurisdiction

              	
                Name
                  of Anti-Predatory Lending
                  Law/Effective Date

              	
                Category
                  under Applicable
                  Anti-Predatory Lending Law

              
	
                Georgia
                  (Oct. 1, 2002 – Mar. 6,
                  2003)

              	
                Georgia
                  Fair Lending Act, Ga. Code
                  Ann. §§ 7-6A-1 et seq. Effective October 1, 2002 – March 6,
                  2003

              	
                Covered
                  Loan

              
	
                New
                  Jersey

              	
                New
                  Jersey Home Ownership Security
                  Act of 2002, N.J. Rev. Stat. §§ 46:10B-22 et seq. Effective November 27,
                  2003 – July 5, 2004

              	
                Covered
                  Home
                  Loan

              

      

       

      
        	
                Standard
&
Poor’s
                  Home Loan
                  Categorization

              
	
                State/Jurisdiction

              	
                Name
                  of Anti-Predatory Lending
                  Law/Effective Date

              	
                Category
                  under Applicable
                  Anti-Predatory Lending Law

              
	
                Georgia
                  (Oct. 1, 2002 – Mar. 6,
                  2003)

              	
                Georgia
                  Fair Lending Act, Ga. Code
                  Ann. §§ 7-6A-1 et seq. Effective October 1, 2002 – March 6,
                  2003

              	
                Home
                  Loan

              

      

      

      
        	
                Standard
&
Poor’s
                  Home Loan
                  Categorization

              
	
                State/Jurisdiction

              	
                Name
                  of Anti-Predatory Lending
                  Law/Effective Date

              	
                Category
                  under Applicable
                  Anti-Predatory Lending Law

              
	
                New
                  Jersey

              	
                New
                  Jersey Home Ownership Security
                  Act of 2002, N.J. Rev. Stat. §§ 46:10B-22 et seq. Effective for loans
                  closed on or after November 27, 2003

              	
                Home
                  Loan

              
	
                New
                  Mexico

              	
                Home
                  Loan Protection Act, N.M.
                  Rev. Stat. §§ 58-21A-1 et seq. Effective as of January 1, 2004; Revised as
                  of February 26, 2004

              	
                Home
                  Loan

              
	
                North
                  Carolina

              	
                Restrictions
                  and Limitations on
                  High Cost Home Loans, N.C. Gen. Stat. §§ 24-1.1E et seq. Effective July 1,
                  2000; amended October 1, 2003 (adding open-end lines of
                  credit)

              	
                Consumer
                  Home
                  Loan

              
	
                South
                  Carolina

              	
                South
                  Carolina High Cost and
                  Consumer Home Loans Act, S.C. Code Ann. §§ 37-23-10 et seq. Effective for
                  loans taken on or after January 1, 2004

              	
                Consumer
                  Home
                  Loan

              

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      EXHIBIT
        L

       

      SERVICING
        CRITERIA

       

      

      

      SERVICING
        CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

       Schedule
        1122 (Pooling and Servicing Agreement)

      

      Assessments
        of Compliance and Attestation Reports Servicing Criteria1

      

      
        	
                Reg.
                  AB Item 1122(d) Servicing Criteria

              	
                Depositor

              	
                Sponsor

              	
                Servicer

              	
                Trustee

              	
                Custodian

              	
                Paying
                  Agent

              	
                Master
                  Servicer

              	
                Securities
                  Administrator

              
	
                (1)           General
                  Servicing Considerations

              	 	 	 	 	 	 	 	 
	
                (i)   
monitoring
                  performance or other triggers and events of default

              	 	 	
                X

              	 	 	 	
                X

              	
                X

              
	
                (ii)  
monitoring
                  performance of vendors of activities outsourced

              	 	 	
                X

              	 	 	 	 	 
	
                (iii) 
maintenance
                  of
                  back-up servicer for pool assets

              	 	 	 	 	 	 	 	 
	
                (iv) 
fidelity
                  bond and
                  E&O policies in effect

              	 	 	
                X

              	 	 	 	
                X

              	 
	
                (2)           Cash
                  Collection and Administration

              	 	 	 	 	 	 	 	 
	
                (i)   
timing
                  of
                  deposits to custodial account

              	 	 	
                X

              	 	 	
                X

              	
                X

              	
                X

              
	
                (ii)  
wire
                  transfers
                  to investors by authorized personnel

              	 	 	
                X

              	 	 	
                X

              	 	
                X

              
	
                (iii) 
advances
                  or
                  guarantees made, reviewed and approved as required

              	 	 	
                X

              	 	 	 	
                X

              	 
	
                (iv) 
accounts
                  maintained
                  as required

              	 	 	
                X

              	 	 	
                X

              	
                X

              	
                X

              
	
                (v)  
accounts
                  at
                  federally insured depository institutions

              	 	 	
                X

              	 	 	
                X

              	
                X

              	
                X

              
	
                (vi) 
unissued
                  checks
                  safeguarded

              	 	 	
                X

              	 	 	
                X

              	 	
                X

              
	
                (vii)
                  monthly reconciliations of
                  accounts

              	 	 	
                X

              	 	 	
                X

              	
                X

              	
                X

              
	
                (3)           Investor
                  Remittances and Reporting

              	 	 	 	 	 	 	 	 
	
                (i)   
investor
                  reports

              	 	 	
                X

              	 	 	
                X

              	
                X

              	
                X

              
	
                (ii)  
                  remittances

              	 	 	
                X

              	 	 	
                X

              	 	
                X

              
	
                (iii) 
proper
                  posting of
                  distributions

              	 	 	
                X

              	 	 	
                X

              	 	
                X

              
	
                (iv) 
reconciliation
                  of
                  remittances and payment statements

              	 	 	 	 	 	
                X

              	
                X

              	
                X

              
	
                (4)           Pool
                  Asset Administration

              	 	 	 	 	 	 	 	 
	
                (i)    
                  maintenance of pool collateral

              	 	 	
                X

              	 	
                X

              	 	 	 
	
                (ii)   
                  safeguarding of pool assets/documents

              	 	 	
                X

              	 	
                X

              	 	 	 
	
                (iii)  
additions,
                  removals and substitutions of pool assets

              	
                X

              	
                X

              	
                X

              	 	 	 	 	 
	
                (iv)  
posting
                  and
                  allocation of pool asset payments to pool assets

              	 	 	
                X

              	 	 	 	 	 
	
                (v)   
                  reconciliation of servicer records

              	 	 	
                X

              	 	 	 	 	 
	
                (vi)  
modifications
                  or other changes to terms of pool assets

              	 	 	
                X

              	 	 	 	 	 
	
                (vii) 
loss
                  mitigation and
                  recovery actions

              	 	 	
                X

              	 	 	 	 	 
	
                (viii)
                  records regarding
                  collection efforts

              	 	 	
                X

              	 	 	 	 	 
	
                (ix)   adjustments
                  to
                  variable interest rates on pool assets

              	 	 	
                X

              	 	 	 	 	 
	
                (x)    
                  matters relating to funds held in trust for obligors

              	 	 	
                X

              	 	 	 	 	 
	
                (xi)   
payments
                  made on behalf of obligors (such as for taxes or
                  insurance)

              	 	 	
                X

              	 	 	 	 	 
	
                (xii)late
                  payment penalties with
                  respect to payments made on behalf of obligors

              	 	 	
                X

              	 	 	 	 	 
	
                (xiii)records
                  with respect to
                  payments made on behalf of obligors

              	 	 	
                X

              	 	 	 	 	 
	
                (xiv)recognition
                  and recording
                  of delinquencies, charge-offs and uncollectible accounts

              	 	 	
                X

              	 	 	 	
                X

              	
                X

              
	
                (xv)maintenance
                  of external
                  credit enhancement or other support

              	
                X

              	
                X

              	 	 	 	 	 	
                X
                  (If required pursuant to Agreement)

              

      

      

      
        
          

        

      

      *
        The descriptions of
        the Item 1122(d) servicing criteria use key words and phrases and are not
        verbatim recitations of the servicing criteria.  Refer to Regulation
        AB, Item 1122 for a full description of servicing criteria.

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        M

       

      BACK-UP
        CERTIFICATION

       

      Re:           __________
        (the “Trust”)

       

       

      Mortgage
        Pass-Through Certificates, Series 2007-2

       

      I,
        [identify the certifying individual], certify to Nomura Asset Acceptance
        Corporation (the “Depositor”), HSBC Bank USA, National Association (the
“Trustee”) and Wells Fargo Bank, N.A. (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 servicer compliance statement of the Servicer provided
        in
        accordance with Item 1123 of Regulation AB (the “Compliance Statement”), the
        report on assessment of the Servicer’s compliance with the servicing criteria
        set forth in Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided
        in accordance with Rules 13a-18 and 15d-18 under Securities Exchange Act
        of
        1934, as amended (the “Exchange Act”) and Item 1122 of Regulation AB (the
“Servicing Assessment”), the registered public accounting firm’s attestation
        report provided in accordance with Rules 13a-18 and 15d-18 under the Exchange
        Act and Section 1122(b) of Regulation AB (the “Attestation Report”), and all
        servicing reports, officer’s certificates and other information relating to the
        servicing of the Mortgage Loans by the Servicer during 200[ ] that were
        delivered by the Servicer to the Master Servicer pursuant to the Agreement
        (collectively, the “Servicer Servicing Information”);

       

      (2)           Based
        on my knowledge, the Servicer Servicing Information, taken as a whole, does
        not
        contain any untrue statement of a material fact or omit to state a material
        fact
        necessary to make the statements made, in the light of the circumstances
        under
        which such statements were made, not misleading with respect to the period
        of
        time covered by the Servicer Servicing Information;

       

      (3)           Based
        on my knowledge, all of the Servicer Servicing Information required to be
        provided by the Servicer under the Agreement has been provided to the Master
        Servicer;

       

      (4)           I
        am responsible for reviewing the activities performed by the Servicer as
        servicer under the Agreement, and based on my knowledge and the compliance
        review conducted in preparing the Compliance Statement and except as disclosed
        in the Compliance Statement, the Servicing Assessment or the Attestation
        Report,
        the Servicer has fulfilled its obligations under the Agreement in all material
        respects; and

       

      (5)           The
        Compliance Statement required to be delivered by the Servicer pursuant to
        the
        Agreement, and the Servicing Assessment and Attestation Report required to
        be
        provided by the Servicer and by any Subservicer or Subcontractor pursuant
        to the
        Agreement, have been provided to the Master Servicer.  Any material
        instances of noncompliance described in such reports have been disclosed
        to the
        Master Servicer.  Any material instance of noncompliance with the
        Servicing Criteria has been disclosed in such reports.

       

      Capitalized
        terms used and not otherwise defined herein have the meanings assigned thereto
        in the Pooling and Servicing Agreement (the “Agreement”), dated as of June 1,
        2007, among Nomura Asset Acceptance Corporation, Nomura Credit & Capital,
        Inc., GMAC Mortgage, LLC, Wells Fargo Bank, N.A. as master servicer and
        securities administrator, and HSBC Bank USA, National Association.

      

       

      

       

      
        	
                Date:

              	 
	 
	 
	
                [Signature]

                 

              
	 
	
                [Title]

              

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      

      EXHIBIT
        N

       

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

      REPORTING
        RESPONSIBILITY

       

      

      As
        to
        each item described below, the entity indicated as the Responsible Party
        shall
        be primarily responsible for reporting the information to the party identified
        as responsible for preparing the Securities Exchange Act Reports pursuant
        to
        Section 5.16.  An asterisk indicates that the Responsible Party is
        responsible for aggregating the information it receives from other Responsible
        Parties.

      

      Under
        Item 1 of Form 10-D: a) items marked “5.08 statement” are required to be
        included in the periodic Distribution Date statement under Section 5.08,
        provided by the Securities Administrator based on information received from
        the
        Master Servicer; and b) items marked “Form 10-D report” are required to be in
        the Form 10-D report but not the 5.08 statement, provided by the party
        indicated.  Information under all other Items of Form 10-D is to be
        included in the Form 10-D report.

      

      Additional
        Form 10-D Disclosure

      

      

      
        	
                ADDITIONAL
                  FORM 10-D DISCLOSURE

                 

              
	
                Item
                  on Form 10-D

              	
                Party
                  Responsible

              
	
                Item
                  1: Distribution and Pool Performance Information

                 

              	 
	
                Information
                  included in the [Monthly Statement]

              	
                Servicer

                Master
                  Servicer

                Securities
                  Administrator

                 

              
	
                Any
                  information required by 1121 which is NOT included on the [Monthly
                  Statement]

                 

              	
                Depositor

              
	
                Item
                  2: Legal Proceedings

                 

                Any
                  legal proceeding pending against the following entities or their
                  respective property, that is material to Certificateholders, including
                  any
                  proceeding known to be contemplated by governmental
                  authorities:

              	 
	
                ▪
                  Issuing Entity (Trust Fund)

              	
                Trustee,
                  Master Servicer, Securities Administrator and Depositor

              
	
                ▪
                  Sponsor (Seller)

              	
                Seller
                  (if a party to the Pooling and Servicing Agreement) or
                  Depositor

              
	
                ▪
                  Depositor

              	
                Depositor

              
	
                ▪
                  Trustee

              	
                Trustee

              
	
                ▪
                  Securities Administrator

              	
                Securities
                  Administrator

              
	
                ▪
                  Master Servicer

              	
                Master
                  Servicer

              
	
                ▪
                  Custodian

              	
                Custodian

              
	
                ▪
                  1110(b) Originator

              	
                Depositor

              
	
                ▪
                  Any 1108(a)(2) Servicer (other than the Master Servicer or Securities
                  Administrator)

              	
                Servicer

              
	
                ▪
                  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

              
	
                Item
                  4:  Defaults Upon Senior Securities

                 

                Information
                  from Item 3 of Part II of Form 10-Q:

                 

                Report
                  the occurrence of any Event of Default (after expiration of any
                  grace
                  period and provision of any required notice)

              	
                Securities
                  Administrator

                Trustee

              
	
                Item
                  5:  Submission of Matters to a Vote of Security
                  Holders

                 

                Information
                  from Item 4 of Part II of Form 10-Q

              	
                Securities
                  Administrator

                Trustee

              
	
                Item
                  6:  Significant Obligors of Pool Assets

                 

                Item
                  1112(b) –Significant Obligor Financial
                  Information*

              	
                Depositor

              
	
                *This
                  information need only be reported on the Form 10-D for the distribution
                  period in which updated information is required pursuant to the
                  Item.

              	 
	
                Item
                  7:  Significant Enhancement Provider
                  Information

                 

                Item
                  1114(b)(2) – Credit Enhancement Provider Financial
                  Information*

              	 
	
                ▪
                  Determining applicable disclosure threshold

              	
                Depositor

              
	
                ▪
                  Requesting required financial information (including any required
                  accountants’ consent to the use thereof) or effecting incorporation by
                  reference

              	
                Depositor

                 

              
	
                Item
                  1115(b) – Derivative Counterparty Financial
                  Information*

              	 
	
                ▪
                  Determining current maximum probable exposure

              	
                Depositor

              
	
                ▪
                  Determining current significance percentage

              	
                Depositor

                Securities
                  Administrator

              
	
                ▪
                  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.

              	 
	
                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

              

      

      

      Additional
        Form 10-K Disclosure

      

      

      
        	
                ADDITIONAL
                  FORM 10-K DISCLOSURE

              
	
                Item
                  on Form 10-K

              	
                Party
                  Responsible

              
	
                Item
                  1B: Unresolved Staff Comments

                 

                 

              	
                Depositor

              
	
                Item
                  9B:  Other Information

                Disclose
                  any information required to be reported on Form 8-K during the
                  fourth
                  quarter covered by the Form 10-K but not reported

              	
                Any
                  party responsible for disclosure items on Form 8-K

              
	
                Item
                  15:  Exhibits, Financial Statement
                  Schedules

              	
                Securities
                  Administrator

                Depositor

              
	
                Reg
                  AB Item 1112(b):  Significant Obligors of Pool
                  Assets

              	 
	
                Significant
                  Obligor Financial Information*

              	
                Depositor

              
	
                *This
                  information need only be reported on the Form 10-D for the distribution
                  period in which updated information is required pursuant to the
                  Item.

              	 
	
                Reg
                  AB Item 1114(b)(2):  Credit Enhancement Provider Financial
                  Information

              	 
	
                ▪
                  Determining applicable disclosure threshold

              	
                Depositor

              
	
                ▪
                  Requesting required financial information (including any required
                  accountants’ consent to the use thereof) or effecting incorporation by
                  reference

              	
                Depositor

                 

              
	
                *This
                  information need only be reported on the Form 10-D for the distribution
                  period in which updated information is required pursuant to the
                  Items.

              	 
	
                Reg
                  AB Item 1115(b):  Derivative Counterparty Financial
                  Information

              	 
	
                ▪
                  Determining current maximum probable exposure

              	
                Depositor

              
	
                ▪
                  Determining current significance percentage

              	
                Depositor

                Securities
                  Administrator

              
	
                ▪
                  Requesting required financial information (including any required
                  accountants’ consent to the use thereof) or effecting incorporation by
                  reference

              	
                Depositor

              
	
                *This
                  information need only be reported on the Form 10-D for the distribution
                  period in which updated information is required pursuant to the
                  Items.

              	 
	
                Reg
                  AB Item 1117: Legal Proceedings

                 

                Any
                  legal proceeding pending against the following entities or their
                  respective property, that is material to Certificateholders, including
                  any
                  proceeding known to be contemplated by governmental
                  authorities:

              	 
	
                ▪
                  Issuing Entity (Trust Fund)

              	
                Trustee,
                  Master Servicer, Securities Administrator and Depositor

              
	
                ▪
                  Sponsor (Seller)

              	
                Seller
                  (if a party to the Pooling and Servicing Agreement) or
                  Depositor

              
	
                ▪
                  Depositor

              	
                Depositor

              
	
                ▪
                  Trustee

              	
                Trustee

              
	
                ▪
                  Securities Administrator

              	
                Securities
                  Administrator

              
	
                ▪
                  Master Servicer

              	
                Master
                  Servicer

              
	
                ▪
                  Custodian

              	
                Custodian

              
	
                ▪
                  1110(b) Originator

              	
                Depositor

              
	
                ▪
                  Any 1108(a)(2) Servicer (other than the Master Servicer or Securities
                  Administrator)

              	
                Servicer

              
	
                ▪
                  Any other party contemplated by 1100(d)(1)

              	
                Depositor

              
	
                Reg
                  AB Item 1119:  Affiliations and
                  Relationships

              	 
	
                Whether
                  (a) the Sponsor (Seller), Depositor or Issuing Entity is an affiliate
                  of
                  the following parties, and (b) to the extent known and material,
                  any of
                  the following parties are affiliated with one another:

                 

              	
                Depositor
                  as to (a)

                Sponsor/Seller
                  as to (a)

              
	
                ▪
                  Master Servicer

              	
                Master
                  Servicer

              
	
                ▪
                  Securities Administrator

              	
                Securities
                  Administrator

              
	
                ▪
                  Trustee

              	
                Trustee

              
	
                ▪
                  Any other 1108(a)(3) servicer

              	
                Servicer

              
	
                ▪
                  Any 1110 Originator

              	
                Depositor/Sponsor

              
	
                ▪
                  Any 1112(b) Significant Obligor

              	
                Depositor/Sponsor

              
	
                ▪
                  Any 1114 Credit Enhancement Provider

              	
                Depositor/Sponsor

              
	
                ▪
                  Any 1115 Derivate Counterparty Provider

              	
                Depositor/Sponsor

              
	
                ▪
                  Any other 1101(d)(1) material party

              	
                Depositor/Sponsor

              
	
                Whether
                  there are any “outside the ordinary course business arrangements” other
                  than would be obtained in an arm’s length transaction between (a) the
                  Sponsor (Seller), Depositor or Issuing Entity on the one hand,
                  and (b) any
                  of the following parties (or their affiliates) on the other hand,
                  that
                  exist currently or within the past two years and that are material
                  to a
                  Certificateholder’s understanding of the Certificates:

                 

              	
                Depositor
                  as to (a)

                Sponsor/Seller
                  as to (a)

              
	
                ▪
                  Master Servicer

              	
                Master
                  Servicer

              
	
                ▪
                  Securities Administrator

              	
                Securities
                  Administrator

              
	
                ▪
                  Trustee

              	
                Depositor/Sponsor

              
	
                ▪
                  Any other 1108(a)(3) servicer

              	
                Servicer

              
	
                ▪
                  Any 1110 Originator

              	
                Depositor/Sponsor

              
	
                ▪
                  Any 1112(b) Significant Obligor

              	
                Depositor/Sponsor

              
	
                ▪
                  Any 1114 Credit Enhancement Provider

              	
                Depositor/Sponsor

              
	
                ▪
                  Any 1115 Derivate Counterparty Provider

              	
                Depositor/Sponsor

              
	
                ▪
                  Any other 1101(d)(1) material party

              	
                Depositor/Sponsor

              
	
                Whether
                  there are any specific relationships involving the transaction
                  or the pool
                  assets between (a) the Sponsor (Seller), Depositor or Issuing Entity
                  on
                  the one hand, and (b) any of the following parties (or their affiliates)
                  on the other hand, that exist currently or within the past two
                  years and
                  that are material:

                 

              	
                Depositor
                  as to (a)

                Sponsor/Seller
                  as to (a)

              
	
                ▪
                  Master Servicer

              	
                Master
                  Servicer

              
	
                ▪
                  Securities Administrator

              	
                Securities
                  Administrator

              
	
                ▪
                  Trustee

              	
                Depositor/Sponsor

              
	
                ▪
                  Any other 1108(a)(3) servicer

              	
                Servicer

              
	
                ▪
                  Any 1110 Originator

              	
                Depositor/Sponsor

              
	
                ▪
                  Any 1112(b) Significant Obligor

              	
                Depositor/Sponsor

              
	
                ▪
                  Any 1114 Credit Enhancement Provider

              	
                Depositor/Sponsor

              
	
                ▪
                  Any 1115 Derivate Counterparty Provider

              	
                Depositor/Sponsor

              
	
                ▪
                  Any other 1101(d)(1) material party

              	
                Depositor/Sponsor

              

      

      

      Form
        8-K
        Disclosure Information

       

      
        	
                FORM
                  8-K DISCLOSURE INFORMATION

              
	
                Item
                  on Form 8-K

              	
                Party
                  Responsible

              
	
                Item
                  1.01- Entry into a Material Definitive Agreement

                 

                Disclosure
                  is required regarding entry into or amendment of any definitive
                  agreement
                  that is material to the securitization, even if depositor is not
                  a
                  party.

                 

                Examples:
                  servicing agreement, custodial agreement.

                 

                Note:
                  disclosure not required as to definitive agreements that are fully
                  disclosed in the prospectus

              	
                All
                  parties

              
	
                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

              
	
                Item
                  1.03- Bankruptcy or Receivership

                 

                Disclosure
                  is required regarding the bankruptcy or receivership, with respect
                  to any
                  of the following:

                 

              	 
	
                ▪
                  Sponsor (Seller)

              	
                Depositor/Sponsor
                  (Seller)

              
	
                ▪
                  Depositor

              	
                Depositor

              
	
                ▪
                  Master Servicer

              	
                Master
                  Servicer

              
	
                ▪
                  Affiliated Servicer

              	
                Servicer

              
	
                ▪
                  Other Servicer servicing 20% or more of the pool assets at the
                  time of the
                  report

              	
                Servicer

              
	
                ▪
                  Other material servicers

              	
                Servicer

              
	
                ▪
                  Trustee

              	
                Trustee

              
	
                ▪
                  Securities Administrator

              	
                Securities
                  Administrator

              
	
                ▪
                  Significant Obligor

              	
                Depositor

              
	
                ▪
                  Credit Enhancer (10% or more)

              	
                Depositor

              
	
                ▪
                  Derivative Counterparty

              	
                Depositor

              
	
                ▪
                  Custodian

              	
                Custodian

              
	
                Item
                  2.04- Triggering Events that Accelerate or Increase a Direct Financial
                  Obligation or an Obligation under an Off-Balance Sheet
                  Arrangement

                 

                Includes
                  an early amortization, performance trigger or other event, including
                  event
                  of default, that would materially alter the payment priority/distribution
                  of cash flows/amortization schedule.

                 

                Disclosure
                  will be made of events other than waterfall triggers which are
                  disclosed
                  in the 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 Pooling and Servicing
                  Agreement.

              	
                Securities
                  Administrator

                Trustee

                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/Trustee

              
	
                Reg
                  AB disclosure about any new servicer or master servicer is also
                  required.

              	
                Servicer/Master
                  Servicer/Depositor

              
	
                Reg
                  AB disclosure about any new Trustee is also required.

              	
                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

              
	
                Reg
                  AB disclosure about any new enhancement provider is also
                  required.

              	
                Depositor

              
	
                Item
                  6.04- Failure to Make a Required Distribution

              	
                Securities
                  Administrator

                Trustee

              
	
                Item
                  6.05- Securities Act Updating Disclosure

                 

                If
                  any material pool characteristic differs by 5% or more at the time
                  of
                  issuance of the securities from the description in the final prospectus,
                  provide updated Reg AB disclosure about the actual asset
                  pool.

              	
                Depositor

              
	
                If
                  there are any new servicers or originators required to be disclosed
                  under
                  Regulation AB as a result of the foregoing, provide the information
                  called
                  for in Items 1108 and 1110 respectively.

              	
                Depositor

              
	
                Item
                  7.01- Reg FD Disclosure

              	
                All
                  parties

              
	
                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

              

      

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      EXHIBIT
        O

       

      CAP
        AGREEMENT

       

      
        
          

           

        

        
          
            	
                    DATE:

                  	
                    June
                      29, 2007

                  
	 	 
	
                    TO:

                  	
                    HSBC
                      Bank USA, National Association, not in its individual capacity,
                      but solely
                      as the Supplemental Interest Trust Trustee on behalf of the
                      Supplemental
                      Interest Trust with respect to the Nomura Asset Acceptance
                      Corporation,
                      Alternative Loan Trust Series 2007-2, Mortgage Pass-Through
                      Certificates

                  
	 	 
	
                    ATTENTION:

                  	
                    CTLA-NAAC
                      2007-2

                  
	
                    TELEPHONE:

                  	
                    212-525-1367

                  
	
                    FACSIMILE:

                  	
                    212-525-1300

                  
	 	 
	
                    FROM:

                  	
                    The
                      Bank of New York

                  
	 	
                    Derivative
                      Products Support Department

                  
	 	
                    Attn:
                      Swap Confirmation Dept.

                  
	
                    TELEPHONE:

                  	
                    212-804-5163/5103

                  
	
                    FACSIMILE:

                  	
                    212-804-5818/5837

                  
	 	 
	
                    SUBJECT:

                  	
                    Interest
                      Rate Cap

                  
	 	 
	
                    REFERENCE
                      NUMBER:

                  	
                    39554

                  

          

        

         

        The
          purpose of this long-form confirmation (“Long-form
          Confirmation”) is to confirm the terms and conditions
          of the current Transaction entered into on the Trade Date specified below
          (the
“Transaction”) between The Bank of New York (“Party
          A”) and HSBC Bank USA, National Association, not
          in its individual capacity, but solely as the supplemental interest trust
          trustee (the “Supplemental Interest Trust Trustee”) on behalf of the
          supplemental interest trust (the “Supplemental Interest Trust”) with respect to
          the Nomura Asset Acceptance Corporation Alternative Loan Trust Series 2007-2,
          Mortgage Pass-Through Certificates (“Party B”) created under the pooling and
          servicing agreement, dated as of June 1, 2007, among Nomura Asset Acceptance
          Corporation (the “Depositor), Nomura Credit & Capital, Inc. (the “Sponsor”),
          GMAC Mortgage, LLC ( “GMAC”), Wells Fargo Bank, National Association (the
“Master Servicer” and “Securities Administrator”), and HSBC Bank USA, National
          Association (the “Trustee”), (the “Pooling and Servicing
          Agreement”).  This Long-form Confirmation evidences a
          complete and binding agreement between you and us to enter into the Transaction
          on the terms set forth below and replaces any previous agreement between
          us with
          respect to the subject matter hereof.  Item 2 of this Long-form
          Confirmation constitutes a “Confirmation” as referred to in the
          ISDA Master Agreement (defined below); Item 3 of this Long-form Confirmation
          constitutes a “Schedule” as referred to in the ISDA Master
          Agreement; and Annex A hereto constitutes Paragraph 13 of a Credit Support
          Annex
          to the Schedule.

        

        
          	
                  Item
                    1.

                	
                  The
                    Confirmation set forth at Item 2 hereof shall supplement, form
                    a part of,
                    and be subject to an agreement in the form of the ISDA Master
                    Agreement
                    (Multicurrency - Cross Border) as published and copyrighted in
                    1992 by the
                    International Swaps and Derivatives Association, Inc. (the “ISDA
                    Master Agreement”), as if Party A and Party B had executed an
                    agreement in such form on the date hereof, with a Schedule as
                    set forth in
                    Item 3 of this Long-form Confirmation, and an ISDA Credit Support
                    Annex
                    (Bilateral Form - ISDA Agreements Subject to New York Law Only
                    version) as
                    published and copyrighted in 1994 by the International Swaps
                    and
                    Derivatives Association, Inc., with Paragraph 13 thereof as set
                    forth in
                    Annex A hereto (the “Credit Support
                    Annex”).  For the avoidance of doubt, the Transaction
                    described herein shall be the sole Transaction governed by such
                    ISDA
                    Master Agreement.

                

        

        

        

        
          	
                  Item
                    2.

                	
                  The
                    terms of the particular Transaction to which this Confirmation
                    relates are
                    as follows:

                

        

         

        
          
            	
                    Type
                      of Transaction:

                  	
                    Interest
                      Rate Cap

                  
	 	 
	
                    Notional
                      Amount:

                  	
                    With
                      respect to any Calculation Period, the lesser of: (i) the amount
                      set forth
                      on Schedule I attached hereto for  such Calculation Period and
                      (ii) the outstanding Principal Balance of the Class A-4 Certificates
                      (as
                      defined in the Pooling Agreement) for such Floating Rate Payer
                      Payment
                      Date.

                  
	 	 
	 	
                    The
                      Supplemental Interest Trust Trustee under the Pooling Agreement
                      shall
                      provide at least five (5) business days notice prior to each
                      Floating Rate
                      Payer Payment Date for each Calculation Period to The Bank
                      of New York if
                      the outstanding Principal Balance of the Class A-4 Certificates
                      is less
                      than the Schedule I attached hereto.

                  
	 	 
	
                    Trade
                      Date:

                  	
                    June
                      27, 2007 

                  
	 	
                     

                  
	
                    Effective
                      Date:

                  	
                    October
                      25, 2009

                  
	 	 
	
                    Termination
                      Date:

                  	
                    June
                      25, 2015, subject to adjustment in accordance with the Following
                      Business
                      Day Convention.

                  
	 	 
	
                    Floating
                      Amounts:

                  	 
	 	 
	
                    Floating
                      Rate Payer:

                  	
                    Party
                      A

                  
	 	 
	
                    Cap
                      Rate:

                  	
                    For
                      each Calculation Period, as set forth for such period on Schedule
                      I
                      attached hereto.

                  
	 	 
	
                    Floating
                      Rate Payer

                  	 
	
                    Period
                      End Dates:

                  	
                    The
                      25th calendar day of each month during the Term of this Transaction,
                      commencing November 25, 2009, and ending on the Termination
                      Date, subject
                      to adjustment in accordance with the Business Day
                      Convention.

                  
	 	 
	
                    Floating
                      Rate Payer

                  	 
	
                    Payment
                      Dates:

                  	
                    Early
                      Payment shall be applicable. The Floating Rate Payer Payment
                      Date shall be
                      two (2) Business Day preceding each Floating Rate Payer Period
                      End
                      Date.

                  
	 	 
	
                    Floating
                      Rate Option:

                  	
                    USD-LIBOR-BBA,
                      provided, however, if the Floating Rate Option for a Calculation
                      Period is
                      greater than 10.08% then the Floating Rate Option for such
                      Calculation
                      Period shall be deemed equal to 10.08%.

                  
	 	 
	
                    Designated
                      Maturity:

                  	
                    One
                      month

                  
	 	 
	
                    Floating
                      Rate Day

                  	 
	
                    Count
                      Fraction:

                  	
                    Actual/360

                  
	
                     

                  	 
	
                    Reset
                      Dates:

                  	
                    The
                      first day of each Calculation Period.

                  
	 	 
	
                    Compounding:

                  	
                    Inapplicable

                  
	 	 
	
                    Business
                      Days:

                  	
                    New
                      York

                  
	 	 
	
                    Business
                      Day Convention:

                  	
                    Following

                  
	 	 
	
                    Additional
                      Payment:

                  	
                    see
                      upfront fee letter dated June 29,
                      2007

                  

          

        

         

        
          	
                  Item
                    3.

                	
                  Provisions
                    Deemed Incorporated in a Schedule to the ISDA Master
                    Agreement:

                

        

        

        
          	
                  Part
                    1.

                	
                  Termination
                    Provisions.

                

        

        

        For
          the
          purposes of this Agreement:-

        

        (a)           “Specified
          Entity” will not apply to Party A or Party B for any
          purpose.

        

        
          	
                  (b)

                	
                  “Specified
                    Transaction” will have the meaning specified in Section
                    14.

                

        

        

        
          	
                  (c)

                	
                  Events
                    of Default.

                

        

        

        The
          statement below that an Event of Default will apply to a specific party
          means
          that upon the occurrence of such an Event of Default with respect to such
          party,
          the other party shall have the rights of a Non-defaulting Party under Section
          6
          of this Agreement; conversely, the statement below that such event will
          not
          apply to a specific party means that the other party shall not have such
          rights.

        

        
          	
                  (i)  

                	
                  The
                    “Failure to Pay or Deliver” provisions of Section 5(a)(i)
                    will apply to Party A and will apply to Party B; provided, however,
                    that
                    Section 5(a)(i) is hereby amended by replacing the word “third” with the
                    word “first”; provided, further, that notwithstanding anything to the
                    contrary in Section 5(a)(i), any failure by Party A to comply
                    with or
                    perform any obligation to be complied with or performed by Party
                    A under
                    the Credit Support Annex shall not constitute an Event of Default
                    under
                    Section 5(a)(i) unless  a Moody’s Second Trigger Downgrade Event
                    has occurred and is continuing and at least 30 Local Business
                    Days have
                    elapsed since such Moody’s Second Trigger Downgrade Event first occurred
                    or

                

        

        

        
          	
                  (ii)  

                	
                  The
                    “Breach of Agreement” provisions of Section 5(a)(ii) will
                    apply to Party A and will not apply to Party
                    B.

                

        

        

        
          	
                  (iii)  

                	
                  The
                    “Credit Support Default” provisions of Section 5(a)(iii)
                    will apply to Party A and will not apply to Party B except that
                    Section
                    5(a)(iii)(1) will apply to Party B solely in respect of Party
                    B’s
                    obligations under Paragraph 3(b) of the Credit Support Annex;
                    provided,
                    however, that notwithstanding anything to the contrary in Section
                    5(a)(iii)(1), any failure by Party A to comply with or perform
                    any
                    obligation to be complied with or performed by Party A under
                    the Credit
                    Support Annex shall not constitute an Event of Default under
                    Section
                    5(a)(iii) unless a Moody’s Second Trigger Downgrade Event has occurred and
                    is continuing and at least 30 Local Business Days have elapsed
                    since such
                    Moody’s Second Trigger Downgrade Event first
                    occurred.

                

        

        

        
          	
                  (iv)  

                	
                  The
                    “Misrepresentation” provisions of Section 5(a)(iv) will
                    apply to Party A and will not apply to Party
                    B.

                

        

        

        
          	
                  (v)  

                	
                  The
                    “Default under Specified Transaction” provisions of
                    Section 5(a)(v) will apply to Party A and will not apply to Party
                    B.

                

        

        

        
          	
                  (vi)  

                	
                  The
                    “Cross Default” provisions of Section 5(a)(vi) will apply
                    to Party A and will not apply to Party B.  For purposes of
                    Section 5(a)(vi), solely with respect to Party
                    A:

                

        

        

        “Specified
          Indebtedness” will have the meaning specified in Section 14 ,except that such
          term shall not include obligations in respect of deposits received in the
          ordinary course of Party A’s banking business.

        

        “Threshold
          Amount” means with respect to Party A an amount equal to three percent (3%) of
          the shareholders’ equity of Party A or, if applicable, a guarantor under an
          Eligible Guarantee with credit ratings at least equal to the S&P Required
          Ratings Threshold and the Moody’s Second Trigger Threshold (as shown in the most
          recent annual audited financial statements of such entity determined in
          accordance with generally accepted accounting principles).

        

        
          	
                  (vii)  

                	
                  The
                    “Bankruptcy” provisions of Section 5(a)(vii) will apply
                    to Party A and will apply to Party B; provided, however, that,
                    for
                    purposes of applying Section 5(a)(vii) to Party B: (A) Section
                    5(a)(vii)(2) shall not apply, (B) Section 5(a)(vii)(3) shall
                    not apply to
                    any assignment, arrangement or composition that is effected by
                    or pursuant
                    to the Pooling and Servicing Agreement, (C) Section 5(a)(vii)(4)
                    shall not
                    apply to a proceeding instituted, or a petition presented, by
                    Party A or
                    any of its Affiliates (for purposes of Section 5(a)(vii)(4),
                    Affiliate
                    shall have the meaning set forth in Section 14, notwithstanding
                    anything
                    to the contrary in this Agreement), (D) Section 5(a)(vii)(6)
                    shall not
                    apply to any appointment that is effected by or pursuant to the
                    Pooling
                    and Servicing Agreement, or any appointment to which Party B
                    has not yet
                    become subject; (E) Section 5(a)(vii) (7) shall not apply; (F)
                    Section
                    5(a)(vii)(8) shall apply only to the extent of any event which
                    has an
                    effect analogous to any of the events specified in clauses (1),
                    (3), (4),
                    (5) or (6) of Section 5(a)(vii), in each case as modified in
                    this Part
                    1(c)(vii), and (G) Section 5(a)(vii)(9) shall not
                    apply.

                

        

        

        
          	
                  (viii)  

                	
                  The
                    “Merger Without Assumption” provisions of Section
                    5(a)(viii) will apply to Party A and will apply to Party
                    B.

                

        

        

        (d)           Termination
          Events.

        

        The
          statement below that a Termination Event will apply to a specific party
          means
          that upon the occurrence of such a Termination Event, if such specific
          party is
          the Affected Party with respect to a Tax Event, the Burdened Party with
          respect
          to a Tax Event Upon Merger (except as noted below) or the non-Affected
          Party
          with respect to a Credit Event Upon Merger, as the case may be, such specific
          party shall have the right to designate an Early Termination Date in accordance
          with Section 6 of this Agreement; conversely, the statement below that
          such an
          event will not apply to a specific party means that such party shall not
          have
          such right; provided, however, with respect to “Illegality” the statement that
          such event will apply to a specific party means that upon the occurrence
          of such
          a Termination Event with respect to such party, either party shall have
          the
          right to designate an Early Termination Date in accordance with Section
          6 of
          this Agreement.

        

        (i)           The
          “Illegality” provisions of Section 5(b)(i) will apply to Party
          A and will apply to Party B.

        

        
          	
                   

                	
                  (ii)

                	
                  The
                    “Tax Event” provisions of Section 5(b)(ii) will apply
                    to
                    Party A except that, for purposes of the application of Section
                    5(b)(ii)
                    to Party A, Section 5(b)(ii) is hereby amended by deleting the
                    words “(x)
                    any action taken by a taxing authority, or brought in a court
                    of competent
                    jurisdiction, on or after the date on which a Transaction is
                    entered into
                    (regardless of whether such action is taken or brought with respect
                    to a
                    party to this Agreement) or (y)”, and the “Tax Event”
                    provisions of Section 5(b)(ii) will apply to Party
                    B.

                

        

        

        
          	
                   

                	
                  (iii)

                	
                  The
                    “Tax Event Upon Merger” provisions of Section 5(b)(iii)
                    will apply to Party A and will apply to Party B, provided that
                    Party A
                    shall not be entitled to designate an Early Termination Date
                    by reason of
                    a Tax Event upon Merger in respect of which it is the Affected
                    Party.

                

        

        

        
          	
                   

                	
                  (iv)

                	
                  The
                    “Credit Event Upon Merger” provisions of Section 5(b)(iv)
                    will not apply to Party A and will not apply to Party
                    B.

                

        

        

        
          	
                  (e)

                	
                  The
                    “Automatic Early Termination” provision of Section 6(a)
                    will not apply to Party A and will not apply to Party
                    B.

                

        

        

        (f)           Payments
          on Early Termination.  For the purpose of Section 6(e) of
          this Agreement:

        

        
          	
                  (i)  

                	
                  Market
                    Quotation will apply, provided, however, that, notwithstanding
                    anything to
                    the contrary in this Agreement, if an Early Termination Date
                    has been
                    designated as a result of a Derivative Provider Trigger Event,
                    the
                    following provisions will apply:

                

        

        

        
          	
                   

                	
                  (A)

                	
                  The
                    definition of Market Quotation in Section 14 shall be deleted
                    in its
                    entirety and replaced with the
                    following:

                

        

        

        “Market
          Quotation” means, with respect to one or more Terminated
          Transactions, a Firm Offer which is (1) made by an Eligible Replacement,
          (2) for
          an amount that would be paid to Party B (expressed as a negative number)
          or by
          Party B (expressed as a positive number) in consideration of an agreement
          between Party B and such Eligible Replacement to enter into a Replacement
          Transaction, and (3) made on the basis that Unpaid Amounts in respect of
          the
          Terminated Transaction or group of Transactions are to be excluded but,
          without
          limitation, any payment or delivery that would, but for the relevant Early
          Termination Date, have been required (assuming satisfaction of each applicable
          condition precedent) after that Early Termination Date is to be
          included.

        

        
          	
                   

                	
                  (B)

                	
                  The
                    definition of Settlement Amount shall be deleted in its entirety
                    and
                    replaced with the following:

                

        

        

        “Settlement
          Amount” means, with respect to any Early Termination Date, an
          amount (as determined by Party B) equal to:

        

        
          	
                   

                	
                  (a)

                	
                  if,
                    on or prior to such Early Termination Date, a Market Quotation
                    for the
                    relevant Terminated Transaction or group of Terminated Transactions
                    is
                    accepted by Party B so as to become legally binding, the Termination
                    Currency Equivalent of the amount (whether positive or negative)
                    of such
                    Market Quotation;

                

        

        

        
          	
                   

                	
                  (b)

                	
                  if,
                    on such Early Termination Date, no Market Quotation for the relevant
                    Terminated Transaction or group of Terminated Transactions has
                    been
                    accepted by Party B so as to become legally binding and one or
                    more Market
                    Quotations from Approved Replacements have been communicated
                    to Party B
                    and remain capable of becoming legally binding upon acceptance
                    by Party B,
                    the Termination Currency Equivalent of the amount (whether positive
                    or
                    negative) of the lowest of such Market Quotations (for the avoidance
                    of
                    doubt, (I) a Market Quotation expressed as a negative number
                    is lower than
                    a Market Quotation expressed as a positive number and (II) the
                    lower of
                    two Market Quotations expressed as negative numbers is the one
                    with the
                    largest absolute value); or

                

        

        

        
          	
                   

                	
                  (c)

                	
                  if,
                    on such Early Termination Date, no Market Quotation for the relevant
                    Terminated Transaction or group of Terminated Transactions is
                    accepted by
                    Party B so as to become legally binding and no Market Quotation
                    from an
                    Approved Replacement has been communicated to Party B and remains
                    capable
                    of becoming legally binding upon acceptance by Party B, Party
                    B’s Loss
                    (whether positive or negative and without reference to any Unpaid
                    Amounts)
                    for the relevant Terminated Transaction or group of Terminated
                    Transactions.”

                

        

        

        
          	
                   

                	
                  (C)

                	
                  If
                    Party B requests Party A in writing to obtain Market Quotations,
                    Party A
                    shall use its reasonable efforts to do so before the Early Termination
                    Date.

                

        

        

        
          	
                   

                	
                  (D)

                	
                  If
                    the Settlement Amount is a negative number, Section 6(e)(i)(3)
                    shall be
                    deleted in its entirety and replaced with the
                    following:

                

        

        

        “(3)
          Second Method and Market Quotation. If the Second Method and Market
          Quotation apply, (I) Party B shall pay to Party A an amount equal to the
          absolute value of the Settlement Amount in respect of the Terminated
          Transactions, (II) Party B shall pay to Party A the Termination Currency
          Equivalent of the Unpaid Amounts owing to Party A and (III) Party A shall
          pay to
          Party B the Termination Currency Equivalent of the Unpaid Amounts owing
          to Party
          B; provided, however, that (x) the amounts payable under the immediately
          preceding clauses (II) and (III) shall be subject to netting in accordance
          with
          Section 2(c) of this Agreement and (y) notwithstanding any other provision
          of
          this Agreement, any amount payable by Party A under the immediately preceding
          clause (III) shall not be netted against any amount payable by Party B
          under the
          immediately preceding clause (I).”

        

        
          	
                  (E)  

                	
                  At
                    any time on or before the Early Termination Date at which two
                    or more
                    Market Quotations from Approved Replacements have been communicated
                    to
                    Party B and remain capable of becoming legally binding upon acceptance
                    by
                    Party B, Party B shall be entitled to accept only the lowest
                    of such
                    Market Quotations (for the avoidance of doubt, (I) a Market Quotation
                    expressed as a negative number is lower than a Market Quotation
                    expressed
                    as a positive number and (II) the lower of two Market Quotations
                    expressed
                    as negative numbers is the one with the largest absolute
                    value).

                

        

        

        
          	
                  (F)  

                	
                  In
                    determining whether or not a Firm Offer satisfies clause (B)(y)
                    of the
                    definition of Replacement Transaction and whether or not a transfer
                    satisfies clause (e)(B)(y) of the definition of Permitted Transfer,
                    Party
                    B shall act in a commercially reasonable
                    manner.

                

        

        

        
          	
                  (ii)  

                	
                  The
                    Second Method will apply.

                

        

        

        (g)           “Termination
          Currency” means USD.

        

        (h)           Additional
          Termination Events.  Additional Termination Events will apply
          as provided in Part 5(c).

        

        Part
          2.                    Tax
          Matters.

        

        (a)           Tax
          Representations.

        

        
          	
                   

                	
                  (i)

                	
                  Payer
                    Representations.  For the purpose of Section 3(e) of
                    this Agreement:

                

        

         

        (A)           Party
          A makes the following representation(s):

         

        It
          is not
          required by any applicable law, as modified by the practice of any relevant
          governmental revenue authority, of any Relevant Jurisdiction to make any
          deduction or withholding for or on account of any Tax from any payment
          (other
          than interest under Section 2(e), 6(d)(ii) or 6(e) of this Agreement) to
          be made
          by it to the other party under this Agreement.  In making this
          representation, it may rely on: the accuracy of any representations made
          by the
          other party pursuant to Section 3(f) of this Agreement; (ii) the satisfaction
          of
          the agreement contained in Section 4(a)(i) or 4(a)(iii) of this Agreement
          and
          the accuracy and effectiveness of any document provided by the other party
          pursuant to Section 4(a)(i) or 4(a)(iii) of this Agreement; and (iii) the
          satisfaction of the agreement of the other party contained in Section 4(d)
          of
          this Agreement, provided that it shall not be a breach of this representation
          where reliance is placed on clause (ii) and the other party does not deliver
          a
          form or document under Section 4(a)(iii) by reason of material prejudice
          to its
          legal or commercial position.

        

        (B)           Party
          B makes the following representation(s):

        

        None.

        

        (ii)           Payee
          Representations.  For the purpose of Section 3(f) of this
          Agreement:

         

        (A)           Party
          A makes the following representation(s):

        

        (x)
          It is
          a “U.S. person” (as that term is used in section 1.1441-4(a)(3)(ii) of the
          United States Treasury Regulations) for United States federal income tax
          purposes, (y) it is a trust company duly organized and existing under the
          laws
          of the State of New York, and (y) its U.S. taxpayer identification number
          is
          135160382.

        

        (B)           Party
          B makes the following representation(s):

        

        None.

        

        
          	
                  (b)

                	
                  Tax
                    Provisions.

                

        

        

        
          	
                   

                	
                  (i)

                	
                  Gross
                    Up.  Section 2(d)(i)(4) shall not apply to Party B as
                    X, and Section 2(d)(ii) shall not apply to Party B as Y, in each
                    case such
                    that Party B shall not be required to pay any additional amounts
                    referred
                    to therein.

                

        

        

        
          	
                   

                	
                  (ii)

                	
                  Indemnifiable
                    Tax.  The definition of “Indemnifiable Tax” in Section
                    14 is deleted in its entirety and replaced with the
                    following:

                

        

        

        “Indemnifiable
          Tax” means, in relation to payments by Party A, any Tax and,
          in
          relation to payments by Party B, no Tax.

        

          Part
          3.                  Agreement
          to Deliver Documents. 

        

        (a)           For
          the purpose of Section 4(a)(i), tax forms, documents, or certificates to
          be
          delivered are:

        

        
          	
                  Party
                    required to deliver document

                   

                	
                  Form/Document/

                  Certificate

                   

                	
                  Date
                    by which to

                  be
                    delivered

                   

                
	
                  Party
                    A

                   

                	
                  A
                    correct, complete and duly executed U.S. Internal Revenue Service
                    Form W-9
                    (or successor thereto) that establishes an exemption from deduction
                    or
                    withholding obligation on payments to Party A under this
                    Agreement.

                   

                	
                  Upon
                    the execution and delivery of this Agreement

                   

                
	
                  Party
                    B

                   

                	
                  A
                    correct, complete and executed U.S. Internal Revenue Service
                    Form W-9,
                    W-8BEN, W-8ECI, or W-8IMY, with appropriate attachments, as applicable,
                    or
                    any other or successor form, in each case that establishes an
                    exemption
                    from deduction or withholding obligations; and any other document
                    reasonably requested to allow Party A to make payments under
                    this
                    Agreement without any deduction or withholding for or on account
                    of any
                    tax.

                   

                	
                  (i)
                    Before the first Payment Date under this Agreement, (ii) in the
                    case of a
                    U.S. Internal Revenue Service Form W-8ECI, W-8IMY, and W-8BEN
                    that does
                    not include a U.S. taxpayer identification number in line 6,
                    before
                    December 31 of each third succeeding calendar year, (iii) promptly
                    upon
                    reasonable demand by Party A, and (iv) promptly upon receiving
                    actual
                    knowledge that any such form previously provided by Party B has
                    become
                    obsolete or incorrect

                   

                

        

        

        

        (b)           For
          the purpose of Section 4(a)(ii), other documents to be delivered
          are:

        

        
          	
                  Party
                    required to deliver document

                   

                	
                  Form/Document/

                  Certificate

                   

                	
                  Date
                    by which to

                  be
                    delivered

                   

                	
                  Covered
                    by Section 3(d) Representation

                   

                
	
                  Party
                    A and

                  Party
                    B

                   

                	
                  Any
                    documents required by the receiving party to evidence the authority
                    of the
                    delivering party or its Credit Support Provider, if any, for
                    it to execute
                    and deliver the Agreement, this Confirmation, and any Credit
                    Support
                    Documents to which it is a party, and to evidence the authority
                    of the
                    delivering party or its Credit Support Provider to perform its
                    obligations
                    under the Agreement, this Confirmation and any Credit Support
                    Document, as
                    the case may be

                   

                	
                  Upon
                    the execution and delivery of this Agreement

                   

                	
                  Yes

                   

                
	
                  Party
                    A and

                  Party
                    B

                   

                	
                  A
                    certificate of an authorized officer of the party, as to the
                    incumbency
                    and authority of the respective officers of the party signing
                    the
                    Agreement, this Confirmation, and any relevant Credit Support
                    Document, as
                    the case may be

                   

                	
                  Upon
                    the execution and delivery of this Agreement

                   

                	
                  Yes

                   

                
	
                  Party
                    A

                   

                	
                  A
                    copy of the quarterly and annual financial statements of Party
                    A for the
                    most recently completed fiscal year and publicly available in
                    its
                    regulatory call report

                   

                	
                  Promptly
                    upon becoming publicly available; provided,
                    if available on http://www.fdic.gov, such delivery is not
                    required

                   

                	
                  No

                   

                
	
                  Party
                    A

                   

                	
                  An
                    opinion of counsel to Party A as to the enforceability of this
                    Confirmation reasonably acceptable to Party B.

                   

                	
                  Upon
                    the execution and delivery of this Agreement

                   

                	
                  No

                   

                
	
                  Party
                    B

                   

                	
                  An
                    opinion of counsel to Party B as to the enforceability of this
                    Confirmation reasonably acceptable to Party A.

                   

                	
                  Upon
                    the execution and delivery of this Agreement

                   

                	
                  No

                   

                

        

        

        Part
          4.                  
 Miscellaneous.

        

        
          	
                  (a)

                	
                  Address
                    for Notices:  For the purposes of Section 12(a) of
                    this Agreement:

                

        

        

        Address
          for notices or communications
          to Party A:

        

        Address:               
          The Bank of New York

        Swaps
          and
          Derivative Products Group

        Global
          Market Division

        32
          Old
          Slip 15th Floor

        New
          York,
          NY 10286

        Attention:
          Steve Lawler

        Facsimile:
          212-495-1016

        Phone:
          212-804-2137

        

        with
          a
          copy to:

         

        The
          Bank
          of New York

        Swaps
          and
          Derivative Products Group

        32
          Old
          Slip 16th Floor

        New
          York,
          New York 10286

        Attention:
          Andrew Schwartz

        Tele:
          212-804-5103

        Fax:
          212-804-5818/5837

        

        (For
          all
          purposes)

        

        A
          copy of
          any notice or other communication with respect to Sections 5 or 6 should
          also be
          sent to the addresses set out below:

         

        The
          Bank
          of New York

        Legal
          Department

        One
          Wall
          Street – 10th Floor

        New
          York,
          New York 10286

        Attention:
          General Counsel

        

        Address
          for notices or communications
          to Party B:

        

        HSBC
          Bank USA,
          National
          Association

        Attn:
          CTLA - NAAC
          2007-2

        452
Fifth
          Avenue

        New
          York, New
          York 10018

        Elena
          Zheng

        Phone:
          212-525-1367

        Fax
          212-525-1300

        

        With
          a
          copy to:

        

        Wells
          Fargo Bank, N.A.

        9062
          Old
          Annapolis Road

        Columbia,
          MD 21045

        Attn:
          Client Manger NAAC 2007-2

        Phone:
          410-884-2000

        Facsimile:410-715-2380

        

        (b)           Process
          Agent.  For the purpose of Section 13(c):

        

        Party
          A
          appoints as its Process Agent:  Not applicable.

        

        Party
          B
          appoints as its Process Agent:  Not applicable.

        

        
          	
                  (c)

                	
                  Offices.  The
                    provisions of Section 10(a) will apply to this
                    Agreement.

                

        

        

        
          	
                  (d)

                	
                  Multibranch
                    Party.  For the purpose of Section 10(c) of this
                    Agreement:

                

        

        

        Party
          A
          is not a Multibranch Party.

        

        Party
          B
          is not a Multibranch Party.

        

        
          	
                  (e)

                	
                  Calculation
                    Agent.  The Calculation Agent is Party A; provided,
                    however, that if an Event of Default shall have occurred with
                    respect to
                    Party A, Party B shall have the right to appoint as Calculation
                    Agent a
                    financial institution which would qualify as a Reference Market-maker,
                    reasonably acceptable to Party A, the cost for which shall be
                    borne by
                    Party A.

                

        

        

        (f)           Credit
          Support Document.

        

        
          	
                   

                	
                  Party
                    A:

                	
                  The
                    Credit Support Annex, and any guarantee in support of Party A’s
                    obligations under this Agreement.

                

        

        

        
          	
                   

                	
                  Party
                    B:

                	
                  The
                    Credit Support Annex, solely in respect of Party B’s obligations under
                    Paragraph 3(b) of the Credit Support
                    Annex.

                

        

        

        
          	
                  (g)

                	
                  Credit
                    Support Provider.

                

        

        

        
          	
                   

                	
                  Party
                    A:

                	
                  The
                    guarantor under any guarantee in support of Party A’s obligations under
                    this Agreement.

                

        

        

        
          	
                   

                	
                  Party
                    B:

                	
                  None.

                

        

        

        
          	
                  (h)

                	
                  Governing
                    Law.  The parties to this Agreement hereby agree that
                    the law of the State of New York shall govern their rights and
                    duties in
                    whole (including any claim or controversy arising out of or relating
                    to
                    this Agreement), without regard to the conflict of law provisions
                    thereof
                    other than New York General Obligations Law Sections 5-1401 and
                    5-1402.

                

        

        

        
          	
                  (i)

                	
                  Netting
                    of Payments.  Subparagraph (ii) of Section 2(c) will
                    apply to each Transaction
                    hereunder.

                

        

        

        
          	
                  (j)

                	
                  Affiliate.  “Affiliate”
                    shall have the meaning assigned thereto in Section 14; provided,
                    however,
                    that Party B shall be deemed to have no Affiliates for purposes
                    of this
                    Agreement, including for purposes of Section
                    6(b)(ii).

                

        

         

        Part
          5.                     Other
          Provisions.

        

        
          	
                  (a)

                	
                  Definitions.
                    Unless otherwise specified in a Confirmation, this Agreement
                    and
                    each Transaction under this Agreement are subject to the 2000
                    ISDA
                    Definitions as published and copyrighted in 2000 by the International
                    Swaps and Derivatives Association, Inc. (the
                    “Definitions”), and will be governed in all relevant
                    respects by the provisions set forth in the Definitions, without
                    regard to
                    any amendment to the Definitions subsequent to the date
                    hereof.  The provisions of the Definitions are hereby
                    incorporated by reference in and shall be deemed a part of this
                    Agreement,
                    except that (i) references in the Definitions to a “Swap Transaction”
                    shall be deemed references to a “Transaction” for purposes of this
                    Agreement, and (ii) references to a “Transaction” in this Agreement shall
                    be deemed references to a “Swap Transaction” for purposes of the
                    Definitions. Each term capitalized but not defined in this Agreement
                    shall
                    have the meaning assigned thereto in the Pooling and Servicing
                    Agreement.

                

        

         

        
          	
                   

                	
                  Each
                    reference herein to a “Section” (unless specifically referencing the
                    Pooling and Servicing Agreement) or to a “Section” “of this Agreement”
                    will be construed as a reference to a Section of the ISDA Master
                    Agreement; each herein reference to a “Part” will be construed as a
                    reference to the Schedule to the ISDA Master Agreement; each
                    reference
                    herein to a “Paragraph” will be construed as a reference to a Paragraph of
                    the Credit Support Annex.

                

        

         

        (b)           Amendments
          to ISDA Master Agreement.

        

        
          	
                   

                	
                  (i)

                	
                  Single
                    Agreement.  Section 1(c) is hereby amended by the
                    adding the words “including, for the avoidance of doubt, the Credit
                    Support Annex” after the words “Master
                    Agreement”.

                

        

        

        
          	
                   

                	
                  (ii)

                	
                  Conditions
                    Precedent.

                	
                  Section
                    2(a)(iii) is hereby amended by adding the following at the end
                    thereof:

                

        

        

        Notwithstanding
          anything to the contrary in Section 2(a)(iii)(1), if an Event of Default
          with
          respect to Party B or Potential Event of Default with respect to Party
          B has
          occurred and been continuing for more than 30 Local Business Days and no
          Early
          Termination Date in respect of the Affected Transactions has occurred or
          been
          effectively designated by Party A, the obligations of Party A under Section
          2(a)(i) shall cease to be subject to the condition precedent set forth
          in
          Section 2(a)(iii)(1) with respect to such specific occurrence of such Event
          of
          Default or such Potential Event of Default (the “Specific
          Event”); provided, however, for the avoidance of doubt, the obligations
          of Party A under Section 2(a)(i) shall be subject to the condition precedent
          set
          forth in Section 2(a)(iii)(1) (subject to the foregoing) with respect to
          any
          subsequent occurrence of the same Event of Default with respect to Party
          B or
          Potential Event of Default with respect to Party B after the Specific Event
          has
          ceased to be continuing and with respect to any occurrence of any other
          Event of
          Default with respect to Party B or Potential Event of Default with respect
          to
          Party B that occurs subsequent to the Specific Event.

        

        
          	
                   

                	
                  (iii)

                	
                  Change
                    of Account.  Section 2(b) is hereby amended by the
                    addition of the following after the word “delivery” in the first line
                    thereof:

                

        

         

        “to
          another account in the same legal and tax jurisdiction as the original
          account”.

        

        
          	
                   

                	
                  (iv)

                	
                  Representations.  Section
                    3 is hereby amended by adding at the end thereof the following
                    subsection
                    (g):

                

        

        

        
          	
                   

                	
                  “(g)

                	
                  Relationship
                    Between Parties.

                

        

        

        
          	
                   

                	
                  (1)

                	
                  Nonreliance.  (i)
                    It is not relying on any statement or representation of the other
                    party
                    (whether written or oral) regarding any Transaction hereunder,
                    other than
                    the representations expressly made in this Agreement or the Confirmation
                    in respect of that Transaction and (ii) it has consulted with
                    its own
                    legal, regulatory, tax, business, investment, financial and accounting
                    advisors to the extent it has deemed necessary, and it has made
                    its own
                    investment, hedging and trading decisions based upon its own
                    judgment and
                    upon any advice from such advisors as it has deemed necessary
                    and not upon
                    any view expressed by the other
                    party.

                

        

         

        
          	
                   

                	
                  (2)

                	
                  Evaluation
                    and Understanding.  (i) It has the capacity to evaluate
                    (internally or through independent professional advice) each
                    Transaction
                    and has made its own decision to enter into the Transaction and
                    (ii) it
                    understands the terms, conditions and risks of the Transaction
                    and is
                    willing and able to accept those terms and conditions and to
                    assume those
                    risks, financially and otherwise.

                

        

        

        
          	
                   

                	
                  (3)

                	
                  Purpose.  It
                    is entering into the Transaction for the purposes of managing
                    its
                    borrowings or investments, hedging its underlying assets or liabilities
                    or
                    in connection with a line of
                    business.

                

        

        

        
          	
                   

                	
                  (4)

                	
                  Status
                    of Parties.  The other party is not acting as an agent,
                    fiduciary or advisor for it in respect of the
                    Transaction.

                

        

        

        
          	
                   

                	
                  (5)

                	
                  Eligible
                    Contract Participant.  It is an “eligible swap participant” as
                    such term is defined in, Section 35.1(b)(2) of the regulations
                    (17 C.F.R.
                    35) promulgated under, and an “eligible contract participant” as defined
                    in Section 1(a)(12) of the Commodity Exchange Act, as
                    amended.”

                

        

        

        

        
          	
                   

                	
                  (v)

                	
                  Transfer
                    to Avoid Termination Event.  Section 6(b)(ii) is hereby
                    amended (i) by deleting the words “or if a Tax Event Upon Merger occurs
                    and the Burdened Party is the Affected Party,” and the words “, which
                    consent will not be withheld if such other party’s policies in effect at
                    such time would permit it to enter into transactions with the
                    transferee
                    on the terms proposed” and (ii) by deleting the words “to transfer” and
                    inserting the words “to effect a Permitted Transfer” in lieu
                    thereof.

                

        

        

        
          	
                   

                	
                  (vi)

                	
                  Jurisdiction.
                    Section 13(b) is hereby amended by: (i) deleting in
                    the second
                    line of subparagraph (i) thereof the word “non-”, (ii) deleting “; and”
                    from the end of subparagraph (i) and inserting “.” in lieu thereof, and
                    (iii) deleting the final paragraph
                    thereof.

                

        

        

        
          	
                   

                	
                  (vii)

                	
                  Local
                    Business Day.  The definition of Local Business Day in
                    Section 14 is hereby amended by the addition of the words “or any Credit
                    Support Document” after “Section 2(a)(i)” and the addition of the words
                    “or Credit Support Document” after
                    “Confirmation”.

                

        

        

        
          	
                  (c)

                	
                  Additional
                    Termination Events.  The following Additional
                    Termination Events will apply:

                

        

        

        
          	
                  (i)  

                	
                  Failure
                    to Post Collateral.  If Party A has failed to comply
                    with or perform any obligation to be complied with or performed
                    by Party A
                    in accordance with the Credit Support Annex, and such failure
                    has not
                    given rise to an Event of Default under Section 5(a)(i) or Section
                    5(a)(iii), then an Additional Termination Event shall have occurred
                    with
                    respect to Party A and Party A shall be the sole Affected Party
                    with
                    respect to such Additional Termination
                    Event.

                

        

        

        
          	
                  (ii)  

                	
                  Second
                    Rating Trigger Replacement.  The occurrence of any
                    event described in this Part 5(c)(ii) shall constitute an Additional
                    Termination Event with respect to Party A and Party A shall be
                    the sole
                    Affected Party with respect to such Additional Termination
                    Event.

                

        

        

        
          	
                   

                	
                  (A)

                	
                  A
                    Moody’s Second Trigger Downgrade Event has occurred and is continuing
                    and
                    at least 30 Local Business Days have elapsed since such Moody’s Second
                    Trigger Downgrade Event first occurred, and at least one Eligible
                    Replacement has made a Firm Offer that would, assuming the occurrence
                    of
                    an Early Termination Date, qualify as a Market Quotation (on
                    the basis
                    that Part 1(f)(i)(A) applies) and which remains capable of becoming
                    legally binding upon acceptance.

                

        

        

        
          	
                   

                	
                  (B)

                	
                  An
                    S&P Required Ratings Downgrade Event has occurred and is continuing
                    and at least 60 calendar days have elapsed since such S&P Required
                    Ratings Downgrade Event first
                    occurred.

                

        

        

        

        
          	
                   

                	
                  (iii)

                	
                  [Reserved.]

                

        

        

        
          	
                   

                	
                  (iv)

                	
                  Optional
                    Termination of Securitization.  An Additional
                    Termination Event shall occur upon the earlier of (i) the occurrence
                    of an
                    Optional Termination in accordance with Article X of the Pooling
                    and
                    Servicing Agreement or (ii) notice to Certificateholders of such
                    Optional
                    Termination becoming unrescindable, in accordance with Article
                    X of the
                    Pooling and Servicing Agreement. Party B shall be the sole Affected
                    Party
                    with respect to such Additional Termination Event; provided,
                    however, that
                    notwithstanding anything to the contrary in Section 6(b)(iv),
                    only Party B
                    may designate an Early Termination Date as a result of this Additional
                    Termination Event.  For purposes of determining the payment
                    under Section 6(e) in respect of an Early Termination Date designated
                    as a
                    result of this Additional Termination Event, for all Calculation
                    Periods
                    beginning on or after the Early Termination Date, the definition
                    of
                    Notional Amount in this Confirmation shall be deleted in its
                    entirety and
                    replaced with the following: “With respect to each Calculation Period, the
                    Calculation Amount for such Calculation Period as set forth on
                    Schedule I
                    attached hereto multiplied by the quotient of (A) the Notional
                    Amount for
                    the Calculation Period immediately prior to the Early Termination
                    Date
                    divided by (B) the Calculation Amount for the Calculation Period
                    immediately prior to the Early Termination Date as set forth
                    on Schedule I
                    attached hereto

                

        

        

        
          	
                  (d)

                	
                  Required
                    Ratings Downgrade Event.  If a Required Ratings
                    Downgrade Event has occurred and is continuing, then Party A
                    shall, at its
                    own expense, use commercially reasonable efforts to, as soon
                    as reasonably
                    practicable, either (A) effect a Permitted Transfer or (B) procure
                    an
                    Eligible Guarantee by a guarantor with credit ratings at least
                    equal to
                    the S&P Required Ratings Threshold, the Moody’s Second Trigger
                    Threshold and the Fitch Approved Ratings
                    Threshold.

                

        

        

        
          	
                  (e)

                	
                  Party
                    A and Party B hereby agree that the terms of the Item 1115 Agreement,
                    dated as of June 26, 2007, among Nomura Credit & Capital, Inc.
                    (“Sponsor”), Nomura Asset Acceptance Corporation (“Depositor”) and The
                    Bank of New York (the “Derivative Provider”) shall be incorporated by
                    reference into this Agreement and Party B shall be an express
                    third party
                    beneficiary of the Item 1115 Agreement. A copy of the Item 1115
                    Agreement
                    is annexed hereto at Annex B.

                

        

        

        
          	
                  (f)

                	
                  Transfers.

                

        

         

        (i)           Section
          7 is hereby amended to read in its entirety as follows:

         

        “Neither
          this Agreement nor any interest or obligation in or under this Agreement
          may be
          transferred (whether by way of security or otherwise) by either party unless
          (a)
          the prior written consent of the other party is obtained and (b) the Rating
          Agency Condition has been satisfied with respect to S&P  except
          that:

         

        
          	
                   

                	
                  (a)

                	
                  Party
                    A may make a Permitted Transfer (1) pursuant to Section 6(b)(ii)
                    or the
                    item 1115 Agreement, (2) pursuant to a consolidation or amalgamation
                    with,
                    or merger with or into, or transfer of all or substantially all
                    its assets
                    to, another entity (but without prejudice to any other right
                    or remedy
                    under this Agreement), or (3) at any time at which no Relevant
                    Entity has
                    credit ratings at least equal to the Approved Ratings
                    Threshold;

                

        

         

        
          	
                   

                	
                  (b)

                	
                  Party
                    B may transfer its rights and obligations hereunder in connection
                    with a
                    transfer pursuant to Section 8.09 of the Pooling and Servicing
                    Agreement,
                    and

                

        

         

        
          	
                   

                	
                  (c)

                	
                  a
                    party may make such a transfer of all or any part of its interest
                    in any
                    amount payable to it from a Defaulting Party under Section
                    6(e).

                

        

         

        Any
          purported transfer that is not in compliance with this Section will be
          void. 

         

        
          	
                   

                	
                  (ii)

                	
                  If
                    an Eligible Replacement has made a Firm Offer (which remains
                    an offer that
                    will become legally binding upon acceptance by Party B) to be
                    the
                    transferee pursuant to a Permitted Transfer, Party B shall, at
                    Party A’s
                    written request and at Party A’s expense, take any reasonable steps
                    required to be taken by Party B to effect such
                    transfer.

                

        

         

        
          	
                  (g)

                	
                  Non-Recourse.  Party
                    A acknowledges and agrees that, notwithstanding any provision
                    in this
                    Agreement to the contrary, the obligations of Party B hereunder
                    are
                    limited recourse obligations of Party B, payable solely from
                    the
                    Supplemental Interest Trust and the proceeds thereof, and that
                    Party A
                    will not have any recourse to any of the directors, officers,
                    agents,
                    employees, shareholders or affiliates of the Party B with respect
                    to any
                    claims, losses, damages, liabilities, indemnities or other obligations
                    in
                    connection with any transactions contemplated hereby. In the
                    event that
                    the Supplemental Interest Trust and the proceeds thereof, should
                    be
                    insufficient to satisfy all claims outstanding and following
                    the
                    realization of the account held by the Supplemental Interest
                    Trust and the
                    proceeds thereof, any claims against or obligations of Party
                    B under the
                    ISDA Master Agreement or any other confirmation thereunder still
                    outstanding shall be extinguished and thereafter not
                    revive.  This provision will survive the termination of this
                    Agreement.

                

        

        

        
          	
                  (h)

                	
                  [Reserved.]

                

        

        

        
          	
                  (i)

                	
                  Rating
                    Agency Notifications.  Notwithstanding any other
                    provision of this Agreement, no Early Termination Date shall
                    be
                    effectively designated hereunder by Party B and no transfer of
                    any rights
                    or obligations under this Agreement shall be made by either party
                    unless
                    each Rating Agency has been provided prior written notice of
                    such
                    designation or transfer.

                

        

        

        
          	
                  (j)

                	
                  No
                    Set-off.  Except as expressly provided for in Section
                    2(c), Section 6 or Part 1(f)(i)(D) hereof, and notwithstanding
                    any other
                    provision of this Agreement or any other existing or future agreement,
                    each party irrevocably waives any and all rights it may have
                    to set off,
                    net, recoup or otherwise withhold or suspend or condition payment
                    or
                    performance of any obligation between it and the other party
                    hereunder
                    against any obligation between it and the other party under any
                    other
                    agreements.  Section 6(e) shall be amended by deleting the
                    following sentence: “The amount, if any, payable in respect of an Early
                    Termination Date and determined pursuant to this Section will
                    be subject
                    to any Set-off.”.

                

        

         

        
          	
                  (k)

                	
                  Amendment.  Notwithstanding
                    any provision to the contrary in this Agreement, no amendment
                    of either
                    this Agreement or any Transaction under this Agreement shall
                    be permitted
                    by either party unless each of the Rating Agencies has been provided
                    prior
                    written notice of the same and the Rating Agency Condition is
                    satisfied
                    with respect to S&P and Fitch.

                

        

        

        
          	
                  (l)

                	
                  Notice
                    of Certain Events or Circumstances.  Each Party agrees,
                    upon learning of the occurrence or existence of any event or
                    condition
                    that constitutes (or that with the giving of notice or passage
                    of time or
                    both would constitute) an Event of Default or Termination Event
                    with
                    respect to such party, promptly to give the other Party and to
                    each Rating
                    Agency notice of such event or condition; provided that failure
                    to provide
                    notice of such event or condition pursuant to this Part 5(l)
                    shall not
                    constitute an Event of Default or a Termination
                    Event.

                

        

         

        
          	
                  (m)

                	
                  Proceedings.  No
                    Relevant Entity shall institute against, or cause any other person
                    to
                    institute against, or join any other person in instituting against
                    Party
                    B, the Supplemental Interest Trust, or the trust formed pursuant
                    to the
                    Pooling and Servicing Agreement, in any bankruptcy, reorganization,
                    arrangement, insolvency or liquidation proceedings or other proceedings
                    under any federal or state bankruptcy or similar law for a period
                    of one
                    year (or, if longer, the applicable preference period) and one
                    day
                    following payment in full of the Certificates and any
                    Notes.  This provision will survive the termination of this
                    Agreement.

                

        

        

        
          	
                  (n)

                	
                  Supplemental
                    Interest Trust Trustee Liability Limitations.  It is
                    expressly understood and agreed by the parties hereto that (a)
                    this
                    Agreement is executed by HSBC Bank USA, National Association
                    (“HSBC”) not
                    individually or personally, but solely as Supplemental Interest
                    Trust
                    Trustee under the Pooling and Servicing Agreement in the exercise
                    of the
                    powers and authority conferred and vested in it under the terms
                    of the
                    Pooling and Servicing Agreement; (b) HSBC has been directed pursuant
                    to
                    the Pooling and Servicing Agreement to enter into this Agreement
                    and to
                    perform its obligations hereunder; (c) each of the representations,
                    undertakings and agreements herein made on the part of Party
                    B is made and
                    intended not as personal representations, undertakings and agreements
                    of
                    HSBC but is made and intended for the purpose of binding only
                    the
                    Supplemental Interest Trust; (d) nothing herein contained shall
                    be
                    construed as creating any liability on the part of HSBC, individually
                    or
                    personally, to perform any covenant, either expressed or implied,
                    contained herein, all such liability, if any, being expressly
                    waived by
                    the parties hereto and by any Person claiming by, through or
                    under the
                    parties hereto; and (e) under no circumstances shall HSBC be
                    personally
                    liable for the payment of any indebtedness or expenses of Party
                    B or be
                    liable for the breach or failure of any obligation, representation,
                    warranty or covenant made or undertaken by Party B under this
                    Agreement or
                    any other related documents, as to all of which recourse shall
                    be had
                    solely to the assets of the Supplemental Interest Trust in accordance
                    with
                    the terms of the Pooling and Servicing
                    Agreement.

                

        

        

        
          	
                  (o)

                	
                  Severability.  If
                    any term, provision, covenant, or condition of this Agreement,
                    or the
                    application thereof to any party or circumstance, shall be held
                    to be
                    invalid or unenforceable (in whole or in part) in any respect,
                    the
                    remaining terms, provisions, covenants, and conditions hereof
                    shall
                    continue in full force and effect as if this Agreement had been
                    executed
                    with the invalid or unenforceable portion eliminated, so long
                    as this
                    Agreement as so modified continues to express, without material
                    change,
                    the original intentions of the parties as to the subject matter
                    of this
                    Agreement and the deletion of such portion of this Agreement
                    will not
                    substantially impair the respective benefits or expectations
                    of the
                    parties; provided, however, that this severability provision
                    shall not be
                    applicable if any provision of Section 2, 5, 6, or 13 (or any
                    definition
                    or provision in Section 14 to the extent it relates to, or is
                    used in or
                    in connection with any such Section) shall be so held to be invalid
                    or
                    unenforceable.

                

        

        

        The
          parties shall endeavor to engage in good faith negotiations to replace
          any
          invalid or unenforceable term, provision, covenant or condition with a
          valid or
          enforceable term, provision, covenant or condition, the economic effect
          of which
          comes as close as possible to that of the invalid or unenforceable term,
          provision, covenant or condition.

        

        
          	
                  (p)

                	
                  Agent
                    for Party B.  Party A acknowledges that Party B has
                    appointed the Supplemental Interest Trust Trustee under the Pooling
                    and
                    Servicing Agreement to carry out certain functions on behalf
                    of Party B,
                    and that the Supplemental Interest Trust Trustee shall be entitled
                    to give
                    notices and to perform and satisfy the obligations of Party B
                    hereunder on
                    behalf of Party B.

                

        

         

        
          	
                  (q)

                	
                  Limitation
                    on Events of Default.  Notwithstanding the provisions
                    of Sections 5 and 6, with respect to any Transaction, if at any
                    time and
                    so long as Party B has satisfied in full all its payment obligations
                    under
                    Section 2(a)(i) in respect of each Transaction with the reference
                    number
                    39554 (each, a “Cap Transaction”) and has at the time no future payment
                    obligations, whether absolute or contingent, under such Section
                    in respect
                    of such Cap Transaction, then unless Party A is required pursuant
                    to
                    appropriate proceedings to return to Party B or otherwise returns
                    to Party
                    B upon demand of Party B any portion of any such payment in respect
                    of
                    such Cap Transaction, (a) the occurrence of an event described
                    in Section
                    5(a) with respect to Party B shall not constitute an Event of
                    Default or
                    Potential Event of Default with respect to Party B as Defaulting
                    Party in
                    respect of such Cap Transaction and (b) Party A shall be entitled
                    to
                    designate an Early Termination Date pursuant to Section 6 in
                    respect of
                    such Cap Transaction only as a result of the occurrence of a
                    Termination
                    Event set forth in either Section 5(b)(i) or 5(b)(ii) with respect
                    to
                    Party A as the Affected Party, or Section 5(b)(iii) with respect
                    to Party
                    A as the Burdened Party.  For purposes of the Transactions
                    identified by the reference numbers 39554, Party A acknowledges
                    and agrees
                    that Party B’s only payment obligation under Section 2(a)(i) in respect of
                    each Cap Transaction is to pay the related Fixed Amount on the
                    related
                    Fixed Amount Payer Payment Date.

                

        

         

        
          	
                  (r)

                	
                  Consent
                    to Recording.  Each party hereto consents to the
                    monitoring or recording, at any time and from time to time, by
                    the other
                    party of any and all communications between trading, marketing,
                    and
                    operations personnel of the parties and their Affiliates, waives
                    any
                    further notice of such monitoring or recording, and agrees to
                    notify such
                    personnel of such monitoring or recording.  Each party agrees to
                    provide such recording to the other party upon reasonable
                    request.

                

        

        

        
          	
                  (s)

                	
                  Waiver
                    of Jury Trial.  Each party waives any right it may have
                    to a trial by jury in respect of any suit, action or proceeding
                    relating
                    to this Agreement or any Credit Support
                    Document.

                

        

        

        
          	
                  (t)

                	
                  Form
                    of ISDA Master Agreement.  Party A and Party B hereby
                    agree that the text of the body of the ISDA Master Agreement
                    is intended
                    to be the printed form of the ISDA Master Agreement (Multicurrency
–
                    Crossborder) as published and copyrighted in 1992 by the International
                    Swaps and Derivatives Association,
                    Inc.

                

        

        

        
          	
                  (u)

                	
                  Payment
                    Instructions.  Party A hereby agrees that, unless
                    notified in writing by Party B of other payment instructions,
                    any and all
                    amounts payable by Party A to Party B under this Agreement shall
                    be paid
                    to the account specified in Item 4 of this Long-form Confirmation,
                    below.

                

        

        

        
          	
                  (v)

                	
                  Additional
                    representations.

                

        

        

        
          	
                   

                	
                  (i)

                	
                  Representations
                    of Party A.  Party A represents to Party B on the date
                    on which Party A enters into each Transaction that Party A is
                    a bank
                    subject to the requirements of Federal Deposit Insurance Act,
                    delivery and
                    performance of this Agreement (including the Credit Support Annex
                    and each
                    Confirmation) have been authorized by all necessary corporate
                    action of
                    Party A, the person executing this Agreement on behalf of Party
                    A is an
                    officer of Party A of the level of vice president or higher,
                    and this
                    Agreement (including the Credit Support Annex and each Confirmation)
                    will
                    be maintained as one of its official records continuously from
                    the time of
                    its execution (or in the case of any Confirmation, continuously
                    until such
                    time as the relevant Transaction matures and the obligations
                    therefor are
                    satisfied in full).

                

        

         

        
          	
                   

                	
                  (ii)

                	
                  Capacity.  Party
                    A represents to Party B on the date on which Party A enters into
                    this
                    Agreement that it is entering into this Agreement and the Transaction
                    as
                    principal and not as agent of any person.  Party B represents to
                    Party A on the date on which the Supplemental Interest Trust
                    Trustee
                    executes this Agreement on behalf of Party B, that it is executing
                    this
                    Agreement, not individually, but solely its capacity as Supplemental
                    Interest Trust Trustee on behalf of the Supplemental Interest
                    Trust.

                

        

         

        
          	
                  (w)

                	
                  Acknowledgements.

                

        

        

        
          	
                   

                	
                  (i)

                	
                  Substantial
                    financial transactions.  Each party hereto is hereby
                    advised and acknowledges as of the date hereof that the other
                    party has
                    engaged in (or refrained from engaging in) substantial financial
                    transactions and has taken (or refrained from taking) other material
                    actions in reliance upon the entry by the parties into the Transaction
                    being entered into on the terms and conditions set forth herein
                    and in the
                    Pooling and Servicing Agreement relating to such Transaction,
                    as
                    applicable. This paragraph shall be deemed repeated on the trade
                    date of
                    each Transaction.

                

        

         

        
          	
                   

                	
                  (ii)

                	
                  Bankruptcy
                    Code.  Subject to Part 5(m), without limiting the
                    applicability if any, of any other provision of the U.S. Bankruptcy
                    Code
                    as amended (the “Bankruptcy Code”) (including without limitation Sections
                    362, 546, 556, and 560 thereof and the applicable definitions
                    in Section
                    101 thereof), the parties acknowledge and agree that all Transactions
                    entered into hereunder will constitute “forward contracts” or “swap
                    agreements” as defined in Section 101 of the Bankruptcy Code or “commodity
                    contracts” as defined in Section 761 of the Bankruptcy Code, that the
                    rights of the parties under Section 6 of this Agreement will
                    constitute
                    contractual rights to liquidate Transactions, that any margin
                    or
                    collateral provided under any margin, collateral, security, pledge,
                    or
                    similar agreement related hereto will constitute a “margin payment” as
                    defined in Section 101 of the Bankruptcy Code, and that the parties
                    are
                    entities entitled to the rights under, and protections afforded
                    by,
                    Sections 362, 546, 556, and 560 of the Bankruptcy
                    Code.

                

        

         

        
          	
                   

                	
                  (iii)

                	
                  Swap
                    Agreement.  Party A acknowledges that each Transaction
                    is a “swap agreement” as defined in 12 U.S.C. Section 1821(e)(8)(D)(vi)
                    and a “covered swap agreement” as defined in the Commodity Exchange Act (7
                    U.S.C. Section 27(d)(1)).

                

        

         

        (x)           Additional
          Definitions.

         

        As
          used
          in this Agreement, the following terms shall have the meanings set forth
          below,
          unless the context clearly requires otherwise:

         

        “Approved
          Ratings Threshold” means each of the S&P Approved Ratings
          Threshold and the Moody’s First Trigger Ratings Threshold.

        

        “Approved
          Replacement” means, with respect to a Market Quotation, an entity
          making such Market Quotation, which entity would satisfy conditions (a),
          (b),
          (c) and (d) of the definition of Permitted Transfer (as determined by Party
          B in
          its sole discretion, acting in a commercially reasonable manner) if such
          entity
          were a Transferee, as defined in the definition of Permitted
          Transfer.

        

        “Derivative
          Provider Trigger Event” means (i) an Event of Default with respect
          to which Party A is a Defaulting Party, (ii) a Termination Event with respect
          to
          which Party A is the sole Affected Party or (iii) an Additional Termination
          Event with respect to which Party A is the sole Affected Party.

        

        “Eligible
          Guarantee” means an unconditional and irrevocable guarantee of all
          present and future obligations of Party A under this Agreement (or, solely
          for
          purposes of the definition of Eligible Replacement, all present and future
          obligations of such Eligible Replacement under this Agreement or its
          replacement, as applicable) which is provided by a guarantor as principal
          debtor
          rather than surety and which is directly enforceable by Party B, the form
          and
          substance of which guarantee are subject to the Rating Agency Condition
          with
          respect to S&P, and either (A) a law firm has given a legal opinion
          confirming that none of the guarantor’s payments to Party B under such guarantee
          will be subject to deduction or Tax collected by withholding, and such
          opinion
          has been delivered to Moody’s, or (B) such guarantee provides that, in the event
          that any of such guarantor’s payments to Party B are subject to deduction or Tax
          collected by withholding, such guarantor is required to pay such additional
          amount as is necessary to ensure that the net amount actually received
          by Party
          B (free and clear of any Tax collected by withholding) will equal the full
          amount Party B would have received had no such deduction or withholding
          been
          required, or (C) in the event that any payment under such guarantee is
          made net
          of deduction or withholding for Tax, Party A is required, under Section
          2(a)(i),
          to make such additional payment as is necessary to ensure that the net
          amount
          actually received by Party B from the guarantor will equal the full amount
          Party
          B would have received had no such deduction or withholding been
          required.

        

        “Eligible
          Replacement” means
          an entity (A) that lawfully could perform the obligations owing to Party
          B under
          this Agreement (or its replacement, as applicable) and (B)  (I) (x)
          which has credit ratings from S&P at least equal to the S&P Required
          Ratings Threshold or (y) all present and future obligations of which entity
          owing to Party B under this Agreement (or its replacement, as applicable)
          are
          guaranteed pursuant to an Eligible Guarantee provided by a guarantor with
          credit
          ratings from S&P at least equal to the S&P Required Ratings Threshold,
          in either case if S&P is a Rating Agency, and (II) (x) which has credit
          ratings from Moody’s at least equal to the Moody’s Second Trigger Ratings
          Threshold or (y) all present and future obligations of which entity owing
          to
          Party B under this Agreement (or its replacement, as applicable) are guaranteed
          pursuant to an Eligible Guarantee provided by a guarantor with credit ratings
          from Moody’s at least equal to the Moody’s Second Trigger Ratings Threshold, in
          either case if Moody’s is a Rating Agency, and (C) that has executed an item
          1115 Agreement with Depositor.

        

        “Financial
          Institution” means a bank, broker/dealer, insurance company,
          structured investment company or derivative product company.

        

        “Firm
          Offer” means a quotation from an Eligible Replacement (i) in an
          amount equal to the actual amount payable by or to Party B in consideration
          of
          an agreement between Party B and such Eligible Replacement to replace Party
          A as
          the counterparty to this Agreement by way of novation or, if such novation
          is
          not possible, an agreement between Party B and such Eligible Replacement
          to
          enter into a Replacement Transaction (assuming that all Transactions hereunder
          become Terminated Transactions), and (ii) that constitutes an offer by
          such
          Eligible Replacement to replace Party A as the counterparty to this Agreement
          or
          enter a Replacement Transaction that will become legally binding upon such
          Eligible Replacement upon acceptance by Party B.

        

        “Moody’s”
          means Moody’s Investors Service, Inc., or any successor thereto.

        

        “Moody’s
          First Trigger Ratings Threshold” means, with respect to Party A,
          the guarantor under an Eligible Guarantee or an Eligible Replacement, (i)
          if
          such entity has a short-term unsecured and unsubordinated debt rating from
          Moody’s, a long-term unsecured and unsubordinated debt rating or counterparty
          rating from Moody’s of “A2” and a short-term unsecured and unsubordinated debt
          rating from Moody’s of “Prime-1”, or (ii) if such entity does not have a
          short-term unsecured and unsubordinated debt rating or counterparty rating
          from
          Moody’s, a long-term unsecured and unsubordinated debt rating or counterparty
          rating from Moody’s of “A1”.

        

        “Moody’s
          Second Trigger Downgrade Event”means
          that
no Relevant Entity has credit ratings from Moody’s at least equal to the
          Moody’s Second Trigger Ratings Threshold.

        

        “Moody’s
          Second Trigger Ratings Threshold” means,
          with respect to Party A, the guarantor under an Eligible Guarantee or an
          Eligible Replacement, (i) if such entity has a short-term unsecured and
          unsubordinated debt rating from Moody’s, a long-term unsecured and
          unsubordinated debt rating or counterparty rating from Moody’s of “A3” and a
          short-term unsecured and unsubordinated debt rating from Moody’s of “Prime-2”,
          or (ii) if such entity does not have a short-term unsecured and unsubordinated
          debt rating from Moody’s, a long-term unsecured and unsubordinated debt rating
          or counterparty rating from Moody’s of “A3”.

        

        “Permitted
          Transfer” means a transfer by novation by Party A pursuant to
          Section 6(b)(ii) or the item 1115 Agreement, or described in Sections 7(a)(2)
          or
          (3) (as amended herein) to a transferee (the “Transferee”) of Party A’s rights,
          liabilities, duties and obligations under this Agreement, with respect
          to which
          transfer each of the following conditions is satisfied:  (a) the
          Transferee is an Eligible Replacement; (b) Party A and the Transferee are
          both
“dealers in notional principal contracts” within the meaning of Treasury
          regulations section 1.1001-4; (c) as of the date of such transfer the Transferee
          would not be required to withhold or deduct on account of Tax from any
          payments
          under this Agreement or would be required to gross up for such Tax under
          Section
          2(d)(i)(4); (d) an Event of Default or Termination Event would not occur
          as a
          result of such transfer; (e) the Transferee contracts with Party B pursuant
          to a
          written instrument (the “Transfer Agreement”) (A) (i) on terms which are
          effective to transfer to the Transferee all, but not less than all, of
          Party A’s
          rights, liabilities, duties and obligations under the Agreement and all
          relevant
          Transactions, which terms are identical to the terms of this Agreement,
          other
          than party names, dates relevant to the effective date of such transfer,
          tax
          representations (provided that the representations in Part 2(a)(i) are
          not
          modified) and any other representations regarding the status of the substitute
          counterparty of the type included in Part 5(b)(iv), Part 5(v)(i)(2) or
          Part
          5(v)(ii), notice information and account details, and (ii) each Rating
          Agency
          has been given prior written notice of such transfer or (B) (i) on terms
          that
          (x) have the effect of preserving for Party B the economic equivalent of
          all
          payment and delivery obligations (whether absolute or contingent and assuming
          the satisfaction of each applicable condition precedent) under this Agreement
          immediately before such transfer and (y) are, in all material respects,
          no less
          beneficial for Party B than the terms of this Agreement immediately before
          such
          transfer, as determined by Party B, and (ii) Moody’s has been given prior
          written notice of such transfer and the Rating Agency Condition is satisfied
          with respect to S&P; (f) Party A will be responsible for any costs or
          expenses incurred in connection with such transfer (including any replacement
          cost of entering into a replacement transaction); and (g) such transfer
          otherwise complies with the terms of the Pooling and Servicing
          Agreement.

         

        “Rating
          Agency Condition” means, with respect to any particular proposed
          act or omission to act hereunder and each Rating Agency specified in connection
          with such proposed act or omission, that the party proposing such act or
          failure
          to act must consult with each of the specified Rating Agencies and receive
          from
          each such Rating Agency prior written confirmation that the proposed action
          or
          inaction would not cause a downgrade or withdrawal of the then-current
          rating of
          any Certificates or Notes.

        

        “Rating
          Agencies” mean, with respect to any date of determination, each of
          S&P, Moody’s, and Fitch, to the extent that each such rating agency is then
          providing a rating for any of the Nomura Asset Acceptance Corporation
          Alternative Loan Trust Series 2007-2, Mortgage Pass-Through Certificates
          (the
“Certificates”) or any notes backed by any of the Certificates (the
“Notes”).

        

        “Relevant
          Entities” mean Party A and, to the extent applicable, a guarantor
          under an Eligible Guarantee.

        

        “Replacement
          Transaction” means, with respect to any Terminated Transaction or
          group of Terminated Transactions, a transaction or group of transactions
          that
          (A) has terms which would be effective to transfer to a transferee all,
          but not
          less than all, of Party A’s rights, liabilities, duties and obligations under
          this Agreement and all relevant Transactions, which terms are identical
          to the
          terms of this Agreement, other than party names, dates relevant to the
          effective
          date of such transfer, tax representations (provided that the representations
          in
          Part 2(a)(i) are not modified) and any other representations regarding
          the
          status of the substitute counterparty of the type included in Part 5(b)(iv),
          Part 5(v)(i)(2) or Part 5(v)(ii), notice information and account details,
          save
          for the exclusion of provisions relating to Transactions that are not Terminated
          Transactions, or (B) (x) would have the effect of preserving for Party
          B the
          economic equivalent of any payment or delivery (whether the underlying
          obligation was absolute or contingent and assuming the satisfaction of
          each
          applicable condition precedent) under this Agreement in respect of such
          Terminated Transaction or group of Terminated Transactions that would,
          but for
          the occurrence of the relevant Early Termination Date, have been required
          after
          that date, and (y) has terms which are, in all material respects, no less
          beneficial for Party B than those of this Agreement (save for the exclusion
          of
          provisions relating to Transactions that are not Terminated Transactions),
          as
          determined by Party B.

        

        “Required
          Ratings Downgrade Event” means that no Relevant Entity has credit
          ratings at least equal to the Required Ratings Threshold.

        

        “Required
          Ratings Threshold” means each of the S&P Required Ratings
          Threshold and the Moody’s Second Trigger Ratings Threshold.

        

        “S&P”
          means Standard & Poor’s Rating Services, a division of The McGraw-Hill
          Companies, Inc., or any successor thereto.

        

        “S&P
          Approved Ratings Threshold” means, with respect to Party A, the
          guarantor under an Eligible Guarantee, or an Eligible Replacement, a short-term
          unsecured and unsubordinated debt rating of “A-1” from S&P, or, if such
          entity does not have a short-term unsecured and unsubordinated debt rating
          from
          S&P, a long-term unsecured and unsubordinated debt rating or counterparty
          rating of “A+” from S&P.

        

        “S&P
          Required Ratings Downgrade Event” means that no Relevant Entity
          has credit ratings from S&P at least equal to the S&P Required Ratings
          Threshold.

        

        “S&P
          Required Ratings Threshold” means, with respect to Party A, the
          guarantor under an Eligible Guarantee, or an Eligible Replacement, (I)
          if such
          entity is a Financial Institution, a short-term unsecured and unsubordinated
          debt rating of “A-2” from S&P, or, if such entity does not have a short-term
          unsecured and unsubordinated debt rating from S&P, a long-term unsecured and
          unsubordinated debt rating or counterparty rating of “BBB+” from S&P, or
          (II) if such entity is not a Financial Institution, a short-term unsecured
          and
          unsubordinated debt rating of “A-1” from S&P, or, if such entity does not
          have a short-term unsecured and unsubordinated debt rating from S&P, a
          long-term unsecured and unsubordinated debt rating or counterparty rating
          of
“A+” from S&P.

         

        [Remainder
          of this page intentionally left blank.]

         

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        4.           Account
          Details and Settlement Information:

         

        

        Payments
          to Party
          A:                          The
          Bank of New York

        Derivative
          Products Support Department

        32
          Old
          Slip, 16th
          Floor

        New
          York,
          New York 10286

        Attention:
          Renee Etheart

        ABA
          #021000018

        Account
          #890-0068-175

        Reference:
          Interest Rate Cap

        

        Payments
          to Party
          B:                           Wells
          Fargo Bank, N.A.

        ABA
          No. 121 000 248

        Account
          Name: SAS
          Clearing

        Account
          No.: 3970771416

        FFC
          to: NAAC 2007-2, Supplemental
          Interest Trust, # 53162302

         

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

         

         

        
 

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        We
          are
          very pleased to have executed this Transaction with you and we look forward
          to
          completing other transactions with you in the near future.

        

        Very
          truly yours,

        

        The
          Bank
          of New York

        

        

        

        By:          /s/
          Renee Etheart

        Name:
          Renee Etheart

        Title:
          Vice President

        

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        
 

        Party
          B,
          acting through its duly authorized signatory, hereby agrees to, accepts
          and
          confirms the terms of the foregoing as of the date hereof.

        

        HSBC
          Bank
          USA, National Association, not in its individual capacity, but solely as
          the
          Supplemental Interest Trust 

        Trustee
          on behalf of the Supplemental Interest Trust with respect to the Nomura
          Asset
          Acceptance Corporation 

        Alternative
          Loan Trust Series 2007-2, Mortgage Pass-Through Certificates

         

        By:           /s/
          Elena Zheng

        Name:
          Elena Zheng

        Title:
          Assistant Vice President, HSBC
          Bank USA, N.A.

        

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        

        

        SCHEDULE
          I

        

        (subject
          to adjustment in accordance with the Following Business Day
          Convention)

         

        
          
            	
                    From
                      and including

                  	
                    To
                      but excluding

                  	
                    Calculation
                      Amount (in USD)

                  	
                    Cap
                      Rate (%)

                  
	
                    10/25/09

                  	
                    11/25/09

                  	
                    3,782,626.88

                  	
                    6.8138

                  
	
                    11/25/09

                  	
                    12/25/09

                  	
                    9,414,780.07

                  	
                    6.8138

                  
	
                    12/25/09

                  	
                    01/25/10

                  	
                    14,828,613.29

                  	
                    6.8138

                  
	
                    01/25/10

                  	
                    02/25/10

                  	
                    20,032,576.54

                  	
                    6.8139

                  
	
                    02/25/10

                  	
                    03/25/10

                  	
                    25,034,793.21

                  	
                    6.8139

                  
	
                    03/25/10

                  	
                    04/25/10

                  	
                    29,843,072.63

                  	
                    6.8139

                  
	
                    04/25/10

                  	
                    05/25/10

                  	
                    34,464,922.24

                  	
                    6.8139

                  
	
                    05/25/10

                  	
                    06/25/10

                  	
                    38,869,000.00

                  	
                    6.8140

                  
	
                    06/25/10

                  	
                    07/25/10

                  	
                    38,869,000.00

                  	
                    6.8140

                  
	
                    07/25/10

                  	
                    08/25/10

                  	
                    38,869,000.00

                  	
                    6.8140

                  
	
                    08/25/10

                  	
                    09/25/10

                  	
                    38,869,000.00

                  	
                    6.8141

                  
	
                    09/25/10

                  	
                    10/25/10

                  	
                    38,869,000.00

                  	
                    6.8141

                  
	
                    10/25/10

                  	
                    11/25/10

                  	
                    38,869,000.00

                  	
                    6.8141

                  
	
                    11/25/10

                  	
                    12/25/10

                  	
                    38,869,000.00

                  	
                    6.8142

                  
	
                    12/25/10

                  	
                    01/25/11

                  	
                    38,869,000.00

                  	
                    6.8142

                  
	
                    01/25/11

                  	
                    02/25/11

                  	
                    38,869,000.00

                  	
                    6.8142

                  
	
                    02/25/11

                  	
                    03/25/11

                  	
                    38,869,000.00

                  	
                    6.8142

                  
	
                    03/25/11

                  	
                    04/25/11

                  	
                    38,869,000.00

                  	
                    6.8143

                  
	
                    04/25/11

                  	
                    05/25/11

                  	
                    38,869,000.00

                  	
                    6.8143

                  
	
                    05/25/11

                  	
                    06/25/11

                  	
                    38,869,000.00

                  	
                    6.8143

                  
	
                    06/25/11

                  	
                    07/25/11

                  	
                    38,869,000.00

                  	
                    6.8144

                  
	
                    07/25/11

                  	
                    08/25/11

                  	
                    38,869,000.00

                  	
                    6.8144

                  
	
                    08/25/11

                  	
                    09/25/11

                  	
                    38,869,000.00

                  	
                    6.8144

                  
	
                    09/25/11

                  	
                    10/25/11

                  	
                    38,089,464.74

                  	
                    6.8145

                  
	
                    10/25/11

                  	
                    11/25/11

                  	
                    36,336,019.73

                  	
                    6.8145

                  
	
                    11/25/11

                  	
                    12/25/11

                  	
                    34,633,809.49

                  	
                    6.8145

                  
	
                    12/25/11

                  	
                    01/25/12

                  	
                    32,981,477.60

                  	
                    6.8146

                  
	
                    01/25/12

                  	
                    02/25/12

                  	
                    31,377,745.10

                  	
                    6.8146

                  
	
                    02/25/12

                  	
                    03/25/12

                  	
                    29,821,297.42

                  	
                    6.8146

                  
	
                    03/25/12

                  	
                    04/25/12

                  	
                    28,309,821.37

                  	
                    6.8147

                  
	
                    04/25/12

                  	
                    05/25/12

                  	
                    26,841,605.81

                  	
                    6.8147

                  
	
                    05/25/12

                  	
                    06/25/12

                  	
                    25,417,094.72

                  	
                    6.8147

                  
	
                    06/25/12

                  	
                    07/25/12

                  	
                    24,035,370.23

                  	
                    6.8147

                  
	
                    07/25/12

                  	
                    08/25/12

                  	
                    23,176,737.83

                  	
                    6.8147

                  
	
                    08/25/12

                  	
                    09/25/12

                  	
                    22,344,154.26

                  	
                    6.8147

                  
	
                    09/25/12

                  	
                    10/25/12

                  	
                    21,536,891.75

                  	
                    6.8147

                  
	
                    10/25/12

                  	
                    11/25/12

                  	
                    20,754,241.89

                  	
                    6.8148

                  
	
                    11/25/12

                  	
                    12/25/12

                  	
                    19,995,515.17

                  	
                    6.8148

                  
	
                    12/25/12

                  	
                    01/25/13

                  	
                    19,260,040.42

                  	
                    6.8148

                  
	
                    01/25/13

                  	
                    02/25/13

                  	
                    18,547,164.39

                  	
                    6.8148

                  
	
                    02/25/13

                  	
                    03/25/13

                  	
                    17,856,251.27

                  	
                    6.8148

                  
	
                    03/25/13

                  	
                    04/25/13

                  	
                    17,186,682.24

                  	
                    6.8148

                  
	
                    04/25/13

                  	
                    05/25/13

                  	
                    16,537,855.04

                  	
                    6.8148

                  
	
                    05/25/13

                  	
                    06/25/13

                  	
                    15,909,183.50

                  	
                    6.8148

                  
	
                    06/25/13

                  	
                    07/25/13

                  	
                    15,300,097.20

                  	
                    6.8149

                  
	
                    07/25/13

                  	
                    08/25/13

                  	
                    14,927,856.18

                  	
                    6.8149

                  
	
                    08/25/13

                  	
                    09/25/13

                  	
                    14,564,604.64

                  	
                    6.8149

                  
	
                    09/25/13

                  	
                    10/25/13

                  	
                    14,210,126.63

                  	
                    6.8149

                  
	
                    10/25/13

                  	
                    11/25/13

                  	
                    13,864,211.36

                  	
                    6.8149

                  
	
                    11/25/13

                  	
                    12/25/13

                  	
                    13,526,653.10

                  	
                    6.8149

                  
	
                    12/25/13

                  	
                    01/25/14

                  	
                    13,197,251.02

                  	
                    6.8149

                  
	
                    01/25/14

                  	
                    02/25/14

                  	
                    12,875,809.11

                  	
                    6.8149

                  
	
                    02/25/14

                  	
                    03/25/14

                  	
                    12,562,136.07

                  	
                    6.8150

                  
	
                    03/25/14

                  	
                    04/25/14

                  	
                    12,256,045.15

                  	
                    6.8150

                  
	
                    04/25/14

                  	
                    05/25/14

                  	
                    11,957,354.10

                  	
                    6.8150

                  
	
                    05/25/14

                  	
                    06/25/14

                  	
                    11,665,885.00

                  	
                    6.8150

                  
	
                    06/25/14

                  	
                    07/25/14

                  	
                    11,381,464.21

                  	
                    6.8150

                  
	
                    07/25/14

                  	
                    08/25/14

                  	
                    11,381,464.21

                  	
                    6.8150

                  
	
                    08/25/14

                  	
                    09/25/14

                  	
                    11,381,464.21

                  	
                    6.8150

                  
	
                    09/25/14

                  	
                    10/25/14

                  	
                    11,381,464.21

                  	
                    6.8150

                  
	
                    10/25/14

                  	
                    11/25/14

                  	
                    11,381,464.21

                  	
                    6.8151

                  
	
                    11/25/14

                  	
                    12/25/14

                  	
                    11,381,464.21

                  	
                    6.8151

                  
	
                    12/25/14

                  	
                    01/25/15

                  	
                    11,381,464.21

                  	
                    6.8151

                  
	
                    01/25/15

                  	
                    02/25/15

                  	
                    11,381,464.21

                  	
                    6.8151

                  
	
                    02/25/15

                  	
                    03/25/15

                  	
                    11,381,464.21

                  	
                    6.8151

                  
	
                    03/25/15

                  	
                    04/25/15

                  	
                    11,381,464.21

                  	
                    6.8151

                  
	
                    04/25/15

                  	
                    05/25/15

                  	
                    11,381,464.21

                  	
                    6.8151

                  
	
                    05/25/15

                  	
                    06/25/15

                  	
                    11,381,464.21

                  	
                    6.8152

                  

          

         

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

      

       

      
        Annex
          A

        

        Paragraph
          13 of the Credit Support Annex

         

      

       

      
         

        

        ISDA®

        CREDIT
          SUPPORT ANNEX

        to
          the
          Schedule to the

        ISDA
          Master Agreement

        dated
          as
          of June 29, 2007 between

        The
          Bank
          of New York

        (hereinafter
          referred to as “Party A” or
“Pledgor”)

        and

        HSBC
          Bank
          USA, National Association, not in its individual capacity, but solely as
          the
          Supplemental Interest Trust Trustee on behalf of the Supplemental Interest
          Trust
          with respect to the Nomura Asset Acceptance Corporation, Alternative Loan
          Trust
          Series 2007-2, Mortgage Pass-Through Certificates (hereinafter referred
          to as
“Party B” or “Secured
          Party”).

         

        

        For
          the
          avoidance of doubt, and notwithstanding anything to the contrary that may
          be
          contained in the Agreement, this Credit Support Annex shall relate solely
          to the
          Transaction documented in the Confirmation dated June 14, 2007, between
          Party A
          and Party B, Reference Number 39554.

        

         

        Paragraph
          13.  Elections and Variables.

         

        
          	
                  (a)  

                	
                  Security
                    Interest for “Obligations”.  The term
                    “Obligations” as used in this
                    Annex includes the following additional
                    obligations:

                

        

         

        With
          respect to Party A: not applicable.

         

        With
          respect to Party B: not applicable.

         

        
          	
                  (b)  

                	
                  Credit
                    Support Obligations.

                

        

         

        
          	
                  (i)  

                	
                  Delivery
                    Amount, Return Amount and Credit Support
                    Amount.

                

        

         

        
          	
                  (A)  

                	
                  “Delivery
                    Amount” has the meaning specified in
                    Paragraph 3(a), except that:

                

        

         

        
          	
                   

                	
                  (I)

                	
                  the
                    words “upon a demand made by the Secured Party on or promptly following
                    a
                    Valuation Date” shall be deleted and replaced with the words “not later
                    than the close of business on each Valuation
                    Date”,

                

        

         

        
          	
                   

                	
                  (II)

                	
                  the
                    sentence beginning “Unless otherwise specified in Paragraph 13” and ending
                    “(ii) the Value as of that Valuation Date of all Posted Credit
                    Support
                    held by the Secured Party.” shall be deleted in its entirety and replaced
                    with the following:

                

        

         

        “The
          “Delivery Amount” applicable to the Pledgor for any
          Valuation Date will equal the greatest of

         

        
          	
                   

                	
                  (1)

                	
                  the
                    amount by which (a) the S&P Credit Support Amount for such Valuation
                    Date exceeds (b) the S&P Value, as of such Valuation Date, of all
                    Posted Credit Support held by the Secured Party,
                    and

                

        

         

        
          	
                   

                	
                  (2)

                	
                  the
                    amount by which (a) the Moody’s Credit Support Amount for such Valuation
                    Date exceeds (b) the Moody’s Value, as of such Valuation Date, of all
                    Posted Credit Support held by the Secured
                    Party.

                

        

         

        
          	
                   

                	
                  (III)

                	
                  if,
                    on any Valuation Date, the Delivery Amount equals or exceeds
                    the Pledgor’s
                    Minimum Transfer Amount, the Pledgor will Transfer to the Secured
                    Party
                    sufficient Eligible Credit Support to ensure that, immediately
                    following
                    such transfer, the Delivery Amount shall be
                    zero.

                

        

         

        
          	
                  (B)  

                	
                  “Return
                    Amount” has the meaning specified in Paragraph 3(b), except
                    that:

                

        

         

        
          	
                   

                	
                  (I)

                	
                  the
                    sentence beginning “Unless otherwise specified in Paragraph 13” and ending
                    “(ii) the Credit Support Amount.” shall be deleted in its entirety and
                    replaced with the following:

                

        

         

        “The
          “Return Amount” applicable to the Secured Party for
          any Valuation Date will equal the least of

         

        
          	
                   

                	
                  (1)

                	
                  the
                    amount by which (a) the S&P Value, as of such Valuation Date, of all
                    Posted Credit Support held by the Secured Party exceeds (b) the
                    S&P
                    Credit Support Amount for such Valuation Date,
                    and

                

        

         

        
          	
                   

                	
                  (2)

                	
                  the
                    amount by which (a) the Moody’s Value, as of such Valuation Date, of all
                    Posted Credit Support held by the Secured Party exceeds (b) the
                    Moody’s
                    Credit Support Amount for such Valuation
                    Date.

                

        

         

        
          	
                   

                	
                   (II)

                	
                  in
                    no event shall the Secured Party be required to Transfer any
                    Posted Credit
                    Support under Paragraph 3(b) if, immediately following such transfer,
                    the
                    Delivery Amount would be greater than
                    zero.

                

        

         

        
          	
                  (C)  

                	
                  “Credit
                    Support Amount” shall not apply.  For purposes of
                    calculating any Delivery Amount or Return Amount for any Valuation
                    Date,
                    reference shall be made to the S&P Credit Support Amount or the
                    Moody’s Credit Support Amount, in each case  for such Valuation
                    Date, as provided in Paragraphs 13(b)(i)(A) and 13(b)(i)(B),
                    above.

                

        

         

        
          	
                  (ii)  

                	
                  Eligible
                    Collateral.

                

        

         

        On
          any
          date, the items set forth in Table 1 will qualify as “Eligible
          Collateral” (for the avoidance of doubt, all Eligible Collateral
          to be denominated in USD).

         

        
          	
                  (iii)  

                	
                  Other
                    Eligible Support.

                

        

         

        The
          following items will qualify as “Other Eligible
          Support” for the party specified:

         

        Not
          applicable.

         

        
          	
                  (iv)  

                	
                  Threshold.

                

        

         

        
          	
                  (A)  

                	
                  “Independent
                    Amount” means zero with respect to Party A and Party
                    B.

                

        

         

        
          	
                  (B)  

                	
                  “Moody’s
                    Threshold” means, with respect to Party A and any Valuation
                    Date, if a Moody’s First Trigger Downgrade Event has occurred and is
                    continuing and such Moody’s First Trigger Downgrade Event has been
                    continuing (i) for at least 30 Local Business Days or (ii) since
                    this
                    Annex was executed, zero; otherwise,
                    infinity.

                

        

         

        “S&P
          Threshold” means, with respect to Party A and any Valuation Date,
          if  an S&P Approved Ratings Downgrade Event has occurred and is
          continuing and such S&P Approved Ratings Downgrade Event has been continuing
          (i) for at least 10 Local Business Days or (ii) since this Annex was executed,
          zero; otherwise, infinity.

         

        
          	 	
                  “Threshold”
                    means, with respect to Party B and any Valuation Date,
                    infinity.

                

        

         

        
          	
                  (C)  

                	
                  “Minimum
                    Transfer Amount” means USD 100,000 with respect to Party A
                    and Party B; provided, however, that if the aggregate Certificate
                    Principal Balance of any Certificates and the aggregate principal
                    balance
                    of any Notes rated by S&P is at the time of any transfer less than USD
                    50,000,000, the “Minimum Transfer Amount” shall
                    be USD 50,000.

                

        

         

        
          	
                  (D)  

                	
                  Rounding:
                    The Delivery Amount will be rounded up to the nearest integral
                    multiple of
                    USD 10,000. The Return Amount will be rounded down to the nearest
                    integral
                    multiple of USD 10,000.

                

        

         

        
          	
                  (c)  

                	
                  Valuation
                    and Timing.

                

        

         

        
          	
                  (i)  

                	
                  “Valuation
                    Agent” means Party A; provided, however, that if an Event
                    of
                    Default shall have occurred with respect to which Party A is
                    the
                    Defaulting Party, Party B shall have the right to designate as
                    Valuation
                    Agent an independent party, reasonably acceptable to Party A,
                    the cost for
                    which shall be borne by Party A.  All calculations by the
                    Valuation Agent must be made in accordance with standard market
                    practice,
                    including, in the event of a dispute as to the Value of any Eligible
                    Credit Support or Posted Credit Support, by making reference
                    to quotations
                    received by the Valuation Agent from one or more Pricing
                    Sources.

                

        

         

        
          	
                  (ii)  

                	
                  “Valuation
                    Date” means each Local Business Day on which any of the
                    S&P Threshold or the Moody’s Threshold is
                    zero.

                

        

         

        
          	
                  (iii)  

                	
                  “Valuation
                    Time” means the close of business in the city of the
                    Valuation Agent on the Local Business Day immediately preceding
                    the
                    Valuation Date or date of calculation, as applicable; provided
                    that the calculations of Value and Exposure will be made as of
                    approximately the same time on the same date.  The Valuation
                    Agent will notify each party (or the other party, if the Valuation
                    Agent
                    is a party) of its calculations not later than the Notification
                    Time on
                    the applicable Valuation Date (or in the case of Paragraph 6(d),
                    the Local
                    Business Day following the day on which such relevant calculations
                    are
                    performed).

                

        

         

        
          	
                  (iv)  

                	
                  “Notification
                    Time” means 11:00 a.m., New York time, on a Local Business
                    Day.

                

        

         

        
          	
                  (d)  

                	
                  Conditions
                    Precedent and Secured Party’s Rights and
                    Remedies.  The following Termination Events will
                    be a “Specified Condition” for the party
                    specified (that party being the Affected Party if the Termination
                    Event
                    occurs with respect to that party):  With respect to Party A:
                    any Additional Termination Event with respect to which Party
                    A is the sole
                    Affected Party.  With respect to Party B:
                    None.

                

        

         

        
          	
                  (e)  

                	
                  Substitution.

                

        

         

        
          	
                  (i)  

                	
                  “Substitution
                    Date” has the meaning specified in Paragraph
                    4(d)(ii).

                

        

         

        
          	
                  (ii)  

                	
                  Consent.  If
                    specified here as applicable, then the Pledgor must obtain the
                    Secured
                    Party’s consent for any substitution pursuant to Paragraph
                    4(d):  Inapplicable.

                

        

         

        
          	
                  (f)  

                	
                  Dispute
                    Resolution.

                

        

         

        
          	
                  (i)  

                	
                  “Resolution
                    Time” means 1:00 p.m. New York time on the Local Business
                    Day following the date on which the notice of the dispute is
                    given under
                    Paragraph 5.

                

        

         

        
          	
                  (ii)  

                	
                  Value.  Notwithstanding
                    anything to the contrary in Paragraph 12, for the purpose of
                    Paragraphs
                    5(i)(C) and 5(ii), the S&P Value and Moody’s Value, on any date, of
                    Eligible Collateral will be calculated as
                    follows:

                

        

         

        For
          Eligible Collateral other than Cash set forth in Table 1: the sum of (A)
          the
          product of (1)(x) the bid price at the Valuation Time for such securities
          on the
          principal national securities exchange on which such securities are listed,
          or
          (y) if such securities are not listed on a national securities exchange,
          the bid
          price for such securities quoted at the Valuation Time by any principal
          market
          maker for such securities selected by the Valuation Agent, or (z) if no
          such bid
          price is listed or quoted for such date, the bid price listed or quoted
          (as the
          case may be) at the Valuation Time for the day next preceding such date
          on which
          such prices were available and (2) the applicable Valuation Percentage
          for such
          Eligible Collateral, and (B) the accrued interest on such securities (except
          to
          the extent Transferred to the Pledgor pursuant to Paragraph 6(d)(ii) or
          included
          in the applicable price referred to in the immediately preceding clause
          (A)) as
          of such date.

         

        For
          Cash,
          the amount thereof multiplied, in the case of the S&P Value, by the
          applicable S&P Valuation Percentage.

         

        
          	
                  (iii)  

                	
                  Alternative.  The
                    provisions of Paragraph 5 will
                    apply.

                

        

         

        
          	
                  (g)  

                	
                  Holding
                    and Using Posted
                    Collateral.

                

        

         

        
          	
                  (i)  

                	
                  Eligibility
                    to Hold Posted Collateral; Custodians. Party B (or any
                    Custodian) will be entitled to hold Posted Collateral pursuant
                    to
                    Paragraph 6(b).

                

        

         

        Party
          B
          may appoint as Custodian (A) the entity then serving as the Securities
          Administator or (B) any entity other than the entity then serving as the
          Supplemental Interest Trust Trustee if such other entity (or, to the extent
          applicable, its parent company or credit support provider) shall then have
          credit ratings from S&P at least equal to the Custodian Required Rating
          Threshold.  If at any time the Custodian does not have credit ratings
          from S&P at least equal to the Custodian Required Rating Threshold, the
          Supplemental Interest Trust Trustee must within 60 days obtain a replacement
          Custodian with credit ratings from S&P at least equal to the Custodian
          Required Rating Threshold.

         

        Initially,
          the Custodian for Party B is: Securities
          Administrator

         

        
          	
                  (ii)  

                	
                  Use
                    of Posted Collateral. The
                    provisions of
                    Paragraph 6(c) will not apply to Party B or its Custodian; provided,
                    however, that if Party A delivers Posted Collateral in book-entry
                    form,
                    then Paragraph 6(c)(ii) will apply to Party B and its Custodian,
                    and Party
                    B and its Custodian shall have the rights specified in Paragraph
                    6(c)(ii).

                

        

         

        
          	
                  (h)  

                	
                  Distributions
                    and Interest Amount.

                

        

         

        
          	
                  (i)  

                	
                  Interest
                    Rate.  The “Interest
                    Rate” will be the actual interest rate earned on Posted
                    Collateral in the form of Cash that is held by Party B or its
                    Custodian.  Posted Collateral in the form of Cash shall be
                    invested in such overnight (or redeemable within two Local Business
                    Days
                    of demand) Permitted Investments rated at least (x) AAAm or AAAm-G
                    by
                    S&P and (y) Prime-1 by Moody’s or Aaa by Moody’s as directed by Party
                    A (unless (x) an Event of Default or an Additional Termination
                    Event has
                    occurred with respect to which Party A is the defaulting or sole
                    Affected
                    Party or (y) an Early Termination Date has been designated, in
                    which case
                    such Posted Collateral shall be held uninvested).  Gains and
                    losses incurred in respect of any investment of Posted Collateral
                    in the
                    form of Cash in Permitted Investments as directed by Party A
                    shall be for
                    the account of Party A.

                

        

         

        
          	
                  (ii)  

                	
                  Transfer
                    of Interest Amount. The Transfer of the Interest Amount will
                    be made on the second Local Business Day following the end of
                    each
                    calendar month and on any other Local Business Day on which Posted
                    Collateral in the form of Cash is Transferred to the Pledgor
                    pursuant to
                    Paragraph 3(b); provided, however, that the obligation of Party
                    B to
                    Transfer any Interest Amount to Party A shall be limited to the
                    extent
                    that Party B has earned and received such funds and such funds
                    are
                    available to Party B.  The last sentence of Paragraph 6(d)(ii)
                    is hereby amended by adding the words “actually received by Party B but”
                    after the words “Interest Amount or portion
                    thereof”.

                

        

         

        
          	
                  (iii)  

                	
                  Alternative
                    to Interest Amount. The provisions of Paragraph 6(d)(ii) (as
                    amended herein) will apply.

                

        

         

        (iv) 
          Distributions.  Paragraph 6(d)(i) shall be
          deleted in its entirety and replaced with the following:

         

        “Distributions.  Subject
          to Paragraph 4(a), if Party B receives Distributions on a Local Business
          Day, it
          will Transfer to Party A not later than the following Local Business Day
          any
          Distributions it receives to the extent that a Delivery Amount would not
          be
          created or increased by that Transfer, as calculated by the Valuation Agent
          (and
          the date of calculation will be deemed to be a Valuation Date for this
          purpose).”

         

        
          	
                  (i)  

                	
                  Additional
                    Representation(s).  There are no additional
                    representations by either party.

                

        

         

        
          	
                  (j)  

                	
                  Other
                    Eligible Support and Other Posted
                    Support.

                

        

         

        
          	
                  (i)  

                	
                  “Value”
                    with respect to Other Eligible Support and Other Posted Support
                    means: not
                    applicable.

                

        

         

        
          	
                  (ii)  

                	
                  “Transfer”
                    with respect to Other Eligible Support and Other Posted Support
                    means: not
                    applicable.

                

        

         

        
          	
                  (k)  

                	
                  Demands
                    and Notices.All demands, specifications and notices under
                    this Annex will be made pursuant to the Notices Section of this
                    Agreement,
                    except that any demand, specification or notice shall be given
                    to or made
                    at the following addresses, or at such other address as the relevant
                    party
                    may from time to time designate by giving notice (in accordance
                    with the
                    terms of this paragraph) to the other
                    party:

                

        

         

        If
          to
          Party A:

         

        The
          Bank
          of New York

        Collateral
          Management

        32
          Old
          Slip, 16th Floor

        New
          York,
          New York 10286

        Phone:  (212)
          804-5158

        Fax:    (212)
          804-5818

         

        If
          to
          Party B, at the address specified pursuant to the Notices Section of this
          Agreement.

         

        If
          to
          Party B’s Custodian:

        

        HSBC
          Bank USA,
          National
          Association

        Attn:
          CTLA - NAAC
          2007-2

        452
Fifth
          Avenue

        New
          York, New
          York 10018

        Elena
          Zheng

        Phone:
          212-525-1367

        Fax
          212-525-1300

         

        With
          a
          copy to:

         

        Wells
          Fargo Bank, N.A.

        9062
          Old
          Annapolis Road

        Columbia,
          MD 21045

        Attn:
          Client Manger NAAC 2007-2

        Phone:
          410-884-2000

        Facsimile:
          410-715-2380

        

        
          	
                  (l)  

                	
                  Address
                    for Transfers.  Each Transfer hereunder shall be
                    made to the address specified below or to an address specified
                    in writing
                    from time to time by the party to which such Transfer will be
                    made.

                

        

         

        Party
          A
          account details for holding collateral:  To be notified to Party B to
          Party A at the time of the request for the transfer.

         

        Party
          B’s
          Custodian account details for holding collateral:

        

        Wells
          Fargo Bank, N.A.

        ABA
          No.
          121 000 248

        Account
          Name: SAS Clearing

        Account
          No.: 3970771416

        FFC
          to:
          NAAC 2007-2, Supplemental Interest Trust, # 53162305

        

        
          	
                  (m)  

                	
                  Other
                    Provisions.

                

        

         

        
          	
                  (i)  

                	
                  Collateral
                    Account.  Party B shall open and maintain a
                    segregated account, and hold, record and identify all Posted
                    Collateral in
                    such segregated account.

                

        

         

        
          	
                  (ii)  

                	
                  Agreement
                    as to Single Secured Party and Single Pledgor. Party A and
                    Party B hereby agree that, notwithstanding anything to the contrary
                    in
                    this Annex, (a) the term “Secured Party” as used in this Annex means only
                    Party B, (b) the term “Pledgor” as used in this Annex means only Party A,
                    (c) only Party A makes the pledge and grant in Paragraph 2, the
                    acknowledgement in the final sentence of Paragraph 8(a) and the
                    representations in Paragraph 9.

                

        

         

        
          	
                  (iii)  

                	
                  Calculation
                    of Value.  Paragraph 4(c) is hereby amended by
                    deleting the word “Value” and inserting in lieu thereof “S&P Value,
                    Moody’s Value”.  Paragraph 4(d)(ii) is hereby amended by (A)
                    deleting the words “a Value” and inserting in lieu thereof “an S&P
                    Value and a Moody’s Value,” and (B) deleting the words “the Value” and
                    inserting in lieu thereof “S&P Value and Moody’s
                    Value”.  Paragraph 5 (flush language) is hereby amended by
                    deleting the word “Value” and inserting in lieu thereof “S&P Value, or
                    Moody’s Value”.  Paragraph 5(i) (flush language) is hereby
                    amended by deleting the word “Value” and inserting in lieu thereof
                    “S&P Value and Moody’s Value”.  Paragraph 5(i)(C) is hereby
                    amended by deleting the word “the Value, if” and inserting in lieu thereof
                    “any one or more of the S&P Value, or  Moody’s Value, as may
                    be”.  Paragraph 5(ii) is hereby amended by (1) deleting the
                    first instance of the words “the Value” and inserting in lieu thereof “any
                    one or more of the S&P Value, or Moody’s Value” and (2) deleting the
                    second instance of the words “the Value” and inserting in lieu thereof
                    “such disputed S&P Value, or  Moody’s
                    Value”.  Each of Paragraph 8(b)(iv)(B) and Paragraph 11(a) is
                    hereby amended by deleting the word “Value” and inserting in lieu thereof
                    “least of the S&P Value, and Moody’s
                    Value”.

                

        

         

        
          	
                  (iv)  

                	
                  Form
                    of Annex. Party A and Party B hereby
                    agree that the text of Paragraphs 1 through 12, inclusive, of
                    this Annex
                    is intended to be the printed form of ISDA Credit Support Annex
                    (Bilateral
                    Form - ISDA Agreements Subject to New York Law Only version)
                    as published
                    and copyrighted in 1994 by the International Swaps and Derivatives
                    Association, Inc.

                

        

         

        
          	
                  (v)  

                	
                  Events
                    of Default.  Paragraph 7 will not apply to cause
                    any Event of Default to exist with respect to Party B except
                    that
                    Paragraph 7(i) will apply to Party B solely in respect of Party
                    B’s
                    obligations under Paragraph 3(b) of the Credit Support
                    Annex.  Notwithstanding anything to the contrary in Paragraph 7,
                    any failure by Party A to comply with or perform any obligation
                    to be
                    complied with or performed by Party A under the Credit Support
                    Annex shall
                    only be an Event of Default if (A) a Moody’s Second Trigger Downgrade
                    Event has occurred and is continuing and at least 30 Local Business
                    Days
                    have elapsed since such Moody’s Second Trigger Downgrade Event first
                    occurred.

                

        

         

        
          	
                  (vi)  

                	
                  Expenses.  Notwithstanding
                    anything to the contrary in Paragraph 10, the Pledgor will be
                    responsible
                    for, and will reimburse the Secured Party for, all transfer and
                    other
                    taxes and other costs involved in maintenance
                    and any Transfer
                    of Eligible
                    Collateral.

                

        

         

        
          	
                  (vii)  

                	
                  Withholding.  Paragraph
                    6(d)(ii) is
                    hereby amended by inserting immediately after “the Interest
                    Amount” in the
                    fourth line
                    thereof  the words “less any
                    applicable withholding
                    taxes.”

                

        

         

        (viii) 
          Additional Definitions.  As used in this
          Annex:

         

        “Custodian
          Required
          Rating
          Threshold”
          means, with respect to an entity, a short-term unsecured and unsubordinated
          debt
          rating from S&P of “A-1,”
          or, if such entity does not have a
          short-term unsecured and unsubordinated debt rating from S&P, a long-term
          unsecured and unsubordinated debt rating or
          counterparty rating
          from S&P of “A+”.

         

        “DV01”
          means, with respect to a Transaction
          and any date of determination, the estimated change in the Secured
          Party’s
          Transaction Exposure with respect to
          such Transaction that would result from a one basis point change
          in the relevant
          swap curve on such date, as determined by the Valuation Agent in good faith
          and
          in a commercially reasonable manner in accordance with the relevant methodology
          customarily used by the Valuation Agent.  The Valuation Agent
          shall, upon request of Party B,
          provide to Party B a statement showing in reasonable detail such
          calculation.

         

        “Exposure” has
          the meaning specified in Paragraph
          12, except that (1) after the word “Agreement”
          the words “(assuming, for this
          purpose only,
          that Part 1(f)(i)(A)-(E)
          of
          the Schedule is deleted)”
          shall be inserted and (2) at the end of the definition of Exposure, the
          words
“with terms that are,
          in
          all material respects, no less beneficial for Party B than those of this
          Agreement” shall be
          added.

         

         “Local
          Business Day” means, for purposes of this Annex: any day on which
          (A) commercial banks are open for business (including dealings in foreign
          exchange and foreign currency deposits) in New York and the location of
          Party A,
          Party B and any Custodian, and (B) in relation to a Transfer of Eligible
          Collateral, any day on which the clearance system agreed between the parties
          for
          the delivery of Eligible Collateral is open for acceptance and execution
          of
          settlement instructions (or in the case of a Transfer of Cash or other
          Eligible
          Collateral for which delivery is contemplated by other means a day on which
          commercial banks are open for business (including dealings in foreign exchange
          and foreign deposits) in New York and the location of Party A, Party B
          and any
          Custodian.

         

        “Moody’s
          Credit Support Amount” means, for any Valuation Date:

         

        
          	
                   

                	
                  (A)

                	
                  if
                    the Moody’s Threshold for such Valuation Date is zero and (i) it is not
                    the case that a Moody’s Second Trigger Downgrade Event has occurred and is
                    continuing or (ii) a Moody’s Second Trigger Downgrade Event has occurred
                    and is continuing and less than 30 Local Business Days have elapsed
                    since
                    such Moody’s Second Trigger Downgrade Event first occurred, an amount
                    equal to the greater of (x) zero and (y) the sum of the Secured
                    Party’s
                    Exposure and the aggregate of Moody’s First Trigger Additional Amounts for
                    all Transactions and such Valuation
                    Date;

                

        

         

        
          	
                   

                	
                  (B)

                	
                  if
                    the Moody’s Threshold for such Valuation Date is zero and a Moody’s Second
                    Trigger Downgrade Event has occurred and is continuing and at
                    least 30
                    Local Business Days have elapsed since such Moody’s Second Trigger
                    Downgrade Event first occurred, an amount equal to the greatest
                    of (x)
                    zero, (y) the aggregate amount of the Next Payments for all Next
                    Payment
                    Dates, and (z) the sum of the Secured Party’s Exposure and the aggregate
                    of Moody’s Second Trigger Additional Amounts for all Transactions and
                    such
                    Valuation Date; or

                

        

         

        (C)           if
          the Moody’s Threshold for such Valuation Date is infinity, zero.

         

        “Moody’s
          First Trigger Additional Amount” means, for any Valuation Date and
          any Transaction, the least of (x) the product of the Moody’s First Trigger DV01
          Multiplier and DV01 for such Transaction and such Valuation Date, (y) the
          product of (i) Moody’s First Trigger Notional Amount Multiplier, (ii) the Scale
          Factor, if any, for such Transaction, or, if no Scale Factor is applicable
          for
          such Transaction, one, and (iii) the Notional Amount for such Transaction
          for
          the Calculation Period for such Transaction (each as defined in the related
          Confirmation) which includes such Valuation Date, and (z) the product of
          (i) the
          applicable Moody’s First Trigger Factor set forth in Table 2A, (ii) the Scale
          Factor, if any, for such Transaction, or, if no Scale Factor is applicable
          for
          such Transaction, one, and (iii) the Notional Amount for such Transaction
          for
          the Calculation Period for such Transaction (each as defined in the related
          Confirmation) which includes such Valuation Date.

         

        “Moody’s
          First Trigger Downgrade Event” means that no Relevant Entity has
          credit ratings from Moody’s at least equal to the Moody’s First Trigger Ratings
          Threshold.

         

        “Moody’s
          First Trigger DV01 Multiplier” means 15.

         

        “Moody’s
          First Trigger Notional Amount Multiplier” means 2%.

         

        “Moody’s
          First Trigger Value” means, on any date and with respect to any
          Eligible Collateral other than Cash, the bid price obtained by the Valuation
          Agent multiplied by the Moody’s First Trigger Valuation Percentage for such
          Eligible Collateral set forth in Table 1A, Column A.

         

        “Moody’s
          Second Trigger Additional Amount” means, for any Valuation Date
          and any Transaction,

         

        
          	
                   

                	
                  (A)

                	
                  if
                    such Transaction is not a Transaction-Specific Hedge, the least
                    of (i) the
                    product of the Moody’s Second Trigger DV01 Multiplier and DV01 for such
                    Transaction and such Valuation Date, (ii) the product of (1)
                    the Moody’s
                    Second Trigger Notional Amount Multiplier, (2) the Scale Factor,
                    if any,
                    for such Transaction, or, if no Scale Factor is applicable for
                    such
                    Transaction, one, and (3) the Notional Amount for such Transaction
                    for the
                    Calculation Period of such Transaction (each as defined in the
                    related
                    Confirmation) which includes such Valuation Date, and (iii) the
                    product of
                    (1) the applicable Moody’s Second Trigger Factor set forth in Table 2C,
                    (2) the Scale Factor, if any, for such Transaction, or, if no
                    Scale Factor
                    is applicable for such Transaction, one, and (3) the Notional
                    Amount for
                    such Transaction for the Calculation Period for such Transaction
                    (each as
                    defined in the related Confirmation) which includes such Valuation
                    Date;
                    or

                

        

         

        
          	
                   

                	
                  (B)

                	
                  if
                    such Transaction is a Transaction-Specific Hedge, the least of
                    (i) the
                    product of the Moody’s Second Trigger Transaction-Specific Hedge DV01
                    Multiplier and DV01 for such Transaction and such Valuation Date,
                    (ii) the
                    product of (1) the Moody’s Second Trigger Transaction-Specific Hedge
                    Notional Amount Multiplier, (2) the Scale Factor, if any, for
                    such
                    Transaction, or, if no Scale Factor is applicable for such Transaction,
                    one, and (3) the Notional Amount for such Transaction for the
                    Calculation
                    Period for such Transaction (each as defined in the related Confirmation)
                    which includes such Valuation Date, and (iii) the product of
                    (1) the
                    applicable Moody’s Second Trigger Factor set forth in Table 2B, (2) the
                    Scale Factor, if any, for such Transaction, or, if no Scale Factor
                    is
                    applicable for such Transaction, one, and (3) the Notional Amount
                    for such
                    Transaction for the Calculation Period for such Transaction (each
                    as
                    defined in the related Confirmation) which includes such Valuation
                    Date.

                

        

         

        “Moody’s
          Second Trigger DV01 Multiplier” means 50.

         

        “Moody’s
          Second Trigger Notional Amount Multiplier” means 8%.

         

        “Moody’s
          Second Trigger Transaction-Specific Hedge DV01 Multiplier” means
          65.

         

        “Moody’s
          Second Trigger Transaction-Specific Hedge Notional Amount
          Multiplier” means 10%.

         

        “Moody’s
          Valuation Percentage” means, with respect to a Valuation Date and
          each item of Eligible Collateral,

         

        
          	
                   

                	
                  (A)

                	
                  if
                    the Moody’s Threshold for such Valuation Date is zero and (i) it is not
                    the case that a Moody’s Second Trigger Downgrade Event has occurred and is
                    continuing or (ii) a Moody’s Second Trigger Downgrade Event has occurred
                    and is continuing and less than 30 Local Business Days have elapsed
                    since
                    such Moody’s Second Trigger Downgrade Event first occurred, the
                    corresponding percentage for such Eligible Collateral in Table
                    1A, Column
                    A, or

                

        

         

        
          	
                   

                	
                  (B)

                	
                  if
                    a Moody’s Second Trigger Downgrade Event has occurred and is continuing
                    and at least 30 Local Business Days have elapsed since such Moody’s Second
                    Trigger Downgrade Event first occurred, the corresponding percentage
                    for
                    such Eligible Collateral in Table 1A, Column
                    B.

                

        

         

        “Moody’s
          Value” means, on any date and with respect to any Eligible
          Collateral the product of (x) the bid price obtained by the Valuation Agent
          and
          (y) the applicable Moody’s Valuation Percentage
          set forth in Table 1A.

         

        “Next
          Payment” means, in respect of each Next Payment Date, the greater
          of (i) the aggregate amount of any payments due to be made by Party A under
          Section 2(a) on such Next Payment Date less the aggregate amount of any
          payments
          due to be made by Party B under Section 2(a) on such Next Payment Date
          (any such
          payments determined based on rates prevailing the date of determination)
          and
          (ii) zero.

         

        “Next
          Payment Date” means each date on which the next scheduled payment
          under any Transaction is due to be paid.

         

        “Pricing
          Sources” means the sources of financial information commonly known
          as Bloomberg, Bridge Information Services, Data Resources Inc., Interactive
          Data
          Services, International Securities Market Association, Merrill Lynch Securities
          Pricing Service, Muller Data Corporation, Reuters, Wood Gundy, Trepp Pricing,
          JJ
          Kenny, S&P and Telerate.

         

        “Remaining
          Weighted Average Maturity” means, with respect to a
          Transaction, the expected weighted average maturity for such Transaction
          as
          determined by the Valuation Agent.

         

        “S&P
          Approved Ratings Downgrade Event” means that no Relevant Entity
          has credit ratings from S&P at least equal to the S&P Approved Ratings
          Threshold.

         

        “S&P
          Credit Support Amount” means, for any Valuation Date:

         

        
          	
                   

                	
                  (A)

                	
                  if
                    the S&P Threshold for such Valuation Date is zero and it is not the
                    case that an S&P Required Ratings Downgrade Event has occurred and
                    been continuing for at least 10 Local Business Days, an amount
                    equal to
                    the Secured Party’s Exposure;

                

        

         

        
          	
                   

                	
                  (B)

                	
                  if
                    the S&P Threshold for such Valuation Date is zero and it is the case
                    that an S&P Required Ratings Downgrade Event has occurred and been
                    continuing for at least 10 Local Business Days, an amount equal
                    to 125% of
                    the Secured Party’s Exposure; or

                

        

         

        (C)           if
          the S&P Threshold for such Valuation Date is infinity, zero.

         

        “S&P
          Valuation Percentage” means, with respect to a Valuation Date and
          each item of Eligible Collateral,

         

        
          	
                   

                	
                  (A)

                	
                  if
                    the S&P Threshold for such Valuation Date is zero and it is not the
                    case that a S&P Required Ratings Downgrade Event has occurred and been
                    continuing for at least 10 Local Business Days, the corresponding
                    percentage for such Eligible Collateral in Table 1B, Column A,
                    or

                

        

         

        
          	
                   

                	
                  (B)

                	
                  if
                    an S&P Required Ratings Downgrade Event has occurred and been
                    continuing for at least 10 Local Business Days, the corresponding
                    percentage for such Eligible Collateral in Table 1B, Column
                    B.

                

        

         

        “S&P
          Value” means, on any date and with respect to any Eligible
          Collateral, (A) in the case of Eligible Collateral other than Cash, the
          product
          of (x) the bid price obtained by the Valuation Agent for such Eligible
          Collateral and (y) the applicable S&P Valuation Percentage for such Eligible
          Collateral set forth in Table 1B and (B) in the case of Cash, the amount
          thereof  multiplied by the applicable S&P Valuation
          Percentage.

         

        “Transaction
          Exposure” means, for any Transaction, Exposure determined as if
          such Transaction were the only Transaction between the Secured Party and
          the
          Pledgor.

         

        “Transaction-Specific
          Hedge” means any
          Transaction that is (i) an interest rate swap in respect of which (x) the
          notional amount of the interest rate swap is “balance guaranteed” or (y) the
          notional amount of the interest rate swap for any Calculation Period (as
          defined
          in the related Confirmation) otherwise is not a specific dollar amount
          that is
          fixed at the inception of the Transaction, (ii) an interest rate cap, (iii)
          an
          interest rate floor or (iv) an interest rate swaption.

         

        “Valuation
          Percentage” shall mean, for purposes of determining the S&P
          Value, or Moody’s Value with respect to any Eligible Collateral or Posted
          Collateral, the applicable S&P Valuation Percentage, or Moody’s Valuation
          Percentage for such Eligible Collateral or Posted Collateral, respectively,
          in
          each case as set forth in Table 1.

         

        “Value”
          shall mean, in respect of any date, the related S&P Value, and the related
          Moody’s Value.

         

        

         

        [Remainder
          of this page intentionally left blank]

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        IN
          WITNESS WHEREOF, the parties have
          executed this Annex by their duly authorized representatives as of the
          date of
          the Agreement.

         

         

        
          	The
                  Bank of New York	 	 	
                  HSBC
                    Bank USA, National Association, not in its individual capacity,
                    but solely
                    as the Supplemental Interest Trust Trustee on behalf of the Supplemental
                    Interest Trust with respect to the Nomura Asset Acceptance Corporation,
                    Alternative Loan Trust Series 2007-2, Mortgage Pass-Through
                    Certificates

                	 
	 	 	 	 	 
	
                  By: /s/
                    Renee Etheart

                	 	 	
                  By: /s/
                    Elena Zheng

                	 
	
                  Name:
                    Renee
                    Etheart

                	 	 	
                  
                    Name:
                      Elena Zheng

                  

                	 
	
                  Title:
                    Vice
                    President

                	 	 	
                  Title:  Assistant
                    Vice
                    President, HSBC Bank USA, N.A.

                	 
	
                  Date:

                	 	 	
                  Date:

                	 

        

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

         

        Table
          1A

        Eligible
          Collateral

        Moody’s

         

         

        Valuation
          Date (and Valuation Percentage column):  Daily

         

        Moody’s
          Valuation Percentage columns:

        *
          Column
          A sets out the percentage applicable when the percentage in Column B is
          not
          applicable.

        *
          Column
          B sets out the percentage applicable when a Moody’s Second Trigger Downgrade
          Event has occurred and is continuing and at least 30 Local Business Days
          have
          elapsed since such Moody’s Second Trigger Downgrade Event first
          occurred.

         

        
          	
                  Eligible
                    Collateral & Valuation Percentages (Moody’s )

                   

                
	 	 	
                  Valuation
                    Percentage

                   

                	
                  Valuation
                    Percentage

                   

                
	 	 	
                  Moody’s
                    (Daily)

                   

                	
                  Moody’s
                    (Weekly)

                   

                
	
                  A

                   

                	
                  B

                   

                	
                  A

                   

                	
                  B

                   

                
	
                  (A)

                   

                	
                  Cash:  U.S.
                    Dollars in depositary account form

                   

                	
                  100%

                   

                	
                  100

                   

                	
                  100%

                   

                	
                  100%

                   

                
	
                  (B)

                   

                	
                  Floating-rate
                    U.S. Treasury Securities:  Floating-rate negotiable debt
                    obligations issued by the U.S. Treasury Department after July
                    18, 1984
                    (“Floating-rate Treasuries”) (all maturities).

                   

                	
                  100%

                   

                	
                  99%

                   

                	
                  100%

                   

                	
                  99%

                   

                
	
                  (C)

                   

                	
                  U.S.
                    Treasury Securities:  Fixed-rate negotiable debt
                    obligations issued by the U.S. Treasury Department after July
                    18, 1984
                    (“Fixed-rate Treasuries”) having a remaining maturity of up to
                    and not more than 1 year.

                   

                	
                  100%

                   

                	
                  100%

                   

                	
                  100%

                   

                	
                  100%

                   

                
	
                  (D)

                   

                	
                  Fixed-rate
                    Treasuries having a remaining maturity of greater than 1 year
                    but not more
                    than 2 years.

                   

                	
                  100%

                   

                	
                  99%

                   

                	
                  100%

                   

                	
                  99%

                   

                
	
                  (E)

                   

                	
                  Fixed-rate
                    Treasuries having a remaining maturity of greater than 2 years
                    but not
                    more than 3 years.

                   

                	
                  100%

                   

                	
                  98%

                   

                	
                  100%

                   

                	
                  98%

                   

                
	
                  (F)

                   

                	
                  Fixed-rate
                    Treasuries having a remaining maturity of greater than 3 years
                    but not
                    more than 5 years.

                   

                	
                  100%

                   

                	
                  97%

                   

                	
                  100%

                   

                	
                  97%

                   

                
	
                  (G)

                   

                	
                  Fixed-rate
                    Treasuries having a remaining maturity of greater than 5 years
                    but not
                    more than 7 years.

                   

                	
                  100%

                   

                	
                  96%

                   

                	
                  100%

                   

                	
                  95%

                   

                
	
                  (H)

                   

                	
                  Fixed-rate
                    Treasuries having a remaining maturity of greater than 7 years
                    but not
                    more than 10 years.

                   

                	
                  100%

                   

                	
                  94%

                   

                	
                  100%

                   

                	
                  94%

                   

                
	
                  (I)

                   

                	
                  Fixed-rate
                    Treasuries having a remaining maturity of greater than 10 years
                    but not
                    more than 20 years.

                   

                	
                  100%

                   

                	
                  90%

                   

                	
                  100%

                   

                	
                  89%

                   

                
	
                  (J)

                   

                	
                  Fixed-rate
                    Treasuries having a remaining maturity of greater than 20 years
                    but not
                    more than 30 years.

                   

                	
                  100%

                   

                	
                  88%

                   

                	
                  100%

                   

                	
                  87%

                   

                
	
                  (K)

                   

                	
                  Floating-rate
                    Agency Securities:  Floating-rate negotiable debt
                    obligations of the Federal National Mortgage Association (FNMA),
                    Federal
                    Home Loan Mortgage Corporation (FHLMC), Federal Home Loan Banks
                    (FHLB),
                    Federal Farm Credit Banks (FFCB), Tennessee Valley Authority
                    (TVA)
                    (collectively, “Floating-rate Agency Securities”) (all
                    maturities).

                   

                	
                  100%

                   

                	
                  98%

                   

                	
                  100%

                   

                	
                  98%

                   

                
	
                  (L)

                   

                	
                  Fixed-rate
                    Agency Securities: Fixed-rate negotiable debt obligations of the
                    Federal National Mortgage Association (FNMA), Federal Home Loan
                    Mortgage
                    Corporation (FHLMC), Federal Home Loan Banks (FHLB), Federal
                    Farm Credit
                    Banks (FFCB), Tennessee Valley Authority (TVA) (collectively,
                    “Fixed-rate Agency Securities”) issued after July 18, 1984 and
                    having a remaining maturity of not more than 1 year.

                   

                	
                  100%

                   

                	
                  99%

                   

                	
                  100%

                   

                	
                  99%

                   

                
	
                  (M)

                   

                	
                  Fixed-rate
                    Agency Securities having a remaining maturity of greater than
                    1 year but
                    not more than 2 years.

                   

                	
                  100%

                   

                	
                  99%

                   

                	
                  100%

                   

                	
                  98%

                   

                
	
                  (N)

                   

                	
                  Fixed-rate
                    Agency Securities having a remaining maturity of greater than
                    2 years but
                    not more than 3 years.

                   

                	
                  100%

                   

                	
                  98%

                   

                	
                  100%

                   

                	
                  97%

                   

                
	
                  (O)

                   

                	
                  Fixed-rate
                    Agency Securities having a remaining maturity of greater than
                    3 years but
                    not more than 5 years.

                   

                	
                  100%

                   

                	
                  96%

                   

                	
                  100%

                   

                	
                  96%

                   

                
	
                  (P)

                   

                	
                  Fixed-rate
                    Agency Securities having a remaining maturity of greater than
                    5 years but
                    not more than 7 years.

                   

                	
                  100%

                   

                	
                  93%

                   

                	
                  100%

                   

                	
                  94%

                   

                
	
                  (Q)

                   

                	
                  Fixed-rate
                    Agency Securities having a remaining maturity of greater than
                    7 years but
                    not more than 10 years.

                   

                	
                  100%

                   

                	
                  93%

                   

                	
                  100%

                   

                	
                  93%

                   

                
	
                  (R)

                   

                	
                  Fixed-rate
                    Agency Securities having a remaining maturity of greater than
                    10 years but
                    not more than 20 years.

                   

                	
                  100%

                   

                	
                  89%

                   

                	
                  100%

                   

                	
                  88%

                   

                
	
                  (S)

                   

                	
                  Fixed-rate
                    Agency Securities having a remaining maturity of greater than
                    20 years but
                    not more than 30 years.

                   

                	
                  100%

                   

                	
                  87%

                   

                	
                  100%

                   

                	
                  86%

                   

                
	
                  (T)

                   

                	
                  FHLMC
                    Certificates. Mortgage participation certificates issued by FHLMC
                    evidencing undivided interests or participations in pools of
                    first lien
                    conventional or FHA/VA residential mortgages or deeds of trust,
                    guaranteed
                    by FHLMC, issued after July 18, 1984 and having a remaining maturity
                    of
                    not more than 30 years.

                   

                	
                  *

                   

                	
                  *

                   

                	
                  *

                   

                	
                  *

                   

                
	
                  (U)

                   

                	
                  FNMA
                    Certificates. Mortgage-backed pass-through certificates issued by
                    FNMA evidencing undivided interests in pools of first lien mortgages
                    or
                    deeds of trust on residential properties, guaranteed by FNMA,
                    issued after
                    July 18, 1984 and having a remaining maturity of not more than
                    30
                    years.

                   

                	
                  *

                   

                	
                  *

                   

                	
                  *

                   

                	
                  *

                   

                
	
                  (V)

                   

                	
                  GNMA
                    Certificates. Mortgage-backed pass-through certificates issued by
                    private entities, evidencing undivided interests in pools of
                    first lien
                    mortgages or deeds of trust on single family residences, guaranteed
                    by the
                    Government National Mortgage Association (GNMA) with the full
                    faith and
                    credit of the United States, issued after July 18, 1984 and having
                    a
                    remaining maturity of not more than 30 years.

                   

                	
                  *

                   

                	
                  *

                   

                	
                  *

                   

                	
                  *

                   

                
	
                  (W)

                   

                	
                  Commercial
                    Mortgage-Backed Securities. Floating rate commercial mortgage-backed
                    securities rated AAA by two major rating agencies (including
                    S&P if
                    S&P is a Rating Agency hereunder) with a minimum par or face amount
                    of
                    $250 million (excluding securities issued under Rule 144A)
                    (“Commercial Mortgage-Backed Securities”) having a remaining
                    maturity of not more than 5 years.

                   

                	
                  *

                   

                	
                  *

                   

                	
                  *

                   

                	
                  *

                   

                
	
                  (X)

                   

                	
                  Commercial
                    Mortgage-Backed Securities having a remaining maturity of more
                    than 5
                    years and not more than 10 years.

                   

                	
                  *

                   

                	
                  *

                   

                	
                  *

                   

                	
                  *

                   

                
	
                  (Y)

                   

                	
                  Commercial
                    Mortgage-Backed Securities having a remaining maturity of more
                    than 10
                    years.

                   

                	
                   

                	
                   

                	
                  *

                   

                	
                  *

                   

                
	
                  (Z)

                   

                	
                  Commercial
                    Paper. Commercial Paper with a rating of at least P-1 by Moody’s and
                    at least A-1+ by S&P and having a remaining maturity of not more than
                    30 days.

                   

                	
                  *

                   

                	
                  *

                   

                	
                  *

                   

                	
                  *

                   

                
	
                  (AA)

                   

                	
                  Other
                    Items of Credit Support approved by the Rating Agencies to the
                    extent the
                    Certificates or any Notes are rated.

                   

                	
                  *

                   

                	
                  *

                   

                	
                  *

                   

                	
                  *

                   

                

        

         

        *
          zero or
          such higher percentage in respect of which Moody’s has delivered a ratings
          affirmation.

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

         

        Table
          1B

        Eligible
          Collateral

        S&P

         

        Valuation
          Date (and Valuation Percentage column):  Daily

        S&P
          Valuation Percentage columns:

        *
          Column
          A sets out the percentage applicable when the percentage in Column B is
          not
          applicable.

        *
          Column
          B sets out the percentage applicable when an S&P Required Ratings Downgrade
          Event has occurred and is continuing for at least 10 Local Business
          Days.

         

        
          	
                  Eligible
                    Collateral & Valuation Percentages (S&P)

                   

                
	 	
                  Valuation
                    Percentage

                   

                	
                  Valuation
                    Percentage

                   

                
	 	
                  S&P
                    (Daily)

                   

                	
                  S&P
                    (Weekly)

                   

                
	
                  A

                   

                	
                  B

                   

                	
                  A

                   

                	
                  B

                   

                
	
                  (A)

                   

                	
                  Cash:  U.S.
                    Dollars in depositary account form

                   

                	
                  100%

                   

                	
                  80%

                   

                	
                  100%

                   

                	
                  80%

                   

                
	
                  (B)

                   

                	
                  Floating-rate
                    U.S. Treasury Securities:  Floating-rate negotiable debt
                    obligations issued by the U.S. Treasury Department after July
                    18, 1984
                    (“Floating Rate Treasuries”) (all maturities).

                   

                	
                  n/a

                   

                	
                  n/a

                   

                	
                  n/a

                   

                	
                  n/a

                   

                
	
                  (C)

                   

                	
                  Fixed-rate
                    U.S. Treasury Securities:  Fixed-rate negotiable debt
                    obligations issued by the U.S. Treasury Department after July
                    18, 1984
                    (“Fixed-rate Treasuries”) having a remaining maturity of up to
                    and not more than 1 year.

                   

                	
                  98.9%

                   

                	
                  79.1%

                   

                	
                  98%

                   

                	
                  78.4%

                   

                
	
                  (D)

                   

                	
                  Fixed-rate
                    Treasuries having a remaining maturity of greater than 1 year
                    but not more
                    than 2 years.

                   

                	
                  98.0%

                   

                	
                  78.4%

                   

                	
                  98%

                   

                	
                  78.4%

                   

                
	
                  (E)

                   

                	
                  Fixed-rate
                    Treasuries having a remaining maturity of greater than 2 years
                    but not
                    more than 3 years.

                   

                	
                  98.0%

                   

                	
                  78.4%

                   

                	
                  98%

                   

                	
                  78.4%

                   

                
	
                  (F)

                   

                	
                  Fixed-rate
                    Treasuries having a remaining maturity of greater than 3 years
                    but not
                    more than 5 years.

                   

                	
                  98.0%

                   

                	
                  78.4%

                   

                	
                  98%

                   

                	
                  78.4%

                   

                
	
                  (G)

                   

                	
                  Fixed-rate
                    Treasuries having a remaining maturity of greater than 5 years
                    but not
                    more than 7 years.

                   

                	
                  93.7%

                   

                	
                  75.0%

                   

                	
                  92.6%

                   

                	
                  74.1%

                   

                
	
                  (H)

                   

                	
                  Fixed-rate
                    Treasuries having a remaining maturity of greater than 7 years
                    but not
                    more than 10 years.

                   

                	
                  92.6%

                   

                	
                  74.1%

                   

                	
                  92.6%

                   

                	
                  74.1%

                   

                
	
                  (I)

                   

                	
                  Fixed-rate
                    Treasuries having a remaining maturity of greater than 10 years
                    but not
                    more than 20 years.

                   

                	
                  91.1%

                   

                	
                  72.9%

                   

                	
                  87.9%

                   

                	
                  70.3%

                   

                
	
                  (J)

                   

                	
                  Fixed-rate
                    Treasuries having a remaining maturity of greater than 20 years
                    but not
                    more than 30 years.

                   

                	
                  88.6%

                   

                	
                  70.9%

                   

                	
                  84.6%

                   

                	
                  67.7%

                   

                
	
                  (K)

                   

                	
                  Floating-rate
                    Agency Securities:  Floating-rate negotiable debt
                    obligations of the Federal National Mortgage Association (FNMA),
                    Federal
                    Home Loan Mortgage Corporation (FHLMC), Federal Home Loan Banks
                    (FHLB),
                    Federal Farm Credit Banks (FFCB), Tennessee Valley Authority
                    (TVA)
                    (collectively, “Floating-rate Agency Securities”) (all
                    maturities).

                   

                	
                  n/a

                   

                	
                  n/a

                   

                	
                  n/a

                   

                	
                  n/a

                   

                
	
                  (L)

                   

                	
                  Fixed-rate
                    Agency Securities: fixed-rate negotiable debt obligations of the
                    Federal National Mortgage Association (FNMA), Federal Home Loan
                    Mortgage
                    Corporation (FHLMC), Federal Home Loan Banks (FHLB), Federal
                    Farm Credit
                    Banks (FFCB), Tennessee Valley Authority (TVA) (collectively,
                    “Fixed-rate Agency Securities”) issued after July 18, 1984 and
                    having a remaining maturity of not more than 1 year.

                   

                	
                  98.5%

                   

                	
                  78.8%

                	
                  98%

                   

                	
                  78.4%

                   

                
	
                  (M)

                   

                	
                  Fixed-rate
                    Agency Securities having a remaining maturity of greater than
                    1 year but
                    not more than 2 years.

                   

                	
                  98.0%

                   

                	
                  78.4%

                	
                  98%

                   

                	
                  78.4%

                   

                
	
                  (N)

                   

                	
                  Fixed-rate
                    Agency Securities having a remaining maturity of greater than
                    2 years but
                    not more than 3 years.

                   

                	
                  98.0%

                   

                	
                  78.4%

                	
                  98%

                   

                	
                  78.4%

                   

                
	
                  (O)

                   

                	
                  Fixed-rate
                    Agency Securities having a remaining maturity of greater than
                    3 years but
                    not more than 5 years.

                   

                	
                  98.0%

                   

                	
                  78.4%

                	
                  98%

                   

                	
                  78.4%

                   

                
	
                  (P)

                   

                	
                  Fixed-rate
                    Agency Securities having a remaining maturity of greater than
                    5 years but
                    not more than 7 years.

                   

                	
                  92.6%

                   

                	
                  74.1%

                	
                  92.6%

                   

                	
                  74.1%

                   

                
	
                  (Q)

                   

                	
                  Fixed-rate
                    Agency Securities having a remaining maturity of greater than
                    7 years but
                    not more than 10 years.

                   

                	
                  92.6%

                   

                	
                  74.1%

                	
                  92.6%

                   

                	
                  74.1%

                   

                
	
                  (R)

                   

                	
                  Fixed-rate
                    Agency Securities having a remaining maturity of greater than
                    10 years but
                    not more than 20 years.

                   

                	
                  87.7%

                   

                	
                  70.2%

                	
                  82.6%

                   

                	
                  66.1%

                   

                
	
                  (S)

                   

                	
                  Fixed-rate
                    Agency Securities having a remaining maturity of greater than
                    20 years but
                    not more than 30 years.

                   

                	
                  84.4%

                   

                	
                  67.5%

                	
                  77.9%

                   

                	
                  62.3%

                   

                
	
                  (T)

                   

                	
                  FHLMC
                    Certificates. Mortgage participation certificates issued by FHLMC
                    evidencing undivided interests or participations in pools of
                    first lien
                    conventional or FHA/VA residential mortgages or deeds of trust,
                    guaranteed
                    by FHLMC, issued after July 18, 1984 and having a remaining maturity
                    of
                    not more than 30 years.

                   

                	
                  *

                   

                	
                  *

                   

                	
                  *

                   

                	
                  *

                   

                
	
                  (U)

                   

                	
                  FNMA
                    Certificates. Mortgage-backed pass-through certificates issued by
                    FNMA evidencing undivided interests in pools of first lien mortgages
                    or
                    deeds of trust on residential properties, guaranteed by FNMA,
                    issued after
                    July 18, 1984 and having a remaining maturity of not more than
                    30
                    years.

                   

                	
                  *

                   

                	
                  *

                   

                	
                  *

                   

                	
                  *

                   

                
	
                  (V)

                   

                	
                  GNMA
                    Certificates. Mortgage-backed pass-through certificates issued by
                    private entities, evidencing undivided interests in pools of
                    first lien
                    mortgages or deeds of trust on single family residences, guaranteed
                    by the
                    Government National Mortgage Association (GNMA) with the full
                    faith and
                    credit of the United States, issued after July 18, 1984 and having
                    a
                    remaining maturity of not more than 30 years.

                   

                	
                  *

                   

                	
                  *

                   

                	
                  *

                   

                	
                  *

                   

                
	
                  (W)

                   

                	
                  Commercial
                    Mortgage-Backed Securities. Floating rate commercial mortgage-backed
                    securities rated AAA by two major rating agencies (including
                    S&P if
                    S&P is a Rating Agency hereunder) with a minimum par or face amount
                    of
                    $250 million (excluding securities issued under Rule 144A)
                    (“Commercial Mortgage-Backed Securities”) having a remaining
                    maturity of not more than 5 years.

                   

                	
                  *

                   

                	
                  *

                   

                	
                  95.2%

                   

                	
                  76.2%

                   

                
	
                  (X)

                   

                	
                  Commercial
                    Mortgage-Backed Securities having a remaining maturity of more
                    than 5
                    years and not more than 10 years.

                   

                	
                  *

                   

                	
                  *

                   

                	
                  87.0%

                   

                	
                  69.6%

                   

                
	
                  (Y)

                   

                	
                  Commercial
                    Mortgage-Backed Securities having a remaining maturity of more
                    than 10
                    years.

                   

                	
                  *

                   

                	
                  *

                   

                	
                  *

                   

                	
                  *

                   

                
	
                  (Z)

                   

                	
                  Commercial
                    Paper. Commercial Paper with a rating of at least P-1 by Moody’s and
                    at least A-1+ by S&P and having a remaining maturity of not more than
                    30 days.

                   

                	
                  *

                   

                	
                  *

                   

                	
                  *

                   

                	
                  *

                   

                
	
                  (AA)

                   

                	
                  Other
                    Items of Credit Support approved by the Rating Agencies to the
                    extent the
                    Certificates or any Notes are rated.

                   

                	
                  *

                   

                	
                  *

                   

                	
                  *

                   

                	
                  *

                   

                

        

         

        *
          to be
          completed with valuation percentages supplied or published by
          S&P.

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        In
          addition to the foregoing, the
          following will constitute Eligible Collateral, at the valuation percentages
          indicated (weekly valuation basis) or to be supplied or as published by
          S&P
          (daily valuation basis):

         

        
          	
                  Other
                    Eligible Collateral and Valuation Percentages (S&P)

                   

                
	
                  Eligible
                    Collateral

                  (Cash
                    and Securities)

                   

                	
                  Valuation
                    Percentage

                  (Daily)

                  A

                   

                	
                  Valuation
                    Percentage

                  (Daily)

                  B

                   

                	
                  Valuation
                    Percentage

                  (Weekly)

                  A

                   

                	
                  Valuation
                    Percentage

                  (weekly)

                  B

                   

                
	
                  Cash

                   

                	
                  100%

                   

                	
                  80%

                   

                	
                  100%

                   

                	
                  80%

                   

                
	
                  Category
                    No. 1: U.S. treasuries (current coupon, constant maturity), 'AAA'
                    U.S.
                    agencies, 'AAA' covered bonds (floating), 'AAA' sovereign bonds
                    (floating), 'AAA', 'AA' credit card ABS (floating), 'AAA', 'AA'
                    auto ABS
                    (floating), and 'AAA' U.S. student loan ABS (floating) having
                    a remaining
                    maturity of less than five years

                   

                	
                  *

                   

                	
                  *

                   

                	
                  98%

                   

                	
                  78.4%

                   

                
	
                  Category
                    No. 1: U.S. treasuries (current coupon, constant maturity), 'AAA'
                    U.S.
                    agencies, 'AAA' covered bonds (floating), 'AAA' sovereign bonds
                    (floating), 'AAA', 'AA' credit card ABS (floating), 'AAA', 'AA'
                    auto ABS
                    (floating), and 'AAA' U.S. student loan ABS (floating) having
                    a remaining
                    maturity of greater than or equal to five years and less than
                    or equal to
                    10 years

                   

                	
                  *

                   

                	
                  *

                   

                	
                  92%

                   

                	
                  74.1%

                   

                
	
                  Category
                    No. 2: 'AAA' covered bonds (fixed), 'AAA' sovereign bonds (fixed),
                    'A'
                    credit card ABS (floating), 'A' auto ABS (floating), 'AAA' CMBS
                    (floating), 'AAA' CDO (floating) 'AA', 'A' U.S. student loan
                    ABS
                    (floating), and 'AAA, 'AA' corporate bonds (fixed or floating)
                    having a
                    remaining maturity of less than five years

                   

                	
                  *

                   

                	
                  *

                   

                	
                  95%

                   

                	
                  76%

                   

                
	
                  Category
                    No. 2: 'AAA' covered bonds (fixed), 'AAA' sovereign bonds (fixed),
                    'A'
                    credit card ABS (floating), 'A' auto ABS (floating), 'AAA' CMBS

                    (floating), 'AAA' CDO (floating), 'AA', 'A' U.S. student loan
                    ABS
                    (floating), and 'AAA', 'AA' U.S. and European corporate bonds
                    (fixed or
                    floating) having a remaining maturity of greater than or equal
                    to five
                    years and less than or equal to 10 years

                   

                	
                  *

                   

                	
                  *

                   

                	
                  87%

                   

                	
                  69.6%

                   

                
	
                  Category
                    No. 3: 'BBB' credit card ABS (floating), 'BBB' auto ABS (floating),
                    AA',
                    'A' CDO (floating), 'BBB' U.S. student loan ABS (floating), and
                    'A'
                    corporate bonds (fixed or floating) having a remaining maturity
                    of less
                    than five years

                   

                	
                  *

                   

                	
                  *

                   

                	
                  80%

                   

                	
                  64%

                   

                
	
                  Category
                    No. 3: 'BBB' credit card ABS (floating), 'BBB' auto ABS (floating),
                    'AA',
                    'A' CDO (floating), 'BBB' U.S. student loan ABS (floating), and
                    'A'
                    corporate bonds (fixed or floating) having a remaining maturity
                    of greater
                    than or equal to five years and less than or equal to 10
                    years

                   

                	
                  *

                   

                	
                  *

                   

                	
                  71.4%

                   

                	
                  57.1%

                   

                

        

         

        *
          To be
          completed with valuation percentages supplied or published by
          S&P.

         

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        Table
          2A

        Moody’s
          First Trigger Factor

         

        Valuation
          Date (and Valuation Percentage column):  Daily

        The
          following percentages shall be used in the calculation of the Moody's First
          Trigger Factor.

         

        
          	
                  Weighted
                    Average Life of

                  Transaction
                    in Years

                   

                	
                  Valuation
                    Date (Daily)

                   

                	
                  Valuation
                    Date (Weekly)

                   

                
	
                  1
                    or less

                   

                	
                  0.15%

                   

                	
                  0.25%

                   

                
	
                  More
                    than 1 but not more than 2

                   

                	
                  0.30%

                   

                	
                  0.50%

                   

                
	
                  More
                    than 2 but not more than 3

                   

                	
                  0.40%

                   

                	
                  0.70%

                   

                
	
                  More
                    than 3 but not more than 4

                   

                	
                  0.60%

                   

                	
                  1.00%

                   

                
	
                  More
                    than 4 but not more than 5

                   

                	
                  0.70%

                   

                	
                  1.20%

                   

                
	
                  More
                    than 5 but not more than 6

                   

                	
                  0.80%

                   

                	
                  1.40%

                   

                
	
                  More
                    than 6 but not more than 7

                   

                	
                  1.00%

                   

                	
                  1.60%

                   

                
	
                  More
                    than 7 but not more than 8

                   

                	
                  1.10%

                   

                	
                  1.80%

                   

                
	
                  More
                    than 8 but not more than 9

                   

                	
                  1.20%

                   

                	
                  2.00%

                   

                
	
                  More
                    than 9 but not more than 10

                   

                	
                  1.30%

                   

                	
                  2.20%

                   

                
	
                  More
                    than 10 but not more than 11

                   

                	
                  1.40%

                   

                	
                  2.30%

                   

                
	
                  More
                    than 11 but not more than 12

                   

                	
                  1.50%

                   

                	
                  2.50%

                   

                
	
                  More
                    than 12 but not more than 13

                   

                	
                  1.60%

                   

                	
                  2.70%

                   

                
	
                  More
                    than 13 but not more than 14

                   

                	
                  1.70%

                   

                	
                  2.80%

                   

                
	
                  More
                    than 14 but not more than 15

                   

                	
                  1.80%

                   

                	
                  3.00%

                   

                
	
                  More
                    than 15 but not more than 16

                   

                	
                  1.90%

                   

                	
                  3.20%

                   

                
	
                  More
                    than 16 but not more than 17

                   

                	
                  2.00%

                   

                	
                  3.30%

                   

                
	
                  More
                    than 17 but not more than 18

                   

                	
                  2.00%

                   

                	
                  3.50%

                   

                
	
                  More
                    than 18 but not more than 19

                   

                	
                  2.00%

                   

                	
                  3.60%

                   

                
	
                  More
                    than 20 but not more than 21

                   

                	
                  2.00%

                   

                	
                  3.70%

                   

                
	
                  More
                    than 21 but not more than 22

                   

                	
                  2.00%

                   

                	
                  3.90%

                   

                
	
                  More
                    than 22

                   

                	
                  2.00%

                   

                	
                  4.00%

                   

                

        

        

        
 

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        

        Table
          2B

        Moody’s
          Second TriggerFactor

        (Transaction
          Specific hedges)

         

        Valuation
          Date (and Valuation Percentage column):  Daily

        The
          following percentages shall be used in the calculation of the Moody's Second
          Trigger Factor with respect to any Transaction that is a Transaction-Specific
          Hedge.

         

        
          	
                  Weighted
                    Average Life of Transaction in Years

                   

                	
                  Valuation
                    Date (Daily)

                   

                	
                  Valuation
                    Date (Weekly)

                   

                
	
                  1
                    or less

                   

                	
                  0.65%

                   

                	
                  0.75%

                   

                
	
                  More
                    than 1 but not more than 2

                   

                	
                  1.30%

                   

                	
                  1.50%

                   

                
	
                  More
                    than 2 but not more than 3

                   

                	
                  1.90%

                   

                	
                  2.20%

                   

                
	
                  More
                    than 3 but not more than 4

                   

                	
                  2.50%

                   

                	
                  2.90%

                   

                
	
                  More
                    than 4 but not more than 5

                   

                	
                  3.10%

                   

                	
                  3.60%

                   

                
	
                  More
                    than 5 but not more than 6

                   

                	
                  3.60%

                   

                	
                  4.20%

                   

                
	
                  More
                    than 6 but not more than 7

                   

                	
                  4.20%

                   

                	
                  4.80%

                   

                
	
                  More
                    than 7 but not more than 8

                   

                	
                  4.70%

                   

                	
                  5.40%

                   

                
	
                  More
                    than 8 but not more than 9

                   

                	
                  5.20%

                   

                	
                  6.00%

                   

                
	
                  More
                    than 9 but not more than 10

                   

                	
                  5.70%

                   

                	
                  6.60%

                   

                
	
                  More
                    than 10 but not more than 11

                   

                	
                  6.10%

                   

                	
                  7.00%

                   

                
	
                  More
                    than 11 but not more than 12

                   

                	
                  6.50%

                   

                	
                  7.50%

                   

                
	
                  More
                    than 12 but not more than 13

                   

                	
                  7.00%

                   

                	
                  8.00%

                   

                
	
                  More
                    than 13 but not more than 14

                   

                	
                  7.40%

                   

                	
                  8.50%

                   

                
	
                  More
                    than 14 but not more than 15

                   

                	
                  7.80%

                   

                	
                  9.00%

                   

                
	
                  More
                    than 15 but not more than 16

                   

                	
                  8.20%

                   

                	
                  9.50%

                   

                
	
                  More
                    than 16 but not more than 17

                   

                	
                  8.60%

                   

                	
                  9.90%

                   

                
	
                  More
                    than 17 but not more than 18

                   

                	
                  9.00%

                   

                	
                  10.40%

                   

                
	
                  More
                    than 18 but not more than 19

                   

                	
                  9.40%

                   

                	
                  10.80%

                   

                
	
                  More
                    than 20 but not more than 21

                   

                	
                  9.70%

                   

                	
                  11.00%

                   

                
	
                  More
                    than 21 but not more than 22

                   

                	
                  10.00%

                   

                	
                  11.00%

                   

                
	
                  More
                    than 22

                   

                	
                  10.00%

                   

                	
                  11.00%

                   

                

        

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

         

        Table
          2C

        Moody’s
          Second Trigger Factor

        (Non-Transaction
          Specific hedges)

         

        Valuation
          Date (and Valuation Percentage column):  Daily

        The
          following percentages shall be used in the calculation of the Moody's Second
          Trigger Factor with respect to any Transaction that is not a
          Transaction-Specific Hedge.

         

        
          	
                  Weighted
                    Average Life of Transaction in Years

                   

                	
                  Valuation
                    Date (Daily)

                   

                	
                  Valuation
                    Date (Weekly)

                   

                
	
                  1
                    or less

                   

                	
                  0.50%

                   

                	
                  0.60%

                   

                
	
                  More
                    than 1 but not more than 2

                   

                	
                  1.00%

                   

                	
                  1.20%

                   

                
	
                  More
                    than 2 but not more than 3

                   

                	
                  1.50%

                   

                	
                  1.70%

                   

                
	
                  More
                    than 3 but not more than 4

                   

                	
                  1.90%

                   

                	
                  2.30%

                   

                
	
                  More
                    than 4 but not more than 5

                   

                	
                  2.40%

                   

                	
                  2.80%

                   

                
	
                  More
                    than 5 but not more than 6

                   

                	
                  2.80%

                   

                	
                  3.30%

                   

                
	
                  More
                    than 6 but not more than 7

                   

                	
                  3.20%

                   

                	
                  3.80%

                   

                
	
                  More
                    than 7 but not more than 8

                   

                	
                  3.60%

                   

                	
                  4.30%

                   

                
	
                  More
                    than 8 but not more than 9

                   

                	
                  4.00%

                   

                	
                  4.80%

                   

                
	
                  More
                    than 9 but not more than 10

                   

                	
                  4.40%

                   

                	
                  5.30%

                   

                
	
                  More
                    than 10 but not more than 11

                   

                	
                  4.70%

                   

                	
                  5.60%

                   

                
	
                  More
                    than 11 but not more than 12

                   

                	
                  5.00%

                   

                	
                  6.00%

                   

                
	
                  More
                    than 12 but not more than 13

                   

                	
                  5.40%

                   

                	
                  6.40%

                   

                
	
                  More
                    than 13 but not more than 14

                   

                	
                  5.70%

                   

                	
                  6.80%

                   

                
	
                  More
                    than 14 but not more than 15

                   

                	
                  6.00%

                   

                	
                  7.20%

                   

                
	
                  More
                    than 15 but not more than 16

                   

                	
                  6.30%

                   

                	
                  7.60%

                   

                
	
                  More
                    than 16 but not more than 17

                   

                	
                  6.60%

                   

                	
                  7.90%

                   

                
	
                  More
                    than 17 but not more than 18

                   

                	
                  6.90%

                   

                	
                  8.30%

                   

                
	
                  More
                    than 18 but not more than 19

                   

                	
                  7.20%

                   

                	
                  8.60%

                   

                
	
                  More
                    than 20 but not more than 21

                   

                	
                  7.50%

                   

                	
                  9.00%

                   

                
	
                  More
                    than 21 but not more than 22

                   

                	
                  7.80%

                   

                	
                  9.00%

                   

                
	
                  More
                    than 22

                   

                	
                  8.00%

                   

                	
                  9.00%

                   

                

        

        

      

       

      
         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

          Annex
            B

           

        

        Item
          1115 Agreement

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

      

       

      EXHIBIT
        P

       

      SWAP
        AGREEMENT

       

      
        

         

        
           

           

          
            
              	
                      DATE:

                    	
                      June
                        29, 2007

                    
	 	 
	
                      TO:

                    	
                      HSBC
                        Bank USA, National Association, not in its individual capacity,
                        but solely
                        as the Supplemental Interest Trust Trustee on behalf of the
                        Supplemental
                        Interest Trust with respect to the Nomura Asset Acceptance
                        Corporation
                        Alternative Loan Trust Series 2007-2, Mortgage Pass-Through
                        Certificates

                    
	 	 
	
                      ATTENTION:

                    	
                      CTLA-NAAC
                        2007-2

                    
	
                      TELEPHONE:

                    	
                      212-525-1367

                    
	
                      FACSIMILE:

                    	
                      212-525-1300

                    
	 	 
	
                      FROM:

                    	
                      The
                        Bank of New York

                    
	 	
                      Derivative
                        Products Support Department

                    
	 	
                      Attn:
                        Swap Confirmation Dept.

                    
	
                      TELEPHONE:

                    	
                      212-804-5163/5103

                    
	
                      FACSIMILE:

                    	
                      212-804-5818/5837

                    
	 	 
	
                      SUBJECT:

                    	
                      Interest
                        Rate Swap

                    
	 	 
	
                      REFERENCE
                        NUMBER:

                    	
                      39553

                    

            

The
            purpose of this long-form confirmation (“Long-form
            Confirmation”) is to confirm the terms and conditions
            of the current Transaction entered into on the Trade Date specified below
            (the
“Transaction”) between The Bank of New York (“Party
            A”) and HSBC Bank USA, National Association, not
            in its individual capacity, but solely as the supplemental interest trust
            trustee (the “Supplemental Interest Trust Trustee”) on behalf of the
            supplemental interest trust (the “Supplemental Interest Trust”) with respect to
            the Nomura Asset Acceptance Corporation, Alternative Loan Trust Series
            2007-2,
            Mortgage Pass-Through Certificates (“Party B”) created under the pooling and
            servicing agreement, dated as of June 1, 2007, among Nomura Asset Acceptance
            Corporation (the “Depositor), Nomura Credit & Capital, Inc. (the “Sponsor”),
            GMAC Mortgage, LLC ( “GMAC”), Wells Fargo Bank, National Association (the
“Master Servicer” and “Securities Administrator”), and HSBC Bank USA, National
            Association (the “Trustee”)

          ,
            (the
“Pooling and Servicing Agreement”).  This Long-form
            Confirmation evidences a complete and binding agreement between you and
            us to
            enter into the Transaction on the terms set forth below and replaces
            any
            previous agreement between us with respect to the subject matter
            hereof.  Item 2 of this Long-form Confirmation constitutes a
“Confirmation” as referred to in the ISDA Master Agreement
            (defined below); Item 3 of this Long-form Confirmation constitutes a
            “Schedule” as referred to in the ISDA Master Agreement; and
            Annex A hereto constitutes Paragraph 13 of a Credit Support Annex to
            the
            Schedule.

          

          
            	
                    Item
                      1.

                  	
                    The
                      Confirmation set forth at Item 2 hereof shall supplement, form
                      a part of,
                      and be subject to an agreement in the form of the ISDA Master
                      Agreement
                      (Multicurrency - Cross Border) as published and copyrighted
                      in 1992 by the
                      International Swaps and Derivatives Association, Inc. (the
“ISDA
                      Master Agreement”), as if Party A and Party B had executed an
                      agreement in such form on the date hereof, with a Schedule
                      as set forth in
                      Item 3 of this Long-form Confirmation, and an ISDA Credit Support
                      Annex
                      (Bilateral Form - ISDA Agreements Subject to New York Law Only
                      version) as
                      published and copyrighted in 1994 by the International Swaps
                      and
                      Derivatives Association, Inc., with Paragraph 13 thereof as
                      set forth in
                      Annex A hereto (the “Credit Support
                      Annex”).  For the avoidance of doubt, the Transaction
                      described herein shall be the sole Transaction governed by
                      such ISDA
                      Master Agreement.

                  

          

          

          

          
            	
                    Item
                      2.

                  	
                    The
                      terms of the particular Transaction to which this Confirmation
                      relates are
                      as follows:

                  

          

           

          
            
              	
                      Type
                        of Transaction:

                    	
                      Interest
                        Rate Swap

                    
	 	 
	
                      Notional
                        Amount:

                    	
                      With
                        respect to any Calculation Period, the amount set forth for
                        such period on
                        Schedule I attached hereto.

                    
	 	 
	
                      Trade
                        Date:

                    	
                      June
                        27, 2007

                    
	 	 
	
                      Effective
                        Date:

                    	
                      June
                        29, 2007

                    
	 	 
	
                      Termination
                        Date:

                    	
                      June
                        25, 2012, subject to adjustment in accordance with the Following
                        Business
                        Day Convention.

                    
	 	 
	
                      Fixed
                        Amounts:

                    	 
	 	 
	
                      Fixed
                        Rate Payer:

                    	
                      Party
                        B

                    
	 	 
	
                      Fixed
                        Rate Payer

                    	 
	
                      Period
                        End Dates:

                    	
                      The
                        25th calendar day of each month during the Term of this Transaction,
                        commencing July 25, 2007, and ending on the Termination Date,
                        subject to
                        adjustment in accordance with the Business Day
                        Convention.

                    
	 	 
	
                      Fixed
                        Rate Payer

                    	 
	
                      Payment
                        Dates:

                    	
                      The
                        25th calendar day of each month during the Term of this Transaction,
                        commencing July 25, 2007, and ending on the Termination Date,
                        subject to
                        adjustment in accordance with the Business Day
                        Convention.

                    
	 	 
	
                      Fixed
                        Rate:

                    	
                      5.600%

                    
	 	 
	
                      Fixed
                        Rate Day

                    	 
	
                      Count
                        Fraction:

                    	
                      30/360

                    
	 	 
	
                      Floating
                        Amounts:

                    	 
	 	 
	
                      Floating
                        Rate Payer:

                    	
                      Party
                        A

                    
	 	 
	
                      Floating
                        Rate Payer

                    	 
	
                      Period
                        End Dates:

                    	
                      The
                        25th calendar day of each month during the Term of this Transaction,
                        commencing July 25, 2007, and ending on the Termination Date,
                        subject to
                        adjustment in accordance with the Business Day
                        Convention.

                    
	 	 
	 	 
	
                      Floating
                        Rate Payer

                    	 
	
                      Payment
                        Dates:

                    	
                      Early
                        Payment shall be applicable. The Floating Rate Payer Payment
                        Date shall be
                        one (1) Business Day preceding each Floating Rate Payer Period
                        End
                        Date.

                    
	 	 
	
                      Floating
                        Rate for initial

                    	 
	
                      Calculation
                        Period:

                    	
                      5.32%

                    
	 	 
	
                      Floating
                        Rate Option:

                    	
                      USD-LIBOR-BBA

                    
	 	 
	
                      Designated
                        Maturity:

                    	
                      One
                        month

                    
	 	 
	
                      Floating
                        Rate Day

                    	 
	
                      Count
                        Fraction:

                    	
                      Actual/360

                    
	 	 
	
                      Reset
                        Dates:

                    	
                      The
                        first day of each Calculation Period.

                    
	 	 
	
                      Compounding:

                    	
                      Inapplicable

                    
	 	 
	
                      Business
                        Days:

                    	
                      New
                        York

                    
	 	 
	
                      Business
                        Day Convention:

                    	
                      Following

                    
	 	 
	
                      Additional
                        Payment:

                    	
                      see
                        upfront fee letter dated June 29,
                        2007

                    

          

          
            	
                    Item
                      3.

                  	
                    Provisions
                      Deemed Incorporated in a Schedule to the ISDA Master
                      Agreement:

                  

          

          

          
            	
                    Part
                      1.

                  	
                    Termination
                      Provisions.

                  

          

          

          For
            the
            purposes of this Agreement:-

          

          (a)           “Specified
            Entity” will not apply to Party A or Party B for any
            purpose.

          

          
            	
                    (b)

                  	
                    “Specified
                      Transaction” will have the meaning specified in Section
                      14.

                  

          

          

          
            	
                    (c)

                  	
                    Events
                      of Default.

                  

          

          

          The
            statement below that an Event of Default will apply to a specific party
            means
            that upon the occurrence of such an Event of Default with respect to
            such party,
            the other party shall have the rights of a Non-defaulting Party under
            Section 6
            of this Agreement; conversely, the statement below that such event will
            not
            apply to a specific party means that the other party shall not have such
            rights.

          

          
            	
                    (i)  

                  	
                    The
                      “Failure to Pay or Deliver” provisions of Section 5(a)(i)
                      will apply to Party A and will apply to Party B; provided,
                      however, that
                      Section 5(a)(i) is hereby amended by replacing the word “third” with the
                      word “first”; provided, further, that notwithstanding anything to the
                      contrary in Section 5(a)(i), any failure by Party A to comply
                      with or
                      perform any obligation to be complied with or performed by
                      Party A under
                      the Credit Support Annex shall not constitute an Event of Default
                      under
                      Section 5(a)(i) unless a Moody’s Second Trigger Downgrade Event has
                      occurred and is continuing and at least 30 Local Business Days
                      have
                      elapsed since such Moody’s Second Trigger Downgrade Event first
                      occurred.

                  

          

          

          
            	
                    (ii)  

                  	
                    The
                      “Breach of Agreement” provisions of Section 5(a)(ii) will
                      apply to Party A and will not apply to Party
                      B.

                  

          

          

          
            	
                    (iii)  

                  	
                    The
                      “Credit Support Default” provisions of Section 5(a)(iii)
                      will apply to Party A and will not apply to Party B except
                      that Section
                      5(a)(iii)(1) will apply to Party B solely in respect of Party
                      B’s
                      obligations under Paragraph 3(b) of the Credit Support Annex;
                      provided,
                      however, that notwithstanding anything to the contrary in Section
                      5(a)(iii)(1), any failure by Party A to comply with or perform
                      any
                      obligation to be complied with or performed by Party A under
                      the Credit
                      Support Annex shall not constitute an Event of Default under
                      Section
                      5(a)(iii) unless a Moody’s Second Trigger Downgrade Event has occurred and
                      is continuing and at least 30 Local Business Days have elapsed
                      since such
                      Moody’s Second Trigger Downgrade Event first
                      occurred.

                  

          

          

          
            	
                    (iv)  

                  	
                    The
                      “Misrepresentation” provisions of Section 5(a)(iv) will
                      apply to Party A and will not apply to Party
                      B.

                  

          

          

          
            	
                    (v)  

                  	
                    The
                      “Default under Specified Transaction” provisions of
                      Section 5(a)(v) will apply to Party A and will not apply to
                      Party
                      B.

                  

          

          

          
            	
                    (vi)  

                  	
                    The
                      “Cross Default” provisions of Section 5(a)(vi) will apply
                      to Party A and will not apply to Party B.  For purposes of
                      Section 5(a)(vi), solely with respect to Party
                      A:

                  

          

          

          “Specified
            Indebtedness” will have the meaning specified in Section 14 ,except that such
            term shall not include obligations in respect of deposits received in
            the
            ordinary course of Party A’s banking business.

          

          “Threshold
            Amount” means with respect to Party A an amount equal to three percent (3%) of
            the shareholders’ equity of Party A or, if applicable, a guarantor under an
            Eligible Guarantee with credit ratings at least equal to the S&P Required
            Ratings Threshold and the Moody’s Second Trigger Threshold (as shown in the most
            recent annual audited financial statements of such entity determined
            in
            accordance with generally accepted accounting principles).

          

          
            	
                    (vii)  

                  	
                    The
                      “Bankruptcy” provisions of Section 5(a)(vii) will apply
                      to Party A and will apply to Party B; provided, however, that,
                      for
                      purposes of applying Section 5(a)(vii) to Party B: (A) Section
                      5(a)(vii)(2) shall not apply, (B) Section 5(a)(vii)(3) shall
                      not apply to
                      any assignment, arrangement or composition that is effected
                      by or pursuant
                      to the Pooling and Servicing Agreement, (C) Section 5(a)(vii)(4)
                      shall not
                      apply to a proceeding instituted, or a petition presented,
                      by Party A or
                      any of its Affiliates (for purposes of Section 5(a)(vii)(4),
                      Affiliate
                      shall have the meaning set forth in Section 14, notwithstanding
                      anything
                      to the contrary in this Agreement), (D) Section 5(a)(vii)(6)
                      shall not
                      apply to any appointment that is effected by or pursuant to
                      the Pooling
                      and Servicing Agreement, or any appointment to which Party
                      B has not yet
                      become subject; (E) Section 5(a)(vii) (7) shall not apply;
                      (F) Section
                      5(a)(vii)(8) shall apply only to the extent of any event which
                      has an
                      effect analogous to any of the events specified in clauses
                      (1), (3), (4),
                      (5) or (6) of Section 5(a)(vii), in each case as modified in
                      this Part
                      1(c)(vii), and (G) Section 5(a)(vii)(9) shall not
                      apply.

                  

          

          

          
            	
                    (viii)  

                  	
                    The
                      “Merger Without Assumption” provisions of Section
                      5(a)(viii) will apply to Party A and will apply to Party
                      B.

                  

          

          

          (d)           Termination
            Events.

          

          The
            statement below that a Termination Event will apply to a specific party
            means
            that upon the occurrence of such a Termination Event, if such specific
            party is
            the Affected Party with respect to a Tax Event, the Burdened Party with
            respect
            to a Tax Event Upon Merger (except as noted below) or the non-Affected
            Party
            with respect to a Credit Event Upon Merger, as the case may be, such
            specific
            party shall have the right to designate an Early Termination Date in
            accordance
            with Section 6 of this Agreement; conversely, the statement below that
            such an
            event will not apply to a specific party means that such party shall
            not have
            such right; provided, however, with respect to “Illegality” the statement that
            such event will apply to a specific party means that upon the occurrence
            of such
            a Termination Event with respect to such party, either party shall have
            the
            right to designate an Early Termination Date in accordance with Section
            6 of
            this Agreement.

          

          (i)           The
            “Illegality” provisions of Section 5(b)(i) will apply to Party
            A and will apply to Party B.

          

          
            	
                     

                  	
                    (ii)

                  	
                    The
                      “Tax Event” provisions of Section 5(b)(ii) will apply
                      to
                      Party A except that, for purposes of the application of Section
                      5(b)(ii)
                      to Party A, Section 5(b)(ii) is hereby amended by deleting
                      the words “(x)
                      any action taken by a taxing authority, or brought in a court
                      of competent
                      jurisdiction, on or after the date on which a Transaction is
                      entered into
                      (regardless of whether such action is taken or brought with
                      respect to a
                      party to this Agreement) or (y)”, and the “Tax Event”
                      provisions of Section 5(b)(ii) will apply to Party
                      B.

                  

          

          

          
            	
                     

                  	
                    (iii)

                  	
                    The
                      “Tax Event Upon Merger” provisions of Section 5(b)(iii)
                      will apply to Party A and will apply to Party B, provided that
                      Party A
                      shall not be entitled to designate an Early Termination Date
                      by reason of
                      a Tax Event upon Merger in respect of which it is the Affected
                      Party.

                  

          

          

          
            	
                     

                  	
                    (iv)

                  	
                    The
                      “Credit Event Upon Merger” provisions of Section 5(b)(iv)
                      will not apply to Party A and will not apply to Party
                      B.

                  

          

          

          
            	
                    (e)

                  	
                    The
                      “Automatic Early Termination” provision of Section 6(a)
                      will not apply to Party A and will not apply to Party
                      B.

                  

          

          

          (f)           Payments
            on Early Termination.  For the purpose of Section 6(e) of
            this Agreement:

          

          
            	
                    (i)  

                  	
                    Market
                      Quotation will apply, provided, however, that, notwithstanding
                      anything to
                      the contrary in this Agreement, if an Early Termination Date
                      has been
                      designated as a result of a Derivative Provider Trigger Event,
                      the
                      following provisions will apply:

                  

          

          

          
            	
                     

                  	
                    (A)

                  	
                    The
                      definition of Market Quotation in Section 14 shall be deleted
                      in its
                      entirety and replaced with the
                      following:

                  

          

          

          “Market
            Quotation” means, with respect to one or more Terminated
            Transactions, a Firm Offer which is (1) made by an Eligible Replacement,
            (2) for
            an amount that would be paid to Party B (expressed as a negative number)
            or by
            Party B (expressed as a positive number) in consideration of an agreement
            between Party B and such Eligible Replacement to enter into a Replacement
            Transaction, and (3) made on the basis that Unpaid Amounts in respect
            of the
            Terminated Transaction or group of Transactions are to be excluded but,
            without
            limitation, any payment or delivery that would, but for the relevant
            Early
            Termination Date, have been required (assuming satisfaction of each applicable
            condition precedent) after that Early Termination Date is to be
            included.

          

          
            	
                     

                  	
                    (B)

                  	
                    The
                      definition of Settlement Amount shall be deleted in its entirety
                      and
                      replaced with the following:

                  

          

          

          “Settlement
            Amount” means, with respect to any Early Termination Date, an
            amount (as determined by Party B) equal to:

          

          
            	
                     

                  	
                    (a)

                  	
                    if,
                      on or prior to such Early Termination Date, a Market Quotation
                      for the
                      relevant Terminated Transaction or group of Terminated Transactions
                      is
                      accepted by Party B so as to become legally binding, the Termination
                      Currency Equivalent of the amount (whether positive or negative)
                      of such
                      Market Quotation;

                  

          

          

          
            	
                     

                  	
                    (b)

                  	
                    if,
                      on such Early Termination Date, no Market Quotation for the
                      relevant
                      Terminated Transaction or group of Terminated Transactions
                      has been
                      accepted by Party B so as to become legally binding and one
                      or more Market
                      Quotations from Approved Replacements have been communicated
                      to Party B
                      and remain capable of becoming legally binding upon acceptance
                      by Party B,
                      the Termination Currency Equivalent of the amount (whether
                      positive or
                      negative) of the lowest of such Market Quotations (for the
                      avoidance of
                      doubt, (I) a Market Quotation expressed as a negative number
                      is lower than
                      a Market Quotation expressed as a positive number and (II)
                      the lower of
                      two Market Quotations expressed as negative numbers is the
                      one with the
                      largest absolute value); or

                  

          

          

          
            	
                     

                  	
                    (c)

                  	
                    if,
                      on such Early Termination Date, no Market Quotation for the
                      relevant
                      Terminated Transaction or group of Terminated Transactions
                      is accepted by
                      Party B so as to become legally binding and no Market Quotation
                      from an
                      Approved Replacement has been communicated to Party B and remains
                      capable
                      of becoming legally binding upon acceptance by Party B, Party
                      B’s Loss
                      (whether positive or negative and without reference to any
                      Unpaid Amounts)
                      for the relevant Terminated Transaction or group of Terminated
                      Transactions.”

                  

          

          

          
            	
                     

                  	
                    (C)

                  	
                    If
                      Party B requests Party A in writing to obtain Market Quotations,
                      Party A
                      shall use its reasonable efforts to do so before the Early
                      Termination
                      Date.

                  

          

          

          
            	
                     

                  	
                    (D)

                  	
                    If
                      the Settlement Amount is a negative number, Section 6(e)(i)(3)
                      shall be
                      deleted in its entirety and replaced with the
                      following:

                  

          

          

          “(3)
            Second Method and Market Quotation. If the Second Method and Market
            Quotation apply, (I) Party B shall pay to Party A an amount equal to
            the
            absolute value of the Settlement Amount in respect of the Terminated
            Transactions, (II) Party B shall pay to Party A the Termination Currency
            Equivalent of the Unpaid Amounts owing to Party A and (III) Party A shall
            pay to
            Party B the Termination Currency Equivalent of the Unpaid Amounts owing
            to Party
            B; provided, however, that (x) the amounts payable under the immediately
            preceding clauses (II) and (III) shall be subject to netting in accordance
            with
            Section 2(c) of this Agreement and (y) notwithstanding any other provision
            of
            this Agreement, any amount payable by Party A under the immediately preceding
            clause (III) shall not be netted against any amount payable by Party
            B under the
            immediately preceding clause (I).”

          

          
            	
                    (E)  

                  	
                    At
                      any time on or before the Early Termination Date at which two
                      or more
                      Market Quotations from Approved Replacements have been communicated
                      to
                      Party B and remain capable of becoming legally binding upon
                      acceptance by
                      Party B, Party B shall be entitled to accept only the lowest
                      of such
                      Market Quotations (for the avoidance of doubt, (I) a Market
                      Quotation
                      expressed as a negative number is lower than a Market Quotation
                      expressed
                      as a positive number and (II) the lower of two Market Quotations
                      expressed
                      as negative numbers is the one with the largest absolute
                      value).

                  

          

          

          
            	
                    (F)  

                  	
                    In
                      determining whether or not a Firm Offer satisfies clause (B)(y)
                      of the
                      definition of Replacement Transaction and whether or not a
                      transfer
                      satisfies clause (e)(B)(y) of the definition of Permitted Transfer,
                      Party
                      B shall act in a commercially reasonable
                      manner.

                  

          

          

          
            	
                    (ii)  

                  	
                    The
                      Second Method will apply.

                  

          

          

          (g)           “Termination
            Currency” means USD.

          

          (h)           Additional
            Termination Events.  Additional Termination Events will apply
            as provided in Part 5(c).

          

          Part
            2.                      Tax
            Matters.

          

          (a)           Tax
            Representations.

          

          
            	
                     

                  	
                    (i)

                  	
                    Payer
                      Representations.  For the purpose of Section 3(e) of
                      this Agreement:

                  

          

           

          (A)           Party
            A makes the following representation(s):

           

          It
            is not
            required by any applicable law, as modified by the practice of any relevant
            governmental revenue authority, of any Relevant Jurisdiction to make
            any
            deduction or withholding for or on account of any Tax from any payment
            (other
            than interest under Section 2(e), 6(d)(ii) or 6(e) of this Agreement)
            to be made
            by it to the other party under this Agreement.  In making this
            representation, it may rely on: the accuracy of any representations made
            by the
            other party pursuant to Section 3(f) of this Agreement; (ii) the satisfaction
            of
            the agreement contained in Section 4(a)(i) or 4(a)(iii) of this Agreement
            and
            the accuracy and effectiveness of any document provided by the other
            party
            pursuant to Section 4(a)(i) or 4(a)(iii) of this Agreement; and (iii)
            the
            satisfaction of the agreement of the other party contained in Section
            4(d) of
            this Agreement, provided that it shall not be a breach of this representation
            where reliance is placed on clause (ii) and the other party does not
            deliver a
            form or document under Section 4(a)(iii) by reason of material prejudice
            to its
            legal or commercial position.

          

          (B)           Party
            B makes the following representation(s):

          

          None.

          

          (ii)           Payee
            Representations.  For the purpose of Section 3(f) of this
            Agreement:

           

          (A)           Party
            A makes the following representation(s):

          

          (x)
            It is
            a “U.S. person” (as that term is used in section 1.1441-4(a)(3)(ii) of the
            United States Treasury Regulations) for United States federal income
            tax
            purposes, (y) it is a trust company duly organized and existing under
            the laws
            of the State of New York, and (y) its U.S. taxpayer identification number
            is
            135160382.

          

          (B)           Party
            B makes the following representation(s):

          

          None.

          

          
            	
                    (b)

                  	
                    Tax
                      Provisions.

                  

          

          

          
            	
                     

                  	
                    (i)

                  	
                    Gross
                      Up.  Section 2(d)(i)(4) shall not apply to Party B as
                      X, and Section 2(d)(ii) shall not apply to Party B as Y, in each case such
                      that Party B shall not be required to pay any additional amounts
                      referred
                      to therein.

                  

          

          

          
            	
                     

                  	
                    (ii)

                  	
                    Indemnifiable
                      Tax.  The definition of “Indemnifiable Tax” in Section
                      14 is deleted in its entirety and replaced with the
                      following:

                  

          

          

          “Indemnifiable
            Tax” means, in relation to payments by Party A, any Tax and,
            in
            relation to payments by Party B, no Tax.

          

            Part
            3.                      Agreement
            to Deliver Documents. 

          

          (a)           For
            the purpose of Section 4(a)(i), tax forms, documents, or certificates
            to be
            delivered are:

          

          
            	
                    Party
                      required to deliver document

                     

                  	
                    Form/Document/

                    Certificate

                     

                  	
                    Date
                      by which to

                    be
                      delivered

                     

                  
	
                    Party
                      A

                     

                  	
                    A
                      correct, complete and duly executed U.S. Internal Revenue Service
                      Form W-9
                      (or successor thereto) that establishes an exemption from deduction
                      or
                      withholding obligation on payments to Party A under this
                      Agreement.

                     

                  	
                    Upon
                      the execution and delivery of this Agreement

                     

                  
	
                    Party
                      B

                     

                  	
                    A
                      correct, complete and executed U.S. Internal Revenue Service
                      Form W-9,
                      W-8BEN, W-8ECI, or W-8IMY, with appropriate attachments, as
                      applicable, or
                      any other or successor form, in each case that establishes
                      an exemption
                      from deduction or withholding obligations; and any other document
                      reasonably requested to allow Party A to make payments under
                      this
                      Agreement without any deduction or withholding for or on account
                      of any
                      tax.

                     

                  	
                    (i)
                      Before the first Payment Date under this Agreement, (ii) in
                      the case of a
                      U.S. Internal Revenue Service Form W-8ECI, W-8IMY, and W-8BEN
                      that does
                      not include a U.S. taxpayer identification number in line 6,
                      before
                      December 31 of each third succeeding calendar year, (iii) promptly
                      upon
                      reasonable demand by Party A, and (iv) promptly upon receiving
                      actual
                      knowledge that any such form previously provided by Party B
                      has become
                      obsolete or incorrect

                     

                  

          

          

          

          (b)           For
            the purpose of Section 4(a)(ii), other documents to be delivered
            are:

          

          
            	
                    Party
                      required to deliver document

                     

                  	
                    Form/Document/

                    Certificate

                     

                  	
                    Date
                      by which to

                    be
                      delivered

                     

                  	
                    Covered
                      by Section 3(d) Representation

                     

                  
	
                    Party
                      A and

                    Party
                      B

                     

                  	
                    Any
                      documents required by the receiving party to evidence the authority
                      of the
                      delivering party or its Credit Support Provider, if any, for
                      it to execute
                      and deliver the Agreement, this Confirmation, and any Credit
                      Support
                      Documents to which it is a party, and to evidence the authority
                      of the
                      delivering party or its Credit Support Provider to perform
                      its obligations
                      under the Agreement, this Confirmation and any Credit Support
                      Document, as
                      the case may be

                     

                  	
                    Upon
                      the execution and delivery of this Agreement

                     

                  	
                    Yes

                     

                  
	
                    Party
                      A and

                    Party
                      B

                     

                  	
                    A
                      certificate of an authorized officer of the party, as to the
                      incumbency
                      and authority of the respective officers of the party signing
                      the
                      Agreement, this Confirmation, and any relevant Credit Support
                      Document, as
                      the case may be

                     

                  	
                    Upon
                      the execution and delivery of this Agreement

                     

                  	
                    Yes

                     

                  
	
                    Party
                      A

                     

                  	
                    A
                      copy of the quarterly and annual financial statements of Party
                      A for the
                      most recently completed fiscal year and publicly available
                      in its
                      regulatory call report

                     

                  	
                    Promptly
                      upon becoming publicly available; provided,
                      if available on http://www.fdic.gov, such delivery is not
                      required

                     

                  	
                    No

                     

                  
	
                    Party
                      A

                     

                  	
                    An
                      opinion of counsel to Party A as to the enforceability of this
                      Confirmation reasonably acceptable to Party B.

                     

                  	
                    Upon
                      the execution and delivery of this Agreement

                     

                  	
                    No

                     

                  
	
                    Party
                      B

                     

                  	
                    An
                      opinion of counsel to Party B as to the enforceability of this
                      Confirmation reasonably acceptable to Party A.

                     

                  	
                    Upon
                      the execution and delivery of this Agreement

                     

                  	
                    No

                     

                  

          

          

          Part
            4.  Miscellaneous.

          

          
            	
                    (a)

                  	
                    Address
                      for Notices:  For the purposes of Section 12(a) of
                      this Agreement:

                  

          

          

          Address
            for notices or communications
            to Party A:

          

          Address:                The
            Bank of New York

          Swaps
            and
            Derivative Products Group

          Global
            Market Division

          32
            Old
            Slip 15th Floor

          New
            York,
            NY 10286

          Attention:
            Steve Lawler

          Facsimile:
            212-495-1016

          Phone:
            212-804-2137

          

          with
            a
            copy to:

           

          The
            Bank
            of New York

          Swaps
            and
            Derivative Products Group

          32
            Old
            Slip 16th Floor

          New
            York,
            New York 10286

          Attention:
            Andrew Schwartz

          Tele:
            212-804-5103

          Fax:
            212-804-5818/5837

          

          (For
            all
            purposes)

          

          A
            copy of
            any notice or other communication with respect to Sections 5 or 6 should
            also be
            sent to the addresses set out below:

           

          The
            Bank
            of New York

          Legal
            Department

          One
            Wall
            Street – 10th Floor

          New
            York,
            New York 10286

          Attention:
            General Counsel

          

          Address
            for notices or communications
            to Party B:

          

          HSBC
            Bank USA,
            National
            Association

          Attn:
            CTLA - NAAC
            2007-2

          452
Fifth
            Avenue

          New
            York, New
            York 10018

          Elena
            Zheng

          Phone:
            212-525-1367

          Fax
            212-525-1300

          

          With
            a
            copy to:

          

          Wells
            Fargo Bank, N.A.

          9062
            Old
            Annapolis Road

          Columbia,
            MD 21045

          Attn:
            Client Manger NAAC 2007-2

          Phone:
            410-884-2000

          Facsimile:
            410-715-2380

          

          (b)           Process
            Agent.  For the purpose of Section 13(c):

          

          Party
            A
            appoints as its Process Agent:  Not applicable.

          

          Party
            B
            appoints as its Process Agent:  Not applicable.

          

          
            	
                    (c)

                  	
                    Offices.  The
                      provisions of Section 10(a) will apply to this
                      Agreement.

                  

          

          

          
            	
                    (d)

                  	
                    Multibranch
                      Party.  For the purpose of Section 10(c) of this
                      Agreement:

                  

          

          

          Party
            A
            is not a Multibranch Party.

          

          Party
            B
            is not a Multibranch Party.

          

          
            	
                    (e)

                  	
                    Calculation
                      Agent.  The Calculation Agent is Party A; provided,
                      however, that if an Event of Default shall have occurred with
                      respect to
                      Party A, Party B shall have the right to appoint as Calculation
                      Agent a
                      financial institution which would qualify as a Reference Market-maker,
                      reasonably acceptable to Party A, the cost for which shall
                      be borne by
                      Party A.

                  

          

          

          (f)           Credit
            Support Document.

          

          
            	
                     

                  	
                    Party
                      A:

                  	
                    The
                      Credit Support Annex, and any guarantee in support of Party
                      A’s
                      obligations under this Agreement.

                  

          

          

          
            	
                     

                  	
                    Party
                      B:

                  	
                    The
                      Credit Support Annex, solely in respect of Party B’s obligations under
                      Paragraph 3(b) of the Credit Support
                      Annex.

                  

          

          

          
            	
                    (g)

                  	
                    Credit
                      Support Provider.

                  

          

          

          
            	
                     

                  	
                    Party
                      A:

                  	
                    The
                      guarantor under any guarantee in support of Party A’s obligations under
                      this Agreement.

                  

          

          

          
            	
                     

                  	
                    Party
                      B:

                  	
                    None.

                  

          

          

          
            	
                    (h)

                  	
                    Governing
                      Law.  The parties to this Agreement hereby agree that
                      the law of the State of New York shall govern their rights
                      and duties in
                      whole (including any claim or controversy arising out of or
                      relating to
                      this Agreement), without regard to the conflict of law provisions
                      thereof
                      other than New York General Obligations Law Sections 5-1401
                      and
                      5-1402.

                  

          

          

          
            	
                    (i)

                  	
                    Netting
                      of Payments.  Subparagraph (ii) of Section 2(c) will
                      apply to each Transaction
                      hereunder.

                  

          

          

          
            	
                    (j)

                  	
                    Affiliate.  “Affiliate”
                      shall have the meaning assigned thereto in Section 14; provided,
                      however,
                      that Party B shall be deemed to have no Affiliates for purposes
                      of this
                      Agreement, including for purposes of Section
                      6(b)(ii).

                  

          

          

          

          Part
            5.                      Other
            Provisions.

          

          
            	
                    (a)

                  	
                    Definitions.
                      Unless otherwise specified in a Confirmation, this
                      Agreement and
                      each Transaction under this Agreement are subject to the 2000
                      ISDA
                      Definitions as published and copyrighted in 2000 by the International
                      Swaps and Derivatives Association, Inc. (the
                      “Definitions”), and will be governed in all relevant
                      respects by the provisions set forth in the Definitions, without
                      regard to
                      any amendment to the Definitions subsequent to the date
                      hereof.  The provisions of the Definitions are hereby
                      incorporated by reference in and shall be deemed a part of
                      this Agreement,
                      except that (i) references in the Definitions to a “Swap Transaction”
                      shall be deemed references to a “Transaction” for purposes of this
                      Agreement, and (ii) references to a “Transaction” in this Agreement shall
                      be deemed references to a “Swap Transaction” for purposes of the
                      Definitions. Each term capitalized but not defined in this
                      Agreement shall
                      have the meaning assigned thereto in the Pooling and Servicing
                      Agreement.

                  

          

           

          
            	
                     

                  	
                    Each
                      reference herein to a “Section” (unless specifically referencing the
                      Pooling and Servicing Agreement) or to a “Section” “of this Agreement”
                      will be construed as a reference to a Section of the ISDA Master
                      Agreement; each herein reference to a “Part” will be construed as a
                      reference to the Schedule to the ISDA Master Agreement; each
                      reference
                      herein to a “Paragraph” will be construed as a reference to a Paragraph of
                      the Credit Support Annex.

                  

          

           

          (b)           Amendments
            to ISDA Master Agreement.

          

          
            	
                     

                  	
                    (i)

                  	
                    Single
                      Agreement.  Section 1(c) is hereby amended by the
                      adding the words “including, for the avoidance of doubt, the Credit
                      Support Annex” after the words “Master
                      Agreement”.

                  

          

          

          
            	
                     

                  	
                    (ii)

                  	
                    Conditions
                      Precedent.

                  	
                    Section
                      2(a)(iii) is hereby amended by adding the following at the
                      end
                      thereof:

                  

          

          

          Notwithstanding
            anything to the contrary in Section 2(a)(iii)(1), if an Event of Default
            with
            respect to Party B or Potential Event of Default with respect to Party
            B has
            occurred and been continuing for more than 30 Local Business Days and
            no Early
            Termination Date in respect of the Affected Transactions has occurred
            or been
            effectively designated by Party A, the obligations of Party A under Section
            2(a)(i) shall cease to be subject to the condition precedent set forth
            in
            Section 2(a)(iii)(1) with respect to such specific occurrence of such
            Event of
            Default or such Potential Event of Default (the “Specific
            Event”); provided, however, for the avoidance of doubt, the obligations
            of Party A under Section 2(a)(i) shall be subject to the condition precedent
            set
            forth in Section 2(a)(iii)(1) (subject to the foregoing) with respect
            to any
            subsequent occurrence of the same Event of Default with respect to Party
            B or
            Potential Event of Default with respect to Party B after the Specific
            Event has
            ceased to be continuing and with respect to any occurrence of any other
            Event of
            Default with respect to Party B or Potential Event of Default with respect
            to
            Party B that occurs subsequent to the Specific Event.

          

          
            	
                     

                  	
                    (iii)

                  	
                    Change
                      of Account.  Section 2(b) is hereby amended by the
                      addition of the following after the word “delivery” in the first line
                      thereof:

                  

          

           

          “to
            another account in the same legal and tax jurisdiction as the original
            account”.

          

          
            	
                     

                  	
                    (iv)

                  	
                    Representations.  Section
                      3 is hereby amended by adding at the end thereof the following
                      subsection
                      (g):

                  

          

          

          
            	
                     

                  	
                    “(g)

                  	
                    Relationship
                      Between Parties.

                  

          

          

          
            	
                     

                  	
                    (1)

                  	
                    Nonreliance.  (i)
                      It is not relying on any statement or representation of the
                      other party
                      (whether written or oral) regarding any Transaction hereunder,
                      other than
                      the representations expressly made in this Agreement or the
                      Confirmation
                      in respect of that Transaction and (ii) it has consulted with
                      its own
                      legal, regulatory, tax, business, investment, financial and
                      accounting
                      advisors to the extent it has deemed necessary, and it has
                      made its own
                      investment, hedging and trading decisions based upon its own
                      judgment and
                      upon any advice from such advisors as it has deemed necessary
                      and not upon
                      any view expressed by the other
                      party.

                  

          

           

          
            	
                     

                  	
                    (2)

                  	
                    Evaluation
                      and Understanding.  (i) It has the capacity to evaluate
                      (internally or through independent professional advice) each
                      Transaction
                      and has made its own decision to enter into the Transaction
                      and (ii) it
                      understands the terms, conditions and risks of the Transaction
                      and is
                      willing and able to accept those terms and conditions and to
                      assume those
                      risks, financially and otherwise.

                  

          

          

          
            	
                     

                  	
                    (3)

                  	
                    Purpose.  It
                      is entering into the Transaction for the purposes of managing
                      its
                      borrowings or investments, hedging its underlying assets or
                      liabilities or
                      in connection with a line of
                      business.

                  

          

          

          
            	
                     

                  	
                    (4)

                  	
                    Status
                      of Parties.  The other party is not acting as an agent,
                      fiduciary or advisor for it in respect of the
                      Transaction.

                  

          

          

          
            	
                     

                  	
                    (5)

                  	
                    Eligible
                      Contract Participant.  It is an “eligible swap participant” as
                      such term is defined in, Section 35.1(b)(2) of the regulations
                      (17 C.F.R.
                      35) promulgated under, and an “eligible contract participant” as defined
                      in Section 1(a)(12) of the Commodity Exchange Act, as
                      amended.”

                  

          

          

          

          
            	
                     

                  	
                    (v)

                  	
                    Transfer
                      to Avoid Termination Event.  Section 6(b)(ii) is hereby
                      amended (i) by deleting the words “or if a Tax Event Upon Merger occurs
                      and the Burdened Party is the Affected Party,” and the words “, which
                      consent will not be withheld if such other party’s policies in effect at
                      such time would permit it to enter into transactions with the
                      transferee
                      on the terms proposed” and (ii) by deleting the words “to transfer” and
                      inserting the words “to effect a Permitted Transfer” in lieu
                      thereof.

                  

          

          

          
            	
                     

                  	
                    (vi)

                  	
                    Jurisdiction.
                      Section 13(b) is hereby amended by: (i) deleting in
                      the second
                      line of subparagraph (i) thereof the word “non-”, (ii) deleting “; and”
                      from the end of subparagraph (i) and inserting “.” in lieu thereof, and
                      (iii) deleting the final paragraph
                      thereof.

                  

          

          

          
            	
                     

                  	
                    (vii)

                  	
                    Local
                      Business Day.  The definition of Local Business Day in
                      Section 14 is hereby amended by the addition of the words “or any Credit
                      Support Document” after “Section 2(a)(i)” and the addition of the words
                      “or Credit Support Document” after
                      “Confirmation”.

                  

          

          

          
            	
                    (c)

                  	
                    Additional
                      Termination Events.  The following Additional
                      Termination Events will apply:

                  

          

          

          
            	
                    (i)  

                  	
                    Failure
                      to Post Collateral.  If Party A has failed to comply
                      with or perform any obligation to be complied with or performed
                      by Party A
                      in accordance with the Credit Support Annex, and such failure
                      has not
                      given rise to an Event of Default under Section 5(a)(i) or
                      Section
                      5(a)(iii), then an Additional Termination Event shall have
                      occurred with
                      respect to Party A and Party A shall be the sole Affected Party
                      with
                      respect to such Additional Termination
                      Event.

                  

          

          

          
            	
                    (ii)  

                  	
                    Second
                      Rating Trigger Replacement.  The occurrence of any
                      event described in this Part 5(c)(ii) shall constitute an Additional
                      Termination Event with respect to Party A and Party A shall
                      be the sole
                      Affected Party with respect to such Additional Termination
                      Event.

                  

          

          

          
            	
                     

                  	
                    (A)

                  	
                    A
                      Moody’s Second Trigger Downgrade Event has occurred and is continuing
                      and
                      at least 30 Local Business Days have elapsed since such Moody’s Second
                      Trigger Downgrade Event first occurred, and at least one Eligible
                      Replacement has made a Firm Offer that would, assuming the
                      occurrence of
                      an Early Termination Date, qualify as a Market Quotation (on
                      the basis
                      that Part 1(f)(i)(A) applies) and which remains capable of
                      becoming
                      legally binding upon acceptance.

                  

          

          

          
            	
                     

                  	
                    (B)

                  	
                    An
                      S&P Required Ratings Downgrade Event has occurred and is continuing
                      and at least 60 calendar days have elapsed since such S&P Required
                      Ratings Downgrade Event first
                      occurred.

                  

          

          

          
            	
                     

                  	
                    (iii)

                  	
                    Amendment
                      of Pooling and Servicing Agreement.  If, without the
                      prior written consent of Party A where such consent is required
                      under the
                      Pooling and Servicing Agreement (such consent not to be unreasonably
                      withheld, delayed or conditioned), an amendment is made to
                      the Pooling and
                      Servicing Agreement which amendment could reasonably be expected
                      to have a
                      material adverse effect on the interests of Party A (excluding,
                      for the
                      avoidance of doubt, any amendment to the Pooling and Servicing
                      Agreement
                      that is entered into solely for the purpose of appointing a
                      successor
                      servicer, master servicer, securities administrator, trustee
                      or other
                      service provider) under this Agreement, an Additional Termination
                      Event
                      shall have occurred with respect to Party B and Party B shall
                      be the sole
                      Affected Party with respect to such Additional Termination
                      Event.

                  

          

          

          
            	
                     

                  	
                    (iv)

                  	
                    Optional
                      Termination of Securitization.  An Additional
                      Termination Event shall occur upon the notice to Certificateholders
                      of an
                      Optional Termination becoming unrescindable in accordance with
                      Article X
                      of the Pooling and Servicing Agreement (such notice, the “Optional
                      Termination Notice”).  With respect to such Additional
                      Termination Event:  (A) Party B shall be the sole Affected
                      Party; (B) notwithstanding anything to the contrary in Section
                      6(b)(iv) or
                      Section 6(c)(i), the final Distribution Date specified in the
                      Optional
                      Termination Notice is hereby designated as the Early Termination
                      Date for
                      this Additional Termination Event in respect of all Affected
                      Transactions;
                      (C) Section 2(a)(iii)(2) shall not be applicable to any Affected
                      Transaction in
                      connection with the Early Termination Date resulting from this
                      Additional
                      Termination Event; notwithstanding anything to the contrary
                      in Section
                      6(c)(ii), payments and deliveries under Section 2(a)(i) or
                      Section 2(e) in
                      respect of the Terminated Transactions resulting from this
                      Additional
                      Termination Event will be required to be made through and including
                      the
                      Early Termination Date designated
                      as a result of this Additional Termination Event; provided,
                      for the
                      avoidance of doubt, that any such payments or deliveries that
                      are made on
                      or prior to such Early Termination Date will not be treated
                      as Unpaid
                      Amounts in determining the amount payable in respect of such
                      Early
                      Termination Date; (D) notwithstanding anything to the contrary
                      in Section
                      6(d)(i), (I) if, no later than 4:00 pm New York City time on
                      the day that
                      is four Business Days prior to the final Distribution Date
                      specified in
                      the Optional Termination Notice, the Trustee requests the amount
                      of the
                      Estimated Swap Termination Payment, Party A shall provide to
                      the Trustee
                      in writing (which may be done in electronic format) the amount
                      of the
                      Estimated Swap Termination Payment no later than 2:00 pm New
                      York City
                      time on the following Business Day and (II) if the Trustee
                      provides
                      written notice (which may be done in electronic format) to
                      Party A no
                      later than two Business Days prior to the final Distribution
                      Date
                      specified in the Optional Termination Notice that all requirements
                      of the
                      Optional Termination have been met, then Party A shall, no
                      later than one
                      Business Day prior to the final Distribution Date specified
                      in the
                      Optional Termination Notice, make the calculations contemplated
                      by Section
                      6(e) of the ISDA Master Agreement (as amended herein) and provide
                      to the
                      Trustee in writing (which may be done in electronic format)
                      the amount
                      payable by either Party B or Party A in respect of the related
                      Early
                      Termination Date in
                      connection with this Additional Termination Event; provided,
                      however, that
                      the amount payable by Party B, if any, in respect of the related
                      Early
                      Termination Date shall be the lesser of (x) the amount calculated
                      to be
                      due from Party B pursuant to Section 6(e) and (y) the Estimated
                      Swap
                      Termination Payment; and (E) notwithstanding anything to the
                      contrary in
                      this Agreement, any amount due from Party B to Party A in respect
                      of this
                      Additional Termination Event will be payable on the final Distribution
                      Date specified  in the Optional Termination Notice and any
                      amount due from Party A to Party B in respect of this Additional
                      Termination Event will be payable one Business Day prior to
                      the final
                      Distribution Date specified  in the Optional Termination
                      Notice.

                  

          

          

          The
            Trustee shall be an express third party beneficiary of this Agreement
            as if a
            party hereto to the extent of the Trustee’s rights specified
            herein.

          

          
            	
                    (d)

                  	
                    Required
                      Ratings Downgrade Event.  If a Required Ratings
                      Downgrade Event has occurred and is continuing, then Party
                      A shall, at its
                      own expense, use commercially reasonable efforts to, as soon
                      as reasonably
                      practicable, either (A) effect a Permitted Transfer or (B)
                      procure an
                      Eligible Guarantee by a guarantor with credit ratings at least
                      equal to
                      the S&P Required Ratings Threshold, the Moody’s Second Trigger
                      Threshold and the Fitch Approved Ratings
                      Threshold.

                  

          

          

          
            	
                    (e)

                  	
                    Party
                      A and Party B hereby agree that the terms of the Item 1115
                      Agreement,
                      dated as of June 26, 2007, among Nomura Credit & Capital, Inc.
                      (“Sponsor”), Nomura Asset Acceptance Corporation (“Depositor”) and The
                      Bank of New York (the “Derivative Provider”) shall be incorporated by
                      reference into this Agreement and Party B shall be an express
                      third party
                      beneficiary of the Item 1115 Agreement. A copy of the Item
                      1115 Agreement
                      is annexed hereto at Annex B.

                  

          

          

          

          
            	
                    (f)

                  	
                    Transfers.

                  

          

           

          (i)           Section
            7 is hereby amended to read in its entirety as follows:

           

          “Neither
            this Agreement nor any interest or obligation in or under this Agreement
            may be
            transferred (whether by way of security or otherwise) by either party
            unless (a)
            the prior written consent of the other party is obtained and (b) the
            Rating
            Agency Condition has been satisfied with respect to S&P, except
            that:

           

          
            	
                     

                  	
                    (a)

                  	
                    Party
                      A may make a Permitted Transfer (1) pursuant to Section 6(b)(ii)
                      or the
                      item 1115 Agreement, (2) pursuant to a consolidation or amalgamation
                      with,
                      or merger with or into, or transfer of all or substantially
                      all its assets
                      to, another entity (but without prejudice to any other right
                      or remedy
                      under this Agreement), or (3) at any time at which no Relevant
                      Entity has
                      credit ratings at least equal to the Approved Ratings
                      Threshold;

                  

          

           

          
            	
                     

                  	
                    (b)

                  	
                    Party
                      B may transfer its rights and obligations hereunder in connection
                      with a
                      transfer pursuant to Section 8.09 of the Pooling and Servicing
                      Agreement,
                      and

                  

          

           

          
            	
                     

                  	
                    (c)

                  	
                    a
                      party may make such a transfer of all or any part of its interest
                      in any
                      amount payable to it from a Defaulting Party under Section
                      6(e).

                  

          

           

          Any
            purported transfer that is not in compliance with this Section will be
            void. 

           

          
            	
                     

                  	
                    (ii)

                  	
                    If
                      an Eligible Replacement has made a Firm Offer (which remains
                      an offer that
                      will become legally binding upon acceptance by Party B) to
                      be the
                      transferee pursuant to a Permitted Transfer, Party B shall,
                      at Party A’s
                      written request and at Party A’s expense, take any reasonable steps
                      required to be taken by Party B to effect such
                      transfer.

                  

          

           

          
            	
                    (g)

                  	
                    Non-Recourse.  Party
                      A acknowledges and agrees that, notwithstanding any provision
                      in this
                      Agreement to the contrary, the obligations of Party B hereunder
                      are
                      limited recourse obligations of Party B, payable solely from
                      the
                      Supplemental Interest Trust and the proceeds thereof, in accordance
                      with
                      the priority of payments and other terms of the Pooling and
                      Servicing
                      Agreement and that Party A will not have any recourse to any
                      of the
                      directors, officers, agents, employees, shareholders or affiliates
                      of the
                      Party B with respect to any claims, losses, damages, liabilities,
                      indemnities or other obligations in connection with any transactions
                      contemplated hereby. In the event that the Supplemental Interest
                      Trust and
                      the proceeds thereof, should be insufficient to satisfy all
                      claims
                      outstanding and following the realization of the account held
                      by the
                      Supplemental Interest Trust and the proceeds thereof, any claims
                      against
                      or obligations of Party B under the ISDA Master Agreement or
                      any other
                      confirmation thereunder still outstanding shall be extinguished
                      and
                      thereafter not revive.  This provision will survive the
                      termination of this Agreement.

                  

          

          

          
            	
                    (h)

                  	
                    [Reserved.]

                  

          

          

          
            	
                    (i)

                  	
                    Rating
                      Agency Notifications.  Notwithstanding any other
                      provision of this Agreement, no Early Termination Date shall
                      be
                      effectively designated hereunder by Party B and no transfer
                      of any rights
                      or obligations under this Agreement shall be made by either
                      party unless
                      each Rating Agency has been provided prior written notice of
                      such
                      designation or transfer.

                  

          

          

          
            	
                    (j)

                  	
                    No
                      Set-off.  Except as expressly provided for in Section
                      2(c), Section 6 or Part 1(f)(i)(D) hereof, and notwithstanding
                      any other
                      provision of this Agreement or any other existing or future
                      agreement,
                      each party irrevocably waives any and all rights it may have
                      to set off,
                      net, recoup or otherwise withhold or suspend or condition payment
                      or
                      performance of any obligation between it and the other party
                      hereunder
                      against any obligation between it and the other party under
                      any other
                      agreements.  Section 6(e) shall be amended by deleting the
                      following sentence: “The amount, if any, payable in respect of an Early
                      Termination Date and determined pursuant to this Section will
                      be subject
                      to any Set-off.”.

                  

          

           

          
            	
                    (k)

                  	
                    Amendment.  Notwithstanding
                      any provision to the contrary in this Agreement, no amendment
                      of either
                      this Agreement or any Transaction under this Agreement shall
                      be permitted
                      by either party unless each of the Rating Agencies has been
                      provided prior
                      written notice of the same and the Rating Agency Condition
                      is satisfied
                      with respect to S&P.

                  

          

          

          
            	
                    (l)

                  	
                    Notice
                      of Certain Events or Circumstances.  Each Party agrees,
                      upon learning of the occurrence or existence of any event or
                      condition
                      that constitutes (or that with the giving of notice or passage
                      of time or
                      both would constitute) an Event of Default or Termination Event
                      with
                      respect to such party, promptly to give the other Party and
                      to each Rating
                      Agency notice of such event or condition; provided that failure
                      to provide
                      notice of such event or condition pursuant to this Part 5(l)
                      shall not
                      constitute an Event of Default or a Termination
                      Event.

                  

          

           

          
            	
                    (m)

                  	
                    Proceedings.  No
                      Relevant Entity shall institute against, or cause any other
                      person to
                      institute against, or join any other person in instituting
                      against Party
                      B, the Supplemental Interest Trust, or the trust formed pursuant
                      to the
                      Pooling and Servicing Agreement, in any bankruptcy, reorganization,
                      arrangement, insolvency or liquidation proceedings or other
                      proceedings
                      under any federal or state bankruptcy or similar law for a
                      period of one
                      year (or, if longer, the applicable preference period) and
                      one day
                      following payment in full of the Certificates and any
                      Notes.  This provision will survive the termination of this
                      Agreement.

                  

          

          

          
            	
                    (n)

                  	
                    Supplemental
                      Interest Trust Trustee Liability Limitations.  It is
                      expressly understood and agreed by the parties hereto that
                      (a) this
                      Agreement is executed by HSBC Bank USA, National Association
                      (“HSBC”) not
                      individually or personally, but solely as Supplemental Interest
                      Trust
                      Trustee under the Pooling and Servicing Agreement in the exercise
                      of the
                      powers and authority conferred and vested in it under the terms
                      of the
                      Pooling and Servicing Agreement; (b) HSBC has been directed
                      pursuant to
                      the Pooling and Servicing Agreement to enter into this Agreement
                      and to
                      perform its obligations hereunder; (c) each of the representations,
                      undertakings and agreements herein made on the part of Party
                      B is made and
                      intended not as personal representations, undertakings and
                      agreements of
                      HSBC but is made and intended for the purpose of binding only
                      the
                      Supplemental Interest Trust; (d) nothing herein contained shall
                      be
                      construed as creating any liability on the part of HSBC, individually
                      or
                      personally, to perform any covenant, either expressed or implied,
                      contained herein (including, for the avoidance of doubt, any
                      liability,
                      individually or personally, for any failure or delay in making
                      a payment
                      hereunder to Party A due to any failure or delay in receiving
                      amounts held
                      in the account held by the Supplemental Interest Trust created
                      pursuant to
                      the Pooling and Servicing Agreement), all such liability, if
                      any, being
                      expressly waived by the parties hereto and by any Person claiming
                      by,
                      through or under the parties hereto; and (e) under no circumstances
                      shall
                      HSBC be personally liable for the payment of any indebtedness
                      or expenses
                      of Party B or be liable for the breach or failure of any obligation,
                      representation, warranty or covenant made or undertaken by
                      Party B under
                      this Agreement or any other related documents, as to all of
                      which recourse
                      shall be had solely to the assets of the Supplemental Interest
                      Trust in
                      accordance with the terms of the Pooling and Servicing
                      Agreement.

                  

          

          

          
            	
                    (o)

                  	
                    Severability.  If
                      any term, provision, covenant, or condition of this Agreement,
                      or the
                      application thereof to any party or circumstance, shall be
                      held to be
                      invalid or unenforceable (in whole or in part) in any respect,
                      the
                      remaining terms, provisions, covenants, and conditions hereof
                      shall
                      continue in full force and effect as if this Agreement had
                      been executed
                      with the invalid or unenforceable portion eliminated, so long
                      as this
                      Agreement as so modified continues to express, without material
                      change,
                      the original intentions of the parties as to the subject matter
                      of this
                      Agreement and the deletion of such portion of this Agreement
                      will not
                      substantially impair the respective benefits or expectations
                      of the
                      parties; provided, however, that this severability provision
                      shall not be
                      applicable if any provision of Section 2, 5, 6, or 13 (or any
                      definition
                      or provision in Section 14 to the extent it relates to, or
                      is used in or
                      in connection with any such Section) shall be so held to be
                      invalid or
                      unenforceable.

                  

          

          

          The
            parties shall endeavor to engage in good faith negotiations to replace
            any
            invalid or unenforceable term, provision, covenant or condition with
            a valid or
            enforceable term, provision, covenant or condition, the economic effect
            of which
            comes as close as possible to that of the invalid or unenforceable term,
            provision, covenant or condition.

          

          
            	
                    (p)

                  	
                    Agent
                      for Party B.  Party A acknowledges that Party B has
                      appointed the Supplemental Interest Trust Trustee under the
                      Pooling and
                      Servicing Agreement to carry out certain functions on behalf
                      of Party B,
                      and that the Supplemental Interest Trust Trustee shall be entitled
                      to give
                      notices and to perform and satisfy the obligations of Party
                      B hereunder on
                      behalf of Party B.

                  

          

           

          
            	
                    (q)

                  	
                    [Reserved.]

                  

          

           

          
            	
                    (r)

                  	
                    Consent
                      to Recording.  Each party hereto consents to the
                      monitoring or recording, at any time and from time to time,
                      by the other
                      party of any and all communications between trading, marketing,
                      and
                      operations personnel of the parties and their Affiliates, waives
                      any
                      further notice of such monitoring or recording, and agrees
                      to notify such
                      personnel of such monitoring or recording.  Each party agrees to
                      provide such recording to the other party upon reasonable
                      request.

                  

          

          

          
            	
                    (s)

                  	
                    Waiver
                      of Jury Trial.  Each party waives any right it may have
                      to a trial by jury in respect of any suit, action or proceeding
                      relating
                      to this Agreement or any Credit Support
                      Document.

                  

          

          

          
            	
                    (t)

                  	
                    Form
                      of ISDA Master Agreement.  Party A and Party B hereby
                      agree that the text of the body of the ISDA Master Agreement
                      is intended
                      to be the printed form of the ISDA Master Agreement (Multicurrency
–
                      Crossborder) as published and copyrighted in 1992 by the International
                      Swaps and Derivatives Association,
                      Inc.

                  

          

          

          
            	
                    (u)

                  	
                    Payment
                      Instructions.  Party A hereby agrees that, unless
                      notified in writing by Party B of other payment instructions,
                      any and all
                      amounts payable by Party A to Party B under this Agreement
                      shall be paid
                      to the account specified in Item 4 of this Long-form Confirmation,
                      below.

                  

          

          

          
            	
                    (v)

                  	
                    Additional
                      representations.

                  

          

          

          
            	
                     

                  	
                    (i)

                  	
                    Representations
                      of Party A.  Party A represents to Party B on the date
                      on which Party A enters into each Transaction that Party A
                      is a bank
                      subject to the requirements of Federal Deposit Insurance Act,
                      delivery and
                      performance of this Agreement (including the Credit Support
                      Annex and each
                      Confirmation) have been authorized by all necessary corporate
                      action of
                      Party A, the person executing this Agreement on behalf of Party
                      A is an
                      officer of Party A of the level of vice president or higher,
                      and this
                      Agreement (including the Credit Support Annex and each Confirmation)
                      will
                      be maintained as one of its official records continuously from
                      the time of
                      its execution (or in the case of any Confirmation, continuously
                      until such
                      time as the relevant Transaction matures and the obligations
                      therefor are
                      satisfied in full).

                  

          

           

          
            	
                     

                  	
                    (ii)

                  	
                    Capacity.  Party
                      A represents to Party B on the date on which Party A enters
                      into this
                      Agreement that it is entering into this Agreement and the Transaction
                      as
                      principal and not as agent of any person.  Party B represents to
                      Party A on the date on which the Supplemental Interest Trust
                      Trustee
                      executes this Agreement on behalf of Party B, that it is executing
                      this
                      Agreement, not individually, but solely its capacity as Supplemental
                      Interest Trust Trustee on behalf of the Supplemental Interest
                      Trust.

                  

          

           

          
            	
                    (w)

                  	
                    Acknowledgements.

                  

          

          

          
            	
                     

                  	
                    (i)

                  	
                    Substantial
                      financial transactions.  Each party hereto is hereby
                      advised and acknowledges as of the date hereof that the other
                      party has
                      engaged in (or refrained from engaging in) substantial financial
                      transactions and has taken (or refrained from taking) other
                      material
                      actions in reliance upon the entry by the parties into the
                      Transaction
                      being entered into on the terms and conditions set forth herein
                      and in the
                      Pooling and Servicing Agreement relating to such Transaction,
                      as
                      applicable. This paragraph shall be deemed repeated on the
                      trade date of
                      each Transaction.

                  

          

           

          
            	
                     

                  	
                    (ii)

                  	
                    Bankruptcy
                      Code.  Subject to Part 5(m), without limiting the
                      applicability if any, of any other provision of the U.S. Bankruptcy
                      Code
                      as amended (the “Bankruptcy Code”) (including without limitation Sections
                      362, 546, 556, and 560 thereof and the applicable definitions
                      in Section
                      101 thereof), the parties acknowledge and agree that all Transactions
                      entered into hereunder will constitute “forward contracts” or “swap
                      agreements” as defined in Section 101 of the Bankruptcy Code or “commodity
                      contracts” as defined in Section 761 of the Bankruptcy Code, that the
                      rights of the parties under Section 6 of this Agreement will
                      constitute
                      contractual rights to liquidate Transactions, that any margin
                      or
                      collateral provided under any margin, collateral, security,
                      pledge, or
                      similar agreement related hereto will constitute a “margin payment” as
                      defined in Section 101 of the Bankruptcy Code, and that the
                      parties are
                      entities entitled to the rights under, and protections afforded
                      by,
                      Sections 362, 546, 556, and 560 of the Bankruptcy
                      Code.

                  

          

           

          
            	
                     

                  	
                    (iii)

                  	
                    Swap
                      Agreement.  Party A acknowledges that each Transaction
                      is a “swap agreement” as defined in 12 U.S.C. Section 1821(e)(8)(D)(vi)
                      and a “covered swap agreement” as defined in the Commodity Exchange Act (7
                      U.S.C. Section 27(d)(1)).

                  

          

           

          (x)           Additional
            Definitions.

           

          As
            used
            in this Agreement, the following terms shall have the meanings set forth
            below,
            unless the context clearly requires otherwise:

           

          “Approved
            Ratings Threshold” means each of the S&P Approved Ratings
            Threshold and the Moody’s First Trigger Ratings Threshold.

          

          “Approved
            Replacement” means, with respect to a Market Quotation, an entity
            making such Market Quotation, which entity would satisfy conditions (a),
            (b),
            (c) and (d) of the definition of Permitted Transfer (as determined by
            Party B in
            its sole discretion, acting in a commercially reasonable manner) if such
            entity
            were a Transferee, as defined in the definition of Permitted
            Transfer.

          

          “Derivative
            Provider Trigger Event” means (i) an Event of Default with respect
            to which Party A is a Defaulting Party, (ii) a Termination Event with
            respect to
            which Party A is the sole Affected Party or (iii) an Additional Termination
            Event with respect to which Party A is the sole Affected Party.

          

          “Eligible
            Guarantee” means an unconditional and irrevocable guarantee of all
            present and future obligations of Party A under this Agreement (or, solely
            for
            purposes of the definition of Eligible Replacement, all present and future
            obligations of such Eligible Replacement under this Agreement or its
            replacement, as applicable) which is provided by a guarantor as principal
            debtor
            rather than surety and which is directly enforceable by Party B, the
            form and
            substance of which guarantee are subject to the Rating Agency Condition
            with
            respect to S&P, and either (A) a law firm has given a legal opinion
            confirming that none of the guarantor’s payments to Party B under such guarantee
            will be subject to deduction or Tax collected by withholding, and such
            opinion
            has been delivered to Moody’s, or (B) such guarantee provides that, in the event
            that any of such guarantor’s payments to Party B are subject to deduction or Tax
            collected by withholding, such guarantor is required to pay such additional
            amount as is necessary to ensure that the net amount actually received
            by Party
            B (free and clear of any Tax collected by withholding) will equal the
            full
            amount Party B would have received had no such deduction or withholding
            been
            required, or (C) in the event that any payment under such guarantee is
            made net
            of deduction or withholding for Tax, Party A is required, under Section
            2(a)(i),
            to make such additional payment as is necessary to ensure that the net
            amount
            actually received by Party B from the guarantor will equal the full amount
            Party
            B would have received had no such deduction or withholding been
            required.

          

          “Eligible
            Replacement” means
            an entity (A) that lawfully could perform the obligations owing to Party
            B under
            this Agreement (or its replacement, as applicable) and (B) (I) (x) which
            has
            credit ratings from S&P at least equal to the S&P Required Ratings
            Threshold or (y) all present and future obligations of which entity owing
            to
            Party B under this Agreement (or its replacement, as applicable) are
            guaranteed
            pursuant to an Eligible Guarantee provided by a guarantor with credit
            ratings
            from S&P at least equal to the S&P Required Ratings Threshold, in either
            case if S&P is a Rating Agency, and (II) (x) which has credit ratings from
            Moody’s at least equal to the Moody’s Second Trigger Ratings Threshold or (y)
            all present and future obligations of which entity owing to Party B under
            this
            Agreement (or its replacement, as applicable) are guaranteed pursuant
            to an
            Eligible Guarantee provided by a guarantor with credit ratings from Moody’s at
            least equal to the Moody’s Second Trigger Ratings Threshold, in either case if
            Moody’s is a Rating Agency and (C) that has executed an Item 1115 Agreement
            with
            Depositor.

          

          “Estimated
            Swap Termination Payment” means, with respect to an Early
            Termination Date, an amount determined by Party A in good faith and in
            a
            commercially reasonable manner as the maximum payment that could be owed
            by
            Party B to Party A in respect of such Early Termination Date pursuant
            to Section
            6(e) (as amended herein), taking into account then current market
            conditions.

          

          “Financial
            Institution” means a bank, broker/dealer, insurance company,
            structured investment company or derivative product company.

          

          “Firm
            Offer” means a quotation from an Eligible Replacement (i) in
            an
            amount equal to the actual amount payable by or to Party B in consideration
            of
            an agreement between Party B and such Eligible Replacement to replace
            Party A as
            the counterparty to this Agreement by way of novation or, if such novation
            is
            not possible, an agreement between Party B and such Eligible Replacement
            to
            enter into a Replacement Transaction (assuming that all Transactions
            hereunder
            become Terminated Transactions), and (ii) that constitutes an offer by
            such
            Eligible Replacement to replace Party A as the counterparty to this Agreement
            or
            enter a Replacement Transaction that will become legally binding upon
            such
            Eligible Replacement upon acceptance by Party B.

          

          “Moody’s”
            means Moody’s Investors Service, Inc., or any successor thereto.

          

          “Moody’s
            First Trigger Ratings Threshold” means, with respect to Party A,
            the guarantor under an Eligible Guarantee or an Eligible Replacement,
            (i) if
            such entity has a short-term unsecured and unsubordinated debt rating
            from
            Moody’s, a long-term unsecured and unsubordinated debt rating or counterparty
            rating from Moody’s of “A2” and a short-term unsecured and unsubordinated debt
            rating from Moody’s of “Prime-1”, or (ii) if such entity does not have a
            short-term unsecured and unsubordinated debt rating or counterparty rating
            from
            Moody’s, a long-term unsecured and unsubordinated debt rating or counterparty
            rating from Moody’s of “A1”.

          

          “Moody’s
            Second Trigger Downgrade Event”means
            that
no Relevant Entity has credit ratings from Moody’s at least equal to the
            Moody’s Second Trigger Ratings Threshold.

          

          “Moody’s
            Second Trigger Ratings Threshold” means,
            with respect to Party A, the guarantor under an Eligible Guarantee or
            an
            Eligible Replacement, (i) if such entity has a short-term unsecured and
            unsubordinated debt rating from Moody’s, a long-term unsecured and
            unsubordinated debt rating or counterparty rating from Moody’s of “A3” and a
            short-term unsecured and unsubordinated debt rating from Moody’s of “Prime-2”,
            or (ii) if such entity does not have a short-term unsecured and unsubordinated
            debt rating from Moody’s, a long-term unsecured and unsubordinated debt rating
            or counterparty rating from Moody’s of “A3”.

          

          “Permitted
            Transfer” means a transfer by novation by Party A pursuant to
            Section 6(b)(ii) or the item 1115 Agreement, or described in Sections
            7(a)(2) or
            (3) (as amended herein) to a transferee (the “Transferee”) of
            Party A’s rights, liabilities, duties and obligations under this Agreement, with
            respect to which transfer each of the following conditions is
            satisfied:  (a) the Transferee is an Eligible Replacement; (b) Party A
            and the Transferee are both “dealers in notional principal contracts” within the
            meaning of Treasury regulations section 1.1001-4; (c) as of the date
            of such
            transfer the Transferee would not be required to withhold or deduct on
            account
            of Tax from any payments under this Agreement or would be required to
            gross up
            for such Tax under Section 2(d)(i)(4); (d) an Event of Default or Termination
            Event would not occur as a result of such transfer; (e) the Transferee
            contracts
            with Party B pursuant to a written instrument (the “Transfer
            Agreement”) (A) (i) on terms which are effective to transfer to the
            Transferee all, but not less than all, of Party A’s rights, liabilities, duties
            and obligations under the Agreement and all relevant Transactions, which
            terms
            are identical to the terms of this Agreement, other than party names,
            dates
            relevant to the effective date of such transfer, tax representations
            (provided
            that the representations in Part 2(a)(i) are not modified) and any other
            representations regarding the status of the substitute counterparty of
            the type
            included in Part 5(b)(iv), Part 5(v)(i)(2) or Part 5(v)(ii), notice information
            and account details, and (ii) each Rating Agency has been given prior
            written
            notice of such transfer or (B) (i) on terms that (x) have the effect
            of
            preserving for Party B the economic equivalent of all payment and delivery
            obligations (whether absolute or contingent and assuming the satisfaction
            of
            each applicable condition precedent) under this Agreement immediately
            before
            such transfer and (y) are, in all material respects, no less beneficial
            for
            Party B than the terms of this Agreement immediately before such transfer,
            as
            determined by Party B, and (ii) Moody’s has been given prior written notice of
            such transfer and the Rating Agency Condition is satisfied with respect
            to
            S&P; (f) Party A will be responsible for any costs or expenses incurred
            in
            connection with such transfer (including any replacement cost of entering
            into a
            replacement transaction); and (g) such transfer otherwise complies with
            the
            terms of the Pooling and Servicing Agreement.

           

          “Rating
            Agency Condition” means, with respect to any particular proposed
            act or omission to act hereunder and each Rating Agency specified in
            connection
            with such proposed act or omission, that the party proposing such act
            or failure
            to act must consult with each of the specified Rating Agencies and receive
            from
            each such Rating Agency prior written confirmation that the proposed
            action or
            inaction would not cause a downgrade or withdrawal of the then-current
            rating of
            any Certificates or Notes.

          

          “Rating
            Agencies” mean, with respect to any date of determination, each
            of
            S&P, Moody’s, and Fitch, to the extent that each such rating agency is then
            providing a rating for any of the Nomura Asset Acceptance Corporation,
            Alternative Loan Trust Series 2007-2, Mortgage Pass-Through Certificates
            (the
“Certificates”) or any notes backed by any of the Certificates (the
“Notes”).

          

          “Relevant
            Entities” mean Party A and, to the extent applicable, a guarantor
            under an Eligible Guarantee.

          

          “Replacement
            Transaction” means, with respect to any Terminated Transaction or
            group of Terminated Transactions, a transaction or group of transactions
            that
            (A) has terms which would be effective to transfer to a transferee all,
            but not
            less than all, of Party A’s rights, liabilities, duties and obligations under
            this Agreement and all relevant Transactions, which terms are identical
            to the
            terms of this Agreement, other than party names, dates relevant to the
            effective
            date of such transfer, tax representations (provided that the representations
            in
            Part 2(a)(i) are not modified) and any other representations regarding
            the
            status of the substitute counterparty of the type included in Part 5(b)(iv),
            Part 5(v)(i)(2) or Part 5(v)(ii), notice information and account details,
            save
            for the exclusion of provisions relating to Transactions that are not
            Terminated
            Transactions, or (B) (x) would have the effect of preserving for Party
            B the
            economic equivalent of any payment or delivery (whether the underlying
            obligation was absolute or contingent and assuming the satisfaction of
            each
            applicable condition precedent) under this Agreement in respect of such
            Terminated Transaction or group of Terminated Transactions that would,
            but for
            the occurrence of the relevant Early Termination Date, have been required
            after
            that date, and (y) has terms which are, in all material respects, no
            less
            beneficial for Party B than those of this Agreement (save for the exclusion
            of
            provisions relating to Transactions that are not Terminated Transactions),
            as
            determined by Party B.

          

          “Required
            Ratings Downgrade Event” means that no Relevant Entity has credit
            ratings at least equal to the Required Ratings Threshold.

          

          “Required
            Ratings Threshold” means each of the S&P Required Ratings
            Threshold, the Moody’s Second Trigger Ratings Threshold.

          

          “S&P”
            means Standard & Poor’s Rating Services, a division of The McGraw-Hill
            Companies, Inc., or any successor thereto.

          

          “S&P
            Approved Ratings Threshold” means, with respect to Party A, the
            guarantor under an Eligible Guarantee, or an Eligible Replacement, a
            short-term
            unsecured and unsubordinated debt rating of “A-1” from S&P, or, if such
            entity does not have a short-term unsecured and unsubordinated debt rating
            from
            S&P, a long-term unsecured and unsubordinated debt rating or counterparty
            rating of “A+” from S&P.

          

          “S&P
            Required Ratings Downgrade Event” means that no Relevant Entity
            has credit ratings from S&P at least equal to the S&P Required Ratings
            Threshold.

          

          “S&P
            Required Ratings Threshold” means, with respect to Party A, the
            guarantor under an Eligible Guarantee, or an Eligible Replacement, (I)
            if such
            entity is a Financial Institution, a short-term unsecured and unsubordinated
            debt rating of “A-2” from S&P, or, if such entity does not have a short-term
            unsecured and unsubordinated debt rating from S&P, a long-term unsecured and
            unsubordinated debt rating or counterparty rating of “BBB+” from S&P, or
            (II) if such entity is not a Financial Institution, a short-term unsecured
            and
            unsubordinated debt rating of “A-1” from S&P, or, if such entity does not
            have a short-term unsecured and unsubordinated debt rating from S&P, a
            long-term unsecured and unsubordinated debt rating or counterparty rating
            of
“A+” from S&P.

          

          

           

          [Remainder
            of this page intentionally left blank.]

           

           

           

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

           

          4.           Account
            Details and Settlement Information:

           

          

          Payments
            to Party
            A:                          The
            Bank of New York

          Derivative
            Products Support Department

          32
            Old
            Slip, 16th
            Floor

          New
            York,
            New York 10286

          Attention:
            Renee Etheart

          ABA
            #021000018

          Account
            #890-0068-175

          Reference:
            Interest Rate Swap

          

          Payments
            to Party
            B:                           Wells
            Fargo Bank, N.A.

          ABA
            No. 121 000 248

          Account
            Name: SAS
            Clearing

          Account
            No.: 3970771416

          FFC
            to: NAAC 2007-2, Supplemental
            Interest Trust, # 53162303

          

          

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

          

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

           

          We
            are
            very pleased to have executed this Transaction with you and we look forward
            to
            completing other transactions with you in the near future.

          

          Very
            truly yours,

          

          The
            Bank
            of New York

          

          

          

          By:          /s/
            Renee Etheart

          Name:
            Renee Etheart

          Title:
            Vice President

          

          

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          
Party
            B,
            acting through its duly authorized signatory, hereby agrees to, accepts
            and
            confirms the terms of the foregoing as of the date hereof.

          

          HSBC
            Bank
            USA, National Association, not in its individual capacity, but solely
            as the
            Supplemental Interest Trust 

          Trustee
            on behalf of the Supplemental Interest Trust with respect to the Nomura
            Asset
            Acceptance Corporation 

          Alternative
            Loan Trust Series 2007-2, Mortgage Pass-Through Certificates

          

          

          By:           /s/
            Elena Zheng

          Name:
            Elena Zheng

          Title:
            Assistant Vice President, HSBC
            Bank USA, N.A.

          

          

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

           

          SCHEDULE
            I

          (subject
            to adjustment in accordance with the Following Business Day
            Convention)

          

           

            
              	
                      From
                        and including

                    	
                      To
                        but excluding

                    	
                      Notional
                        Amount (in USD)

                    
	
                      06/29/07

                    	
                      07/25/07

                    	
                      269,470,500.00

                    
	
                      07/25/07

                    	
                      08/25/07

                    	
                      264,064,044.82

                    
	
                      08/25/07

                    	
                      09/25/07

                    	
                      258,270,155.10

                    
	
                      09/25/07

                    	
                      10/25/07

                    	
                      252,110,650.32

                    
	
                      10/25/07

                    	
                      11/25/07

                    	
                      245,614,349.84

                    
	
                      11/25/07

                    	
                      12/25/07

                    	
                      238,807,461.92

                    
	
                      12/25/07

                    	
                      01/25/08

                    	
                      231,718,424.25

                    
	
                      01/25/08

                    	
                      02/25/08

                    	
                      224,381,274.85

                    
	
                      02/25/08

                    	
                      03/25/08

                    	
                      217,017,749.68

                    
	
                      03/25/08

                    	
                      04/25/08

                    	
                      209,904,199.60

                    
	
                      04/25/08

                    	
                      05/25/08

                    	
                      203,059,933.04

                    
	
                      05/25/08

                    	
                      06/25/08

                    	
                      196,480,264.91

                    
	
                      06/25/08

                    	
                      07/25/08

                    	
                      190,155,384.32

                    
	
                      07/25/08

                    	
                      08/25/08

                    	
                      184,075,438.15

                    
	
                      08/25/08

                    	
                      09/25/08

                    	
                      178,230,953.90

                    
	
                      09/25/08

                    	
                      10/25/08

                    	
                      172,612,824.98

                    
	
                      10/25/08

                    	
                      11/25/08

                    	
                      167,212,296.63

                    
	
                      11/25/08

                    	
                      12/25/08

                    	
                      159,481,987.54

                    
	
                      12/25/08

                    	
                      01/25/09

                    	
                      150,234,075.86

                    
	
                      01/25/09

                    	
                      02/25/09

                    	
                      141,344,412.61

                    
	
                      02/25/09

                    	
                      03/25/09

                    	
                      132,799,139.25

                    
	
                      03/25/09

                    	
                      04/25/09

                    	
                      124,584,932.71

                    
	
                      04/25/09

                    	
                      05/25/09

                    	
                      116,688,984.71

                    
	
                      05/25/09

                    	
                      06/25/09

                    	
                      109,098,981.96

                    
	
                      06/25/09

                    	
                      07/25/09

                    	
                      101,803,086.97

                    
	
                      07/25/09

                    	
                      08/25/09

                    	
                      94,789,919.72

                    
	
                      08/25/09

                    	
                      09/25/09

                    	
                      88,048,540.00

                    
	
                      09/25/09

                    	
                      10/25/09

                    	
                      81,568,430.41

                    
	
                      10/25/09

                    	
                      11/25/09

                    	
                      75,339,480.08

                    
	
                      11/25/09

                    	
                      12/25/09

                    	
                      69,351,968.90

                    
	
                      12/25/09

                    	
                      01/25/10

                    	
                      63,596,552.50

                    
	
                      01/25/10

                    	
                      02/25/10

                    	
                      58,064,247.71

                    
	
                      02/25/10

                    	
                      03/25/10

                    	
                      52,746,418.61

                    
	
                      03/25/10

                    	
                      04/25/10

                    	
                      47,634,763.14

                    
	
                      04/25/10

                    	
                      05/25/10

                    	
                      42,721,300.17

                    
	
                      05/25/10

                    	
                      06/25/10

                    	
                      39,567,350.23

                    
	
                      06/25/10

                    	
                      07/25/10

                    	
                      39,207,721.05

                    
	
                      07/25/10

                    	
                      08/25/10

                    	
                      38,056,803.70

                    
	
                      08/25/10

                    	
                      09/25/10

                    	
                      33,983,935.61

                    
	
                      09/25/10

                    	
                      10/25/10

                    	
                      30,069,033.51

                    
	
                      10/25/10

                    	
                      11/25/10

                    	
                      26,305,980.51

                    
	
                      11/25/10

                    	
                      12/25/10

                    	
                      22,688,896.27

                    
	
                      12/25/10

                    	
                      01/25/11

                    	
                      19,281,864.27

                    
	
                      01/25/11

                    	
                      02/25/11

                    	
                      18,532,264.62

                    
	
                      02/25/11

                    	
                      03/25/11

                    	
                      17,811,747.70

                    
	
                      03/25/11

                    	
                      04/25/11

                    	
                      17,119,187.02

                    
	
                      04/25/11

                    	
                      05/25/11

                    	
                      16,453,499.70

                    
	
                      05/25/11

                    	
                      06/25/11

                    	
                      15,813,644.73

                    
	
                      06/25/11

                    	
                      07/25/11

                    	
                      15,198,621.37

                    
	
                      07/25/11

                    	
                      08/25/11

                    	
                      14,607,467.60

                    
	
                      08/25/11

                    	
                      09/25/11

                    	
                      14,039,258.60

                    
	
                      09/25/11

                    	
                      10/25/11

                    	
                      13,493,105.35

                    
	
                      10/25/11

                    	
                      11/25/11

                    	
                      12,968,153.22

                    
	
                      11/25/11

                    	
                      12/25/11

                    	
                      12,463,580.65

                    
	
                      12/25/11

                    	
                      01/25/12

                    	
                      11,978,592.19

                    
	
                      01/25/12

                    	
                      02/25/12

                    	
                      11,512,430.98

                    
	
                      02/25/12

                    	
                      03/25/12

                    	
                      11,006,501.61

                    
	
                      03/25/12

                    	
                      04/25/12

                    	
                      10,518,253.69

                    
	
                      04/25/12

                    	
                      05/25/12

                    	
                      10,048,630.73

                    
	
                      05/25/12

                    	
                      06/25/12

                    	
                      9,597,223.32

                    

            

          

           

           

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          
 

          Annex
            A

          

          Paragraph
            13 of the Credit Support Annex

           

          
             

             

            ISDA®

            CREDIT
              SUPPORT ANNEX

            to
              the
              Schedule to the

            ISDA
              Master Agreement

            dated
              as
              of June 29, 2007 between

            The
              Bank
              of New York

            (hereinafter
              referred to as “Party A” or
“Pledgor”)

            and

            HSBC
              Bank
              USA, National Association, not in its individual capacity, but solely
              as the
              Supplemental Interest Trust Trustee on behalf of the Supplemental Interest
              Trust
              with respect to the Nomura Asset Acceptance Corporation, Alternative
              Loan Trust
              Series 2007-2, Mortgage Pass-Through Certificates (hereinafter referred
              to as
“Party B” or “Secured
              Party”).

             

            

            For
              the
              avoidance of doubt, and notwithstanding anything to the contrary that
              may be
              contained in the Agreement, this Credit Support Annex shall relate
              solely to the
              Transaction documented in the Confirmation dated June 14, 2007, between
              Party A
              and Party B, Reference Number 39553.

            

            Paragraph
              13.  Elections and Variables.

             

            
              	
                      (a)  

                    	
                      Security
                        Interest for “Obligations”.  The term
                        “Obligations” as used in
                        this
                        Annex includes the following additional
                        obligations:

                    

            

             

            With
              respect to Party A: not applicable.

             

            With
              respect to Party B: not applicable.

             

            
              	
                      (b)  

                    	
                      Credit
                        Support Obligations.

                    

            

             

            
              	
                      (i)  

                    	
                      Delivery
                        Amount, Return Amount and Credit Support
                        Amount.

                    

            

             

            
              	
                      (A)  

                    	
                      “Delivery
                        Amount” has the meaning specified
                        in
                        Paragraph 3(a), except that:

                    

            

             

            
              	
                       

                    	
                      (I)

                    	
                      the
                        words “upon a demand made by the Secured Party on or promptly following
                        a
                        Valuation Date” shall be deleted and replaced with the words “not later
                        than the close of business on each Valuation
                        Date”,

                    

            

             

            
              	
                       

                    	
                      (II)

                    	
                      the
                        sentence beginning “Unless otherwise specified in Paragraph 13” and ending
                        “(ii) the Value as of that Valuation Date of all Posted Credit
                        Support
                        held by the Secured Party.” shall be deleted in its entirety and replaced
                        with the following:

                    

            

             

            “The
              “Delivery Amount” applicable to the Pledgor for any
              Valuation Date will equal the greatest of

             

            
              	
                       

                    	
                      (1)

                    	
                      the
                        amount by which (a) the S&P Credit Support Amount for such Valuation
                        Date exceeds (b) the S&P Value, as of such Valuation Date, of all
                        Posted Credit Support held by the Secured Party,
                        and

                    

            

             

            
              	
                       

                    	
                      (2)

                    	
                      the
                        amount by which (a) the Moody’s Credit Support Amount for such Valuation
                        Date exceeds (b) the Moody’s Value, as of such Valuation Date, of all
                        Posted Credit Support held by the Secured
                        Party.

                    

            

             

            
              	
                       

                    	
                      (III)

                    	
                      if,
                        on any Valuation Date, the Delivery Amount equals or exceeds
                        the Pledgor’s
                        Minimum Transfer Amount, the Pledgor will Transfer to the
                        Secured Party
                        sufficient Eligible Credit Support to ensure that, immediately
                        following
                        such transfer, the Delivery Amount shall be
                        zero.

                    

            

             

            
              	
                      (B)  

                    	
                      “Return
                        Amount” has the meaning specified in Paragraph 3(b),
                        except
                        that:

                    

            

             

            
              	
                       

                    	
                      (I)

                    	
                      the
                        sentence beginning “Unless otherwise specified in Paragraph 13” and ending
                        “(ii) the Credit Support Amount.” shall be deleted in its entirety and
                        replaced with the following:

                    

            

             

            “The
              “Return Amount” applicable to the Secured Party for
              any Valuation Date will equal the least of

             

            
              	
                       

                    	
                      (1)

                    	
                      the
                        amount by which (a) the S&P Value, as of such Valuation Date, of all
                        Posted Credit Support held by the Secured Party exceeds (b)
                        the S&P
                        Credit Support Amount for such Valuation Date,
                        and

                    

            

             

            
              	
                       

                    	
                      (2)

                    	
                      the
                        amount by which (a) the Moody’s Value, as of such Valuation Date, of all
                        Posted Credit Support held by the Secured Party exceeds (b)
                        the Moody’s
                        Credit Support Amount for such Valuation
                        Date.

                    

            

             

            
              	
                       

                    	
                       (II)

                    	
                      in
                        no event shall the Secured Party be required to Transfer
                        any Posted Credit
                        Support under Paragraph 3(b) if, immediately following such
                        transfer, the
                        Delivery Amount would be greater than
                        zero.

                    

            

             

            
              	
                      (C)  

                    	
                      “Credit
                        Support Amount” shall not apply.  For purposes of
                        calculating any Delivery Amount or Return Amount for any
                        Valuation Date,
                        reference shall be made to the S&P Credit Support Amount or the
                        Moody’s Credit Support Amount, in each case  for such Valuation
                        Date, as provided in Paragraphs 13(b)(i)(A) and 13(b)(i)(B),
                        above.

                    

            

             

            
              	
                      (ii)  

                    	
                      Eligible
                        Collateral.

                    

            

             

            On
              any
              date, the items set forth in Table 1 will qualify as “Eligible
              Collateral” (for the avoidance of doubt, all Eligible Collateral
              to be denominated in USD).

             

            
              	
                      (iii)  

                    	
                      Other
                        Eligible Support.

                    

            

             

            The
              following items will qualify as “Other Eligible
              Support” for the party specified:

             

            Not
              applicable.

             

            
              	
                      (iv)  

                    	
                      Threshold.

                    

            

             

            
              	
                      (A)  

                    	
                      “Independent
                        Amount” means zero with respect to Party A and Party
                        B.

                    

            

             

            
              	
                      (B)  

                    	
                      “Moody’s
                        Threshold” means, with respect to Party A and any Valuation
                        Date, if a Moody’s First Trigger Downgrade Event has occurred and is
                        continuing and such Moody’s First Trigger Downgrade Event has been
                        continuing (i) for at least 30 Local Business Days or (ii)
                        since this
                        Annex was executed, zero; otherwise,
                        infinity.

                    

            

             

            “S&P
              Threshold” means, with respect to Party A and any Valuation Date,
              if  an S&P Approved Ratings Downgrade Event has occurred and is
              continuing and such S&P Approved Ratings Downgrade Event has been continuing
              (i) for at least 10 Local Business Days or (ii) since this Annex was
              executed,
              zero; otherwise, infinity.

             

            
              	 	
                      “Threshold”
                        means, with respect to Party B and any Valuation Date,
                        infinity.

                    

            

             

            
              	
                      (C)  

                    	
                      “Minimum
                        Transfer Amount” means USD 100,000 with respect to Party A
                        and Party B; provided, however, that if the aggregate Certificate
                        Principal Balance of any Certificates and the aggregate principal
                        balance
                        of any Notes rated by S&P is at the time of any transfer less than USD
                        50,000,000, the “Minimum Transfer Amount” shall
                        be USD 50,000.

                    

            

             

            
              	
                      (D)  

                    	
                      Rounding:
                        The Delivery Amount will be rounded up to the nearest integral
                        multiple of
                        USD 10,000. The Return Amount will be rounded down to the
                        nearest integral
                        multiple of USD 10,000.

                    

            

             

            
              	
                      (c)  

                    	
                      Valuation
                        and Timing.

                    

            

             

            
              	
                      (i)  

                    	
                      “Valuation
                        Agent” means Party A; provided, however, that if
                        an Event of
                        Default shall have occurred with respect to which Party A
                        is the
                        Defaulting Party, Party B shall have the right to designate
                        as Valuation
                        Agent an independent party, reasonably acceptable to Party
                        A, the cost for
                        which shall be borne by Party A.  All calculations by the
                        Valuation Agent must be made in accordance with standard
                        market practice,
                        including, in the event of a dispute as to the Value of any
                        Eligible
                        Credit Support or Posted Credit Support, by making reference
                        to quotations
                        received by the Valuation Agent from one or more Pricing
                        Sources.

                    

            

             

            
              	
                      (ii)  

                    	
                      “Valuation
                        Date” means each Local Business Day on which any
                        of the
                        S&P Threshold or the Moody’s Threshold is
                        zero.

                    

            

             

            
              	
                      (iii)  

                    	
                      “Valuation
                        Time” means the close of business in the city of
                        the
                        Valuation Agent on the Local Business Day immediately preceding
                        the
                        Valuation Date or date of calculation, as applicable; provided
                        that the calculations of Value and Exposure will be made
                        as of
                        approximately the same time on the same date.  The Valuation
                        Agent will notify each party (or the other party, if the
                        Valuation Agent
                        is a party) of its calculations not later than the Notification
                        Time on
                        the applicable Valuation Date (or in the case of Paragraph
                        6(d), the Local
                        Business Day following the day on which such relevant calculations
                        are
                        performed).

                    

            

             

            
              	
                      (iv)  

                    	
                      “Notification
                        Time” means 11:00 a.m., New York time, on a Local
                        Business
                        Day.

                    

            

             

            
              	
                      (d)  

                    	
                      Conditions
                        Precedent and Secured Party’s Rights and
                        Remedies.  The following Termination Events will
                        be a “Specified Condition” for the party
                        specified (that party being the Affected Party if the Termination
                        Event
                        occurs with respect to that party):  With respect to Party A:
                        any Additional Termination Event with respect to which Party
                        A is the sole
                        Affected Party.  With respect to Party B:
                        None.

                    

            

             

            
              	
                      (e)  

                    	
                      Substitution.

                    

            

             

            
              	
                      (i)  

                    	
                      “Substitution
                        Date” has the meaning specified in Paragraph
                        4(d)(ii).

                    

            

             

            
              	
                      (ii)  

                    	
                      Consent.  If
                        specified here as applicable, then the Pledgor must obtain
                        the Secured
                        Party’s consent for any substitution pursuant to Paragraph
                        4(d):  Inapplicable.

                    

            

             

            
              	
                      (f)  

                    	
                      Dispute
                        Resolution.

                    

            

             

            
              	
                      (i)  

                    	
                      “Resolution
                        Time” means 1:00 p.m. New York time on the Local
                        Business
                        Day following the date on which the notice of the dispute
                        is given under
                        Paragraph 5.

                    

            

             

            
              	
                      (ii)  

                    	
                      Value.  Notwithstanding
                        anything to the contrary in Paragraph 12, for the purpose
                        of Paragraphs
                        5(i)(C) and 5(ii), the S&P Value and Moody’s Value, on any date, of
                        Eligible Collateral will be calculated as
                        follows:

                    

            

             

            For
              Eligible Collateral other than Cash set forth in Table 1: the sum of
              (A) the
              product of (1)(x) the bid price at the Valuation Time for such securities
              on the
              principal national securities exchange on which such securities are
              listed, or
              (y) if such securities are not listed on a national securities exchange,
              the bid
              price for such securities quoted at the Valuation Time by any principal
              market
              maker for such securities selected by the Valuation Agent, or (z) if
              no such bid
              price is listed or quoted for such date, the bid price listed or quoted
              (as the
              case may be) at the Valuation Time for the day next preceding such
              date on which
              such prices were available and (2) the applicable Valuation Percentage
              for such
              Eligible Collateral, and (B) the accrued interest on such securities
              (except to
              the extent Transferred to the Pledgor pursuant to Paragraph 6(d)(ii)
              or included
              in the applicable price referred to in the immediately preceding clause
              (A)) as
              of such date.

             

            For
              Cash,
              the amount thereof multiplied, in the case of the S&P Value, by the
              applicable S&P Valuation Percentage.

             

            
              	
                      (iii)  

                    	
                      Alternative.  The
                        provisions of Paragraph 5 will
                        apply.

                    

            

             

            
              	
                      (g)  

                    	
                      Holding
                        and Using Posted
                        Collateral.

                    

            

             

            
              	
                      (i)  

                    	
                      Eligibility
                        to Hold Posted Collateral; Custodians. Party B (or any
                        Custodian) will be entitled to hold Posted Collateral pursuant
                        to
                        Paragraph 6(b).

                    

            

             

            Party
              B
              may appoint as Custodian (A) the entity then serving as the Securities
              Administator or (B) any entity other than the entity then serving as
              the
              Supplemental Interest Trust Trustee if such other entity (or, to the
              extent
              applicable, its parent company or credit support provider) shall then
              have
              credit ratings from S&P at least equal to the Custodian Required Rating
              Threshold.  If at any time the Custodian does not have credit ratings
              from S&P at least equal to the Custodian Required Rating Threshold, the
              Supplemental Interest Trust Trustee must within 60 days obtain a replacement
              Custodian with credit ratings from S&P at least equal to the Custodian
              Required Rating Threshold.

             

            Initially,
              the Custodian for Party B is: Securities
              Administrator

             

            
              	
                      (ii)  

                    	
                      Use
                        of Posted Collateral. The
                        provisions of
                        Paragraph 6(c) will not apply to Party B or its Custodian;
                        provided,
                        however, that if Party A delivers Posted Collateral in book-entry
                        form,
                        then Paragraph 6(c)(ii) will apply to Party B and its Custodian,
                        and Party
                        B and its Custodian shall have the rights specified in Paragraph
                        6(c)(ii).

                    

            

             

            
              	
                      (h)  

                    	
                      Distributions
                        and Interest Amount.

                    

            

             

            
              	
                      (i)  

                    	
                      Interest
                        Rate.  The “Interest
                        Rate” will be the actual interest rate earned on
                        Posted
                        Collateral in the form of Cash that is held by Party B or
                        its
                        Custodian.  Posted Collateral in the form of Cash shall be
                        invested in such overnight (or redeemable within two Local
                        Business Days
                        of demand) Permitted Investments rated at least (x) AAAm
                        or AAAm-G by
                        S&P and (y) Prime-1 by Moody’s or Aaa by Moody’s as directed by Party
                        A (unless (x) an Event of Default or an Additional Termination
                        Event has
                        occurred with respect to which Party A is the defaulting
                        or sole Affected
                        Party or (y) an Early Termination Date has been designated,
                        in which case
                        such Posted Collateral shall be held uninvested).  Gains and
                        losses incurred in respect of any investment of Posted Collateral
                        in the
                        form of Cash in Permitted Investments as directed by Party
                        A shall be for
                        the account of Party A.

                    

            

             

            
              	
                      (ii)  

                    	
                      Transfer
                        of Interest Amount. The Transfer of the Interest Amount will
                        be made on the second Local Business Day following the end
                        of each
                        calendar month and on any other Local Business Day on which
                        Posted
                        Collateral in the form of Cash is Transferred to the Pledgor
                        pursuant to
                        Paragraph 3(b); provided, however, that the obligation of
                        Party B to
                        Transfer any Interest Amount to Party A shall be limited
                        to the extent
                        that Party B has earned and received such funds and such
                        funds are
                        available to Party B.  The last sentence of Paragraph 6(d)(ii)
                        is hereby amended by adding the words “actually received by Party B but”
                        after the words “Interest Amount or portion
                        thereof”.

                    

            

             

            
              	
                      (iii)  

                    	
                      Alternative
                        to Interest Amount. The provisions of Paragraph 6(d)(ii) (as
                        amended herein) will apply.

                    

            

             

            (iv)           Distributions.  Paragraph
              6(d)(i) shall be deleted in its entirety and replaced with the
              following:

             

            “Distributions.  Subject
              to Paragraph 4(a), if Party B receives Distributions on a Local Business
              Day, it
              will Transfer to Party A not later than the following Local Business
              Day any
              Distributions it receives to the extent that a Delivery Amount would
              not be
              created or increased by that Transfer, as calculated by the Valuation
              Agent (and
              the date of calculation will be deemed to be a Valuation Date for this
              purpose).”

             

            
              	
                      (i)  

                    	
                      Additional
                        Representation(s).  There are no additional
                        representations by either party.

                    

            

             

            
              	
                      (j)  

                    	
                      Other
                        Eligible Support and Other Posted
                        Support.

                    

            

             

            
              	
                      (i)  

                    	
                      “Value”
                        with respect to Other Eligible Support and Other Posted Support
                        means: not
                        applicable.

                    

            

             

            
              	
                      (ii)  

                    	
                      “Transfer”
                        with respect to Other Eligible Support and Other Posted Support
                        means: not
                        applicable.

                    

            

             

            
              	
                      (k)  

                    	
                      Demands
                        and Notices.All demands, specifications and notices under
                        this Annex will be made pursuant to the Notices Section of
                        this Agreement,
                        except that any demand, specification or notice shall be
                        given to or made
                        at the following addresses, or at such other address as the
                        relevant party
                        may from time to time designate by giving notice (in accordance
                        with the
                        terms of this paragraph) to the other
                        party:

                    

            

             

            If
              to
              Party A:

             

            The
              Bank
              of New York

            Collateral
              Management

            32
              Old
              Slip, 16th Floor

            New
              York,
              New York 10286

            Phone:  (212)
              804-5158

            Fax:    (212)
              804-5818

             

            If
              to
              Party B, at the address specified pursuant to the Notices Section of
              this
              Agreement.

             

            If
              to
              Party B’s Custodian:

            

            HSBC
              Bank USA,
              National
              Association

            Attn:
              CTLA - NAAC
              2007-2

            452
Fifth
              Avenue

            New
              York, New
              York 10018

            Elena
              Zheng

            Phone:
              212-525-1367

            Fax
              212-525-1300

             

            With
              a
              copy to:

             

            Wells
              Fargo Bank, N.A.

            9062
              Old
              Annapolis Road

            Columbia,
              MD 21045

            Attn:
              Client Manger NAAC 2007-2

            Phone:
              410-884-2000

            Facsimile:
              410-715-2380

            

            
              	
                      (l)  

                    	
                      Address
                        for Transfers.  Each Transfer hereunder shall be
                        made to the address specified below or to an address specified
                        in writing
                        from time to time by the party to which such Transfer will
                        be
                        made.

                    

            

             

            Party
              A
              account details for holding collateral:  To be notified to Party B to
              Party A at the time of the request for the transfer.

             

            Party
              B’s
              Custodian account details for holding collateral:

            

            Wells
              Fargo Bank, N.A.

            ABA
              No.
              121 000 248

            Account
              Name: SAS Clearing

            Account
              No.: 3970771416

            FFC
              to:
              NAAC 2007-2, Supplemental Interest Trust, # 53162304

            

            
              	
                      (m)  

                    	
                      Other
                        Provisions.

                    

            

             

            
              	
                      (i)  

                    	
                      Collateral
                        Account.  Party B shall open and maintain a
                        segregated account, and hold, record and identify all Posted
                        Collateral in
                        such segregated account.

                    

            

             

            
              	
                      (ii)  

                    	
                      Agreement
                        as to Single Secured Party and Single Pledgor. Party A and
                        Party B hereby agree that, notwithstanding anything to the
                        contrary in
                        this Annex, (a) the term “Secured Party” as used in this Annex means only
                        Party B, (b) the term “Pledgor” as used in this Annex means only Party A,
                        (c) only Party A makes the pledge and grant in Paragraph
                        2, the
                        acknowledgement in the final sentence of Paragraph 8(a) and
                        the
                        representations in Paragraph 9.

                    

            

             

            
              	
                      (iii)  

                    	
                      Calculation
                        of Value.  Paragraph 4(c) is hereby amended by
                        deleting the word “Value” and inserting in lieu thereof “S&P Value,
                        Moody’s Value”.  Paragraph 4(d)(ii) is hereby amended by (A)
                        deleting the words “a Value” and inserting in lieu thereof “an S&P
                        Value and a Moody’s Value,” and (B) deleting the words “the Value” and
                        inserting in lieu thereof “S&P Value and Moody’s
                        Value”.  Paragraph 5 (flush language) is hereby amended by
                        deleting the word “Value” and inserting in lieu thereof “S&P Value, or
                        Moody’s Value”.  Paragraph 5(i) (flush language) is hereby
                        amended by deleting the word “Value” and inserting in lieu thereof
                        “S&P Value and Moody’s Value”.  Paragraph 5(i)(C) is hereby
                        amended by deleting the word “the Value, if” and inserting in lieu thereof
                        “any one or more of the S&P Value, or  Moody’s Value, as may
                        be”.  Paragraph 5(ii) is hereby amended by (1) deleting the
                        first instance of the words “the Value” and inserting in lieu thereof “any
                        one or more of the S&P Value, or Moody’s Value” and (2) deleting the
                        second instance of the words “the Value” and inserting in lieu thereof
                        “such disputed S&P Value, or  Moody’s
                        Value”.  Each of Paragraph 8(b)(iv)(B) and Paragraph 11(a) is
                        hereby amended by deleting the word “Value” and inserting in lieu thereof
                        “least of the S&P Value, and Moody’s
                        Value”.

                    

            

             

            
              	
                      (iv)  

                    	
                      Form
                        of Annex. Party A and Party B hereby
                        agree that the text of Paragraphs 1 through 12, inclusive,
                        of this Annex
                        is intended to be the printed form of ISDA Credit Support
                        Annex (Bilateral
                        Form - ISDA Agreements Subject to New York Law Only version)
                        as published
                        and copyrighted in 1994 by the International Swaps and Derivatives
                        Association, Inc.

                    

            

             

            
              	
                      (v)  

                    	
                      Events
                        of Default.  Paragraph 7 will not apply to cause
                        any Event of Default to exist with respect to Party B except
                        that
                        Paragraph 7(i) will apply to Party B solely in respect of
                        Party B’s
                        obligations under Paragraph 3(b) of the Credit Support
                        Annex.  Notwithstanding anything to the contrary in Paragraph 7,
                        any failure by Party A to comply with or perform any obligation
                        to be
                        complied with or performed by Party A under the Credit Support
                        Annex shall
                        only be an Event of Default if (A) a Moody’s Second Trigger Downgrade
                        Event has occurred and is continuing and at least 30 Local
                        Business Days
                        have elapsed since such Moody’s Second Trigger Downgrade Event first
                        occurred.

                    

            

             

            
              	
                      (vi)  

                    	
                      Expenses.  Notwithstanding
                        anything to the contrary in Paragraph 10, the Pledgor will
                        be responsible
                        for, and will reimburse the Secured Party for, all transfer
                        and other
                        taxes and other costs involved in maintenance
                        and any
                        Transfer of Eligible
                        Collateral.

                    

            

             

            
              	
                      (vii)  

                    	
                      Withholding.  Paragraph
                        6(d)(ii) is
                        hereby amended by inserting immediately after “the
                        Interest Amount” in
                        the fourth line
                        thereof  the words “less
                        any applicable withholding
                        taxes.”

                    

            

             

            (viii) 
              Additional Definitions.  As used in this
              Annex:

             

            “Custodian
              Required
              Rating
              Threshold”
              means, with respect to an entity, a short-term unsecured and unsubordinated
              debt
              rating from S&P of “A-1,”
              or, if such entity does not have a
              short-term unsecured and unsubordinated debt rating from S&P, a long-term
              unsecured and unsubordinated debt rating
              or counterparty rating
              from S&P of “A+”.

             

            “DV01”
              means, with respect to a Transaction
              and any date of determination, the estimated change in the Secured
              Party’s
              Transaction Exposure with respect to
              such Transaction that would result from a one basis point
              change in the relevant
              swap curve on such date, as determined by the Valuation Agent in good
              faith and
              in a commercially reasonable manner in accordance with the relevant
              methodology
              customarily used by the Valuation Agent.  The Valuation Agent
              shall, upon request of Party B,
              provide to Party B a statement showing in reasonable detail such
              calculation.

             

            “Exposure” has
              the meaning specified in Paragraph
              12, except that (1) after the word “Agreement”
              the words “(assuming, for
              this purpose only,
              that Part 1(f)(i)(A)-(E)
              of
              the Schedule is deleted)”
              shall be inserted and (2) at the end of the definition of Exposure,
              the words
“with terms that
              are, in
              all material respects, no less beneficial for Party B than those of
              this
              Agreement” shall be
              added.

             

             “Local
              Business Day” means, for purposes of this Annex: any day on which
              (A) commercial banks are open for business (including dealings in foreign
              exchange and foreign currency deposits) in New York and the location
              of Party A,
              Party B and any Custodian, and (B) in relation to a Transfer of Eligible
              Collateral, any day on which the clearance system agreed between the
              parties for
              the delivery of Eligible Collateral is open for acceptance and execution
              of
              settlement instructions (or in the case of a Transfer of Cash or other
              Eligible
              Collateral for which delivery is contemplated by other means a day
              on which
              commercial banks are open for business (including dealings in foreign
              exchange
              and foreign deposits) in New York and the location of Party A, Party
              B and any
              Custodian.

             

            “Moody’s
              Credit Support Amount” means, for any Valuation Date:

             

            
              	
                       

                    	
                      (A)

                    	
                      if
                        the Moody’s Threshold for such Valuation Date is zero and (i) it is
                        not
                        the case that a Moody’s Second Trigger Downgrade Event has occurred and is
                        continuing or (ii) a Moody’s Second Trigger Downgrade Event has occurred
                        and is continuing and less than 30 Local Business Days have
                        elapsed since
                        such Moody’s Second Trigger Downgrade Event first occurred, an amount
                        equal to the greater of (x) zero and (y) the sum of the Secured
                        Party’s
                        Exposure and the aggregate of Moody’s First Trigger Additional Amounts for
                        all Transactions and such Valuation
                        Date;

                    

            

             

            
              	
                       

                    	
                      (B)

                    	
                      if
                        the Moody’s Threshold for such Valuation Date is zero and a Moody’s Second
                        Trigger Downgrade Event has occurred and is continuing and
                        at least 30
                        Local Business Days have elapsed since such Moody’s Second Trigger
                        Downgrade Event first occurred, an amount equal to the greatest
                        of (x)
                        zero, (y) the aggregate amount of the Next Payments for all
                        Next Payment
                        Dates, and (z) the sum of the Secured Party’s Exposure and the aggregate
                        of Moody’s Second Trigger Additional Amounts for all Transactions
                        and such
                        Valuation Date; or

                    

            

             

            (C)           if
              the Moody’s Threshold for such Valuation Date is infinity, zero.

             

            “Moody’s
              First Trigger Additional Amount” means, for any Valuation Date and
              any Transaction, the least of (x) the product of the Moody’s First Trigger DV01
              Multiplier and DV01 for such Transaction and such Valuation Date, (y)
              the
              product of (i) Moody’s First Trigger Notional Amount Multiplier, (ii) the Scale
              Factor, if any, for such Transaction, or, if no Scale Factor is applicable
              for
              such Transaction, one, and (iii) the Notional Amount for such Transaction
              for
              the Calculation Period for such Transaction (each as defined in the
              related
              Confirmation) which includes such Valuation Date, and (z) the product
              of (i) the
              applicable Moody’s First Trigger Factor set forth in Table 2A, (ii) the Scale
              Factor, if any, for such Transaction, or, if no Scale Factor is applicable
              for
              such Transaction, one, and (iii) the Notional Amount for such Transaction
              for
              the Calculation Period for such Transaction (each as defined in the
              related
              Confirmation) which includes such Valuation Date.

             

            “Moody’s
              First Trigger Downgrade Event” means that no Relevant Entity has
              credit ratings from Moody’s at least equal to the Moody’s First Trigger Ratings
              Threshold.

             

            “Moody’s
              First Trigger DV01 Multiplier” means 15.

             

            “Moody’s
              First Trigger Notional Amount Multiplier” means 2%.

             

            “Moody’s
              First Trigger Value” means, on any date and with respect to any
              Eligible Collateral other than Cash, the bid price obtained by the
              Valuation
              Agent multiplied by the Moody’s First Trigger Valuation Percentage for such
              Eligible Collateral set forth in Table 1A, Column A.

             

            “Moody’s
              Second Trigger Additional Amount” means, for any Valuation Date
              and any Transaction,

             

            
              	
                       

                    	
                      (A)

                    	
                      if
                        such Transaction is not a Transaction-Specific Hedge, the
                        least of (i) the
                        product of the Moody’s Second Trigger DV01 Multiplier and DV01 for such
                        Transaction and such Valuation Date, (ii) the product of
                        (1) the Moody’s
                        Second Trigger Notional Amount Multiplier, (2) the Scale
                        Factor, if any,
                        for such Transaction, or, if no Scale Factor is applicable
                        for such
                        Transaction, one, and (3) the Notional Amount for such Transaction
                        for the
                        Calculation Period of such Transaction (each as defined in
                        the related
                        Confirmation) which includes such Valuation Date, and (iii)
                        the product of
                        (1) the applicable Moody’s Second Trigger Factor set forth in Table 2C,
                        (2) the Scale Factor, if any, for such Transaction, or, if
                        no Scale Factor
                        is applicable for such Transaction, one, and (3) the Notional
                        Amount for
                        such Transaction for the Calculation Period for such Transaction
                        (each as
                        defined in the related Confirmation) which includes such
                        Valuation Date;
                        or

                    

            

             

            
              	
                       

                    	
                      (B)

                    	
                      if
                        such Transaction is a Transaction-Specific Hedge, the least
                        of (i) the
                        product of the Moody’s Second Trigger Transaction-Specific Hedge DV01
                        Multiplier and DV01 for such Transaction and such Valuation
                        Date, (ii) the
                        product of (1) the Moody’s Second Trigger Transaction-Specific Hedge
                        Notional Amount Multiplier, (2) the Scale Factor, if any,
                        for such
                        Transaction, or, if no Scale Factor is applicable for such
                        Transaction,
                        one, and (3) the Notional Amount for such Transaction for
                        the Calculation
                        Period for such Transaction (each as defined in the related
                        Confirmation)
                        which includes such Valuation Date, and (iii) the product
                        of (1) the
                        applicable Moody’s Second Trigger Factor set forth in Table 2B, (2) the
                        Scale Factor, if any, for such Transaction, or, if no Scale
                        Factor is
                        applicable for such Transaction, one, and (3) the Notional
                        Amount for such
                        Transaction for the Calculation Period for such Transaction
                        (each as
                        defined in the related Confirmation) which includes such
                        Valuation
                        Date.

                    

            

             

            “Moody’s
              Second Trigger DV01 Multiplier” means 50.

             

            “Moody’s
              Second Trigger Notional Amount Multiplier” means 8%.

             

            “Moody’s
              Second Trigger Transaction-Specific Hedge DV01 Multiplier” means
              65.

             

            “Moody’s
              Second Trigger Transaction-Specific Hedge Notional Amount
              Multiplier” means 10%.

             

            “Moody’s
              Valuation Percentage” means, with respect to a Valuation Date and
              each item of Eligible Collateral,

             

            
              	
                       

                    	
                      (A)

                    	
                      if
                        the Moody’s Threshold for such Valuation Date is zero and (i) it is
                        not
                        the case that a Moody’s Second Trigger Downgrade Event has occurred and is
                        continuing or (ii) a Moody’s Second Trigger Downgrade Event has occurred
                        and is continuing and less than 30 Local Business Days have
                        elapsed since
                        such Moody’s Second Trigger Downgrade Event first occurred, the
                        corresponding percentage for such Eligible Collateral in
                        Table 1A, Column
                        A, or

                    

            

             

            
              	
                       

                    	
                      (B)

                    	
                      if
                        a Moody’s Second Trigger Downgrade Event has occurred and is continuing
                        and at least 30 Local Business Days have elapsed since such
                        Moody’s Second
                        Trigger Downgrade Event first occurred, the corresponding
                        percentage for
                        such Eligible Collateral in Table 1A, Column
                        B.

                    

            

             

            “Moody’s
              Value” means, on any date and with respect to any Eligible
              Collateral the product of (x) the bid price obtained by the Valuation
              Agent and
              (y) the applicable Moody’s Valuation Percentage
              set forth in Table 1A.

             

            “Next
              Payment” means, in respect of each Next Payment Date, the greater
              of (i) the aggregate amount of any payments due to be made by Party
              A under
              Section 2(a) on such Next Payment Date less the aggregate amount of
              any payments
              due to be made by Party B under Section 2(a) on such Next Payment Date
              (any such
              payments determined based on rates prevailing the date of determination)
              and
              (ii) zero.

             

            “Next
              Payment Date” means each date on which the next scheduled payment
              under any Transaction is due to be paid.

             

            “Pricing
              Sources” means the sources of financial information commonly
              known
              as Bloomberg, Bridge Information Services, Data Resources Inc., Interactive
              Data
              Services, International Securities Market Association, Merrill Lynch
              Securities
              Pricing Service, Muller Data Corporation, Reuters, Wood Gundy, Trepp
              Pricing, JJ
              Kenny, S&P and Telerate.

             

            “Remaining
              Weighted Average Maturity” means, with respect to a
              Transaction, the expected weighted average maturity for such Transaction
              as
              determined by the Valuation Agent.

             

            “S&P
              Approved Ratings Downgrade Event” means that no Relevant Entity
              has credit ratings from S&P at least equal to the S&P Approved Ratings
              Threshold.

             

            “S&P
              Credit Support Amount” means, for any Valuation Date:

             

            
              	
                       

                    	
                      (A)

                    	
                      if
                        the S&P Threshold for such Valuation Date is zero and it is not
                        the
                        case that an S&P Required Ratings Downgrade Event has occurred and
                        been continuing for at least 10 Local Business Days, an amount
                        equal to
                        the Secured Party’s Exposure;

                    

            

             

            
              	
                       

                    	
                      (B)

                    	
                      if
                        the S&P Threshold for such Valuation Date is zero and it is the
                        case
                        that an S&P Required Ratings Downgrade Event has occurred and been
                        continuing for at least 10 Local Business Days, an amount
                        equal to 125% of
                        the Secured Party’s Exposure; or

                    

            

             

            (C)           if
              the S&P Threshold for such Valuation Date is infinity, zero.

             

            “S&P
              Valuation Percentage” means, with respect to a Valuation Date and
              each item of Eligible Collateral,

             

            
              	
                       

                    	
                      (A)

                    	
                      if
                        the S&P Threshold for such Valuation Date is zero and it is not
                        the
                        case that a S&P Required Ratings Downgrade Event has occurred and been
                        continuing for at least 10 Local Business Days, the corresponding
                        percentage for such Eligible Collateral in Table 1B, Column
                        A,
                        or

                    

            

             

            
              	
                       

                    	
                      (B)

                    	
                      if
                        an S&P Required Ratings Downgrade Event has occurred and been
                        continuing for at least 10 Local Business Days, the corresponding
                        percentage for such Eligible Collateral in Table 1B, Column
                        B.

                    

            

             

            “S&P
              Value” means, on any date and with respect to any Eligible
              Collateral, (A) in the case of Eligible Collateral other than Cash,
              the product
              of (x) the bid price obtained by the Valuation Agent for such Eligible
              Collateral and (y) the applicable S&P Valuation Percentage for such Eligible
              Collateral set forth in Table 1B and (B) in the case of Cash, the amount
              thereof  multiplied by the applicable S&P Valuation
              Percentage.

             

            “Transaction
              Exposure” means, for any Transaction, Exposure determined as if
              such Transaction were the only Transaction between the Secured Party
              and the
              Pledgor.

             

            “Transaction-Specific
              Hedge” means
              any
              Transaction that is (i) an interest rate swap in respect of which (x)
              the
              notional amount of the interest rate swap is “balance guaranteed” or (y) the
              notional amount of the interest rate swap for any Calculation Period
              (as defined
              in the related Confirmation) otherwise is not a specific dollar amount
              that is
              fixed at the inception of the Transaction, (ii) an interest rate cap,
              (iii) an
              interest rate floor or (iv) an interest rate swaption.

             

            “Valuation
              Percentage” shall mean, for purposes of determining the S&P
              Value, or Moody’s Value with respect to any Eligible Collateral or Posted
              Collateral, the applicable S&P Valuation Percentage, or Moody’s Valuation
              Percentage for such Eligible Collateral or Posted Collateral, respectively,
              in
              each case as set forth in Table 1.

             

            “Value”
              shall mean, in respect of any date, the related S&P Value, and the related
              Moody’s Value.

             

            

             

            [Remainder
              of this page intentionally left blank]

             

             

            
 

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

             

            IN
              WITNESS WHEREOF, the parties have
              executed this Annex by their duly authorized representatives as of
              the date of
              the Agreement.

             

            
              	The
                      Bank of New
                      York 	 	 	
                      HSBC
                        Bank USA, National Association, not in its individual capacity,
                        but solely
                        as the Supplemental Interest Trust Trustee on behalf of the
                        Supplemental
                        Interest Trust with respect to the Nomura Asset Acceptance
                        Corporation,
                        Alternative Loan Trust Series 2007-2, Mortgage Pass-Through
                        Certificates

                    	 
	 	 	 	 	 
	
                      By: /s/
                        Renee Etheart

                    	 	 	
                      By:
                        /s/ Elena
                        Zheng

                    	 
	
                      Name:
                        Renee
                        Etheart

                    	 	 	
                      
                        Name:
                          Elena Zheng

                      

                    	 
	
                      Title:
                        Vice
                        President

                    	 	 	
                      Title:  Assistant
                        Vice
                        President, HSBC Bank USA, N.A.

                    	 
	
                      Date:

                    	 	 	Date:	 

            

             

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

             

            Table
              1A

            Eligible
              Collateral

            Moody’s

             

             

            Valuation
              Date (and Valuation Percentage column):  Daily

             

            Moody’s
              Valuation Percentage columns:

            *
              Column
              A sets out the percentage applicable when the percentage in Column
              B is not
              applicable.

            *
              Column
              B sets out the percentage applicable when a Moody’s Second Trigger Downgrade
              Event has occurred and is continuing and at least 30 Local Business
              Days have
              elapsed since such Moody’s Second Trigger Downgrade Event first
              occurred.

             

            
              	
                      Eligible
                        Collateral & Valuation Percentages (Moody’s )

                       

                    
	 	 	
                      Valuation
                        Percentage

                       

                    	
                      Valuation
                        Percentage

                       

                    
	 	 	
                      Moody’s
                        (Daily)

                       

                    	
                      Moody’s
                        (Weekly)

                       

                    
	
                      A

                       

                    	
                      B

                       

                    	
                      A

                       

                    	
                      B

                       

                    
	
                      (A)

                       

                    	
                      Cash:  U.S.
                        Dollars in depositary account form

                       

                    	
                      100%

                       

                    	
                      100

                       

                    	
                      100%

                       

                    	
                      100%

                       

                    
	
                      (B)

                       

                    	
                      Floating-rate
                        U.S. Treasury Securities:  Floating-rate negotiable debt
                        obligations issued by the U.S. Treasury Department after
                        July 18, 1984
                        (“Floating-rate Treasuries”) (all maturities).

                       

                    	
                      100%

                       

                    	
                      99%

                       

                    	
                      100%

                       

                    	
                      99%

                       

                    
	
                      (C)

                       

                    	
                      U.S.
                        Treasury Securities:  Fixed-rate negotiable debt
                        obligations issued by the U.S. Treasury Department after
                        July 18, 1984
                        (“Fixed-rate Treasuries”) having a remaining maturity of up to
                        and not more than 1 year.

                       

                    	
                      100%

                       

                    	
                      100%

                       

                    	
                      100%

                       

                    	
                      100%

                       

                    
	
                      (D)

                       

                    	
                      Fixed-rate
                        Treasuries having a remaining maturity of greater than 1
                        year but not more
                        than 2 years.

                       

                    	
                      100%

                       

                    	
                      99%

                       

                    	
                      100%

                       

                    	
                      99%

                       

                    
	
                      (E)

                       

                    	
                      Fixed-rate
                        Treasuries having a remaining maturity of greater than 2
                        years but not
                        more than 3 years.

                       

                    	
                      100%

                       

                    	
                      98%

                       

                    	
                      100%

                       

                    	
                      98%

                       

                    
	
                      (F)

                       

                    	
                      Fixed-rate
                        Treasuries having a remaining maturity of greater than 3
                        years but not
                        more than 5 years.

                       

                    	
                      100%

                       

                    	
                      97%

                       

                    	
                      100%

                       

                    	
                      97%

                       

                    
	
                      (G)

                       

                    	
                      Fixed-rate
                        Treasuries having a remaining maturity of greater than 5
                        years but not
                        more than 7 years.

                       

                    	
                      100%

                       

                    	
                      96%

                       

                    	
                      100%

                       

                    	
                      95%

                       

                    
	
                      (H)

                       

                    	
                      Fixed-rate
                        Treasuries having a remaining maturity of greater than 7
                        years but not
                        more than 10 years.

                       

                    	
                      100%

                       

                    	
                      94%

                       

                    	
                      100%

                       

                    	
                      94%

                       

                    
	
                      (I)

                       

                    	
                      Fixed-rate
                        Treasuries having a remaining maturity of greater than 10
                        years but not
                        more than 20 years.

                       

                    	
                      100%

                       

                    	
                      90%

                       

                    	
                      100%

                       

                    	
                      89%

                       

                    
	
                      (J)

                       

                    	
                      Fixed-rate
                        Treasuries having a remaining maturity of greater than 20
                        years but not
                        more than 30 years.

                       

                    	
                      100%

                       

                    	
                      88%

                       

                    	
                      100%

                       

                    	
                      87%

                       

                    
	
                      (K)

                       

                    	
                      Floating-rate
                        Agency Securities:  Floating-rate negotiable debt
                        obligations of the Federal National Mortgage Association
                        (FNMA), Federal
                        Home Loan Mortgage Corporation (FHLMC), Federal Home Loan
                        Banks (FHLB),
                        Federal Farm Credit Banks (FFCB), Tennessee Valley Authority
                        (TVA)
                        (collectively, “Floating-rate Agency Securities”) (all
                        maturities).

                       

                    	
                      100%

                       

                    	
                      98%

                       

                    	
                      100%

                       

                    	
                      98%

                       

                    
	
                      (L)

                       

                    	
                      Fixed-rate
                        Agency Securities: Fixed-rate negotiable debt obligations of the
                        Federal National Mortgage Association (FNMA), Federal Home
                        Loan Mortgage
                        Corporation (FHLMC), Federal Home Loan Banks (FHLB), Federal
                        Farm Credit
                        Banks (FFCB), Tennessee Valley Authority (TVA) (collectively,
                        “Fixed-rate Agency Securities”) issued after July 18, 1984 and
                        having a remaining maturity of not more than 1 year.

                       

                    	
                      100%

                       

                    	
                      99%

                       

                    	
                      100%

                       

                    	
                      99%

                       

                    
	
                      (M)

                       

                    	
                      Fixed-rate
                        Agency Securities having a remaining maturity of greater
                        than 1 year but
                        not more than 2 years.

                       

                    	
                      100%

                       

                    	
                      99%

                       

                    	
                      100%

                       

                    	
                      98%

                       

                    
	
                      (N)

                       

                    	
                      Fixed-rate
                        Agency Securities having a remaining maturity of greater
                        than 2 years but
                        not more than 3 years.

                       

                    	
                      100%

                       

                    	
                      98%

                       

                    	
                      100%

                       

                    	
                      97%

                       

                    
	
                      (O)

                       

                    	
                      Fixed-rate
                        Agency Securities having a remaining maturity of greater
                        than 3 years but
                        not more than 5 years.

                       

                    	
                      100%

                       

                    	
                      96%

                       

                    	
                      100%

                       

                    	
                      96%

                       

                    
	
                      (P)

                       

                    	
                      Fixed-rate
                        Agency Securities having a remaining maturity of greater
                        than 5 years but
                        not more than 7 years.

                       

                    	
                      100%

                       

                    	
                      93%

                       

                    	
                      100%

                       

                    	
                      94%

                       

                    
	
                      (Q)

                       

                    	
                      Fixed-rate
                        Agency Securities having a remaining maturity of greater
                        than 7 years but
                        not more than 10 years.

                       

                    	
                      100%

                       

                    	
                      93%

                       

                    	
                      100%

                       

                    	
                      93%

                       

                    
	
                      (R)

                       

                    	
                      Fixed-rate
                        Agency Securities having a remaining maturity of greater
                        than 10 years but
                        not more than 20 years.

                       

                    	
                      100%

                       

                    	
                      89%

                       

                    	
                      100%

                       

                    	
                      88%

                       

                    
	
                      (S)

                       

                    	
                      Fixed-rate
                        Agency Securities having a remaining maturity of greater
                        than 20 years but
                        not more than 30 years.

                       

                    	
                      100%

                       

                    	
                      87%

                       

                    	
                      100%

                       

                    	
                      86%

                       

                    
	
                      (T)

                       

                    	
                      FHLMC
                        Certificates. Mortgage participation certificates issued by FHLMC
                        evidencing undivided interests or participations in pools
                        of first lien
                        conventional or FHA/VA residential mortgages or deeds of
                        trust, guaranteed
                        by FHLMC, issued after July 18, 1984 and having a remaining
                        maturity of
                        not more than 30 years.

                       

                    	
                      *

                       

                    	
                      *

                       

                    	
                      *

                       

                    	
                      *

                       

                    
	
                      (U)

                       

                    	
                      FNMA
                        Certificates. Mortgage-backed pass-through certificates issued by
                        FNMA evidencing undivided interests in pools of first lien
                        mortgages or
                        deeds of trust on residential properties, guaranteed by FNMA,
                        issued after
                        July 18, 1984 and having a remaining maturity of not more
                        than 30
                        years.

                       

                    	
                      *

                       

                    	
                      *

                       

                    	
                      *

                       

                    	
                      *

                       

                    
	
                      (V)

                       

                    	
                      GNMA
                        Certificates. Mortgage-backed pass-through certificates issued by
                        private entities, evidencing undivided interests in pools
                        of first lien
                        mortgages or deeds of trust on single family residences,
                        guaranteed by the
                        Government National Mortgage Association (GNMA) with the
                        full faith and
                        credit of the United States, issued after July 18, 1984 and
                        having a
                        remaining maturity of not more than 30 years.

                       

                    	
                      *

                       

                    	
                      *

                       

                    	
                      *

                       

                    	
                      *

                       

                    
	
                      (W)

                       

                    	
                      Commercial
                        Mortgage-Backed Securities. Floating rate commercial mortgage-backed
                        securities rated AAA by two major rating agencies (including
                        S&P if
                        S&P is a Rating Agency hereunder) with a minimum par or face
                        amount of
                        $250 million (excluding securities issued under Rule 144A)
                        (“Commercial Mortgage-Backed Securities”) having a remaining
                        maturity of not more than 5 years.

                       

                    	
                      *

                       

                    	
                      *

                       

                    	
                      *

                       

                    	
                      *

                       

                    
	
                      (X)

                       

                    	
                      Commercial
                        Mortgage-Backed Securities having a remaining maturity of
                        more than 5
                        years and not more than 10 years.

                       

                    	
                      *

                       

                    	
                      *

                       

                    	
                      *

                       

                    	
                      *

                       

                    
	
                      (Y)

                       

                    	
                      Commercial
                        Mortgage-Backed Securities having a remaining maturity of
                        more than 10
                        years.

                       

                    	
                       

                    	
                       

                    	
                      *

                       

                    	
                      *

                       

                    
	
                      (Z)

                       

                    	
                      Commercial
                        Paper. Commercial Paper with a rating of at least P-1 by
                        Moody’s and
                        at least A-1+ by S&P and having a remaining maturity of not more than
                        30 days.

                       

                    	
                      *

                       

                    	
                      *

                       

                    	
                      *

                       

                    	
                      *

                       

                    
	
                      (AA)

                       

                    	
                      Other
                        Items of Credit Support approved by the Rating Agencies to
                        the extent the
                        Certificates or any Notes are rated.

                       

                    	
                      *

                       

                    	
                      *

                       

                    	
                      *

                       

                    	
                      *

                       

                    

            

             

            *
              zero or
              such higher percentage in respect of which Moody’s has delivered a ratings
              affirmation.

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

             

            Table
              1B

            Eligible
              Collateral

            S&P

             

            Valuation
              Date (and Valuation Percentage column):  Daily

            S&P
              Valuation Percentage columns:

            *
              Column
              A sets out the percentage applicable when the percentage in Column
              B is not
              applicable.

            *
              Column
              B sets out the percentage applicable when an S&P Required Ratings Downgrade
              Event has occurred and is continuing for at least 10 Local Business
              Days.

             

            
              	
                      Eligible
                        Collateral & Valuation Percentages (S&P)

                       

                    
	 	
                      Valuation
                        Percentage

                       

                    	
                      Valuation
                        Percentage

                       

                    
	 	
                      S&P
                        (Daily)

                       

                    	
                      S&P
                        (Weekly)

                       

                    
	
                      A

                       

                    	
                      B

                       

                    	
                      A

                       

                    	
                      B

                       

                    
	
                      (A)

                       

                    	
                      Cash:  U.S.
                        Dollars in depositary account form

                       

                    	
                      100%

                       

                    	
                      80%

                       

                    	
                      100%

                       

                    	
                      80%

                       

                    
	
                      (B)

                       

                    	
                      Floating-rate
                        U.S. Treasury Securities:  Floating-rate negotiable debt
                        obligations issued by the U.S. Treasury Department after
                        July 18, 1984
                        (“Floating Rate Treasuries”) (all maturities).

                       

                    	
                      n/a

                       

                    	
                      n/a

                       

                    	
                      n/a

                       

                    	
                      n/a

                       

                    
	
                      (C)

                       

                    	
                      Fixed-rate
                        U.S. Treasury Securities:  Fixed-rate negotiable debt
                        obligations issued by the U.S. Treasury Department after
                        July 18, 1984
                        (“Fixed-rate Treasuries”) having a remaining maturity of up to
                        and not more than 1 year.

                       

                    	
                      98.9%

                       

                    	
                      79.1%

                       

                    	
                      98%

                       

                    	
                      78.4%

                       

                    
	
                      (D)

                       

                    	
                      Fixed-rate
                        Treasuries having a remaining maturity of greater than 1
                        year but not more
                        than 2 years.

                       

                    	
                      98.0%

                       

                    	
                      78.4%

                       

                    	
                      98%

                       

                    	
                      78.4%

                       

                    
	
                      (E)

                       

                    	
                      Fixed-rate
                        Treasuries having a remaining maturity of greater than 2
                        years but not
                        more than 3 years.

                       

                    	
                      98.0%

                       

                    	
                      78.4%

                       

                    	
                      98%

                       

                    	
                      78.4%

                       

                    
	
                      (F)

                       

                    	
                      Fixed-rate
                        Treasuries having a remaining maturity of greater than 3
                        years but not
                        more than 5 years.

                       

                    	
                      98.0%

                       

                    	
                      78.4%

                       

                    	
                      98%

                       

                    	
                      78.4%

                       

                    
	
                      (G)

                       

                    	
                      Fixed-rate
                        Treasuries having a remaining maturity of greater than 5
                        years but not
                        more than 7 years.

                       

                    	
                      93.7%

                       

                    	
                      75.0%

                       

                    	
                      92.6%

                       

                    	
                      74.1%

                       

                    
	
                      (H)

                       

                    	
                      Fixed-rate
                        Treasuries having a remaining maturity of greater than 7
                        years but not
                        more than 10 years.

                       

                    	
                      92.6%

                       

                    	
                      74.1%

                       

                    	
                      92.6%

                       

                    	
                      74.1%

                       

                    
	
                      (I)

                       

                    	
                      Fixed-rate
                        Treasuries having a remaining maturity of greater than 10
                        years but not
                        more than 20 years.

                       

                    	
                      91.1%

                       

                    	
                      72.9%

                       

                    	
                      87.9%

                       

                    	
                      70.3%

                       

                    
	
                      (J)

                       

                    	
                      Fixed-rate
                        Treasuries having a remaining maturity of greater than 20
                        years but not
                        more than 30 years.

                       

                    	
                      88.6%

                       

                    	
                      70.9%

                       

                    	
                      84.6%

                       

                    	
                      67.7%

                       

                    
	
                      (K)

                       

                    	
                      Floating-rate
                        Agency Securities:  Floating-rate negotiable debt
                        obligations of the Federal National Mortgage Association
                        (FNMA), Federal
                        Home Loan Mortgage Corporation (FHLMC), Federal Home Loan
                        Banks (FHLB),
                        Federal Farm Credit Banks (FFCB), Tennessee Valley Authority
                        (TVA)
                        (collectively, “Floating-rate Agency Securities”) (all
                        maturities).

                       

                    	
                      n/a

                       

                    	
                      n/a

                       

                    	
                      n/a

                       

                    	
                      n/a

                       

                    
	
                      (L)

                       

                    	
                      Fixed-rate
                        Agency Securities: fixed-rate negotiable debt obligations of the
                        Federal National Mortgage Association (FNMA), Federal Home
                        Loan Mortgage
                        Corporation (FHLMC), Federal Home Loan Banks (FHLB), Federal
                        Farm Credit
                        Banks (FFCB), Tennessee Valley Authority (TVA) (collectively,
                        “Fixed-rate Agency Securities”) issued after July 18, 1984 and
                        having a remaining maturity of not more than 1 year.

                       

                    	
                      98.5%

                       

                    	
                      78.8%

                    	
                      98%

                       

                    	
                      78.4%

                       

                    
	
                      (M)

                       

                    	
                      Fixed-rate
                        Agency Securities having a remaining maturity of greater
                        than 1 year but
                        not more than 2 years.

                       

                    	
                      98.0%

                       

                    	
                      78.4%

                    	
                      98%

                       

                    	
                      78.4%

                       

                    
	
                      (N)

                       

                    	
                      Fixed-rate
                        Agency Securities having a remaining maturity of greater
                        than 2 years but
                        not more than 3 years.

                       

                    	
                      98.0%

                       

                    	
                      78.4%

                    	
                      98%

                       

                    	
                      78.4%

                       

                    
	
                      (O)

                       

                    	
                      Fixed-rate
                        Agency Securities having a remaining maturity of greater
                        than 3 years but
                        not more than 5 years.

                       

                    	
                      98.0%

                       

                    	
                      78.4%

                    	
                      98%

                       

                    	
                      78.4%

                       

                    
	
                      (P)

                       

                    	
                      Fixed-rate
                        Agency Securities having a remaining maturity of greater
                        than 5 years but
                        not more than 7 years.

                       

                    	
                      92.6%

                       

                    	
                      74.1%

                    	
                      92.6%

                       

                    	
                      74.1%

                       

                    
	
                      (Q)

                       

                    	
                      Fixed-rate
                        Agency Securities having a remaining maturity of greater
                        than 7 years but
                        not more than 10 years.

                       

                    	
                      92.6%

                       

                    	
                      74.1%

                    	
                      92.6%

                       

                    	
                      74.1%

                       

                    
	
                      (R)

                       

                    	
                      Fixed-rate
                        Agency Securities having a remaining maturity of greater
                        than 10 years but
                        not more than 20 years.

                       

                    	
                      87.7%

                       

                    	
                      70.2%

                    	
                      82.6%

                       

                    	
                      66.1%

                       

                    
	
                      (S)

                       

                    	
                      Fixed-rate
                        Agency Securities having a remaining maturity of greater
                        than 20 years but
                        not more than 30 years.

                       

                    	
                      84.4%

                       

                    	
                      67.5%

                    	
                      77.9%

                       

                    	
                      62.3%

                       

                    
	
                      (T)

                       

                    	
                      FHLMC
                        Certificates. Mortgage participation certificates issued by FHLMC
                        evidencing undivided interests or participations in pools
                        of first lien
                        conventional or FHA/VA residential mortgages or deeds of
                        trust, guaranteed
                        by FHLMC, issued after July 18, 1984 and having a remaining
                        maturity of
                        not more than 30 years.

                       

                    	
                      *

                       

                    	
                      *

                       

                    	
                      *

                       

                    	
                      *

                       

                    
	
                      (U)

                       

                    	
                      FNMA
                        Certificates. Mortgage-backed pass-through certificates issued by
                        FNMA evidencing undivided interests in pools of first lien
                        mortgages or
                        deeds of trust on residential properties, guaranteed by FNMA,
                        issued after
                        July 18, 1984 and having a remaining maturity of not more
                        than 30
                        years.

                       

                    	
                      *

                       

                    	
                      *

                       

                    	
                      *

                       

                    	
                      *

                       

                    
	
                      (V)

                       

                    	
                      GNMA
                        Certificates. Mortgage-backed pass-through certificates issued by
                        private entities, evidencing undivided interests in pools
                        of first lien
                        mortgages or deeds of trust on single family residences,
                        guaranteed by the
                        Government National Mortgage Association (GNMA) with the
                        full faith and
                        credit of the United States, issued after July 18, 1984 and
                        having a
                        remaining maturity of not more than 30 years.

                       

                    	
                      *

                       

                    	
                      *

                       

                    	
                      *

                       

                    	
                      *

                       

                    
	
                      (W)

                       

                    	
                      Commercial
                        Mortgage-Backed Securities. Floating rate commercial mortgage-backed
                        securities rated AAA by two major rating agencies (including
                        S&P if
                        S&P is a Rating Agency hereunder) with a minimum par or face
                        amount of
                        $250 million (excluding securities issued under Rule 144A)
                        (“Commercial Mortgage-Backed Securities”) having a remaining
                        maturity of not more than 5 years.

                       

                    	
                      *

                       

                    	
                      *

                       

                    	
                      95.2%

                       

                    	
                      76.2%

                       

                    
	
                      (X)

                       

                    	
                      Commercial
                        Mortgage-Backed Securities having a remaining maturity of
                        more than 5
                        years and not more than 10 years.

                       

                    	
                      *

                       

                    	
                      *

                       

                    	
                      87.0%

                       

                    	
                      69.6%

                       

                    
	
                      (Y)

                       

                    	
                      Commercial
                        Mortgage-Backed Securities having a remaining maturity of
                        more than 10
                        years.

                       

                    	
                      *

                       

                    	
                      *

                       

                    	
                      *

                       

                    	
                      *

                       

                    
	
                      (Z)

                       

                    	
                      Commercial
                        Paper. Commercial Paper with a rating of at least P-1 by
                        Moody’s and
                        at least A-1+ by S&P and having a remaining maturity of not more than
                        30 days.

                       

                    	
                      *

                       

                    	
                      *

                       

                    	
                      *

                       

                    	
                      *

                       

                    
	
                      (AA)

                       

                    	
                      Other
                        Items of Credit Support approved by the Rating Agencies to
                        the extent the
                        Certificates or any Notes are rated.

                       

                    	
                      *

                       

                    	
                      *

                       

                    	
                      *

                       

                    	
                      *

                       

                    

            

             

            *
              to be
              completed with valuation percentages supplied or published by
              S&P.

             

            

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

             

            In
              addition to the foregoing, the
              following will constitute Eligible Collateral, at the valuation percentages
              indicated (weekly valuation basis) or to be supplied or as published by S&P (daily valuation
              basis):

             

            
              	
                      Other
                        Eligible Collateral and Valuation Percentages (S&P)

                       

                    
	
                      Eligible
                        Collateral

                      (Cash
                        and Securities)

                       

                    	
                      Valuation
                        Percentage

                      (Daily)

                      A

                       

                    	
                      Valuation
                        Percentage

                      (Daily)

                      B

                       

                    	
                      Valuation
                        Percentage

                      (Weekly)

                      A

                       

                    	
                      Valuation
                        Percentage

                      (weekly)

                      B

                       

                    
	
                      Cash

                       

                    	
                      100%

                       

                    	
                      80%

                       

                    	
                      100%

                       

                    	
                      80%

                       

                    
	
                      Category
                        No. 1: U.S. treasuries (current coupon, constant maturity),
                        'AAA' U.S.
                        agencies, 'AAA' covered bonds (floating), 'AAA' sovereign
                        bonds
                        (floating), 'AAA', 'AA' credit card ABS (floating), 'AAA',
                        'AA' auto ABS
                        (floating), and 'AAA' U.S. student loan ABS (floating) having
                        a remaining
                        maturity of less than five years

                       

                    	
                      *

                       

                    	
                      *

                       

                    	
                      98%

                       

                    	
                      78.4%

                       

                    
	
                      Category
                        No. 1: U.S. treasuries (current coupon, constant maturity),
                        'AAA' U.S.
                        agencies, 'AAA' covered bonds (floating), 'AAA' sovereign
                        bonds
                        (floating), 'AAA', 'AA' credit card ABS (floating), 'AAA',
                        'AA' auto ABS
                        (floating), and 'AAA' U.S. student loan ABS (floating) having
                        a remaining
                        maturity of greater than or equal to five years and less
                        than or equal to
                        10 years

                       

                    	
                      *

                       

                    	
                      *

                       

                    	
                      92%

                       

                    	
                      74.1%

                       

                    
	
                      Category
                        No. 2: 'AAA' covered bonds (fixed), 'AAA' sovereign bonds
                        (fixed), 'A'
                        credit card ABS (floating), 'A' auto ABS (floating), 'AAA'
                        CMBS
                        (floating), 'AAA' CDO (floating) 'AA', 'A' U.S. student loan
                        ABS
                        (floating), and 'AAA, 'AA' corporate bonds (fixed or floating)
                        having a
                        remaining maturity of less than five years

                       

                    	
                      *

                       

                    	
                      *

                       

                    	
                      95%

                       

                    	
                      76%

                       

                    
	
                      Category
                        No. 2: 'AAA' covered bonds (fixed), 'AAA' sovereign bonds
                        (fixed), 'A'
                        credit card ABS (floating), 'A' auto ABS (floating), 'AAA'
                        CMBS
                        (floating), 'AAA' CDO (floating), 'AA', 'A' U.S. student
                        loan ABS
                        (floating), and 'AAA', 'AA' U.S. and European corporate bonds
                        (fixed or
                        floating) having a remaining maturity of greater than or
                        equal to five
                        years and less than or equal to 10 years

                       

                    	
                      *

                       

                    	
                      *

                       

                    	
                      87%

                       

                    	
                      69.6%

                       

                    
	
                      Category
                        No. 3: 'BBB' credit card ABS (floating), 'BBB' auto ABS (floating),
                        AA',
                        'A' CDO (floating), 'BBB' U.S. student loan ABS (floating),
                        and 'A'
                        corporate bonds (fixed or floating) having a remaining maturity
                        of less
                        than five years

                       

                    	
                      *

                       

                    	
                      *

                       

                    	
                      80%

                       

                    	
                      64%

                       

                    
	
                      Category
                        No. 3: 'BBB' credit card ABS (floating), 'BBB' auto ABS (floating),
                        'AA',
                        'A' CDO (floating), 'BBB' U.S. student loan ABS (floating),
                        and 'A'
                        corporate bonds (fixed or floating) having a remaining maturity
                        of greater
                        than or equal to five years and less than or equal to 10
                        years

                       

                    	
                      *

                       

                    	
                      *

                       

                    	
                      71.4%

                       

                    	
                      57.1%

                       

                    

            

             

            *
              To be
              completed with valuation percentages supplied or published by
              S&P.

             

            

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            

             

            Table
              2A

            Moody’s
              First Trigger Factor

             

            Valuation
              Date (and Valuation Percentage column):  Daily

            The
              following percentages shall be used in the calculation of the Moody's
              First
              Trigger Factor.

             

            
              	
                      Weighted
                        Average Life of

                      Transaction
                        in Years

                       

                    	
                      Valuation
                        Date (Daily)

                       

                    	
                      Valuation
                        Date (Weekly)

                       

                    
	
                      1
                        or less

                       

                    	
                      0.15%

                       

                    	
                      0.25%

                       

                    
	
                      More
                        than 1 but not more than 2

                       

                    	
                      0.30%

                       

                    	
                      0.50%

                       

                    
	
                      More
                        than 2 but not more than 3

                       

                    	
                      0.40%

                       

                    	
                      0.70%

                       

                    
	
                      More
                        than 3 but not more than 4

                       

                    	
                      0.60%

                       

                    	
                      1.00%

                       

                    
	
                      More
                        than 4 but not more than 5

                       

                    	
                      0.70%

                       

                    	
                      1.20%

                       

                    
	
                      More
                        than 5 but not more than 6

                       

                    	
                      0.80%

                       

                    	
                      1.40%

                       

                    
	
                      More
                        than 6 but not more than 7

                       

                    	
                      1.00%

                       

                    	
                      1.60%

                       

                    
	
                      More
                        than 7 but not more than 8

                       

                    	
                      1.10%

                       

                    	
                      1.80%

                       

                    
	
                      More
                        than 8 but not more than 9

                       

                    	
                      1.20%

                       

                    	
                      2.00%

                       

                    
	
                      More
                        than 9 but not more than 10

                       

                    	
                      1.30%

                       

                    	
                      2.20%

                       

                    
	
                      More
                        than 10 but not more than 11

                       

                    	
                      1.40%

                       

                    	
                      2.30%

                       

                    
	
                      More
                        than 11 but not more than 12

                       

                    	
                      1.50%

                       

                    	
                      2.50%

                       

                    
	
                      More
                        than 12 but not more than 13

                       

                    	
                      1.60%

                       

                    	
                      2.70%

                       

                    
	
                      More
                        than 13 but not more than 14

                       

                    	
                      1.70%

                       

                    	
                      2.80%

                       

                    
	
                      More
                        than 14 but not more than 15

                       

                    	
                      1.80%

                       

                    	
                      3.00%

                       

                    
	
                      More
                        than 15 but not more than 16

                       

                    	
                      1.90%

                       

                    	
                      3.20%

                       

                    
	
                      More
                        than 16 but not more than 17

                       

                    	
                      2.00%

                       

                    	
                      3.30%

                       

                    
	
                      More
                        than 17 but not more than 18

                       

                    	
                      2.00%

                       

                    	
                      3.50%

                       

                    
	
                      More
                        than 18 but not more than 19

                       

                    	
                      2.00%

                       

                    	
                      3.60%

                       

                    
	
                      More
                        than 20 but not more than 21

                       

                    	
                      2.00%

                       

                    	
                      3.70%

                       

                    
	
                      More
                        than 21 but not more than 22

                       

                    	
                      2.00%

                       

                    	
                      3.90%

                       

                    
	
                      More
                        than 22

                       

                    	
                      2.00%

                       

                    	
                      4.00%

                       

                    

            

            

             

            

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

             

            Table
              2B

            Moody’s
              Second TriggerFactor

            (Transaction
              Specific hedges)

             

            Valuation
              Date (and Valuation Percentage column):  Daily

            The
              following percentages shall be used in the calculation of the Moody's
              Second
              Trigger Factor with respect to any Transaction that is a Transaction-Specific
              Hedge.

             

            
              	
                      Weighted
                        Average Life of Transaction in Years

                       

                    	
                      Valuation
                        Date (Daily)

                       

                    	
                      Valuation
                        Date (Weekly)

                       

                    
	
                      1
                        or less

                       

                    	
                      0.65%

                       

                    	
                      0.75%

                       

                    
	
                      More
                        than 1 but not more than 2

                       

                    	
                      1.30%

                       

                    	
                      1.50%

                       

                    
	
                      More
                        than 2 but not more than 3

                       

                    	
                      1.90%

                       

                    	
                      2.20%

                       

                    
	
                      More
                        than 3 but not more than 4

                       

                    	
                      2.50%

                       

                    	
                      2.90%

                       

                    
	
                      More
                        than 4 but not more than 5

                       

                    	
                      3.10%

                       

                    	
                      3.60%

                       

                    
	
                      More
                        than 5 but not more than 6

                       

                    	
                      3.60%

                       

                    	
                      4.20%

                       

                    
	
                      More
                        than 6 but not more than 7

                       

                    	
                      4.20%

                       

                    	
                      4.80%

                       

                    
	
                      More
                        than 7 but not more than 8

                       

                    	
                      4.70%

                       

                    	
                      5.40%

                       

                    
	
                      More
                        than 8 but not more than 9

                       

                    	
                      5.20%

                       

                    	
                      6.00%

                       

                    
	
                      More
                        than 9 but not more than 10

                       

                    	
                      5.70%

                       

                    	
                      6.60%

                       

                    
	
                      More
                        than 10 but not more than 11

                       

                    	
                      6.10%

                       

                    	
                      7.00%

                       

                    
	
                      More
                        than 11 but not more than 12

                       

                    	
                      6.50%

                       

                    	
                      7.50%

                       

                    
	
                      More
                        than 12 but not more than 13

                       

                    	
                      7.00%

                       

                    	
                      8.00%

                       

                    
	
                      More
                        than 13 but not more than 14

                       

                    	
                      7.40%

                       

                    	
                      8.50%

                       

                    
	
                      More
                        than 14 but not more than 15

                       

                    	
                      7.80%

                       

                    	
                      9.00%

                       

                    
	
                      More
                        than 15 but not more than 16

                       

                    	
                      8.20%

                       

                    	
                      9.50%

                       

                    
	
                      More
                        than 16 but not more than 17

                       

                    	
                      8.60%

                       

                    	
                      9.90%

                       

                    
	
                      More
                        than 17 but not more than 18

                       

                    	
                      9.00%

                       

                    	
                      10.40%

                       

                    
	
                      More
                        than 18 but not more than 19

                       

                    	
                      9.40%

                       

                    	
                      10.80%

                       

                    
	
                      More
                        than 20 but not more than 21

                       

                    	
                      9.70%

                       

                    	
                      11.00%

                       

                    
	
                      More
                        than 21 but not more than 22

                       

                    	
                      10.00%

                       

                    	
                      11.00%

                       

                    
	
                      More
                        than 22

                       

                    	
                      10.00%

                       

                    	
                      11.00%

                       

                    

            

            

             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

            

             

            Table
              2C

            Moody’s
              Second Trigger Factor

            (Non-Transaction
              Specific hedges)

             

            Valuation
              Date (and Valuation Percentage column):  Daily

            The
              following percentages shall be used in the calculation of the Moody's
              Second
              Trigger Factor with respect to any Transaction that is not a
              Transaction-Specific Hedge.

             

            
              	
                      Weighted
                        Average Life of Transaction in Years

                       

                    	
                      Valuation
                        Date (Daily)

                       

                    	
                      Valuation
                        Date (Weekly)

                       

                    
	
                      1
                        or less

                       

                    	
                      0.50%

                       

                    	
                      0.60%

                       

                    
	
                      More
                        than 1 but not more than 2

                       

                    	
                      1.00%

                       

                    	
                      1.20%

                       

                    
	
                      More
                        than 2 but not more than 3

                       

                    	
                      1.50%

                       

                    	
                      1.70%

                       

                    
	
                      More
                        than 3 but not more than 4

                       

                    	
                      1.90%

                       

                    	
                      2.30%

                       

                    
	
                      More
                        than 4 but not more than 5

                       

                    	
                      2.40%

                       

                    	
                      2.80%

                       

                    
	
                      More
                        than 5 but not more than 6

                       

                    	
                      2.80%

                       

                    	
                      3.30%

                       

                    
	
                      More
                        than 6 but not more than 7

                       

                    	
                      3.20%

                       

                    	
                      3.80%

                       

                    
	
                      More
                        than 7 but not more than 8

                       

                    	
                      3.60%

                       

                    	
                      4.30%

                       

                    
	
                      More
                        than 8 but not more than 9

                       

                    	
                      4.00%

                       

                    	
                      4.80%

                       

                    
	
                      More
                        than 9 but not more than 10

                       

                    	
                      4.40%

                       

                    	
                      5.30%

                       

                    
	
                      More
                        than 10 but not more than 11

                       

                    	
                      4.70%

                       

                    	
                      5.60%

                       

                    
	
                      More
                        than 11 but not more than 12

                       

                    	
                      5.00%

                       

                    	
                      6.00%

                       

                    
	
                      More
                        than 12 but not more than 13

                       

                    	
                      5.40%

                       

                    	
                      6.40%

                       

                    
	
                      More
                        than 13 but not more than 14

                       

                    	
                      5.70%

                       

                    	
                      6.80%

                       

                    
	
                      More
                        than 14 but not more than 15

                       

                    	
                      6.00%

                       

                    	
                      7.20%

                       

                    
	
                      More
                        than 15 but not more than 16

                       

                    	
                      6.30%

                       

                    	
                      7.60%

                       

                    
	
                      More
                        than 16 but not more than 17

                       

                    	
                      6.60%

                       

                    	
                      7.90%

                       

                    
	
                      More
                        than 17 but not more than 18

                       

                    	
                      6.90%

                       

                    	
                      8.30%

                       

                    
	
                      More
                        than 18 but not more than 19

                       

                    	
                      7.20%

                       

                    	
                      8.60%

                       

                    
	
                      More
                        than 20 but not more than 21

                       

                    	
                      7.50%

                       

                    	
                      9.00%

                       

                    
	
                      More
                        than 21 but not more than 22

                       

                    	
                      7.80%

                       

                    	
                      9.00%

                       

                    
	
                      More
                        than 22

                       

                    	
                      8.00%

                       

                    	
                      9.00%

                       

                    

            

            

             

            

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

          

           

           

          Annex
            B

          

          Item
            1115 Agreement

           

           

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          

           

        

      

      EXHIBIT
        Q

       

      ASSIGNMENT,
        ASSUMPTION AND RECOGNITION AGREEMENT

       

      
         

        This
          Assignment, Assumption and Recognition Agreement (this “AAR Agreement”) is made
          and entered into as of June 1, 2007 (the “Closing Date”), among Nomura Credit
& Capital, Inc., having an address at Two World Financial Center, Building
          B, 21st Floor, New York, New York 10281 (the “Assignor”), Nomura Asset
          Acceptance Corporation, having an address at Two World Financial Center,
          Building B, 21st Floor, New York, New York 10281 (the “Assignee”) and Wells
          Fargo Bank, N.A., having an address at 1 Home Campus, Des Moines, Iowa
          50328-0001 (the “Servicer” or the “Company”).

         

        In
          consideration of the mutual promises contained herein, the parties hereto
          agree
          that the residential mortgage loans identified on the schedule annexed
          hereto as
Attachment 1 (the “Assigned Loans”), which are now serviced
          by the Servicer on behalf of the Assignor and its successors and assigns
          pursuant to the Seller’s Warranties and Servicing Agreement (WFHM 2007-AM01),
          dated as of January 1, 2007, between the Assignor and the Servicer (the
          “Servicing Agreement”) and attached hereto as Attachment 2, shall be
          sold by the Assignor to the Assignee pursuant to the Mortgage Loan Purchase
          Agreement, dated as of June 29, 2007 (the “MLPA”), between the Assignor and the
          Assignee and subject to the terms of this AAR Agreement.  The Assignee
          intends to transfer all right, title and interest in and to the Assigned
          Loans
          and the Servicing Agreement to HSBC Bank USA, National Association, as
          trustee
          (the “Trustee”) for the holders of Nomura Asset Acceptance Corporation,
          Alternative Loan Trust, Series 2007-2, Mortgage Pass-Through Certificates,
          Series 2007-2 (the “Certificateholders”) pursuant to the Pooling and Servicing
          Agreement, dated as of June 1, 2007 (the “Pooling and Servicing Agreement”)
          among the Assignor, as sponsor, the Assignee, as depositor, the Trustee,
          GMAC
          Mortgage, LLC (“GMACM”), as a servicer, and Wells Fargo Bank, N.A., as master
          servicer (in such capacity, the “Master Servicer”) and securities administrator
          (in such capacity, the “Securities Administrator”).  Capitalized terms
          used herein but not defined shall have the meanings ascribed to them in
          the
          Servicing Agreement.

         

        Assignment
          and Assumption

         

        1.  Assignor
          hereby grants, transfers and assigns to Assignee all of the right, title
          and
          interest of Assignor in, to and under the Servicing Agreement as it relates
          to
          the Assigned Loans. Assignor specifically reserves and does not assign
          to
          Assignee any right, title and interest in, to or under the Servicing Agreement,
          as it relates to any mortgage loans other than the Assigned
          Loans.  Notwithstanding anything to the contrary contained herein, the
          Assignor specifically reserves and does not assign to the Assignee the
          representations and warranties contained in Sections 3.01 and 3.02 of the
          Servicing Agreement or the right to enforce the representations and warranties
          against the Company, including, without limitation, the rights set forth
          in
          Section 3.03 of the Servicing Agreement.

         

        Representations,
          Warranties and Covenants

         

        2.  Assignor
          warrants and represents to Assignee and Servicer as of the Closing
          Date:

         

        (a)  Attached
          hereto as Attachment 2 is a true and accurate copy of the Servicing
          Agreement, which Servicing Agreement is in full force and effect as of
          the date
          hereof and the provisions of which, except as set forth herein, have not
          been
          waived, amended or modified in any respect, nor has any notice of termination
          been given thereunder;

         

        (b)  Assignor
          is the lawful owner of the Assigned Loans with full right to transfer the
          Assigned Loans and any and all of its interests and rights under the Servicing
          Agreement as they relate to the Assigned Loans to the extent set forth
          herein,
          free and clear of any and all claims and encumbrances; and upon the transfer
          of
          the Assigned Loans to Assignee under the MLPA, Assignee shall have good
          title to
          each and every Assigned Loan, as well as any and all of Assignor’s interests and
          rights under the Servicing Agreement as they relate to the Assigned Loans,
          free
          and clear of any and all liens, claims and encumbrances;

         

        (c)  Assignor
          is duly organized, validly existing and in good standing under the laws
          of the
          jurisdiction of its incorporation, and has all requisite power and authority
          to
          sell, transfer and assign the Assigned Loans;

         

        (d)  Assignor
          has full corporate power and authority to execute, deliver and perform
          its
          obligations under this AAR Agreement, and to consummate the transactions
          set
          forth herein. The consummation of the transactions contemplated by this
          AAR
          Agreement is in the ordinary course of Assignor’s business and will not conflict
          with, or result in a breach of, any of the terms, conditions or provisions
          of
          Assignor’s certificate of incorporation or by-laws or any legal restriction, or
          any material agreement or instrument to which Assignor is now a party or
          by
          which it is bound, or result in the violation of any law, rule, regulation,
          order, judgment or decree to which Assignor or its property is subject.
          The
          execution, delivery and performance by Assignor of this AAR Agreement and
          the
          consummation by it of the transactions contemplated hereby, have been duly
          authorized by all necessary corporate action on the part of Assignor. This
          AAR
          Agreement has been duly executed and delivered by Assignor and, upon the
          due
          authorization, execution and delivery by Assignee and Servicer, will constitute
          the valid and legally binding obligation of Assignor enforceable against
          Assignor in accordance with its terms except as enforceability may be limited
          by
          bankruptcy, reorganization, insolvency, moratorium or other similar laws
          now or
          hereafter in effect relating to creditors’ rights generally, and by general
          principles of equity regardless of whether enforceability is considered
          in a
          proceeding in equity or at law; and

         

        (e)  No
          consent, approval, order or authorization of, or declaration, filing or
          registration with, any governmental entity is required to be obtained or
          made by
          Assignor in connection with the execution, delivery or performance by Assignor
          of this AAR Agreement, or the consummation by it of the transactions
          contemplated hereby.

         

        3.  Assignee
          warrants and represents to, and covenants with, Assignor and Servicer as
          of the
          Closing Date:

         

        (a)  Assignee
          is duly organized, validly existing and in good standing under the laws
          of the
          jurisdiction of its incorporation and has all requisite power and authority
          to
          acquire, own and purchase the Assigned Loans;

         

        (b)  Assignee
          has full corporate power and authority to execute, deliver and perform
          its
          obligations under this AAR Agreement, and to consummate the transactions
          set
          forth herein. The consummation of the transactions contemplated by this
          AAR
          Agreement is in the ordinary course of Assignee’s business and will not conflict
          with, or result in a breach of, any of the terms, conditions or provisions
          of
          Assignee’s certificate of incorporation or by-laws or any legal restriction, or
          any material agreement or instrument to which Assignee is now a party or
          by
          which it is bound, or result in the violation of any law, rule, regulation,
          order, judgment or decree to which Assignee or its property is subject.
          The
          execution, delivery and performance by Assignee of this AAR Agreement and
          the
          consummation by it of the transactions contemplated hereby, have been duly
          authorized by all necessary corporate action on the part of Assignee. This
          AAR
          Agreement has been duly executed and delivered by Assignee and, upon the
          due
          authorization, execution and delivery by Assignor and the Servicer, will
          constitute the valid and legally binding obligation of Assignee enforceable
          against Assignee in accordance with its terms except as enforceability
          may be
          limited by bankruptcy, reorganization, insolvency, moratorium or other
          similar
          laws now or hereafter in effect relating to creditors’ rights generally, and by
          general principles of equity regardless of whether enforceability is considered
          in a proceeding in equity or at law;

         

        (c)  No
          consent, approval, order or authorization of, or declaration, filing or
          registration with, any governmental entity is required to be obtained or
          made by
          Assignee in connection with the execution, delivery or performance by Assignee
          of this AAR Agreement, or the consummation by it of the transactions
          contemplated hereby; and

         

        (d)  Assignee
          agrees to be bound by all of the terms, covenants and conditions of the
          Servicing Agreement, as modified by this AAR Agreement, with respect to
          the
          Assigned Loans.

         

        4.  The
          Servicer warrants and represents to, and covenants with, Assignor and Assignee
          as of the Closing Date:

         

        (a)  Attached
          hereto as Attachment 2 is a true and accurate copy of the Servicing
          Agreement, which Servicing Agreement is in full force and effect as of
          the
          Closing Date and the provisions of which, except as set forth herein, have
          not
          been waived, amended or modified in any respect, nor has any notice of
          termination been given thereunder;

         

        (b)  The
          Servicer is duly organized, validly existing and in good standing under
          the laws
          of the United States of America, and has all requisite power and authority
          to
          service the Assigned Loans and otherwise to perform its obligations under
          the
          Servicing Agreement, as modified by this AAR Agreement;

         

        (c)  The
          Servicer has full power and authority to execute, deliver and perform its
          obligations under this AAR Agreement, and to consummate the transactions
          set
          forth herein. The consummation of the transactions contemplated by this
          AAR
          Agreement is in the ordinary course of the Servicer’s business and will not
          conflict with, or result in a breach of, any of the terms, conditions or
          provisions of the Servicer’s charter or by-laws or any legal restriction, or any
          material agreement or instrument to which the Servicer is now a party or
          by
          which it is bound, or result in the violation of any law, rule, regulation,
          order, judgment or decree to which the Servicer or its property is subject.
          The
          execution, delivery and performance by the Servicer of this AAR Agreement
          and
          the consummation by it of the transactions contemplated hereby, have been
          duly
          authorized by all necessary action on the part of the Servicer. This AAR
          Agreement has been duly executed and delivered by the Servicer, and, upon
          the
          due, authorization, execution and delivery by Assignor and Assignee, will
          constitute the valid and legally binding obligation of the Servicer, enforceable
          against the Servicer in accordance with its terms except as enforceability
          may
          be limited by insolvency, liquidation, conservatorship or other similar
          laws
          administered by the Federal Deposit Insurance Corporation affecting the
          enforcement of contract obligations of insured banks, and by general principals
          of equity regardless of whether enforceability is considered in a proceeding
          in
          equity or at law;

         

        (d)  No
          consent, approval, order or authorization of, or declaration, filing or
          registration with, any governmental entity is required to be obtained or
          made by
          the Servicer in connection with the execution, delivery or performance
          by the
          Servicer of this AAR Agreement, or the consummation by it of the transactions
          contemplated hereby; and

         

        (e)  The
          Servicer shall service the Assigned Loans in accordance with the terms
          and
          provisions of the Servicing Agreement, as modified by this AAR Agreement,
          for
          the benefit of the Trustee, on behalf of the Certificateholders.  The
          Servicer shall establish a Custodial Account and an Escrow Account under
          the
          Servicing Agreement with respect to the Assigned Loans separate from the
          Custodial Account and Escrow Account previously established under the Servicing
          Agreement in favor of Assignor, and shall remit collections received on
          the
          Assigned Loans to the appropriate account as required by the Servicing
          Agreement.  The Custodial Account and the Escrow Account each shall be
          entitled “Wells Fargo Bank, N.A., as Servicer for HSBC Bank USA, National
          Association as Trustee, in trust for the registered holders of Nomura Asset
          Acceptance Corporation, Alternative Loan Trust, Series 2007-2”, Mortgage
          Pass-Through Certificates, Series 2007-2 and shall be established and maintained
          with a Qualified Depository.  Any funds held in the Custodial Account
          are and shall remain uninvested.

         

        Recognition
          of Assignee.

         

        5.  From
          and
          after the date hereof, Servicer shall recognize Assignee as owner of the
          Assigned Loans, and acknowledges that the Assigned Loans will be part of
          a
          REMIC, and will service the Assigned Loans in accordance with the Servicing
          Agreement, as modified by this AAR Agreement,  but in no event in a
          manner that would (i) cause any REMIC to fail to qualify as a REMIC or
          (ii)
          result in the imposition of a tax upon any REMIC (including but not limited
          to
          the tax on prohibited transactions as defined in Section 860F(a)(2) of
          the
          Internal Revenue Code of 1986 (the “Code”) and the tax on contributions to a
          REMIC set forth in Section 860G(d) of the Code). It is the intention of
          Assignor, Servicer and Assignee that this AAR Agreement shall be binding
          upon
          and for the benefit of the respective successors and assigns of the parties
          hereto. Neither Servicer nor Assignor shall amend or agree to amend, modify,
          waive, or otherwise alter any of the terms or provisions of the Servicing
          Agreement which amendment, modification, waiver or other alteration would
          in any
          way affect the Assigned Loans without the prior written consent of the
          Master
          Servicer or the Trustee.

         

        6.  The
          Servicer hereby acknowledges that the Trustee acting pursuant to the terms
          of
          the Pooling and Servicing Agreement, has the right to enforce all obligations
          of
          the Servicer, as they relate to the Assigned Loans, under the Servicing
          Agreement.  Such right will include, without limitation, the right to
          indemnification, the right to terminate the Servicer under the Servicing
          Agreement upon the occurrence of an Event of Default thereunder and the
          right to
          exercise certain rights of consent and approval relating to actions taken
          by the
          Servicer under the Servicing Agreement.  In addition, any notice
          required to be given by the “Purchaser” pursuant to Section 10.01 of the
          Servicing Agreement shall be given by the Master Servicer or the
          Trustee.  The Servicer further acknowledges that pursuant to the terms
          of the Pooling and Servicing Agreement, the Master Servicer is required
          to
          monitor the performance of the Servicer under the Servicing Agreement,
          except
          with respect to Section 4.23 of the Servicing Agreement.  The Master
          Servicer shall have the right to receive all remittances required to be
          made by
          the Servicer under the Servicing Agreement, the right to receive all monthly
          reports and other data required to be delivered by the Servicer under the
          Servicing Agreement, the right to examine the books and records of the
          Servicer
          under the Servicing Agreement and the right to indemnification under the
          Servicing Agreement.  In addition, if the Servicer shall fail to remit
          any payment pursuant to the Servicing Agreement, the Master Servicer shall
          notify the Trustee and the Servicer of such failure as set forth in Section
          10.01 of the Servicing Agreement.  The Servicer hereby agrees to make
          all remittances required under the Servicing Agreement to the Master Servicer
          for the benefit of the Certificateholders in accordance with the following
          wire
          instructions:

         

        Wells
          Fargo Bank, N.A.

        ABA:
          121000248

        Acct
          #:
          3970771416

        Acct
          Name: SAS Clearing

        For
          Further Credit to: NAAC 2007-2 Account # 53162300

         

        7.  Pursuant
          to Section 9.01(a) of the Servicing Agreement, the Servicer hereby makes
          the
          representations and warranties set forth in Section 3.01 of the Servicing
          Agreement as of the Closing Date.

         

        8.  In
          the
          event that the Assignor substitutes any Deleted Mortgage Loans with any
          Qualified Substitute Mortgage Loans in the manner set forth in the Pooling
          and
          Servicing Agreement, the Servicer shall determine the amount (the “Substitution
          Shortfall Amount”), if any, by which the aggregate purchase price of all such
          Deleted Mortgage Loans exceeds the aggregate of, as to each such Qualified
          Substitute Mortgage Loan, (x) the scheduled principal balance thereof as
          of the
          date of substitution, together with one month’s interest on such scheduled
          principal balance at the applicable Mortgage Interest Rate (minus the
          Administration Fee Rate (as defined below)), plus (y) all outstanding Monthly
          Advances and Servicing Advances (including nonrecoverable Monthly Advances
          and
          nonrecoverable Servicing Advances) related thereto; provided, however,
          if the
          Servicer repurchases the Deleted Mortgage Loan, the amounts set forth in
          clause
          (y) shall not be included in the calculation of the Substitution Shortfall
          Amount. On the date of such substitution, the Assignor will deliver or
          cause to
          be delivered to the Servicer for deposit in the Custodial Account an amount
          equal to the Substitution Shortfall Amount, if any, and the Servicer shall
          certify in writing or electronic mail to the Trustee that it has received
          such
          Substitution Shortfall Amount from the Assignor.  The Servicer shall
          remit such Substitution Shortfall Amount to the Securities Administrator
          on the
          next succeeding Remittance Date.  As used in this Section, the
“Administration Fee Rate” means the sum of the rates used to calculate the fees
          payable to the Servicer, the Master Servicer and the credit risk manager
          under
          the Pooling and Servicing Agreement.

         

        Modification
          of the Servicing Agreement

         

        9.  The
          Servicer and Assignor hereby amend the Servicing Agreement with respect
          to the
          Assigned Loans as follows:

         

        (a)  The
          following definitions are added to Article I of the Servicing Agreement
          in
          proper alphabetical order:

         

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

         

        “Securities
          Administrator”: Wells Fargo Bank, N.A. or any successor
          thereto.

         

        “Trust”:
          Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series
          2007-2.

         

        “Trustee”:
          HSBC Bank USA, National Association, a national banking association, or
          its
          successor in interest, or any successor trustee.

         

        (b)  The
          definition of Business Day in Article I of the Servicing Agreement is modified
          by replacing clause (ii) with the following:

         

        “(ii)
          a
          day on which banking and savings and loan institutions in New York, New
          York,
          the states where the parties are located and the State in which any
          Corporate Trust Office of the Trustee is located are authorized or
          obligated by law or executive order to be closed.”

         

        (c)  The
          definition of “Depositor” in Article I of the Servicing Agreement is modified by
          replacing such definition with the following:

         

        “Depositor”:
          Nomura Asset Acceptance Corporation

         

        (d)  The
          definition of “Master Servicer” in Article I of the Servicing Agreement is
          modified by replacing such definition with the following:

         

        “Master
          Servicer”: Wells Fargo Bank, N.A., or any successor thereto.

         

        (e)  The
          definition of “Officer’s Certificate” in Article I of this Agreement is modified
          by adding “(i)” at the beginning thereof and the following after the word
“Agreement”:

         

        “,
          or
          (ii) if provided for in this Agreement, signed by a Servicing Officer,
          as the
          case may be, and delivered to the Depositor, the Sponsor, the Master Servicer,
          the Securities Administrator or the Trustee, as the case may be, as required
          by
          this Agreement.”

         

        (f)  The
          definition of “Opinion of Counsel” in Article I of the Servicing Agreement is
          modified by replacing such definition with the following:

         

        “Opinion
          of Counsel”: A written opinion of counsel, who may, without limitation, be
          salaried counsel for the Depositor, the Company, the Securities Administrator
          or
          the Master Servicer and acceptable to the Trustee, except any opinion of
          counsel
          relating to (a) the qualification of any REMIC as a REMIC or (b) compliance
          with
          the REMIC Provisions must be an opinion of independent counsel; provided,
          however, that any Opinion of Counsel provided by the Company pursuant to
          clause
          (b) above may be provided by internal counsel; provided that the delivery
          of
          such Opinion of Counsel shall not release the Company from any of its
          obligations hereunder and the Company shall be responsible for such contemplated
          actions or inaction, as the case may be, to the extent it conflicts with
          the
          terms of this Agreement.

         

        (g)  The
          definition of “Rating Agency” in Article I of the Servicing Agreement is
          modified by replacing such definition with the following:

         

        “Rating
          Agencies”: Moody’s Investors Services, Inc. and Standard & Poor’s
          Ratings Services, or their successors. If such agencies or their successors
          are
          no longer in existence, “Rating Agencies” shall be such nationally recognized
          statistical rating agencies, or other comparable Persons, designated by
          the
          Depositor, notice of which designation shall be given to the
          Trustee.

         

        (h)  The
          definition of “Servicing Officer” in Article I of the Servicing Agreement is
          hereby deleted in its entirety and replaced with the following:

         

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

         

        (i)  The
          definition of “Qualified Depository” in Article I of the Servicing Agreement is
          hereby amended by deleting the words “Group or” following the words “Standard
& Poor’s Ratings” and replacing it with “Services and”.

         

        (j)  The
          definition of “Servicing Advances” in Article I of the Servicing Agreement is
          hereby amended by adding the following language after the phrase “including
          reasonable attorney's fees and disbursements”: “but excluding any fees
          associated with the registration of any Mortgage Loan on the MERS System
          as
          required under Section 4.01”.

         

        (k)  The
          definition of “Servicing Advances” in Article I of the Servicing Agreement is
          further amended by (i) deleting the word “and” at the end of clause (d) thereto
          and replacing it with “,” and (ii) adding the following language at the end
          thereof: “and (f) payment of taxes.”

         

        (l)  Section
          4.05 of the Servicing Agreement is modified by deleting the word “and” at the
          end of clause (viii), deleting the “.” at the end of clause (ix) and adding “;”
and adding the following clauses:  “(x) to reimburse itself for
          expenses incurred and reimbursable to it pursuant to the fees paid to MERS
          under
          Section 4.01; and (xi) to reimburse itself for any Monthly Advance or Servicing
          Advance previously made by it which the Company has determined to be a
          nonrecoverable Monthly Advance or a nonrecoverable Servicing Advance, as
          evidenced by the delivery to the Master Servicer of a certificate signed
          by two
          officers of the Company”.

         

        (m)  Section
          4.13 of the Servicing Agreement is hereby deleted in its entirety and replaced
          with the following:

         

        “The
          Company shall inspect the Mortgaged Property as often as deemed necessary
          in
          accordance with Accepted Servicing Practices or as may be required by the
          primary mortgage guaranty insurer, to assure itself that the value of the
          Mortgaged Property is being preserved. The Company shall keep a record
          of each
          such inspection and, upon request, shall provide the Purchaser with an
          electronic report of each such inspection.”

         

        (n)  Section
          4.16 of the Servicing Agreement is modified by deleting the “.” from the first
          sentence in the second paragraph and adding the following: “in a manner which
          does not cause such REO Property to fail to qualify as “foreclosure property”
within the meaning of Section 860G(a)(8) of the Code or result in the receipt
          by
          any Trust REMIC created hereunder of any “income from non-permitted assets”
within the meaning of Section 860F(a)(2)(B) of the Code, or any “net income from
          foreclosure property” which is subject to taxation under the REMIC
          Provisions.”

         

        (o)  Section
          4.16 of the Servicing Agreement is further modified by deleting the first
          sentence from the third paragraph and replacing it with the following:
“The
          Company, shall either sell any REO Property by the close of the third calendar
          year following the calendar year in which the Trust acquires ownership
          of such
          REO Property for purposes of Section 860(a)(8) of the Code or request from
          the
          Internal Revenue Service, no later than 60 days before the day on which
          the
          three-year grace period would otherwise expire an extension of the three-year
          grace period, unless the Company had delivered to the Trustee an Opinion
          of
          Counsel, addressed to the Trustee and the Depositor to the effect that
          the
          holding by the Trust of such REO Property subsequent to three years after
          its
          acquisition will not result in the imposition on any Trust REMIC created
          hereunder of taxes on “prohibited transactions” thereof, as defined in Section
          860F of the Code, or cause any Trust REMIC hereunder to fail to qualify
          as a
          REMIC under Federal law at any time that any Certificates issued by the
          Trust
          are outstanding.”

         

        (p)  Section
          4.17 of the Servicing Agreement is modified by deleting the words “on or before
          the Remittance Date” from the first sentence therein.

         

        (q)  The
          second paragraph of Section 5.01 of the Servicing Agreement is modified
          by
          deleting from the first sentence therein the words “second (2nd) Business
          Day
          following the” and by deleting the phrase “second (2nd)”
from
          the second
          sentence therein.

         

        (r)  Section
          5.02 of the Servicing Agreement is deleted in its entirety and replaced
          with the
          following:

         

        “No
          later
          than the tenth (10th) calendar
          day (or
          if such tenth (10th) day
          is not a
          Business Day, the first Business Day immediately preceding such tenth (10th) day)
          of each
          month, Company shall furnish to the Master Servicer a computer tape or
          data file
          containing the data specified in Exhibit I, which data shall reflect information
          from the Due Period immediately preceding the Remittance Date and such
          other
          information with respect to the Mortgage Loans as the Master Servicer may
          reasonably require to allocate remittances made pursuant to this Agreement
          and
          provide appropriate statements with respect to such remittances.”

         

        (s)  Section
          5.03 of the Servicing Agreement is modified by deleting the words “that if
          requested by a Rating Agency” from the first sentence of clause (ii)
          therein.

         

        (t)  The
          first
          paragraph of Section 6.02 of the Servicing Agreement is modified by deleting
          the
          words “and may request the release of any Mortgage Loan Documents” and adding
          the words “and may request that the Purchaser or its designee release the
          related Mortgage Loan Documents” in the last line of such
          paragraph.

         

        (u)  Section
          6.04 of the Servicing Agreement is modified by deleting the words the Purchaser,
          any Master Servicer and any Depositor” and “the Purchaser, such Master Servicer
          and such Depositor” and replacing such with “the Master Servicer”.

         

        (v)  Section
          6.05 of the Servicing Agreement is deleted in its entirety and replaced
          with
“Reserved”.

         

        (w)  Section
          6.06 of the Servicing Agreement is modified by deleting the words “the
          Purchaser, any Master Servicer and any Depositor” and “the Purchaser, such
          Master Servicer and such Depositor” and replacing such with “the Master
          Servicer,”.

         

        (x)  Section
          6.07 of the Servicing Agreement (entitled “Remedies”) is modified by adding the
          language “, Master Servicer,” after the phrase “(or such designee)” in clause
          (iii) therein.

         

        (y)  Section
          6.09 of the Servicing Agreement is modified by adding the following paragraph
          immediately following the first paragraph of Section 6.09:

         

        “The
          Company shall not permit the creation of any “interests” (within the meaning of
          Section 860G of the Code) in any REMIC. The Company shall not enter into
          any
          arrangement by which a REMIC will receive a fee or other compensation for
          services nor permit a REMIC to receive any income from assets other than
          “qualified mortgages” as defined in Section 860G(a)(3) of the Code or “permitted
          investments” as defined in Section 860G(a)(5) of the Code.”

         

        (z)  Section
          8.01 of the Servicing Agreement is deleted in its entirety and replaced
          with the
          following:

         

        “The
          Company shall indemnify the Purchaser, Master Servicer and the Trustee
          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 the Purchaser, Master Servicer
          and
          the Trustee may sustain in any way related to the failure of the Company
          to
          perform its duties and service the Mortgage Loans in strict compliance
          with the
          terms of this Agreement.  The Company immediately shall notify the
          Purchaser, Master Servicer and the Trustee if a claim is made by a third
          party
          with respect to this Agreement or the Mortgage Loans, assume (with prior
          written
          consent of the Purchaser, Master Servicer and the Trustee, respectively)
          the
          defense of any such claim and pay all expenses in connection therewith,
          including counsel fees, and promptly pay, discharge and satisfy any judgment
          or
          decree which may be entered against it or the Purchaser, Master Servicer
          and the
          Trustee in respect of such claim.  The Company shall follow any
          written instructions received from the Purchaser, Master Servicer and the
          Trustee in connection with such claim.  The Purchaser, Master Servicer
          and the Trustee promptly shall reimburse the Company for all amounts advanced
          by
          it pursuant to the preceding sentence except when the claim is in any way
          related to the Company’s indemnification pursuant to Section 3.03, or the
          failure of the Company to service and administer the Mortgage Loans in
          strict
          compliance with the terms of this Agreement.”

         

        (aa)  Section
          9.01(d) of the Servicing Agreement is modified by deleting phrase “(i), (ii),
          (iii) and (vii)” in the first paragraph thereof in its entirety and replacing it
          with the phrase “(i), (ii), (iii), (vii) and (viii)”.

         

        (bb)  Section
          9.01(d)(vi)(A) of the Servicing Agreement is modified by deleting the phrase
          “The Company shall be deemed to represent” in the first line thereof in its
          entirety and replacing it with the phrase “The Company hereby
          represents”.

         

        (cc)  Section
          9.01(d)(viii) of the Servicing Agreement is modified by adding the following
          language at the end thereof: “as may reasonably requested by the Purchaser, any
          Master Servicer, or any Depositor.”

         

        (dd)  Section
          9.01(e)(iv) of the Servicing Agreement is modified by adding the following
          language at the end thereof: “or Sections 4.25, 6.04, 6.06, 6.07,
          9.01(d).”

         

        (ee)  Section
          9.01 of the Servicing Agreement is modified by deleting the phrase “Section
          9.01(d)” in the first sentence of the third paragraph thereof in its entirety
          and replacing it with the phrase “Sections 4.25, 6.04, 6.06, 6.07, and 9.01(d)
          and (e).”

         

        (ff)  Section
          10.01 of the Servicing Agreement is modified by adding the language “(not
          including Sections 6.04 or 6.06 of this Agreement)” after the phrase “set forth
          in this Agreement” in clause (ii) therein, and by replacing “thirty (30)” with
“fourteen (14)” in clause (x) therein.

         

        (gg)  Section
          11.02 of the Servicing Agreement is hereby deleted in its entirety and
          replaced
          with the following: “The parties agree that the Company cannot be terminated
          without cause.”

         

        (hh)  Exhibit
          I
          of the Servicing Agreement is modified to include the information set forth
          on
Attachment 3 hereto or in such other format mutually agreed upon by
          the Company and the Master Servicer.

         

        (ii)  Exhibit
          I
          of the Servicing Agreement is further modified by deleting the phrase “Form of
          Remittance Advice” in its entirety and replacing it with the phrase “Form of
          Remittance Report”.

         

        (jj)  Exhibit
          K
          of the Servicing Agreement is hereby deleted in its entirety and replaced
          with
Attachment 4 hereto.

         

        (kk)  The
          definition of “Custodial Agreement” in Article I of the Servicing Agreement is
          modified by replacing such definition with the following:

         

        “Custodial
          Agreement” :  The Custodial Agreement, dated June 1, 2007, among
          the Trustee, Wells Fargo Bank, N.A. as custodian, GMACM, and the
          Company.

         

        Miscellaneous

         

        10.  All
          demands, notices and communications related to the Assigned Loans, the
          Servicing
          Agreement and this AAR Agreement shall be in writing or electronic mail
          and
          shall be deemed to have been duly given if personally delivered at or mailed
          by
          registered mail, postage prepaid, as follows:

         

        (a)  In
          the
          case of Assignor,

         

        Nomura
          Credit & Capital, Inc.

        Two
          World
          Financial Center

        Building
          B, 18th Floor

        New
          York,
          New York 10281

        Attn:
          Legal Assistant

         

        (b)  In
          the
          case of Assignee,

         

        Nomura
          Asset Acceptance Corporation

        Two
          World
          Financial Center

        Building
          B, 18th Floor

        New
          York,
          New York 10281

        Attention:
          Legal Assistant

         

        (c)  In
          the
          case of Master Servicer,

         

        Wells
          Fargo Bank, N.A.

        9062
          Old
          Annapolis Road

        Columbia,
          Maryland 21045

        Attention:
          Client Manager – NAAC 2007-2

        Telecopier:
          (410) 715-2380

        

        (d)  In
          the
          case of Servicer,

         

        Wells
          Fargo Bank, N.A.

        1
          Home
          Campus

        Des
          Moines, Iowa 50328-0001

        Attention:
          John B. Brown, MAC X2302-033

        With
          a
          copy to:

         

        Wells
          Fargo Bank, N.A.

        1
          Home
          Campus

        Des
          Moines, Iowa 50328-0001

        Attention:
          General Counsel MAC X2401-06T

         

        11.  Each
          party will pay any commissions, fees and expenses, including attorney’s fees, it
          has incurred in connection with the negotiations for, documenting of and
          closing
          of the transactions contemplated by this AAR Agreement.

         

        12.  This
          AAR
          Agreement shall be construed in accordance with the laws of the State of
          New
          York, without regard to conflicts of law principles, and the obligations,
          rights
          and remedies of the parties hereunder shall be determined in accordance
          with
          such laws.

         

        13.  No
          term
          or provision of this AAR Agreement may be waived or modified unless such
          waiver
          or modification is in writing, signed by the party against whom such waiver
          or
          modification is sought to be enforced.

         

        14.  This
          AAR
          Agreement shall inure to the benefit of the successors and assigns of the
          parties hereto. Any entity into which Assignor, Assignee or Company may
          be
          merged or consolidated shall, without the requirement for any further writing,
          be deemed Assignor, Assignee or Company, respectively, hereunder.

         

        15.  This
          AAR
          Agreement shall survive the conveyance of the Assigned Loans, the assignment
          of
          the Servicing Agreement to the extent of the Assigned Loans by Assignor
          to
          Assignee and the termination of the Servicing Agreement.

         

        16.  This
          AAR
          Agreement may be executed simultaneously in any number of counterparts.
          Each
          counterpart shall be deemed to be an original and all such counterparts
          shall
          constitute one and the same instrument.

         

        17.  In
          the
          event that any provision of this AAR Agreement conflicts with any provision
          of
          the Servicing Agreement with respect to the Assigned Loans, the terms of
          this
          AAR Agreement shall control.

         

        18.  For
          purposes of this AAR Agreement, the Trustee and the Master Servicer shall
          be
          considered third party beneficiaries to this Agreement entitled to all
          the
          rights and benefits accruing to the Trustee and the Master Servicer, as
          applicable, herein as if it were a direct party to this AAR
          Agreement.

         

        

        

        [SIGNATURES
          COMMENCE ON FOLLOWING PAGE]

         

        IN
          WITNESS WHEREOF, the parties hereto have executed this AAR Agreement as
          of the
          day and year first above written.

         

        

        
          	
                  NOMURA
                    CREDIT & CAPITAL, INC.

                
	
                  Assignor

                
	 
	 
	
                  By:

                	
                  /s/

                	
                  Timothy
                    P.F. Crowley

                
	
                  Name:

                	 	
                  Timothy
                    P.F. Crowley

                
	
                  Title:

                	 	
                  Vice
                    President

                

        

         

         

        
          	
                  NOMURA
                    ASSET ACCEPTANCE CORPORATION

                
	
                  Assignee

                
	 
	 
	
                  By:

                	
                  /s/

                	
                  John
                    P. Graham

                
	
                  Name:

                	 	
                  John
                    P. Graham

                
	
                  Title:

                	 	
                  President

                

        

        
        

         

         

        
          	
                  WELLS
                    FARGO BANK, N.A.

                
	
                  Servicer

                
	 
	 
	
                  By:

                	
                  /s/

                	
                  Gretchen
                    E. Leff

                
	
                  Name:

                	 	
                  Gretchen
                    E. Leff

                
	
                  Title:

                	 	
                  Assistant
                    Vice President

                

        

        

        ACKNOWLEDGED
          AND AGREED TO:

        HSBC
          BANK
          USA, NATIONAL ASSOCIATION

        Trustee
          for the holders of the Nomura Asset Acceptance Corporation, 

        Alternative
          Loan Trust, Series 2007-2, Mortgage Pass-Through Certificates

        

        
          	 	 	 
	
                  By:

                	
                  /s/

                	
                  Elena
                    Zheng

                
	
                  Name:

                	 	
                  Elena
                    Zheng

                
	
                  Title:

                	 	
                  Assistant
                    Vice President, HSBC Bank USA, N.A.

                

        

        

        ACKNOWLEDGED
          AND AGREED TO:

        WELLS
          FARGO BANK, N.A.

        Master
          Servicer

        

        
          	 	 	 
	
                  By:

                	
                  /s/

                	
                  Graham
                    M. Oglesby

                
	
                  Name:

                	 	
                  Graham
                    M. Oglesby

                
	
                  Title:

                	 	
                  Vice
                    President

                

        

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        ATTACHMENT
          1

         

        ASSIGNED
          LOAN SCHEDULE

         

         

        
 

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        ATTACHMENT
          2

         

        SELLER’S
          WARRANTIES AND SERVICING AGREEMENT

         

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        ATTACHMENT
          3

         

        STANDARD
          FILE LAYOUT- SCHEDULED/SCHEDULED

         

        
          
            
              	Exhibit
                      1: Standard  File Layout - Master
                      Servicing 

            

          

           

        

        
          	
                  Column
                    Name

                	
                  Description

                	
                  Decimal

                	
                  Format
                    Comment

                	
                  Max
                    Size

                
	
                  SER_INVESTOR_NBR

                	
                  A
                    value assigned by the Servicer to define a group of loans.

                	
                   

                	
                  Text
                    up to 10 digits

                	
                  20

                
	
                  LOAN_NBR

                	
                  A
                    unique identifier assigned to each loan by the investor.

                	
                   

                	
                  Text
                    up to 10 digits

                	
                  10

                
	
                  SERVICER_LOAN_NBR

                	
                  A
                    unique number assigned to a loan by the Servicer.  This may be
                    different than the LOAN_NBR.

                	
                   

                	
                  Text
                    up to 10 digits

                	
                  10

                
	
                  BORROWER_NAME

                	
                  The
                    borrower name as received in the file.  It is not separated by
                    first and last name.

                	
                   

                	
                  Maximum
                    length of 30 (Last, First)

                	
                  30

                
	
                  SCHED_PAY_AMT

                	
                  Scheduled
                    monthly principal and scheduled interest payment that a borrower
                    is
                    expected to pay, P&I constant.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  NOTE_INT_RATE

                	
                  The
                    loan interest rate as reported by the Servicer.

                	
                  4

                	
                  Max
                    length of 6

                	
                  6

                
	
                  NET_INT_RATE

                	
                  The
                    loan gross interest rate less the service fee rate as reported
                    by the
                    Servicer.

                	
                  4

                	
                  Max
                    length of 6

                	
                  6

                
	
                  SERV_FEE_RATE

                	
                  The
                    servicer's fee rate for a loan as reported by the
                    Servicer.

                	
                  4

                	
                  Max
                    length of 6

                	
                  6

                
	
                  SERV_FEE_AMT

                	
                  The
                    servicer's fee amount for a loan as reported by the
                    Servicer.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  NEW_PAY_AMT

                	
                  The
                    new loan payment amount as reported by the Servicer.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  NEW_LOAN_RATE

                	
                  The
                    new loan rate as reported by the Servicer.

                	
                  4

                	
                  Max
                    length of 6

                	
                  6

                
	
                  ARM_INDEX_RATE

                	
                  The
                    index the Servicer is using to calculate a forecasted
                    rate.

                	
                  4

                	
                  Max
                    length of 6

                	
                  6

                
	
                  ACTL_BEG_PRIN_BAL

                	
                  The
                    borrower's actual principal balance at the beginning of the processing
                    cycle.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  ACTL_END_PRIN_BAL

                	
                  The
                    borrower's actual principal balance at the end of the processing
                    cycle.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  BORR_NEXT_PAY_DUE_DATE

                	
                  The
                    date at the end of processing cycle that the borrower's next
                    payment is
                    due to the Servicer, as reported by Servicer.

                	
                   

                	
                  MM/DD/YYYY

                	
                  10

                
	
                  SERV_CURT_AMT_1

                	
                  The
                    first curtailment amount to be applied.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SERV_CURT_DATE_1

                	
                  The
                    curtailment date associated with the first curtailment
                    amount.

                	
                   

                	
                  MM/DD/YYYY

                	
                  10

                
	
                  CURT_ADJ_
                    AMT_1

                	
                  The
                    curtailment interest on the first curtailment amount, if
                    applicable.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SERV_CURT_AMT_2

                	
                  The
                    second curtailment amount to be applied.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SERV_CURT_DATE_2

                	
                  The
                    curtailment date associated with the second curtailment
                    amount.

                	
                   

                	
                  MM/DD/YYYY

                	
                  10

                
	
                  CURT_ADJ_
                    AMT_2

                	
                  The
                    curtailment interest on the second curtailment amount, if
                    applicable.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SERV_CURT_AMT_3

                	
                  The
                    third curtailment amount to be applied.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SERV_CURT_DATE_3

                	
                  The
                    curtailment date associated with the third curtailment
                    amount.

                	
                   

                	
                  MM/DD/YYYY

                	
                  10

                
	
                  CURT_ADJ_AMT_3

                	
                  The
                    curtailment interest on the third curtailment amount, if
                    applicable.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  PIF_AMT

                	
                  The
                    loan "paid in full" amount as reported by the Servicer.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  PIF_DATE

                	
                  The
                    paid in full date as reported by the Servicer.

                	
                   

                	
                  MM/DD/YYYY

                	
                  10

                
	
                   

                	
                   

                	
                   

                	
                  Action
                    Code Key: 15=Bankruptcy, 30=Foreclosure, , 60=PIF, 63=Substitution,
                    65=Repurchase,70=REO

                	
                  2

                
	
                  ACTION_CODE

                	
                  The
                    standard FNMA numeric code used to indicate the default/delinquent
                    status
                    of a particular loan.

                
	
                  INT_ADJ_AMT

                	
                  The
                    amount of the interest adjustment as reported by the
                    Servicer.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SOLDIER_SAILOR_ADJ_AMT

                	
                  The
                    Soldier and Sailor Adjustment amount, if applicable.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  NON_ADV_LOAN_AMT

                	
                  The
                    Non Recoverable Loan Amount, if applicable.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  LOAN_LOSS_AMT

                	
                  The
                    amount the Servicer is passing as a loss, if applicable.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SCHED_BEG_PRIN_BAL

                	
                  The
                    scheduled outstanding principal amount due at the beginning of
                    the cycle
                    date to be passed through to investors.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SCHED_END_PRIN_BAL

                	
                  The
                    scheduled principal balance due to investors at the end of a
                    processing
                    cycle.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SCHED_PRIN_AMT

                	
                  The
                    scheduled principal amount as reported by the Servicer for the
                    current
                    cycle -- only applicable for Scheduled/Scheduled Loans.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SCHED_NET_INT

                	
                  The
                    scheduled gross interest amount less the service fee amount for
                    the
                    current cycle as reported by the Servicer -- only applicable
                    for
                    Scheduled/Scheduled Loans.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  ACTL_PRIN_AMT

                	
                  The
                    actual principal amount collected by the Servicer for the current
                    reporting cycle -- only applicable for Actual/Actual
                    Loans.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  ACTL_NET_INT

                	
                  The
                    actual gross interest amount less the service fee amount for
                    the current
                    reporting cycle as reported by the Servicer -- only applicable
                    for
                    Actual/Actual Loans.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  PREPAY_PENALTY_
                    AMT

                	
                  The
                    penalty amount received when a borrower prepays on his loan as
                    reported by
                    the Servicer.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  PREPAY_PENALTY_
                    WAIVED

                	
                  The
                    prepayment penalty amount for the loan waived by the
                    servicer.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                   

                	
                   

                	
                   

                	
                   

                	
                   

                
	
                  MOD_DATE

                	
                  The
                    Effective Payment Date of the Modification for the loan.

                	
                   

                	
                  MM/DD/YYYY

                	
                  10

                
	
                  MOD_TYPE

                	
                  The
                    Modification Type.

                	
                   

                	
                  Varchar
                    - value can be alpha or numeric

                	
                  30

                
	
                  DELINQ_P&I_ADVANCE_AMT

                	
                  The
                    current outstanding principal and interest advances made by
                    Servicer.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                

        

        

         

         

        
           

          
            
              
                	Exhibit  
                        :  Standard  File Layout -Delinquency
                        Reporting 

              

            

             

          

        

          *The
          column/header names in bold are the minimum
          fields Wells Fargo must receive from every Servicer

        
          	
                  Column/Header
                    Name

                	
                  Description

                	
                  Decimal

                	
                  Format
                    Comment

                
	
                  SERVICER_LOAN_NBR

                	
                  A
                    unique number assigned to a loan by the Servicer.  This may be
                    different than the LOAN_NBR

                	 	
                   

                
	
                  LOAN_NBR

                	
                  A
                    unique identifier assigned to each loan by the originator.

                	 	
                   

                
	
                  CLIENT_NBR

                	
                  Servicer
                    Client Number

                	 	 
	
                  SERV_INVESTOR_NBR

                	
                  Contains
                    a unique number as assigned by an external servicer to identify
                    a group of
                    loans in their system.

                	 	
                   

                
	
                  BORROWER_FIRST_NAME

                	
                  First
                    Name of the Borrower.

                	 	 
	
                  BORROWER_LAST_NAME

                	
                  Last
                    name of the borrower.

                	 	 
	
                  PROP_ADDRESS

                	
                  Street
                    Name and Number of Property

                	 	
                   

                
	
                  PROP_STATE

                	
                  The
                    state where the  property located.

                	 	
                   

                
	
                  PROP_ZIP

                	
                  Zip
                    code where the property is located.

                	 	
                   

                
	
                  BORR_NEXT_PAY_DUE_DATE

                	
                  The
                    date that the borrower's next payment is due to the servicer
                    at the end of
                    processing cycle, as reported by Servicer.

                	 	
                  MM/DD/YYYY

                
	
                  LOAN_TYPE

                	
                  Loan
                    Type (i.e. FHA, VA, Conv)

                	 	
                   

                
	
                  BANKRUPTCY_FILED_DATE

                	
                  The
                    date a particular bankruptcy claim was filed.

                	 	
                  MM/DD/YYYY

                
	
                  BANKRUPTCY_CHAPTER_CODE

                	
                  The
                    chapter under which the bankruptcy was filed.

                	 	
                   

                
	
                  BANKRUPTCY_CASE_NBR

                	
                  The
                    case number assigned by the court to the bankruptcy
                    filing.

                	 	
                   

                
	
                  POST_PETITION_DUE_DATE

                	
                  The
                    payment due date once the bankruptcy has been approved by the
                    courts

                	 	
                  MM/DD/YYYY

                
	
                  BANKRUPTCY_DCHRG_DISM_DATE

                	
                  The
                    Date The Loan Is Removed From Bankruptcy. Either by Dismissal,
                    Discharged
                    and/or a Motion For Relief Was Granted.

                	 	
                  MM/DD/YYYY

                
	
                  LOSS_MIT_APPR_DATE

                	
                  The
                    Date The Loss Mitigation Was Approved By The Servicer

                	 	
                  MM/DD/YYYY

                
	
                  LOSS_MIT_TYPE

                	
                  The
                    Type Of Loss Mitigation Approved For A Loan Such As;

                	 	 
	
                  LOSS_MIT_EST_COMP_DATE

                	
                  The
                    Date The Loss Mitigation /Plan Is Scheduled To End/Close

                	 	
                  MM/DD/YYYY

                
	
                  LOSS_MIT_ACT_COMP_DATE

                	
                  The
                    Date The Loss Mitigation Is Actually Completed

                	 	
                  MM/DD/YYYY

                
	
                  FRCLSR_APPROVED_DATE

                	
                  The
                    date DA Admin sends a letter to the servicer with instructions
                    to begin
                    foreclosure proceedings.

                	 	
                  MM/DD/YYYY

                
	
                  ATTORNEY_REFERRAL_DATE

                	
                  Date
                    File Was Referred To Attorney to Pursue Foreclosure

                	 	
                  MM/DD/YYYY

                
	
                  FIRST_LEGAL_DATE

                	
                  Notice
                    of 1st legal filed by an Attorney in a Foreclosure Action

                	 	
                  MM/DD/YYYY

                
	
                  FRCLSR_SALE_EXPECTED_DATE

                	
                  The
                    date by which a foreclosure sale is expected to occur.

                	 	
                  MM/DD/YYYY

                
	
                  FRCLSR_SALE_DATE

                	
                  The
                    actual date of the foreclosure sale.

                	 	
                  MM/DD/YYYY

                
	
                  FRCLSR_SALE_AMT

                	
                  The
                    amount a property sold for at the foreclosure sale.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  EVICTION_START_DATE

                	
                  The
                    date the servicer initiates eviction of the borrower.

                	 	
                  MM/DD/YYYY

                
	
                  EVICTION_COMPLETED_DATE

                	
                  The
                    date the court revokes legal possession of the property from
                    the
                    borrower.

                	 	
                  MM/DD/YYYY

                
	
                  LIST_PRICE

                	
                  The
                    price at which an REO property is marketed.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  LIST_DATE

                	
                  The
                    date an REO property is listed at a particular price.

                	 	
                  MM/DD/YYYY

                
	
                  OFFER_AMT

                	
                  The
                    dollar value of an offer for an REO property.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  OFFER_DATE_TIME

                	
                  The
                    date an offer is received by DA Admin or by the Servicer.

                	 	
                  MM/DD/YYYY

                
	
                  REO_CLOSING_DATE

                	
                  The
                    date the REO sale of the property is scheduled to close.

                	 	
                  MM/DD/YYYY

                
	
                  REO_ACTUAL_CLOSING_DATE

                	
                  Actual
                    Date Of REO Sale

                	 	
                  MM/DD/YYYY

                
	
                  OCCUPANT_CODE

                	
                  Classification
                    of how the property is occupied.

                	 	
                   

                
	
                  PROP_CONDITION_CODE

                	
                  A
                    code that indicates the condition of the property.

                	 	
                   

                
	
                  PROP_INSPECTION_DATE

                	
                  The
                    date a  property inspection is performed.

                	 	
                  MM/DD/YYYY

                
	
                  APPRAISAL_DATE

                	
                  The
                    date the appraisal was done.

                	 	
                  MM/DD/YYYY

                
	
                  CURR_PROP_VAL

                	
                   The
                    current "as is" value of the property based on brokers price
                    opinion or
                    appraisal.

                	
                  2

                	
                   

                
	
                  REPAIRED_PROP_VAL

                	
                  The
                    amount the property would be worth if repairs are completed pursuant
                    to a
                    broker's price opinion or appraisal.

                	
                  2

                	
                   

                
	
                  If
                    applicable:

                	
                   

                	 	
                   

                
	
                  DELINQ_STATUS_CODE

                	
                  FNMA
                    Code Describing Status of Loan

                	 	 
	
                  DELINQ_REASON_CODE

                	
                  The
                    circumstances which caused a borrower to stop paying on a
                    loan.   Code indicates the reason why the loan is in
                    default for this cycle.

                	 	 
	
                  MI_CLAIM_FILED_DATE

                	
                  Date
                    Mortgage Insurance Claim Was Filed With Mortgage Insurance
                    Company.

                	 	
                  MM/DD/YYYY

                
	
                  MI_CLAIM_AMT

                	
                  Amount
                    of Mortgage Insurance Claim Filed

                	 	
                  No
                    commas(,) or dollar signs ($)

                
	
                  MI_CLAIM_PAID_DATE

                	
                  Date
                    Mortgage Insurance Company Disbursed Claim Payment

                	 	
                  MM/DD/YYYY

                
	
                  MI_CLAIM_AMT_PAID

                	
                  Amount
                    Mortgage Insurance Company Paid On Claim

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  POOL_CLAIM_FILED_DATE

                	
                  Date
                    Claim Was Filed With Pool Insurance Company

                	 	
                  MM/DD/YYYY

                
	
                  POOL_CLAIM_AMT

                	
                  Amount
                    of Claim Filed With Pool Insurance Company

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  POOL_CLAIM_PAID_DATE

                	
                  Date
                    Claim Was Settled and The Check Was Issued By The Pool
                    Insurer

                	 	
                  MM/DD/YYYY

                
	
                  POOL_CLAIM_AMT_PAID

                	
                  Amount
                    Paid On Claim By Pool Insurance Company

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  FHA_PART_A_CLAIM_FILED_DATE

                	
                   Date
                    FHA Part A Claim Was Filed With HUD

                	 	
                  MM/DD/YYYY

                
	
                  FHA_PART_A_CLAIM_AMT

                	
                   Amount
                    of FHA Part A Claim Filed

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  FHA_PART_A_CLAIM_PAID_DATE

                	
                   Date
                    HUD Disbursed Part A Claim Payment

                	 	
                  MM/DD/YYYY

                
	
                  FHA_PART_A_CLAIM_PAID_AMT

                	
                   Amount
                    HUD Paid on Part A Claim

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  FHA_PART_B_CLAIM_FILED_DATE

                	
                    Date
                    FHA Part B Claim Was Filed With HUD

                	 	
                  MM/DD/YYYY

                
	
                  FHA_PART_B_CLAIM_AMT

                	
                    Amount
                    of FHA Part B Claim Filed

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  FHA_PART_B_CLAIM_PAID_DATE

                	
                     Date
                    HUD Disbursed Part B Claim Payment

                	 	
                  MM/DD/YYYY

                
	
                  FHA_PART_B_CLAIM_PAID_AMT

                	
                   Amount
                    HUD Paid on Part B Claim

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  VA_CLAIM_FILED_DATE

                	
                   Date
                    VA Claim Was Filed With the Veterans Admin

                	 	
                  MM/DD/YYYY

                
	
                  VA_CLAIM_PAID_DATE

                	
                   Date
                    Veterans Admin. Disbursed VA Claim Payment

                	 	
                  MM/DD/YYYY

                
	
                  VA_CLAIM_PAID_AMT

                	
                   Amount
                    Veterans Admin. Paid on VA Claim

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                

        

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        
 

        
          	
                  MOTION_FOR_RELIEF_DATE

                	
                  The
                    date the Motion for Relief was filed

                	
                  10

                	
                  MM/DD/YYYY

                
	
                  FRCLSR_BID_AMT

                	
                  The
                    foreclosure sale bid amount

                	
                  11

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  FRCLSR_SALE_TYPE

                	
                  The
                    foreclosure sales results: REO, Third Party, Conveyance to
                    HUD/VA

                	
                   

                	
                   

                
	
                  REO_PROCEEDS

                	
                  The
                    net proceeds from the sale of the REO property.

                	
                   

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  BPO_DATE

                	
                  The
                    date the BPO was done.

                	
                   

                	
                   

                
	
                  CURRENT_BPO_VAL

                	
                  The
                    current "as is" value of the property based on a brokers price
                    opinion.

                	
                   

                	
                   

                
	
                  REPAIRED_BPO_PROP_VAL

                	
                  The
                    amount the property would be worth if repairs are completed pursuant
                    to a
                    broker's price opinion.

                	
                   

                	
                   

                
	
                  CURR_APP_VAL

                	
                   The
                    current "as is" value of the property based on an
                    appraisal.

                	
                  11

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  CURRENT_FICO

                	
                  The
                    current FICO score

                	
                   

                	
                   

                
	
                  HAZARD_CLAIM_FILED_DATE

                	
                  The
                    date the Hazard Claim was filed with the Hazard Insurance
                    Company.

                	
                  10

                	
                  MM/DD/YYYY

                
	
                  HAZARD_CLAIM_AMT

                	
                  The
                    amount of the Hazard Insurance Claim filed.

                	
                  11

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  HAZARD_CLAIM_PAID_DATE

                	
                  The
                    date the Hazard Insurance Company disbursed the claim
                    payment.

                	
                  10

                	
                  MM/DD/YYYY

                
	
                  HAZARD_CLAIM_PAID_AMT

                	
                  The
                    amount the Hazard Insurance Company paid on the claim.

                	
                  11

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  POOL_CLAIM_FILED_DATE

                	
                  The
                    date the claim was filed with the Pool Insurance Company.

                	
                  10

                	
                  MM/DD/YYYY

                
	
                  POOL_CLAIM_AMT

                	
                  The
                    amount of the claim filed with the Pool Insurance Company.

                	
                  11

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  POOL_CLAIM_PAID_DATE

                	
                  The
                    date the claim was settled and the check was issued by the Pool
                    Insurer.

                	
                  10

                	
                  MM/DD/YYYY

                
	
                  POOL_CLAIM_AMT_PAID

                	
                  The
                    amount paid on the claim by the Pool Insurance Company.

                	
                  11

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  FORECLOSURE_FLAG

                	
                  Y
                    or N

                	
                   

                	
                  Text

                
	
                  BANKRUPTCY_FLAG

                	
                  Y
                    or N

                	
                   

                	
                  Text

                
	
                  NOD_DATE

                	
                   

                	
                   

                	
                  MM/DD/YYYY

                
	
                  MI_CLAIM_DATE

                	
                  Date
                    Mortgage Insurance is filed

                	
                   

                	
                  MM/DD/YYYY

                
	
                  NOI_DATE

                	
                   

                	
                   

                	
                  MM/DD/YYYY

                
	
                  ACTUAL_PAYMENT_PLAN_START_DATE

                	
                   

                	
                   

                	
                  MM/DD/YYYY

                
	
                  ACTUAL_PAYMENT_
                    PLAN_END_DATE

                	
                   

                	
                   

                	
                   

                
	
                  LIST_DATE

                	
                   

                	
                   

                	
                  MM/DD/YYYY

                
	
                  VACANCY/OCCUPANCY_STATUS

                	
                  The
                    Occupancy status of the defaulted loan's collateral

                	
                   

                	
                  Text

                
	
                  ACTUAL_REO_START_DATE

                	
                   

                	
                   

                	
                  MM/DD/YYYY

                
	
                  SALES_PRICE

                	
                   

                	
                   

                	
                  Number

                
	
                  UPB_LIQUIDATION

                	
                  Outstanding
                    Principal Balance of the loan upon Liquidation

                	
                   

                	
                  Number

                
	
                  REALIZED_LOSS/GAIN

                	
                  As
                    defined in the Servicing Agreement

                	
                   

                	
                  Number

                
	
                  LIQUIDATION_PROCEEDS

                	
                   

                	
                   

                	
                  Number

                
	
                  PREPAYMENT_CHARGES_COLLECTED

                	
                  The
                    amount of Prepayment Charges received

                	
                   

                	
                  Number

                
	
                  PREPAYMENT_CALCULATION

                	
                  The
                    formula behind the prepayment charge

                	
                   

                	
                  Text

                
	
                  PAYOFF_DATE

                	
                  The
                    date on which the loan was paid off

                	
                   

                	
                  MM/DD/YYYY

                

        

         

        

         

        

        
          	
                  
                    Exhibit
                      2:Standard File Codes – Delinquency
                      Reporting

                  

                

        

         

         

        The
          Loss Mit Type field should show the approved Loss
          Mitigation Code as follows:

        
           

            
              	
                      ·  

                    	
                      ASUM-

                    	
                      Approved
                        Assumption

                    
	
                      ·  

                    	
                      BAP-

                    	
                      Borrower
                        Assistance Program

                    
	
                      ·  

                    	
                      CO-

                    	
                      Charge
                        Off

                    
	
                      ·  

                    	
                      DIL-

                    	
                      Deed-in-Lieu

                    
	
                      ·  

                    	
                      FFA-

                    	
                      Formal
                        Forbearance Agreement

                    
	
                      ·  

                    	
                      MOD-

                    	
                      Loan
                        Modification

                    
	
                      ·  

                    	
                      PRE-

                    	
                      Pre-Sale

                    
	
                      ·  

                    	
                      SS-

                    	
                      Short
                        Sale

                    
	
                      ·  

                    	
                      MISC-

                    	
                      Anything
                        else approved by the PMI or Pool
                        Insurer

                    

            

          

        

         

        NOTE:
          Wells Fargo Bank will accept alternative Loss Mitigation Types to those
          above,
          provided that they are consistent with industry standards.  If Loss
          Mitigation Types other than those above are used, the Servicer must supply
          Wells
          Fargo Bank with a description of each of the Loss Mitigation Types prior
          to
          sending the file.

         

        The
          Occupant Code field should show the current status of
          the property code as follows:

         

        
          
            	
                    ·  

                  	
                    Mortgagor

                  
	
                    ·  

                  	
                    Tenant

                  
	
                    ·  

                  	
                    Unknown

                  
	
                    ·  

                  	
                    Vacant

                  

          

           

        

        The
          Property Condition field should show the last reported
          condition of the property as follows:

         

        
          
            	
                    ·  

                  	
                    Damaged

                  
	
                    ·  

                  	
                    Excellent

                  
	
                    ·  

                  	
                    Fair

                  
	
                    ·  

                  	
                    Gone

                  
	
                    ·  

                  	
                    Good

                  
	
                    ·  

                  	
                    Poor

                  
	
                    ·  

                  	
                    Special
                      Hazard

                  
	
                    ·  

                  	
                    Unknown

                  

          

           

          

          
            	
                    
                      Exhibit
                        2:Standard File Codes – Delinquency Reporting,
                        Continued

                    

                  

          

           

        

        The
          FNMA Delinquent Reason Code field should show the Reason
          for Delinquency as follows:

        

        
          	
                  Delinquency
                    Code

                	
                  Delinquency
                    Description

                
	
                  001

                	
                  FNMA-Death
                    of principal mortgagor

                
	
                  002

                	
                  FNMA-Illness
                    of principal mortgagor

                
	
                  003

                	
                  FNMA-Illness
                    of mortgagor’s family member

                
	
                  004

                	
                  FNMA-Death
                    of mortgagor’s family member

                
	
                  005

                	
                  FNMA-Marital
                    difficulties

                
	
                  006

                	
                  FNMA-Curtailment
                    of income

                
	
                  007

                	
                  FNMA-Excessive
                    Obligation

                
	
                  008

                	
                  FNMA-Abandonment
                    of property

                
	
                  009

                	
                  FNMA-Distant
                    employee transfer

                
	
                  011

                	
                  FNMA-Property
                    problem

                
	
                  012

                	
                  FNMA-Inability
                    to sell property

                
	
                  013

                	
                  FNMA-Inability
                    to rent property

                
	
                  014

                	
                  FNMA-Military
                    Service

                
	
                  015

                	
                  FNMA-Other

                
	
                  016

                	
                  FNMA-Unemployment

                
	
                  017

                	
                  FNMA-Business
                    failure

                
	
                  019

                	
                  FNMA-Casualty
                    loss

                
	
                  022

                	
                  FNMA-Energy
                    environment costs

                
	
                  023

                	
                  FNMA-Servicing
                    problems

                
	
                  026

                	
                  FNMA-Payment
                    adjustment

                
	
                  027

                	
                  FNMA-Payment
                    dispute

                
	
                  029

                	
                  FNMA-Transfer
                    of ownership pending

                
	
                  030

                	
                  FNMA-Fraud

                
	
                  031

                	
                  FNMA-Unable
                    to contact borrower

                
	
                  INC

                	
                  FNMA-Incarceration

                

        

        

        
           

          

          
            	
                    
                      Exhibit
                        2:Standard File Codes – Delinquency Reporting,
                        Continued

                    

                  

          

        

         

        The
          FNMA Delinquent Status Code field should show the Status
          of Default as follows:

        

        
          	
                  Status
                    Code

                	
                  Status
                    Description

                
	
                  09

                	
                  Forbearance

                
	
                  17

                	
                  Pre-foreclosure
                    Sale Closing Plan Accepted

                
	
                  24

                	
                  Government
                    Seizure

                
	
                  26

                	
                  Refinance

                
	
                  27

                	
                  Assumption

                
	
                  28

                	
                  Modification

                
	
                  29

                	
                  Charge-Off

                
	
                  30

                	
                  Third
                    Party Sale

                
	
                  31

                	
                  Probate

                
	
                  32

                	
                  Military
                    Indulgence

                
	
                  43

                	
                  Foreclosure
                    Started

                
	
                  44

                	
                  Deed-in-Lieu
                    Started

                
	
                  49

                	
                  Assignment
                    Completed

                
	
                  61

                	
                  Second
                    Lien Considerations

                
	
                  62

                	
                  Veteran’s
                    Affairs-No Bid

                
	
                  63

                	
                  Veteran’s
                    Affairs-Refund

                
	
                  64

                	
                  Veteran’s
                    Affairs-Buydown

                
	
                  65

                	
                  Chapter
                    7 Bankruptcy

                
	
                  66

                	
                  Chapter
                    11 Bankruptcy

                
	
                  67

                	
                  Chapter
                    13 Bankruptcy

                

        

        

         

         

        
          	 Exhibit
                  3: Calculation of Realized Loss/Gain Form 332– Instruction
                  Sheet

        

         

        NOTE:  Do
          not net or combine items.  Show all expenses individually and all
          credits as separate line items.  Claim packages are due on the
          remittance report date.  Late submissions may result in claims not
          being passed until the following month.  The Servicer is responsible
          to remit all funds pending loss approval and /or resolution of any disputed
          items.

        

        The
          numbers on the 332 form correspond with the numbers listed below.

         

        Liquidation
          and Acquisition Expenses:

         

        
          	
                   

                	
                  1.

                	
                  The
                    Actual Unpaid Principal Balance of the Mortgage Loan.  For
                    documentation, an Amortization Schedule from date of default
                    through
                    liquidation breaking out the net interest and servicing fees
                    advanced is
                    required.

                

        

         

        
          	
                   

                	
                  2.

                	
                  The
                    Total Interest Due less the aggregate amount of servicing fee
                    that would
                    have been earned if all delinquent payments had been made as
                    agreed. For
                    documentation, an Amortization Schedule from date of default
                    through
                    liquidation breaking out the net interest and servicing fees
                    advanced is
                    required.

                

        

         

        
          	
                   

                	
                  3.

                	
                  Accrued
                    Servicing Fees based upon the Scheduled Principal Balance of
                    the Mortgage
                    Loan as calculated on a monthly basis. For documentation, an
                    Amortization
                    Schedule from date of default through liquidation breaking out
                    the net
                    interest and servicing fees advanced is
                    required.

                

        

         

        
          	
                   

                	
                  4-12. 

                	
                  Complete
                    as applicable.  Required
                    documentation:

                

        

         

        *  For
          taxes and insurance advances – see page 2 of 332 form - breakdown required
          showing period of coverage, base tax, interest, penalty.  Advances
          prior to default require evidence of servicer efforts to recover
          advances.

         

         *  For
          escrow advances - complete payment history

         

            (to
          calculate advances from last positive escrow balance forward)

         

        *  Other
          expenses -  copies of corporate advance history showing all
          payments

         

        *  REO
          repairs> $1500 require explanation

         

        *  REO
          repairs>$3000 require evidence of at least 2 bids.

         

        *  Short
          Sale or Charge Off require P&L supporting the decision and WFB’s approved
          Servicing Officer certification

         

        *  Unusual
          or extraordinary items may require further documentation.

         

        
          	
                   

                	
                  13.

                	
                  The
                    total of lines 1 through 12.

                

        

         

        Credits:

         

        
          	
                   

                	 14-21.	
                  Complete
                    as applicable.  Required
                    documentation:

                

        

         

        *
          Copy of
          the HUD 1 from the REO sale.  If a 3rd Party
          Sale, bid
          instructions and Escrow Agent / Attorney Letter of Proceeds
          Breakdown.

         

        *  Copy
          of EOB for any MI or gov't guarantee

         

        *  All
          other credits need to be clearly defined on the 332 form

         

        
          	
                   

                	
                  22.

                	
                  The
                    total of lines 14 through 21.

                

        

         

        
          	
                   

                	
                  Please
                    Note: 

                	
                  For
                    HUD/VA loans, use line (18a) for Part A/Initial proceeds and
                    line (18b)
                    for Part B/Supplemental proceeds.

                

        

         

        
          	
                   

                	
                  Total
                    Realized Loss (or Amount of Any
                    Gain)

                

        

         

        
          	
                   

                	
                  23.

                	
                  The
                    total derived from
                    subtracting line 22 from 13.  If the amount represents a
                    realized gain, show the amount in parenthesis
                    (   ).

                

        

        
           

          
             

             

            
              	 Exhibit
                      3A: Calculation of Realized Loss/Gain Form
                      332

            

             

          

           

        

        
          	
                  Prepared
                    by:  _________________________________

                   

                	
                  Date:  _____________________________

                   

                
	
                  Phone:  _____________________________________

                   

                	
                  Email
                    Address:__________________________________

                   

                

        

         

        
          	
                  Servicer
                    Loan No.

                   

                   

                	 	
                  Servicer
                    Name

                   

                   

                	 	
                  Servicer
                    Address

                   

                   

                   

                

        

         

         

        WELLS
          FARGO BANK, N.A. Loan No._____________________________

         

         

        Borrower's
          Name: _________________________________________________________

              
          Property Address:
          _________________________________________________________

         

        Liquidation
          Type:      REO
          Sale                            3rd Party
          Sale                          Short
          Sale        Charge
          Off

         

        Was
          this loan granted a Bankruptcy deficiency or cramdown    Yes        No

                
          If “Yes”, provide deficiency or cramdown amount
          _______________________________

         

        Liquidation
          and Acquisition Expenses:

        
          
            	
                    (1)

                  	
                    Actual
                      Unpaid Principal Balance of Mortgage Loan

                  	
                    $
                      ______________

                  	
                    (1)

                  
	
                    (2)

                  	
                    Interest
                      accrued at Net Rate

                  	
                     ________________

                  	
                    (2)

                  
	
                    (3)

                  	
                    Accrued
                      Servicing Fees

                  	
                     ________________

                  	
                    (3)

                  
	
                    (4)

                  	
                    Attorney's
                      Fees

                  	
                     ________________

                  	
                    (4)

                  
	
                    (5)

                  	
                    Taxes
                      (see page 2)

                  	
                     ________________

                  	
                    (5)

                  
	
                    (6)

                  	
                    Property
                      Maintenance

                  	
                    ________________

                  	
                    (6)

                  
	
                    (7)

                  	
                    MI/Hazard
                      Insurance Premiums (see page 2)

                  	
                     ________________

                  	
                    (7)

                  
	
                    (8)

                  	
                    Utility
                      Expenses

                  	
                     ________________

                  	
                    (8)

                  
	
                    (9)

                  	
                    Appraisal/BPO

                  	
                     ________________

                  	
                    (9)

                  
	
                    (10)

                  	
                    Property
                      Inspections

                  	
                     ________________

                  	
                    (10)

                  
	
                    (11)

                  	
                    FC
                      Costs/Other Legal Expenses

                  	
                     ________________

                  	
                    (11)

                  
	
                    (12)

                  	
                    Other
                      (itemize)

                  	
                     ________________

                  	
                    (12)

                  
	 	
                    Cash
                      for
                      Keys__________________________

                  	
                     ________________

                  	
                    (12)

                  
	 	
                    HOA/Condo
                      Fees_______________________

                  	
                     ________________

                  	
                    (12)

                  
	 	
                    ______________________________________

                  	
                     ________________

                  	
                    (12)

                  
	 	
                    Total
                      Expenses

                  	
                    $
                      _______________

                  	
                    (13)

                  
	
                    Credits:

                  	 	 
	
                    (14)

                  	
                    Escrow
                      Balance

                  	
                    $
                      _______________

                  	
                    (14)

                  
	
                    (15)

                  	
                    HIP
                      Refund

                  	
                    ________________

                  	
                    (15)

                  
	
                    (16)

                  	
                    Rental
                      Receipts

                  	
                    ________________

                  	
                    (16)

                  
	
                    (17)

                  	
                    Hazard
                      Loss Proceeds

                  	
                    ________________

                  	
                    (17)

                  
	
                    (18)

                  	
                    Primary
                      Mortgage Insurance / Gov’t Insurance

                  	
                    ________________

                  	
                    (18a)

                  
	
                    HUD
                      Part A

                  	 	 
	 	 	
                    ________________

                  	
                    (18b)

                  
	
                    HUD
                      Part B

                  	 	 
	
                    (19)

                  	
                    Pool
                      Insurance Proceeds

                  	
                    ________________

                  	
                    (19)

                  
	
                    (20)

                  	
                    Proceeds
                      from Sale of Acquired Property

                  	
                    ________________

                  	
                    (20)

                  
	
                    (21)

                  	
                    Other
                      (itemize)

                  	
                    ________________

                  	
                    (21)

                  
	 	
                    _________________________________________

                  	
                    ________________

                  	
                    (21)

                  
	 	 	 	 
	 	
                    Total
                      Credits

                  	
                    $________________

                  	
                    (22)

                  
	 Total
                    Realized Loss (or Amount of Gain)	
                    $________________

                  	
                    (23)

                  

          

        

         

         

         

        
          	
                	
                   

                	
                  Escrow
                    Disbursement Detail

                

        

         

        
          	
                  Type

                  (Tax
                    /Ins.)

                	
                  Date
                    Paid

                	
                  Period
                    of Coverage

                	
                  Total
                    Paid

                	
                  Base
                    Amount

                	
                  Penalties

                	
                  Interest

                
	
                   

                   

                	 	 	 	 	 	 
	
                   

                   

                	 	 	 	 	 	 
	
                   

                   

                	 	 	 	 	 	 
	
                   

                   

                	 	 	 	 	 	 
	
                   

                   

                	 	 	 	 	 	 
	
                   

                   

                	 	 	 	 	 	 
	
                   

                   

                	 	 	 	 	 	 
	
                   

                   

                	 	 	 	 	 	 

        

         

        
 

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        ATTACHMENT
          4

         

        BACK-UP
          CERTIFICATION

         

        Re:           __________
          (the “Trust”)

         

        Nomura
          Asset Acceptance Corporation, Alternative Loan Trust, Series 2007-2, Mortgage
          Pass-Through Certificates, Series 2007-2

         

        I,
          [identify the certifying individual], certify to Nomura Asset Acceptance
          Corporation (the “Depositor”), HSBC Bank USA, National Association (the
“Trustee”) and Wells Fargo Bank, N.A. (the “Master Servicer”), and their
          respective officers, with the knowledge and intent that they will rely
          upon this
          certification, that:

         

        (1)           I
          have reviewed the servicer compliance statement of the Servicer provided
          in
          accordance with Item 1123 of Regulation AB (the “Compliance Statement”), the
          report on assessment of the Servicer’s compliance with the servicing criteria
          set forth in Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided
          in accordance with Rules 13a-18 and 15d-18 under Securities Exchange Act
          of
          1934, as amended (the “Exchange Act”) and Item 1122 of Regulation AB (the
“Servicing Assessment”), the registered public accounting firm’s attestation
          report provided in accordance with Rules 13a-18 and 15d-18 under the Exchange
          Act and Section 1122(b) of Regulation AB (the “Attestation Report”), and all
          servicing reports, officer’s certificates and other information relating to the
          servicing of the Mortgage Loans by the Servicer during 200[ ] that were
          delivered by the Servicer to the Master Servicer pursuant to the Agreement
          (collectively, the “Servicer Servicing Information”);

         

        (2)           Based
          on my knowledge, the Servicer Servicing Information, taken as a whole,
          does not
          contain any untrue statement of a material fact or omit to state a material
          fact
          necessary to make the statements made, in the light of the circumstances
          under
          which such statements were made, not misleading with respect to the period
          of
          time covered by the Servicer Servicing Information;

         

        (3)           Based
          on my knowledge, all of the Servicer Servicing Information required to
          be
          provided by the Servicer under the Agreement has been provided to the Master
          Servicer;

         

        (4)           I
          am responsible for reviewing the activities performed by the Servicer under
          the
          Agreement, and based on my knowledge and the compliance review conducted
          in
          preparing the Compliance Statement and except as disclosed in the Compliance
          Statement, the Servicing Assessment or the Attestation Report, the Servicer
          has
          fulfilled its obligations under the Agreement in all material respects;
          and

         

        (5)           The
          Compliance Statement required to be delivered by the Servicer pursuant
          to the
          Agreement, and the Servicing Assessment and Attestation Report required
          to be
          provided by the Servicer and by any Subservicer and Subcontractor pursuant
          to
          the Agreement, have been provided to the Master Servicer.  Any
          material instances of noncompliance described in such reports have been
          disclosed to the Master Servicer.  Any material instance of
          noncompliance with the Servicing Criteria has been disclosed in such
          reports.

         

        Capitalized
          terms used and not otherwise defined herein have the meanings assigned
          thereto
          in the Seller’s Warranties and Servicing Agreement, dated as of Janaury 1, 2007,
          between Wells Fargo Bank, N.A. and Nomura Credit & Capital, Inc., as
          modified by the Assignment, Assumption and Recognition Agreement, dated
          as of
          June 1, 2007, among Nomura Credit & Capital, Inc., Nomura Asset Acceptance
          Corporation and Wells Fargo Bank, N.A. (together, the “Servicing
          Agreement”).

         

        

        
          	
                  Date:

                	 
	 
	 
	
                  [Signature]

                   

                
	 
	
                  [Title]

                

        

        

 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        R

       

      PREPAYMENT
        CHARGE SCHEDULE

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        X-1

       

      FORM
        OF SERVICING CRITERIA

      
         

        Standard  File
          Layout - Master Servicing

      
        	
                Column
                  Name

              	
                Description

              	
                Decimal

              	
                Format
                  Comment

              	
                Max
                  Size

              
	
                SER_INVESTOR_NBR

              	
                A
                  value assigned by the Servicer to define a group of loans.

              	
                 

              	
                Text
                  up to 10 digits

              	
                20

              
	
                LOAN_NBR

              	
                A
                  unique identifier assigned to each loan by the investor.

              	
                 

              	
                Text
                  up to 10 digits

              	
                10

              
	
                SERVICER_LOAN_NBR

              	
                A
                  unique number assigned to a loan by the Servicer.  This may be
                  different than the LOAN_NBR.

              	
                 

              	
                Text
                  up to 10 digits

              	
                10

              
	
                BORROWER_NAME

              	
                The
                  borrower name as received in the file.  It is not separated by
                  first and last name.

              	
                 

              	
                Maximum
                  length of 30 (Last, First)

              	
                30

              
	
                SCHED_PAY_AMT

              	
                Scheduled
                  monthly principal and scheduled interest payment that a borrower
                  is
                  expected to pay, P&I constant.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                NOTE_INT_RATE

              	
                The
                  loan interest rate as reported by the Servicer.

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                NET_INT_RATE

              	
                The
                  loan gross interest rate less the service fee rate as reported
                  by the
                  Servicer.

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                SERV_FEE_RATE

              	
                The
                  servicer's fee rate for a loan as reported by the
                  Servicer.

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                SERV_FEE_AMT

              	
                The
                  servicer's fee amount for a loan as reported by the
                  Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                NEW_PAY_AMT

              	
                The
                  new loan payment amount as reported by the Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                NEW_LOAN_RATE

              	
                The
                  new loan rate as reported by the Servicer.

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                ARM_INDEX_RATE

              	
                The
                  index the Servicer is using to calculate a forecasted
                  rate.

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                ACTL_BEG_PRIN_BAL

              	
                The
                  borrower's actual principal balance at the beginning of the processing
                  cycle.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                ACTL_END_PRIN_BAL

              	
                The
                  borrower's actual principal balance at the end of the processing
                  cycle.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                BORR_NEXT_PAY_DUE_DATE

              	
                The
                  date at the end of processing cycle that the borrower's next payment
                  is
                  due to the Servicer, as reported by Servicer.

              	
                 

              	
                MM/DD/YYYY

              	
                10

              
	
                SERV_CURT_AMT_1

              	
                The
                  first curtailment amount to be applied.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_DATE_1

              	
                The
                  curtailment date associated with the first curtailment
                  amount.

              	
                 

              	
                MM/DD/YYYY

              	
                10

              
	
                CURT_ADJ_
                  AMT_1

              	
                The
                  curtailment interest on the first curtailment amount, if
                  applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_AMT_2

              	
                The
                  second curtailment amount to be applied.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_DATE_2

              	
                The
                  curtailment date associated with the second curtailment
                  amount.

              	
                 

              	
                MM/DD/YYYY

              	
                10

              
	
                CURT_ADJ_
                  AMT_2

              	
                The
                  curtailment interest on the second curtailment amount, if
                  applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_AMT_3

              	
                The
                  third curtailment amount to be applied.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_DATE_3

              	
                The
                  curtailment date associated with the third curtailment
                  amount.

              	
                 

              	
                MM/DD/YYYY

              	
                10

              
	
                CURT_ADJ_AMT_3

              	
                The
                  curtailment interest on the third curtailment amount, if
                  applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                PIF_AMT

              	
                The
                  loan "paid in full" amount as reported by the Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                PIF_DATE

              	
                The
                  paid in full date as reported by the Servicer.

              	
                 

              	
                MM/DD/YYYY

              	
                10

              
	
                 

              	
                 

              	
                 

              	
                Action
                  Code Key: 15=Bankruptcy, 30=Foreclosure, , 60=PIF, 63=Substitution,
                  65=Repurchase,70=REO

              	
                2

              
	
                ACTION_CODE

              	
                The
                  standard FNMA numeric code used to indicate the default/delinquent
                  status
                  of a particular loan.

              
	
                INT_ADJ_AMT

              	
                The
                  amount of the interest adjustment as reported by the
                  Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SOLDIER_SAILOR_ADJ_AMT

              	
                The
                  Soldier and Sailor Adjustment amount, if applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                NON_ADV_LOAN_AMT

              	
                The
                  Non Recoverable Loan Amount, if applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                LOAN_LOSS_AMT

              	
                The
                  amount the Servicer is passing as a loss, if applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SCHED_BEG_PRIN_BAL

              	
                The
                  scheduled outstanding principal amount due at the beginning of
                  the cycle
                  date to be passed through to investors.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SCHED_END_PRIN_BAL

              	
                The
                  scheduled principal balance due to investors at the end of a processing
                  cycle.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SCHED_PRIN_AMT

              	
                The
                  scheduled principal amount as reported by the Servicer for the
                  current
                  cycle -- only applicable for Scheduled/Scheduled Loans.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SCHED_NET_INT

              	
                The
                  scheduled gross interest amount less the service fee amount for
                  the
                  current cycle as reported by the Servicer -- only applicable for
                  Scheduled/Scheduled Loans.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                ACTL_PRIN_AMT

              	
                The
                  actual principal amount collected by the Servicer for the current
                  reporting cycle -- only applicable for Actual/Actual
                  Loans.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                ACTL_NET_INT

              	
                The
                  actual gross interest amount less the service fee amount for the
                  current
                  reporting cycle as reported by the Servicer -- only applicable
                  for
                  Actual/Actual Loans.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                PREPAY_PENALTY_
                  AMT

              	
                The
                  penalty amount received when a borrower prepays on his loan as
                  reported by
                  the Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                PREPAY_PENALTY_
                  WAIVED

              	
                The
                  prepayment penalty amount for the loan waived by the
                  servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              
	
                MOD_DATE

              	
                The
                  Effective Payment Date of the Modification for the loan.

              	
                 

              	
                MM/DD/YYYY

              	
                10

              
	
                MOD_TYPE

              	
                The
                  Modification Type.

              	
                 

              	
                Varchar
                  - value can be alpha or numeric

              	
                30

              
	
                DELINQ_P&I_ADVANCE_AMT

              	
                The
                  current outstanding principal and interest advances made by
                  Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      EXHIBIT
        X-2

       

      

      
        Exhibit  2: Standard
          File
          Layout – Delinquency Reporting

      

      

        *The
        column/header names in bold are the minimum
        fields Wells Fargo must receive from every Servicer

      
        	
                Column/Header
                  Name

              	
                Description

              	
                Decimal

              	
                Format
                  Comment

              
	
                SERVICER_LOAN_NBR

              	
                A
                  unique number assigned to a loan by the Servicer.  This may be
                  different than the LOAN_NBR

              	 	
                 

              
	
                LOAN_NBR

              	
                A
                  unique identifier assigned to each loan by the originator.

              	 	
                 

              
	
                CLIENT_NBR

              	
                Servicer
                  Client Number

              	 	 
	
                SERV_INVESTOR_NBR

              	
                Contains
                  a unique number as assigned by an external servicer to identify
                  a group of
                  loans in their system.

              	 	
                 

              
	
                BORROWER_FIRST_NAME

              	
                First
                  Name of the Borrower.

              	 	 
	
                BORROWER_LAST_NAME

              	
                Last
                  name of the borrower.

              	 	 
	
                PROP_ADDRESS

              	
                Street
                  Name and Number of Property

              	 	
                 

              
	
                PROP_STATE

              	
                The
                  state where the  property located.

              	 	
                 

              
	
                PROP_ZIP

              	
                Zip
                  code where the property is located.

              	 	
                 

              
	
                BORR_NEXT_PAY_DUE_DATE

              	
                The
                  date that the borrower's next payment is due to the servicer at
                  the end of
                  processing cycle, as reported by Servicer.

              	 	
                MM/DD/YYYY

              
	
                LOAN_TYPE

              	
                Loan
                  Type (i.e. FHA, VA, Conv)

              	 	
                 

              
	
                BANKRUPTCY_FILED_DATE

              	
                The
                  date a particular bankruptcy claim was filed.

              	 	
                MM/DD/YYYY

              
	
                BANKRUPTCY_CHAPTER_CODE

              	
                The
                  chapter under which the bankruptcy was filed.

              	 	
                 

              
	
                BANKRUPTCY_CASE_NBR

              	
                The
                  case number assigned by the court to the bankruptcy
                  filing.

              	 	
                 

              
	
                POST_PETITION_DUE_DATE

              	
                The
                  payment due date once the bankruptcy has been approved by the
                  courts

              	 	
                MM/DD/YYYY

              
	
                BANKRUPTCY_DCHRG_DISM_DATE

              	
                The
                  Date The Loan Is Removed From Bankruptcy. Either by Dismissal,
                  Discharged
                  and/or a Motion For Relief Was Granted.

              	 	
                MM/DD/YYYY

              
	
                LOSS_MIT_APPR_DATE

              	
                The
                  Date The Loss Mitigation Was Approved By The Servicer

              	 	
                MM/DD/YYYY

              
	
                LOSS_MIT_TYPE

              	
                The
                  Type Of Loss Mitigation Approved For A Loan Such As;

              	 	 
	
                LOSS_MIT_EST_COMP_DATE

              	
                The
                  Date The Loss Mitigation /Plan Is Scheduled To End/Close

              	 	
                MM/DD/YYYY

              
	
                LOSS_MIT_ACT_COMP_DATE

              	
                The
                  Date The Loss Mitigation Is Actually Completed

              	 	
                MM/DD/YYYY

              
	
                FRCLSR_APPROVED_DATE

              	
                The
                  date DA Admin sends a letter to the servicer with instructions
                  to begin
                  foreclosure proceedings.

              	 	
                MM/DD/YYYY

              
	
                ATTORNEY_REFERRAL_DATE

              	
                Date
                  File Was Referred To Attorney to Pursue Foreclosure

              	 	
                MM/DD/YYYY

              
	
                FIRST_LEGAL_DATE

              	
                Notice
                  of 1st legal filed by an Attorney in a Foreclosure Action

              	 	
                MM/DD/YYYY

              
	
                FRCLSR_SALE_EXPECTED_DATE

              	
                The
                  date by which a foreclosure sale is expected to occur.

              	 	
                MM/DD/YYYY

              
	
                FRCLSR_SALE_DATE

              	
                The
                  actual date of the foreclosure sale.

              	 	
                MM/DD/YYYY

              
	
                FRCLSR_SALE_AMT

              	
                The
                  amount a property sold for at the foreclosure sale.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                EVICTION_START_DATE

              	
                The
                  date the servicer initiates eviction of the borrower.

              	 	
                MM/DD/YYYY

              
	
                EVICTION_COMPLETED_DATE

              	
                The
                  date the court revokes legal possession of the property from the
                  borrower.

              	 	
                MM/DD/YYYY

              
	
                LIST_PRICE

              	
                The
                  price at which an REO property is marketed.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                LIST_DATE

              	
                The
                  date an REO property is listed at a particular price.

              	 	
                MM/DD/YYYY

              
	
                OFFER_AMT

              	
                The
                  dollar value of an offer for an REO property.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                OFFER_DATE_TIME

              	
                The
                  date an offer is received by DA Admin or by the Servicer.

              	 	
                MM/DD/YYYY

              
	
                REO_CLOSING_DATE

              	
                The
                  date the REO sale of the property is scheduled to close.

              	 	
                MM/DD/YYYY

              
	
                REO_ACTUAL_CLOSING_DATE

              	
                Actual
                  Date Of REO Sale

              	 	
                MM/DD/YYYY

              
	
                OCCUPANT_CODE

              	
                Classification
                  of how the property is occupied.

              	 	
                 

              
	
                PROP_CONDITION_CODE

              	
                A
                  code that indicates the condition of the property.

              	 	
                 

              
	
                PROP_INSPECTION_DATE

              	
                The
                  date a  property inspection is performed.

              	 	
                MM/DD/YYYY

              
	
                APPRAISAL_DATE

              	
                The
                  date the appraisal was done.

              	 	
                MM/DD/YYYY

              
	
                CURR_PROP_VAL

              	
                 The
                  current "as is" value of
                  the property based on brokers price opinion or
                  appraisal.

              	
                2

              	
                 

              
	
                REPAIRED_PROP_VAL

              	
                The
                  amount the property would be worth if repairs are completed pursuant
                  to a
                  broker's price opinion or appraisal.

              	
                2

              	
                 

              
	
                If
                  applicable:

              	
                 

              	 	
                 

              
	
                DELINQ_STATUS_CODE

              	
                FNMA
                  Code Describing Status of Loan

              	 	 
	
                DELINQ_REASON_CODE

              	
                The
                  circumstances which caused a borrower to stop paying on a
                  loan.   Code indicates the reason why the loan is in
                  default for this cycle.

              	 	 
	
                MI_CLAIM_FILED_DATE

              	
                Date
                  Mortgage Insurance Claim Was Filed With Mortgage Insurance
                  Company.

              	 	
                MM/DD/YYYY

              
	
                MI_CLAIM_AMT

              	
                Amount
                  of Mortgage Insurance Claim Filed

              	 	
                No
                  commas(,) or dollar signs ($)

              
	
                MI_CLAIM_PAID_DATE

              	
                Date
                  Mortgage Insurance Company Disbursed Claim Payment

              	 	
                MM/DD/YYYY

              
	
                MI_CLAIM_AMT_PAID

              	
                Amount
                  Mortgage Insurance Company Paid On Claim

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                POOL_CLAIM_FILED_DATE

              	
                Date
                  Claim Was Filed With Pool Insurance Company

              	 	
                MM/DD/YYYY

              
	
                POOL_CLAIM_AMT

              	
                Amount
                  of Claim Filed With Pool Insurance Company

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                POOL_CLAIM_PAID_DATE

              	
                Date
                  Claim Was Settled and The Check Was Issued By The Pool
                  Insurer

              	 	
                MM/DD/YYYY

              
	
                POOL_CLAIM_AMT_PAID

              	
                Amount
                  Paid On Claim By Pool Insurance Company

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                FHA_PART_A_CLAIM_FILED_DATE

              	
                 Date
                  FHA Part A Claim Was Filed With HUD

              	 	
                MM/DD/YYYY

              
	
                FHA_PART_A_CLAIM_AMT

              	
                 Amount
                  of FHA Part A Claim Filed

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                FHA_PART_A_CLAIM_PAID_DATE

              	
                 Date
                  HUD Disbursed Part A Claim Payment

              	 	
                MM/DD/YYYY

              
	
                FHA_PART_A_CLAIM_PAID_AMT

              	
                 Amount
                  HUD Paid on Part A Claim

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                FHA_PART_B_CLAIM_FILED_DATE

              	
                  Date
                  FHA Part B
                  Claim Was Filed With HUD

              	 	
                MM/DD/YYYY

              
	
                FHA_PART_B_CLAIM_AMT

              	
                  Amount
                  of FHA Part B Claim Filed

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                FHA_PART_B_CLAIM_PAID_DATE

              	
                   Date
                  HUD Disbursed Part B Claim Payment

              	 	
                MM/DD/YYYY

              
	
                FHA_PART_B_CLAIM_PAID_AMT

              	
                 Amount
                  HUD Paid on
                  Part B Claim

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                VA_CLAIM_FILED_DATE

              	
                 Date
                  VA Claim Was Filed With
                  the Veterans Admin

              	 	
                MM/DD/YYYY

              
	
                VA_CLAIM_PAID_DATE

              	
                 Date
                  Veterans Admin.
                  Disbursed VA Claim Payment

              	 	
                MM/DD/YYYY

              
	
                VA_CLAIM_PAID_AMT

              	
                 Amount
                  Veterans
                  Admin. Paid on VA Claim

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                MOTION_FOR_RELIEF_DATE

              	
                The
                  date the Motion for Relief was filed

              	
                10

              	
                MM/DD/YYYY

              	 
	
                FRCLSR_BID_AMT

              	
                The
                  foreclosure sale bid amount

              	
                11

              	
                No
                  commas(,) or dollar signs ($)

              	 
	
                FRCLSR_SALE_TYPE

              	
                The
                  foreclosure sales results: REO, Third Party, Conveyance to
                  HUD/VA

              	
                 

              	
                 

              	 
	
                REO_PROCEEDS

              	
                The
                  net proceeds from the sale of the REO property.

              	
                 

              	
                No
                  commas(,) or dollar signs ($)

              	 
	
                BPO_DATE

              	
                The
                  date the BPO was done.

              	
                 

              	
                 

              	 
	
                CURRENT_FICO

              	
                The
                  current FICO score

              	
                 

              	
                 

              	 
	
                HAZARD_CLAIM_FILED_DATE

              	
                The
                  date the Hazard Claim was filed with the Hazard Insurance
                  Company.

              	
                10

              	
                MM/DD/YYYY

              	 
	
                HAZARD_CLAIM_AMT

              	
                The
                  amount of the Hazard Insurance Claim filed.

              	
                11

              	
                No
                  commas(,) or dollar signs ($)

              	 
	
                HAZARD_CLAIM_PAID_DATE

              	
                The
                  date the Hazard Insurance Company disbursed the claim
                  payment.

              	
                10

              	
                MM/DD/YYYY

              	 
	
                HAZARD_CLAIM_PAID_AMT

              	
                The
                  amount the Hazard Insurance Company paid on the claim.

              	
                11

              	
                No
                  commas(,) or dollar signs ($)

              	 
	
                ACTION_CODE

              	
                Indicates
                  loan status

              	 	
                Number

              	 
	
                NOD_DATE

              	
                 

              	
                 

              	
                MM/DD/YYYY

              	 
	
                NOI_DATE

              	
                 

              	
                 

              	
                MM/DD/YYYY

              	 
	
                ACTUAL_PAYMENT_PLAN_START_DATE

              	
                 

              	
                 

              	
                MM/DD/YYYY

              	 
	
                ACTUAL_PAYMENT_
                  PLAN_END_DATE

              	
                 

              	
                 

              	
                 

              	 
	
                ACTUAL_REO_START_DATE

              	
                 

              	
                 

              	
                MM/DD/YYYY

              	 
	
                REO_SALES_PRICE

              	
                 

              	
                 

              	
                Number

              	 
	
                REALIZED_LOSS/GAIN

              	
                As
                  defined in the Servicing Agreement

              	
                 

              	
                Number

              	 

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      Exhibit
        2:Standard
        File Codes –
Delinquency Reporting

       

      The
        Loss Mit Type field should show the approved Loss
        Mitigation Code as follows:

       

      
        
          	
                  •

                	
                  ASUM-

                	
                  Approved
                    Assumption

                
	
                  •

                	
                  BAP-

                	
                  Borrower
                    Assistance Program

                
	
                  •

                	
                  CO-

                	
                  Charge
                    Off

                
	
                  •

                	
                  DIL-

                	
                  Deed-in-Lieu

                
	
                  •

                	
                  FFA-

                	
                  Formal
                    Forbearance Agreement

                
	
                  •

                	
                  MOD-

                	
                  Loan
                    Modification

                
	
                  •

                	
                  PRE-

                	
                  Pre-Sale

                
	
                  •

                	
                  SS-

                	
                  Short
                    Sale

                
	
                  •

                	
                  MISC-

                	
                  Anything
                    else approved by the PMI or Pool
                    Insurer

                

        

      

      

       

      NOTE:
        Wells Fargo Bank will accept
        alternative Loss Mitigation Types to those above, provided that they are
        consistent with industry standards.  If Loss Mitigation Types other
        than those above are used, the Servicer must supply Wells Fargo Bank with
        a
        description of each of the Loss Mitigation Types prior to sending the
        file.

       

      The
Occupant
        Code field
        should show the current status of the property code as
        follows:

       

      
        	
                ·  

              	
                Mortgagor

              

      

      
        	
                ·  

              	
                Tenant

              

      

      
        	
                ·  

              	
                Unknown

              

      

      
        	
                ·  

              	
                Vacant

              

      

       

       

      The
Property
        Condition
        field should show the last reported condition of the property as
        follows:

       

      
        	
                ·  

              	
                Damaged

              

      

      
        	
                ·  

              	
                Excellent

              

      

      
        	
                ·  

              	
                Fair

              

      

      
        	
                ·  

              	
                Gone

              

      

      
        	
                ·  

              	
                Good

              

      

      
        	
                ·  

              	
                Poor

              

      

      
        	
                ·  

              	
                Special
                  Hazard

              

      

      
        	
                ·  

              	
                Unknown

              

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
         

        Exhibit
          2:Standard
          File Codes –
Delinquency Reporting, Continued

      

       

      The
FNMA
        Delinquent Reason
        Code field
        should show the Reason for Delinquency as follows:

       

      

      
        	
                Delinquency
                  Code

              	
                Delinquency
                  Description

              
	
                001

              	
                FNMA-Death
                  of principal
                  mortgagor

              
	
                002

              	
                FNMA-Illness
                  of principal
                  mortgagor

              
	
                003

              	
                FNMA-Illness
                  of mortgagor’s family
                  member

              
	
                004

              	
                FNMA-Death
                  of mortgagor’s family
                  member

              
	
                005

              	
                FNMA-Marital
                  difficulties

              
	
                006

              	
                FNMA-Curtailment
                  of
                  income

              
	
                007

              	
                FNMA-Excessive
                  Obligation

              
	
                008

              	
                FNMA-Abandonment
                  of
                  property

              
	
                009

              	
                FNMA-Distant
                  employee
                  transfer

              
	
                011

              	
                FNMA-Property
                  problem

              
	
                012

              	
                FNMA-Inability
                  to sell
                  property

              
	
                013

              	
                FNMA-Inability
                  to rent
                  property

              
	
                014

              	
                FNMA-Military
                  Service

              
	
                015

              	
                FNMA-Other

              
	
                016

              	
                FNMA-Unemployment

              
	
                017

              	
                FNMA-Business
                  failure

              
	
                019

              	
                FNMA-Casualty
                  loss

              
	
                022

              	
                FNMA-Energy
                  environment
                  costs

              
	
                023

              	
                FNMA-Servicing
                  problems

              
	
                026

              	
                FNMA-Payment
                  adjustment

              
	
                027

              	
                FNMA-Payment
                  dispute

              
	
                029

              	
                FNMA-Transfer
                  of ownership
                  pending

              
	
                030

              	
                FNMA-Fraud

              
	
                031

              	
                FNMA-Unable
                  to contact
                  borrower

              
	
                INC

              	
                FNMA-Incarceration

              

      

      

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
         

        Exhibit
          2:Standard
          File Codes –
Delinquency Reporting, Continued

      

      

      The
FNMA
        Delinquent Status
        Code field
        should show the Status of Default as follows:

       

      
        	
                Status
                  Code

              	
                Status
                  Description

              
	
                09

              	
                Forbearance

              
	
                17

              	
                Pre-foreclosure
                  Sale Closing Plan
                  Accepted

              
	
                24

              	
                Government
                  Seizure

              
	
                26

              	
                Refinance

              
	
                27

              	
                Assumption

              
	
                28

              	
                Modification

              
	
                29

              	
                Charge-Off

              
	
                30

              	
                Third
                  Party
                  Sale

              
	
                31

              	
                Probate

              
	
                32

              	
                Military
                  Indulgence

              
	
                43

              	
                Foreclosure
                  Started

              
	
                44

              	
                Deed-in-Lieu
                  Started

              
	
                49

              	
                Assignment
                  Completed

              
	
                61

              	
                Second
                  Lien
                  Considerations

              
	
                62

              	
                Veteran’s
                  Affairs-No
                  Bid

              
	
                63

              	
                Veteran’s
                  Affairs-Refund

              
	
                64

              	
                Veteran’s
                  Affairs-Buydown

              
	
                65

              	
                Chapter
                  7
                  Bankruptcy

              
	
                66

              	
                Chapter
                  11
                  Bankruptcy

              
	
                67

              	
                Chapter
                  13
                  Bankruptcy

              

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        X-3

       

      FORM
        OF SCHEDULE OF REALIZED
        LOSSES/GAINS

      

      Exhibit
        3
        : Calculation
        of
        Realized Loss/Gain Form 332– Instruction Sheet

      NOTE:  Do
        not net or combine items.  Show all expenses individually and all
        credits as separate line items.  Claim packages are due on the
        remittance report date.  Late submissions may result in claims not
        being passed until the following month.  The Servicer is responsible
        to remit all funds pending loss approval and /or resolution of any disputed
        items.

      

       

      The
        numbers on the 332 form correspond with the numbers listed
        below.

       

      Liquidation
        and Acquisition Expenses:

       

      
        	
                 

              	
                1.

              	
                The
                  Actual Unpaid Principal Balance of the Mortgage Loan.  For
                  documentation, an Amortization Schedule from date of default through
                  liquidation breaking out the net interest and servicing fees advanced
                  is
                  required.

              

      

       

      
        	
                 

              	
                2.

              	
                The
                  Total Interest Due less the aggregate amount of servicing fee that
                  would
                  have been earned if all delinquent payments had been made as agreed.
                  For
                  documentation, an Amortization Schedule from date of default through
                  liquidation breaking out the net interest and servicing fees advanced
                  is
                  required.

              

      

       

      
        	
                 

              	
                3.

              	
                Accrued
                  Servicing Fees based upon the Scheduled Principal Balance of the
                  Mortgage
                  Loan as calculated on a monthly basis. For documentation, an Amortization
                  Schedule from date of default through liquidation breaking out
                  the net
                  interest and servicing fees advanced is
                  required.

              

      

       

      
        	
                4-12.

              	
                Complete
                  as applicable.  Required
                  documentation:

              

      

       

      *  For
        taxes and insurance advances – see page 2 of 332 form - breakdown required
        showing period

       

      of
        coverage, base tax, interest, penalty.  Advances prior to default
        require evidence of servicer efforts to recover advances.

       

       *  For
        escrow advances - complete payment history

       

          (to
        calculate advances from last positive escrow balance forward)

       

      *  Other
        expenses -  copies of corporate advance history showing all
        payments

       

      *  REO
        repairs> $1500 require explanation

       

      *  REO
        repairs>$3000 require evidence of at least 2 bids.

       

      *  Short
        Sale or Charge Off require P&L supporting the decision and WFB’s approved Officer
        Certificate

       

      *  Unusual
        or extraordinary items may require further documentation.

       

      
        	
                 

              	
                13.

              	
                The
                  total of lines 1 through 12.

              

      

       

      Credits:

       

      
        	
                14-21.

              	
                Complete
                  as applicable.  Required
                  documentation:

              

      

       

      *
        Copy of
        the HUD 1 from the REO sale.  If a 3rd Party
        Sale, bid
        instructions and Escrow
        Agent / Attorney

       

         Letter
        of Proceeds Breakdown.

       

      *  Copy
        of EOB for any MI or gov't guarantee

       

      *  All
        other credits need to be clearly defined on the 332
        form            

       

      
        	
                 

              	
                22.

              	
                The
                  total of lines 14 through 21.

              

      

       

      
        	
                Please
                  Note:

              	
                For
                  HUD/VA loans, use line (18a) for Part A/Initial proceeds and line
                  (18b)
                  for Part B/Supplemental proceeds.

              

      

       

      Total
        Realized Loss (or Amount of Any Gain)

       

      
        	
                 

              	
                23.

              	
                The
                  total derived from
                  subtracting line 22 from 13.  If the amount represents a
                  realized gain, show the amount in parenthesis
                  (   ).

              

      

      
         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

         

        Exhibit
          3A: Calculation
          of
          Realized Loss/Gain Form 332

      

      

       

      Prepared
        by:  __________________                                Date:  _______________

      Phone:  ______________________   Email
        Address:_____________________

       

       

      
        	
                Servicer
                  Loan No.

                 

              	 	
                Servicer
                  Name

                 

              	 	
                Servicer
                  Address

                 

                 

              

      

       

       

      WELLS
        FARGO BANK, N.A. Loan No._____________________________

       

      Borrower's
        Name: _________________________________________________________

      Property
        Address: ________________________________________________________

       

      Liquidation
        Type:  REO
        Sale                                                                           
3rd Party
        Sale                                           Short
        Sale                               
Charge Off

       

      Was
        this loan granted a Bankruptcy deficiency or
        cramdown                          
Yes                                  
No

      If
“Yes”,
        provide deficiency or cramdown amount
        _______________________________

       

      
        
          
            
              	
                      Liquidation
                        and Acquisition Expenses:

                    	 	 	 	 
	
                      (1)

                    	
                      Actual
                        Unpaid Principal Balance of Mortgage Loan

                    	
                       

                    	$	 	
                      (1)

                    
	
                      (2)

                    	
                      Interest
                        accrued at Net Rate

                    	 	
                       

                    	 	
                      (2)

                    
	
                      (3)

                    	
                      Accrued
                        Servicing Fees

                    	 	
                       

                    	 	
                      (3)

                    
	
                      (4)

                    	
                      Attorney's
                        Fees

                    	 	
                       

                    	 	
                      (4)

                    
	
                      (5)

                    	
                      Taxes
                        (see page 2)

                    	 	
                       

                    	 	
                      (5)

                    
	
                      (6)

                    	
                      Property
                        Maintenance

                    	 	 	 	
                       

                    	 	
                      (6)

                    
	
                      (7)

                    	
                      MI/Hazard
                        Insurance Premiums (see page 2)

                    	
                       

                    	 	 	
                      (7)

                    
	
                      (8)

                    	
                      Utility
                        Expenses

                    	 	 	 	
                       

                    	 	
                      (8)

                    
	
                      (9)

                    	
                      Appraisal/BPO

                    	 	 	 	
                       

                    	 	
                      (9)

                    
	
                      (10)

                    	
                      Property
                        Inspections

                    	 	 	 	
                       

                    	 	
                      (10)

                    
	
                      (11)

                    	
                      FC
                        Costs/Other Legal Expenses

                    	 	 	 	
                      (11)

                    
	
                      (12)

                    	
                      Other
                        (itemize)

                    	 	 	 	
                       

                    	 	
                      (12)

                    
	 	 	
                      Cash
                        for Keys

                    	 	
                       

                    	 	 	
                      (12)

                    
	 	 	
                      HOA/Condo
                        Fees

                    	 	
                       

                    	 	 	
                      (12)

                    
	 	 	
                       

                    	 	
                       

                    	 	 	
                      (12)

                    
	 	 	 	 	 	 	 	 
	 	 	
                      Total
                        Expenses

                    	 	 	$	 	
                      
                        (13)

                      

                    
	
                      Credits:

                    	 	 	 	 	 	 	 
	
                      (14)

                    	
                      Escrow
                        Balance

                    	 	 	 	
                      $
                        

                    	 	
                      (14)

                    
	
                      (15)

                    	
                      HIP
                        Refund

                    	 	 	 	 	 	
                      
                        (15)

                      

                    
	
                      (16)

                    	
                      Rental
                        Receipts

                    	 	 	 	
                       

                    	 	
                      (16)

                    
	
                      (17)

                    	
                      Hazard
                        Loss Proceeds

                    	 	 	 	
                       

                    	 	
                      (17)

                    
	
                      (18)

                    	
                      Primary
                        Mortgage Insurance / Gov’t Insurance

                    	
                       

                    	 	 	(18a)

	
                      HUD
                        Part A

                    	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	
                      HUD
                        Part B

                    	 	 	 	 	 	(18b)
	
                      (19)

                    	
                      Pool
                        Insurance Proceeds

                    	 	 	 	
                       

                    	 	
                      (19)

                    
	
                      (20)

                    	
                      Proceeds
                        from Sale of Acquired Property

                    	
                       

                    	 	 	
                      (20)

                    
	
                      (21)

                    	
                      Other
                        (itemize)

                    	 	 	 	
                       

                    	 	
                      (21)

                    
	 	
                       

                    	 	
                       

                    	
                       

                    	 	 	
                      (21)

                    
	 	 	 	 	 	 	 	 
	 	
                      Total
                        Credits

                    	 	 	 	
                      $

                    	 	
                      (22)

                    
	
                      Total
                        Realized Loss (or Amount of Gain)

                    	
                       

                    	
                       

                    	
                      $

                    	 	
                      (23)

                    

            

          

        

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      Escrow
        Disbursement Detail

      

      

      
        	
                Type

                (Tax
                  /Ins.)

              	
                Date
                  Paid

              	
                Period
                  of Coverage

              	
                Total
                  Paid

              	
                Base
                  Amount

              	
                Penalties

              	
                Interest

              
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

      

      

      
         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        
 

      

      SCHEDULE
        ONE

       

      FINAL
        MATURITY RESERVE SCHEDULEexv10w1

 

Exhibit 10.1

	 	 	 
	 

	 	August 26, 2007
	 
	 	 
	To:

	 	Atmel Corporation
	 

	 	2325 Orchard Parkway
	 

	 	San Jose, California 95131
	 

	 	Attention: Treasurer
	 

	 	Telephone: (408) 441-0311
	 
	 	 
	From:

	 	[Bank Name]
	 

	 	[Bank Address]
	 

	 	[Bank Address]
	 
	 	 
	Re:

	 	Collared Accelerated Share Repurchase Transaction

(Transaction Reference Number: ___)

     Ladies and Gentlemen:

     The purpose of this communication (this “Confirmation”) is to set forth the terms and
conditions of the above-referenced transaction entered into on the Trade Date specified below (the
“Transaction”) between [Bank Name] (“Dealer”) and Atmel Corporation (“Counterparty”). Additional
terms of the Transaction will be set forth in a Supplemental Confirmation in the form set forth in
Annex A hereto (the “Supplemental Confirmation”). This Confirmation constitutes, and upon
execution of the Supplemental Confirmation, this Confirmation together with the Supplemental
Confirmation shall constitute, a “Confirmation” as referred to in the ISDA Master Agreement
specified below.

     1. This Confirmation and the Supplemental Confirmation are subject to, and incorporate, the
definitions and provisions of the 2000 ISDA Definitions (including the Annex thereto) (the “2000
Definitions”) and the definitions and provisions of the 2002 ISDA Equity Derivatives Definitions
(the “Equity Definitions” and, together with the 2000 Definitions, the “Definitions”), in each case
as published by the International Swaps and Derivatives Association, Inc. (“ISDA”). In the event
of any inconsistency between the 2000 Definitions and the Equity Definitions, the Equity
Definitions will govern. In addition, in the event of any inconsistency between this Confirmation
and the Supplemental Confirmation, the Supplemental Confirmation shall govern.

     This Confirmation, together with the Supplemental Confirmation, evidence a complete and
binding agreement between Dealer and Counterparty as to the terms of the Transaction to which this
Confirmation and the Supplemental Confirmation relate. This Confirmation and the Supplemental
Confirmation shall be subject to an agreement (the “Agreement”) in the form of the 2002 ISDA Master
Agreement (the “ISDA Form”) as if Dealer and Counterparty had executed an agreement in such form
(without any Schedule but with the elections set forth in this Confirmation). For the avoidance of
doubt, the Transaction shall be the only transaction under the Agreement. “Other ASR Transaction”
shall mean the collared accelerated share repurchase transaction with the Transaction Reference
Number ___of even date herewith between the Counterparty and [Bank Name].

     All provisions contained in, or incorporated by reference to, the Agreement will govern this
Confirmation and the Supplemental Confirmation except as expressly modified herein. In the event
of any inconsistency between this Confirmation or the Supplemental Confirmation and either the
Definitions or the Agreement, this Confirmation or the Supplemental Confirmation, as the case may
be, shall govern.

     2. The Transaction constitutes a Share Forward Transaction for purposes of the Equity
Definitions. The terms of the particular Transaction to which this Confirmation and the
Supplemental Confirmation relate are as follows:

1

 

     3. General Terms:

	 	 	 
	Trade Date:

	 	A Relevant Day occurring on or prior to the Final Hedging Date, as set
forth in the Supplemental Confirmation; provided that if any Relevant Day occurring
during the period from, and including, the first Relevant Day immediately following
the date hereof to, and including, the Final Hedging Date (such date subject to
postponement pursuant to this proviso but in any event no later than the Extended
Final Hedging Date) is a Disrupted Day, the Calculation Agent may postpone the Final
Hedging Date by one Relevant Day for each such Disrupted Day.
	 
	 	 
	 

	 	On or prior to the Exchange Business Day
immediately following the Trade Date, Dealer
shall provide written notice to Counterparty in
the form of the Supplemental Confirmation in the
form set forth in Annex A hereto, of the Trade
Date, the Number of Shares, the Initial Price,
the Forward Floor Price, the Forward Cap Price
and the Initial Repurchase Amount. Upon receipt
of the Supplemental Confirmation, Counterparty
shall promptly execute and return the
Supplemental Confirmation to Dealer; provided
that Counterparty’s failure to so execute and
return the Supplemental Confirmation shall not
affect the binding nature of the Supplemental
Confirmation, and the terms set forth therein
shall be binding on Counterparty to the same
extent, and with the same force and effect, as if
Counterparty had executed a written version of
the Supplemental Confirmation.
	 
	 	 
	Final
Hedging
Date:

	 	As set forth in the Supplemental Confirmation.
	 
	 	 
	Extended
Final
Hedging
Date:

	 	As set forth in the Supplemental Confirmation.
	 
	 	 
	Effective
Date:

	 	One Settlement Cycle immediately following the Trade Date.
	 
	 	 
	Seller:

	 	Dealer
	 
	 	 
	Buyer:

	 	Counterparty
	 
	 	 
	Shares:

	 	The common stock of Counterparty, par value USD0.001 per share (Ticker Symbol:
	 

	 	“ATML”).
	 
	 	 
	Number
of
Shares:

	 	A number of Shares equal to the Prepayment Amount divided by the Forward
Floor Price, as set forth in the Supplemental Confirmation.
	 
	 	 
	Prepayment:

	 	Applicable. Dealer and Counterparty hereby agree that, notwithstanding
anything to the contrary herein or in the Agreement, in the event that (a) an Early
Termination Date (whether as a result of an Event of Default or a Termination Event)
occurs or is

2

 

	 	 	 
	 

	 	designated with respect to the Transaction and,
as a result, Counterparty owes to Dealer an
amount calculated under Section 6(e) of the
Agreement (calculated as if the Transaction being
terminated on such Early Termination Date was the
sole Transaction under the Agreement) or (b)
Counterparty owes to Dealer, pursuant to Section
12.7 or Section 12.9 of the Equity Definitions,
an amount calculated under Section 12.8 of the
Equity Definitions, such amount shall be deemed
to be zero. Under no circumstances shall
Counterparty be required to pay any amount in
addition to the Prepayment Amount under the
Transaction. For the avoidance of doubt, the
preceding sentence shall not be construed as
limiting any damages that may be payable by
Counterparty as a result of a breach of this
Confirmation.
	 
	 	 
	Variable
Obligation:

	 	Applicable, subject to the provisions set forth under Number of Shares
to be Delivered below.
	 
	 	 
	Prepayment
Amount:

	 	USD125,000,000
	 
	 	 
	Prepayment
Date:

	 	The third Currency Business Day immediately following the date hereof.
	 
	 	 
	Forward
Floor
Price:

	 	As set forth in the Supplemental Confirmation.
	 
	 	 
	Forward
Cap
Price:

	 	As set forth in the Supplemental Confirmation.
	 
	 	 
	Initial
Price:

	 	An amount in USD equal to the arithmetic average of the VWAP Prices on each
Relevant Day from, and including, the first Relevant Day immediately following the
date hereof to, and including, the Trade Date, as set forth in the Supplemental
Confirmation. Averaging Date Disruption shall apply as set forth in Section 8(b) of
this Confirmation as if such Relevant Days were Averaging Dates.
	 
	 	 
	VWAP
Price:

	 	For any Relevant Day, the Rule 10b-18 dollar volume weighted average
price per Share on the Exchange for such Relevant Day based on transactions executed
during such Relevant Day, as reported on Bloomberg Page “ATML.Q <Equity> AQR
SEC” (or any successor thereto) or, in the event such price is not so reported on such
Relevant Day for any reason, as reasonably determined by the Calculation Agent.
	 
	 	 
	Exchange:

	 	NASDAQ Global Select Market
	 
	 	 
	Related
Exchange:

	 	All exchanges located in the United States on which the equity securities
or equity-linked securities of Counterparty are traded.
	 
	 	 
	Relevant
Day:

	 	Each day listed on Annex B and every second Scheduled Trading Day after the
last day so listed.

3

 

Valuation Terms:

	 	 	 
	Averaging
Dates:

	 	Each of the Relevant Days from and including the first Relevant Day
immediately following the Final Hedging Date to and including the Maximum Maturity
Date; provided that, Dealer may designate any Relevant Day on or after the Minimum
Maturity Date, but prior to the Maximum Maturity Date, as the last Averaging Date.
Dealer shall notify Counterparty of any designation made pursuant to this provision
prior to 5:00 P.M. (New York time) on the Relevant Day immediately following such
designated Relevant Day.
	 
	 	 
	Maximum
Maturity
Date:

	 	As set forth in the Supplemental Confirmation.
	 
	 	 
	Minimum
Maturity
Date: As

	 	set forth in the Supplemental Confirmation.
	 
	 	 
	Relevant
Price:

	 	For any Relevant Day, the VWAP Price for such Relevant Day minus the
Spread.
	 
	 	 
	Spread:

	 	As set forth in the Supplemental Confirmation.
	 
	 	 
	Market
Disruption
Event:

	 	Subject in all respects to Section 8(b) hereof, Section 6.3(a) of
the Equity Definitions is hereby amended by deleting the words “during the one hour
period that ends at the relevant Valuation Time, Latest Exercise Time, Knock-in
Valuation Time or Knock-out Valuation Time, as the case may be,” in clause (ii)
thereof.

Settlement Terms:

	 	 	 
	Initial
Repurchase:

	 	On the Effective Date, Dealer shall deliver to Counterparty a number of
Shares equal to the Initial Repurchase Amount.
	 
	 	 
	Initial
Repurchase
Amount:

	 	A number of Shares equal to the Prepayment Amount, divided by
the Forward Cap Price, as set forth in the Supplemental Confirmation.
	 
	 	 
	Physical
Settlement:

	 	Applicable
	 
	 	 
	Settlement
Date:

	 	The date one Settlement Cycle immediately following the last Averaging
Date.
	 
	 	 
	Number
of
Shares to
be
Delivered:

	 	The Number of Shares to be Delivered determined pursuant
to Section 9.5(c) of the Equity Definitions minus the Initial Repurchase Amount;
provided, however, that if the Settlement Price is greater than the Forward Cap Price,
the Number of Shares to be Delivered shall equal zero.
	 
	 	 
	Settlement
Price:

	 	The arithmetic average of the Relevant Prices for all Averaging Dates.

4

 

	 	 	 
	Amendment to
Equity
Definitions:

	 	The Representation and Agreement contained in Section 9.11
of the Equity Definitions shall be modified by excluding any representations therein
relating to restrictions, obligations, limitations or requirements under applicable
securities laws as a result of the fact that Counterparty is the issuer of the Shares.
	 
	 	 
	Excess
Dividend
Amount:

	 	For the avoidance of doubt, all references to the Excess Dividend
Amount shall be deleted from Section 9.2(a)(iii) of the Equity Definitions.
	 
	 	 

Share Adjustments:

	 	 	 
	Potential
Adjustment
Events:

	 	As set forth in Section 11.2(e) of the Equity Definitions,
other than (i) any Extraordinary Dividend and (ii) any repurchase of Shares pursuant
to the Transaction or the Other ASR Transaction. In addition, the occurrence of a
Disrupted Day on a day that is or otherwise would have been an Averaging Date shall be
a Potential Adjustment Event.
	 
	 	 
	Method of
Adjustment:

	 	Calculation Agent Adjustment; provided that in respect of the
occurrence of any Disrupted Day on a day that is or otherwise would have been an
Averaging Date, references to the “diluting or concentrative effect on the theoretical
value of the relevant Shares” in Section 11.2(c) of the Equity Definitions shall be
deemed deleted and the Calculation Agent shall make adjustments to any variable
relevant to the exercise, settlement, payment or other terms of the Transaction as the
Calculation Agent determines appropriate to account for the effect of the Disrupted
Day on the theoretical value of the Transaction.
	 
	 	 
	Extraordinary
Dividend:

	 	Any dividend or distribution, other than a dividend or distribution
of the type described in Section 11.2(e)(i), Section 11.2(e)(ii)(A) or Section
11.2(e)(ii)(B) of the Equity Definitions, that has an ex-dividend date occurring on or
after the date hereof and on or prior to the last Averaging Date.

Extraordinary Events:

	 	 	 
	New Shares:

	 	In the definition of New Shares in Section 12.1(i) of the Equity
Definitions, the text in clause (i) shall be deleted in its entirety and replaced with
“publicly quoted, traded or listed on any of the New York Stock Exchange, the American
Stock Exchange, the NASDAQ Global Select Market or the NASDAQ Global Market (or their
respective successors)”.
	 
	 	 
	Consequences
of Merger
Events:
	 	 
	 
	     (a)
Share-for-Share:

	 	Modified Calculation Agent Adjustment

5

 

	 	 	 
	     
(b)
Share-for-Other:

	 	Cancellation and Payment (Calculation Agent
Determination)
	 
	 	 
	     (c)
Share-for-Combined:

	 	Component Adjustment
	 
	 	 
	Tender Offer:

	 	Applicable
	 
	 	 
	Consequences of
Tender Offers:
	 	 
	 
	 	 
	     
(a)
Share-for-Share:

	 	Modified Calculation Agent Adjustment
	 
	 	 
	     
(b)
Share-for-Other:

	 	Cancellation and Payment (Calculation Agent
Determination).
	 
	 	 
	     
(c)
Share-for-Combined:

	 	Component Adjustment
	 
	 	 
	Nationalization,
Insolvency
or Delisting:

	 	Cancellation and Payment (Calculation Agent Determination);
provided that in addition to the provisions of Section 12.6(a)(iii) of the Equity
Definitions, it shall also constitute a Delisting if the Exchange is located in the
United States and the Shares are not immediately re-listed or re-traded on any of the
New York Stock Exchange, the American Stock Exchange, the NASDAQ Global Select Market
or the NASDAQ Global Market (or their respective successors); if the Shares are
immediately re-listed or re-traded on any such exchange, such exchange shall
thereafter be deemed to be the Exchange.

Additional Disruption Events:

	 	 	 
	     
(a) Change
in Law:

	 	Applicable; provided that Section 12.9(a)(ii) of the Equity
Definitions is hereby amended by (i) replacing the phrase “the interpretation” in the
third line thereof with the phrase “or announcement or statement of the formal or
informal interpretation”, (ii) immediately following the word “Transaction” in clause
(X) thereof, adding the phrase “in the manner contemplated by the Hedging Party on the
Trade Date” and (iii) deleting clause (Y) in its entirety.
	 
	 	 
	     
(b)
Failure
to Deliver

	 	Not Applicable
	 
	 	 
	     
(c)
Insolvency
Filing:

	 	Applicable
	 
	 	 
	     
(d)
Hedging
Disruption:

	 	Applicable; provided that Section 12.9(a)(v) of the
Equity Definitions is hereby amended by adding the phrase “for five or more such
successive Exchange Days” immediately following the word “efforts” in the second line
thereof.
	 
	 	 
	     
(e)
Increased
Cost of
Hedging:

	 	Not Applicable
	 
	 	 
	     
(f)
Loss of
Stock
Borrow:

	 	Applicable

6

 

	 	 	 
	          
Maximum Stock
Loan Rate:
	 	2.00%
	 	 	 
	     
(g)
Increased
Cost of Stock
Borrow:
	 	Applicable; provided that the words “, (B)
pay the Hedging Party an amount determined by the Calculation Agent that corresponds
to the Price Adjustment or (C) terminate the Transaction as of that second Scheduled
Trading Day” in Section 12.9(b)(v) of the Equity Definitions shall be replaced in
their entirety by the words “or (B) terminate the Transaction as of that second
Scheduled Trading Day.”
	 	 	 
	          Initial Stock
Loan Rate:
	 	0.25%
	 	 	 
	     Hedging Party:
	 	Dealer for all applicable Additional Disruption Events
	 	 	 
	Determining Party:
	 	Dealer
	 	 	 
	Non-Reliance:
	 	Applicable
	 	 	 
	Agreements and
Acknowledgments	 	 
	Regarding Hedging
Activities:
	 	Applicable
	 	 	 
	Additional
Acknowledgments:
	 	Applicable
	 	 	 
	     
4.
Calculation
Agent:
	 	Dealer; provided that all determinations made by
the Calculation Agent shall be made in good faith and in a commercially reasonable
manner. Following any calculation by the Calculation Agent hereunder, upon a prior
written request by Counterparty, the Calculation Agent will provide to Counterparty by
e-mail to the e-mail address provided by Counterparty in such a prior written request
a report (in a commonly used file format for the storage and manipulation of financial
data) displaying in reasonable detail the basis for such calculation; provided further
that no transferee of the Transaction in accordance with the terms of this
Confirmation shall act as Calculation Agent with respect to the Transaction without
the prior consent of Counterparty, such consent not to be unreasonably withheld.
	 	 	 
	     
5.
Account
Details:	 	 
	 	 	 
	     
     
Dealer
Payment
Instructions:	 	 
	 	 	 
	     
     
     
To be provided
by Dealer.	 	 
	 	 	 
	     
     
Counterparty
Payment
Instructions:	 	 
	 	 	 
	     
     
     
To be
provided by
Counterparty.	 	 

7

 

     5. Offices:

          The Office of Dealer for the Transaction is:

[Bank Name]

[Bank Address]

[Bank Address]

          The Office of Counterparty for the Transaction is:

Atmel Corporation

2325 Orchard Parkway

San Jose, California 95131

     6. Notices: For purposes of this Confirmation:

     (a)         Address for notices or communications to Counterparty:

	 	 	 	 	 
	 

	 	To:
	 	Atmel Corporation
	 

	 	 	 	2325 Orchard Parkway
	 

	 	 	 	San Jose, California 95131
	 
	 	 	 	 
	 

	 	Attention:
	 	Treasurer
	 

	 	Telephone:
	 	(408) 441-0311

     (b)         Address for notices or communications to Dealer:

	 	 	 	 	 	 	 
	 

	 	To:
	 	[Bank Name]	 	 
	 

	 	 	 	[Bank Address]	 	 
	 

	 	 	 	[Bank Address]	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	Attention:
	 	[                    ]
	 

	 	 	 	Telephone:
	 	[                    ]
	 

	 	 	 	Facsimile:
	 	[                    ]
	 
	 	 	 	 	 	 
	 

	 	With a copy to:
	 	[Bank Name]	 	 
	 

	 	 	 	[Bank Address]	 	 
	 

	 	 	 	[Bank Address]	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	Attention:
	 	[                    ]
	 

	 	 	 	Telephone:
	 	[                    ]
	 

	 	 	 	Facsimile:
	 	[                    ]

     7. Representations, Warranties and Agreements:

     (a) In addition to the representations and warranties in the Agreement and those contained
elsewhere herein, Counterparty represents and warrants to and for the benefit of, and agrees with,
Dealer as follows:

     (i) On the date hereof, (A) the Counterparty is not aware of any material nonpublic
information regarding Counterparty or the Shares and (B) all reports and other documents
filed by Counterparty with the Securities and Exchange Commission pursuant to the
Securities Exchange Act of 1934, as amended (the “Exchange Act”) when considered as a whole
(with the more recent

8

 

such reports and documents deemed to amend inconsistent statements
contained in any earlier such reports and documents), do not contain any untrue statement of a material fact or
omit to state any material fact required to be stated therein or necessary to make the
statements therein, in the light of the circumstances in which they were made, not
misleading.

     (ii) Counterparty is not entering into this Confirmation to create actual or apparent
trading activity in the Shares (or any security convertible into or exchangeable for
Shares) or to manipulate the price of the Shares (or any security convertible into or
exchangeable for Shares) or otherwise in violation of the Exchange Act.

     (iii) Without limiting the generality of Section 3(a)(iii) of the Agreement, the
Transaction will not violate Rule 13e-1 or Rule 13e-4 under the Exchange Act.

     (iv) Counterparty is not, as of the date hereof, and after giving effect to the
transactions contemplated hereby will not be, required to register as an “investment
company” as such term is defined in the Investment Company Act of 1940, as amended.

     (v) On any Relevant Day during the period beginning on, and including, the date hereof
and ending on, and including, the earlier of (x) the Maximum Maturity Date and (y) the date
twenty Relevant Days following the date all payments or deliveries hereunder have been
made, Counterparty shall not, and shall cause its affiliates and affiliated purchasers
(each as defined in Rule 10b-18 under the Exchange Act (“Rule 10b-18”)) not to, directly or
indirectly (including, without limitation, by means of any cash-settled or other derivative
instrument) purchase, offer to purchase, place any bid or limit order that would effect a
purchase of, or commence any tender offer relating to, any Shares (or an equivalent
interest, including a unit of beneficial interest in a trust or limited partnership or a
depository share) or any security convertible into or exchangeable or exercisable for
Shares, except through Dealer; provided, however, that notwithstanding the foregoing,
nothing in this Confirmation or the Supplemental Confirmation shall prohibit Counterparty
from making any purchases specifically contemplated by the issuer tender offer proposed to
be conducted by Counterparty for certain of its employee stock options, as described in the
Schedule TO filed by Counterparty with the Securities and Exchange Commission on August 1,
2007.

     (vi) Prior to the date hereof, Counterparty shall deliver to Dealer resolutions of
Counterparty’s board of directors and an authorized committee thereof authorizing the
Transaction and such other certificate or certificates as Dealer shall reasonably request.

     (vii) On each of the date hereof, the Trade Date and the Prepayment Date, Counterparty
is not “insolvent” (as such term is defined under Section 101(32) of the U.S. Bankruptcy
Code (Title 11 of the United States Code) (the “Bankruptcy Code”)) and Counterparty would
be able to purchase Shares hereunder in compliance with Section 160 of Delaware General
Corporation Law.

     (viii) During the period beginning on, and including, the date hereof and ending on,
and including, the earlier of (x) the Maximum Maturity Date and (y) the date twenty
Relevant Days following the date all payments or deliveries hereunder have been made, the
Shares shall not be subject to a “restricted period,” as such term is defined in Regulation
M under the Exchange Act.

     (ix) Counterparty shall not, at any time during the period beginning on, and
including, the date hereof and ending on, and including, the earlier of (x) the Maximum
Maturity Date and (y) the date twenty Relevant Days following the date all payments or
deliveries hereunder have been made, communicate, directly or indirectly, any material
nonpublic information concerning itself or the Shares or purchases of Shares by Dealer (or
its agent or affiliate) to any employee of Dealer (or any affiliate of Dealer) other than
Relevant Dealer

9

 

Personnel (as defined below). “Relevant Dealer Personnel” means any employee of Dealer specified in Annex C.

     (x) The parties intend for this Confirmation, together with the Supplemental
Confirmation, to constitute a binding contract for the purchase of Shares by Counterparty
within the meaning of Rule 10b5-1(c)(1)(i)(A)(1) under the Exchange Act. This
Confirmation, together with the Supplemental Confirmation shall be interpreted to comply
with the requirements of Rule 10b5-1(c)(1)(i)(B) and Counterparty shall take no action that
results in this Confirmation, together with the Supplemental Confirmation, not so complying
with such requirements. Furthermore:

     (A) Counterparty acknowledges and agrees that (x) any purchases or sales made
by Dealer in respect of the Transaction shall be made at Dealer’s sole discretion
and for Dealer’s own account and (y) Counterparty does not have, and shall not
attempt to exercise, any influence over how, when or whether to make such purchases
or sales, including, without limitation, the price paid or received per Share
pursuant to such purchases or sales or whether such purchases or sales are made on
any securities exchange or privately.

     (B) Counterparty acknowledges and agrees that it is entering into the
Agreement and this Confirmation in good faith and not as part of a plan or scheme
to evade compliance with federal securities laws including, without limitation,
Rule 10b-5 promulgated under the Exchange Act (“Rule 10b-5”). Counterparty also
acknowledges and agrees that any amendment, modification, waiver or termination of
this Confirmation must be effected in accordance with the requirements for the
amendment or termination of a “plan” as defined in Rule 10b5-1(c) under the
Exchange Act. Without limiting the generality of the foregoing, any such
amendment, modification, waiver or termination shall be made in good faith and not
as part of a plan or scheme to evade the prohibitions of Rule 10b-5, and no
amendment, modification or waiver shall be made at any time at which Counterparty
is aware of any material nonpublic information regarding Counterparty or the
Shares.

     (C) Counterparty hereby agrees and acknowledges that it shall not, at any time
during the period from, and including, the date hereof to, and including, the last
Averaging Date, enter into or alter any corresponding or hedging transaction or
position with respect to the Shares other than the Other ASR Transaction
(including, without limitation, with respect to any securities convertible or
exchangeable into the Shares) and agrees not to alter or deviate from the terms of
this Confirmation.

     (xi) Counterparty shall (i) notify Dealer prior to the opening of trading in the
Shares on any day on which Counterparty makes, or expects to be made, any public
announcement (as defined in Rule 165(f) under the Securities Act of 1933, as amended (the
“Securities Act”)) of any merger, acquisition, or similar transaction involving a
recapitalization relating to Counterparty (other than any such transaction in which the
consideration consists solely of cash and there is no valuation period), (ii) promptly
notify Dealer following any such announcement that such announcement has been made, and
(iii) promptly deliver to Dealer following the making of any such announcement a
certificate indicating (A) Counterparty’s average daily Rule 10b-18 purchases (as defined
in Rule 10b-18) during the three full calendar months preceding the date of the
announcement of such transaction and (B) Counterparty’s block purchases (as defined in Rule
10b-18) effected pursuant to paragraph (b)(4) of Rule 10b-18 during the three full calendar
months preceding the date of the announcement of such transaction. In addition,
Counterparty shall promptly notify Dealer of the earlier to occur of the completion of such
transaction and the completion of the vote by target stockholders. Counterparty
acknowledges that any such public announcement may cause Dealer to elect to treat one or
more Averaging Dates as Disrupted Days pursuant to paragraph 8(b) below. Accordingly,
Counterparty acknowledges that its actions in relation to any such announcement or
transaction must comply with the standards set forth in subclause (x) immediately above.

10

 

     (xii) Counterparty shall not declare or pay an Extraordinary Dividend, and,
notwithstanding the provisions of Section 5(a)(ii)(1) of the Agreement, in the event of a
failure by Counterparty to comply with the covenant set forth in this clause (xii), there
shall be no grace period for remedy of such failure.

     (xiii) Counterparty acknowledges that:

     (A) during the term of the Transaction, Dealer and its affiliates may buy or
sell Shares or other securities or buy or sell options or futures contracts or
enter into swaps or other derivative securities in order to establish or adjust its
hedge position with respect to the Transaction;

     (B) Dealer and its affiliates may also be active in the market for the Shares
other than in connection with hedging activities in relation to the Transaction;

     (C) Dealer shall make its own determination as to whether, when or in what
manner any hedging or market activities in Counterparty’s securities shall be
conducted and shall do so in a manner that it deems appropriate to hedge its price
and market risk with respect to the Initial Price, the Settlement Price and the
VWAP Price;

     (D) any market activities of Dealer and its affiliates with respect to the
Shares may affect the market price and volatility of the Shares, as well as the
Initial Price, the Settlement Price and VWAP Price, each in a manner that may be
adverse to Counterparty; and

     (E) the Transaction is a transaction in which it has granted Dealer an option;
Dealer may purchase shares for its own account at an average price that may be
greater than, or less than, the price paid by Counterparty under the terms of the
Transaction.

     (xiv) Without limiting the generality of Section 13.1 of the Equity Definitions, it
acknowledges that neither Dealer nor any of its affiliates is making any representations or
warranties or taking any position or expressing any view with respect to the treatment of
the Transaction under any accounting standards including FASB Statements 128, 133 as
amended, or 149, 150, EITF 00-19, EITF 01-6, EITF 03-6 or EITF 07-E (or any successor issue
statements) or under the Financial Accounting Standards Board’s Liabilities & Equity
Project.

     (b) Each of Dealer and Counterparty represents to the other that it is an “eligible contract
participant” as defined in Section 1a(12) of the U.S. Commodity Exchange Act, as amended.

     (c) Each of Dealer and Counterparty acknowledges that the offer and sale of the Transaction to
it is intended to be exempt from registration under the Securities Act by virtue of Section 4(2)
thereof. Accordingly, Counterparty represents and warrants to Dealer that (i) it has the financial
ability to bear the economic risk of its investment in the Transaction and is able to bear a total
loss of its investment, (ii) it is an “accredited investor” as that term is defined in Regulation D
as promulgated under the Securities Act, (iii) it is entering into the Transaction for its own
account and without a view to the distribution or resale thereof, and (iv) the assignment, transfer
or other disposition of the Transaction has not been and will not be registered under the
Securities Act and is restricted under this Confirmation, the Securities Act and state securities
laws.

     (d) Each of Dealer and Counterparty agrees and acknowledges that Dealer is a “financial
institution,” “swap participant” and/or “financial participant” within the meaning of Sections
101(22), 101(53C) and 101(22A) of Title 11 of the Bankruptcy Code. The parties hereto further
agree and acknowledge (A) that this Confirmation is (i) a “securities contract,” as such term is
defined in Section 741(7) of the Bankruptcy Code, with respect to which each payment and delivery
hereunder is a

11

 

“settlement payment,” as such term is defined in Section 741(8) of the Bankruptcy
Code, and (ii) a “swap agreement,” as such term is defined in Section 101(53B) of the Bankruptcy Code, with respect
to which each payment and delivery hereunder is a “transfer,” as such term is defined in Section
101(54) of the Bankruptcy Code, and (B) that Dealer is entitled to the protections afforded by,
among other sections, Sections 362(b)(6), 362(b)(17), 546(e), 546(g), 555 and 560 of the Bankruptcy
Code.

     (e) Counterparty shall, on or prior to the date hereof, notify Dealer in writing of the total
number of Shares purchased in Rule 10b-18 purchases of blocks pursuant to the once-a-week block
exception set forth in clause (b)(4) of Rule 10b-18 by Party B or any of its affiliates during each
of the four calendar weeks preceding such day and during the calendar week in which such day occurs
(“Rule 10b-18 purchase” and “blocks” each as defined in Rule 10b-18).

     8. Other Provisions:

     (a) Alternative Calculations and Payment on Early Termination and on Certain Extraordinary
Events. If, subject to Section 8(h) below, Dealer shall owe Counterparty any amount pursuant to
Section 12.2, 12.3, 12.6, 12.7 or 12.9 of the Equity Definitions (except in the event of an
Insolvency, a Nationalization, a Tender Offer or a Merger Event, in each case, in which the
consideration or proceeds to be paid to holders of Shares consists solely of cash) or pursuant to
Section 6(d)(ii) of the Agreement (except in the event of an Event of Default in which Counterparty
is the Defaulting Party or a Termination Event in which Counterparty is the Affected Party, that
resulted from an event or events within Counterparty’s control) (a “Payment Obligation”),
Counterparty shall have the right, in its sole discretion, to require Dealer to satisfy any such
Payment Obligation by the Share Termination Alternative (as defined below) by giving irrevocable
telephonic notice to Dealer, confirmed in writing within one Scheduled Trading Day, between the
hours of 9:00 A.M. and 12:00 P.M., New York City time, on the relevant Merger Date, Tender Offer
Date, Announcement Date or Early Termination Date, as applicable (“Notice of Share Termination”).
Upon such Notice of Share Termination, the following provisions shall apply on the Scheduled
Trading Day immediately following the Merger Date, Tender Offer Date, Announcement Date or Early
Termination Date, as applicable:

	 	 	 
	Share Termination Alternative:

	 	Applicable and means that Dealer shall
deliver to Counterparty the Share
Termination Delivery Property on the date
on which the Payment Obligation would
otherwise be due pursuant to Section 12.7
or 12.9 of the Equity Definitions or
Section 6(d)(ii) of the Agreement, as
applicable (the “Share Termination
Payment Date”), in satisfaction of the
Payment Obligation.
	 
	 	 
	Share Termination Delivery 

Property:

	 	A number of Share Termination Delivery
Units, as calculated by the Calculation
Agent, equal to the Payment Obligation
divided by the Share Termination Unit
Price. The Calculation Agent shall
adjust the Share Termination Delivery
Property by replacing any fractional
portion of a security therein with an
amount of cash equal to the value of such
fractional security based on the values
used to calculate the Share Termination
Unit Price.
	 
	 	 
	Share Termination Unit Price:

	 	The value of property contained in one
Share Termination Delivery Unit on the
date such Share Termination Delivery
Units are to be delivered as Share
Termination Delivery Property, as
determined by the Calculation Agent in
its discretion by commercially reasonable
means and notified by the Calculation
Agent to Dealer at the time of
notification of the Payment Obligation.
	 
	 	 
	Share Termination Delivery Unit:

	 	In the case of a Termination Event, Event
of Default or Delisting, one Share or, in
the case of a Merger Event, a Tender
Offer, an Insolvency or a
Nationalization, a unit consisting of the
number or amount of each

12

 

	 	 	 
	 

	 	type of property
received by a holder of one Share
(without
consideration of any requirement to pay cash or other
consideration in lieu of fractional amounts of any securities) in
such Merger Event, Tender Offer, Insolvency or Nationalization.
If such Merger Event, Tender Offer, Insolvency or Nationalization
involves a choice of consideration to be received by holders, such
holder shall be deemed to have elected to receive the maximum
possible amount of cash.
	 
	 	 
	Failure to Deliver:

	 	Applicable
	 
	 	 
	Other applicable provisions:

	 	If Share Termination Alternative is
applicable, the provisions of Sections 9.8,
9.9, 9.10, 9.11 and 9.12 of the Equity
Definitions will be applicable as if
“Physical Settlement” were applicable, except
that all references to “Shares” shall be read
as references to “Share Termination Delivery
Units”; provided that the Representation and
Agreement contained in Section 9.11 of the
Equity Definitions shall be modified by
excluding any representations therein
relating to restrictions, obligations,
limitations or requirements under applicable
securities laws as a result of the fact that
Counterparty is the issuer of any Share
Termination Delivery Units (or any part
thereof).

     (b) Averaging Date Disruption. If on any Averaging Date Dealer determines that (i) its or its
affiliates’ market activities in connection with the Transaction may raise material risks under
applicable securities laws or (ii) a Hedging Disruption has occurred, Dealer may, in its
discretion, elect to treat such Averaging Date as a Disrupted Day in whole or in part as
appropriate with regard to such relevant securities laws or Hedging Disruption, as the case may be,
and Dealer shall so notify Counterparty. Notwithstanding anything to the contrary herein, in the
Supplemental Confirmation or in the Equity Definitions, to the extent that a Averaging Date is a
Disrupted Day, the Calculation Agent may postpone the Maximum Maturity Date. In addition, if any
Averaging Date is a Disrupted Day, the Calculation Agent shall determine whether (i) such Averaging
Date is a Disrupted Day in whole, in which case the VWAP Price for such Disrupted Day shall not be
included for purposes of determining the Relevant Price or the Settlement Price or (ii) such
Averaging Date is a Disrupted Day only in part, in which case the VWAP Price for such Disrupted Day
shall be determined by the Calculation Agent based on the Rule 10b-18 dollar volume weighted
average price per Share on the Exchange for such Averaging Date based on transactions executed
before the relevant Market Disruption Event (if any) occurred and/or after the relevant Market
Disruption Event (if any) ended, and the Relevant Price and Settlement Price shall be determined by
the Calculation Agent using an appropriately weighted average of the VWAP Prices for all Averaging
Dates instead of an arithmetic average.

     (c) Share Deliveries. Notwithstanding anything to the contrary herein, Dealer may, by prior
notice to Counterparty, satisfy its obligation to deliver any Shares or other securities on any
date due (an “Original Delivery Date”) by making separate deliveries of Shares or such securities,
as the case may be, at more than one times on or prior to such Original Delivery Date, so long as
the aggregate number of Shares and other securities so delivered on or prior to such Original
Delivery Date is equal to the number thereof required to be delivered on such Original Delivery
Date.

     (d) Equity Rights and Collateral. Dealer acknowledges and agrees that this Confirmation is
not intended to convey to it rights with respect to the Transaction that are senior to the claims
of common stockholders in the event of Counterparty’s bankruptcy. For the avoidance of doubt, the
parties agree that the preceding sentence shall not apply at any time other than during
Counterparty’s bankruptcy to any claim arising as a result of a breach by Counterparty of any of
its obligations under this Confirmation or the Agreement. For the avoidance of doubt, the parties
acknowledge that this Confirmation is not secured by any collateral that would otherwise secure the
obligations of Counterparty hereinunder or pursuant to any other agreement.

13

 

     (e) Transfer and Assignment. Counterparty shall not transfer or assign its rights or
obligations hereunder and under the Agreement without the prior written consent of Dealer. Dealer
may transfer or assign without Counterparty’s consent its rights and obligations hereunder and
under the Agreement, in whole or in part, to (i) any of its affiliates or (ii) any third party, in
the case of clause (ii), with a rating for its long term, unsecured and unsubordinated indebtedness
of AA or better by Standard and Poor’s Rating Group, Inc. or its successor (“S&P”), or Aa2 or
better by Moody’s Investor Service, Inc. (“Moody’s”) or, if either S&P or Moody’s ceases to rate
such debt, at least an equivalent rating or better by a substitute agency rating mutually agreed by
Counterparty and Dealer.

     (f) Tax Disclosure. Effective from the date of commencement of discussions concerning the
Transaction, Counterparty and each of its employees, representatives, or other agents may disclose
to any and all persons, without limitation of any kind, the tax treatment and tax structure of the
Transaction and all materials of any kind (including opinions or other tax analyses) that are
provided to Counterparty relating to such tax treatment and tax structure.

     (g) Designation by Dealer. Notwithstanding any other provision in this Confirmation or the
Supplemental Confirmation to the contrary requiring or allowing Dealer to purchase, sell, receive
or deliver any Shares or other securities to or from Counterparty, Dealer may designate any of its
affiliates to purchase, sell, receive or deliver such Shares or other securities and otherwise to
perform Dealer’s obligations in respect of the Transaction and any such designee may assume such
obligations. Dealer shall be discharged of its obligations to Counterparty to the extent of any
such performance.

     (h) Netting and Set-off. (i) If on any date cash would otherwise be payable or Shares or
other property would otherwise be deliverable hereunder or pursuant to the Agreement and cash would
otherwise be payable or Shares or other property would otherwise be deliverable hereunder or
pursuant to the Agreement and the type of property required to be paid or delivered by each such
party on such date is the same, then, on such date, each such party’s obligation to make such
payment or delivery will be automatically satisfied and discharged and, if the aggregate amount
that would otherwise have been payable or deliverable by one such party exceeds the aggregate
amount that would otherwise have been payable or deliverable by the other such party, replaced by
an obligation of the party by whom the larger aggregate amount would have been payable or
deliverable to pay or deliver to the other party the excess of the larger aggregate amount over the
smaller aggregate amount.

     (ii) In addition to and without limiting any rights of set-off that a party hereto may
have as a matter of law, pursuant to contract or otherwise, upon the occurrence of an Early
Termination Date, Dealer shall have the right to terminate, liquidate and otherwise close
out the Transaction and to set off any obligation or right that Dealer or any affiliate of
Dealer may have to or against Counterparty hereunder or under the Agreement against any
right or obligation Dealer or any of its affiliates may have against or to Counterparty
hereunder or under the Agreement, including without limitation any right to receive a
payment or delivery pursuant to any provision of the Agreement or hereunder. In the case
of a set-off of any obligation to release, deliver or pay assets against any right to
receive assets of the same type, such obligation and right shall be set off in kind. In
the case of a set-off of any obligation to release, deliver or pay assets against any right
to receive assets of any other type, the value of each of such obligation and such right
shall be determined by the Calculation Agent and the result of such set-off shall be that
the net obligor shall pay or deliver to the other party an amount of cash or assets, at
Counterparty’s option, with a value (determined, in the case of a delivery of assets, by
the Calculation Agent) equal to that of the net obligation. In determining the value of
any obligation to release or deliver Shares or any right to receive Shares, the value at
any time of such obligation or right shall be determined by reference to the market value
of the Shares at such time, as determined by the Calculation Agent. If an obligation or
right is unascertained at the time of any such set-off, the Calculation Agent may in good
faith estimate the amount or value of such obligation or right, in which case set-off will
be effected in respect of that estimate, and the relevant party shall account to the other
party at the time such obligation or right is ascertained.

14

 

     (iii) Notwithstanding any provision of the Agreement (including without limitation
Section 6(f) thereof), this Confirmation and the Supplemental Confirmation (including
without limitation this Section 8(h)) or any other agreement between the parties to the
contrary, (A) Counterparty shall not net or set off its obligations under the Transaction against
its rights against Dealer under any other transaction or instrument; (B) Dealer may net and
set off any rights of Dealer against Counterparty arising under the Transaction only
against obligations of Dealer to Counterparty arising hereunder, under the Supplemental
Confirmation or under the Agreement if the Agreement, this Confirmation and the
Supplemental Confirmation do not convey rights to Dealer senior to the claims of common
stockholders in the event of Counterparty’s bankruptcy; and (C) in the event of
Counterparty’s bankruptcy, Dealer waives any and all rights it may have to set-off in
respect of the Transaction, whether arising under agreement, applicable law or otherwise.
Dealer will give notice to Counterparty of any netting or set off effected under this
provision.

     (i) Opinion. Counterparty shall deliver to Dealer an opinion of counsel, dated as of the date
hereof and reasonably acceptable to Dealer in form and substance, with respect to the due
incorporation, existence and good standing of the Counterparty in Delaware, its qualification as a
foreign corporation and good standing in California, the due authorization, execution and delivery
of the Confirmation, and the absence of conflict of the execution and delivery of the Confirmation
with any material agreement required filed as any exhibit to the Company’s Annual Report on Form
10-K and the Counterparty’s charter documents.

     (j) Waiver of Trial by Jury. EACH OF COUNTERPARTY AND DEALER HEREBY IRREVOCABLY WAIVES (ON
ITS OWN BEHALF AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ON BEHALF OF ITS STOCKHOLDERS) ALL
RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT
OR OTHERWISE) ARISING OUT OF OR RELATING TO THE TRANSACTION OR THE ACTIONS OF DEALER OR ITS
AFFILIATES OR COUNTERPARTY OR ITS AFFILIATES IN THE NEGOTIATION, PERFORMANCE OR ENFORCEMENT HEREOF.

     (k) Governing Law. THE AGREEMENT AND THIS CONFIRMATION SHALL BE GOVERNED BY THE LAWS OF THE
STATE OF NEW YORK. THE PARTIES HERETO IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE
COURTS OF THE STATE OF NEW YORK AND THE UNITED STATES COURT FOR THE SOUTHERN DISTRICT OF NEW YORK
IN CONNECTION WITH ALL MATTERS RELATING HERETO AND WAIVE ANY OBJECTION TO THE LAYING OF VENUE IN,
AND ANY CLAIM OF INCONVENIENT FORUM WITH RESPECT TO, THESE COURTS.

     (l) Binding Contract. (i) This Confirmation, and upon execution of the Supplemental
Confirmation, this Confirmation together with the Supplemental Confirmation, is a “qualified
financial contract,” as such term is defined in Section 5-701(b)(2) of the General Obligations Law
of New York (the “General Obligations Law”); (ii) the Supplemental Confirmation constitutes a
“confirmation in writing sufficient to indicate that a contract has been made between the parties”
hereto, as set forth in Section 5-701(b)(3)(b) of the General Obligations Law; and (iii) this
Confirmation constitutes a prior “written contract” as set forth in Section 5-701(b)(1)(b) of the
General Obligations Law, and each party hereto intends and agrees to be bound by this Confirmation,
and upon execution of the Supplemental Confirmation, this Confirmation together with the
Supplemental Confirmation. The parties hereto further agree and acknowledge that this
Confirmation, and upon execution of the Supplemental Confirmation, this Confirmation together with
the Supplemental Confirmation, constitutes a contract “for the sale or purchase of a security,” as
set forth in Section 8-113 of the Uniform Commercial Code of New York.

     (m) Dealer Purchases of Shares. The Dealer shall use its good faith efforts to make all
purchases of Shares pursuant to this Confirmation prior to the Trade Date in a manner that would
comply with the limitations set forth in clauses (b)(2), (b)(3), (b)(4) and (c) of Rule 10b-18 as
if such rule were applicable to such purchases.

15

 

     (n) Right to Transfer. The Dealer will, on the Effective Date and the Settlement Date, have
the free and unqualified right to transfer the Initial Repurchase Amount and the Number of Shares
to be Delivered, as the case may be, free and clear of any security interest, mortgage, lien,
charge, claim, equity or encumbrance of any kind.

16

 

     Counterparty hereby agrees (a) to check this Confirmation carefully and immediately upon
receipt so that errors or discrepancies can be promptly identified and rectified and (b) to confirm
that the foregoing (in the exact form provided by Dealer) correctly sets forth the terms of the
agreement between Dealer and Counterparty with respect to the Transaction, by manually signing this
Confirmation or this page hereof as evidence of agreement to such terms and providing the other
information requested herein and immediately returning an executed copy to [Insert Relevant Dealer
Information].

	 	 	 	 	 	 	 
	 	 	Yours faithfully,	 	 
	 
	 	 	 	 	 	 
	 	 	[BANK NAME]	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:	 	 

	 	 
	 	 	Title:	 	 

	 	 	 	 	 
	Agreed and accepted by:	 	 
	 
	 	 	 	 
	ATMEL CORPORATION	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

Name:
	 	 
	 

	 	Title:	 	 

 

 

ANNEX A

FORM OF SUPPLEMENTAL CONFIRMATION

in respect of the

CONFIRMATION

of the

TRANSACTION

between

[BANK NAME]

and

ATMEL CORPORATION

(Dealer Reference Number:           )

     This Supplemental Confirmation (this “Supplemental Confirmation”) supplements, forms part of
and is subject to, the above-referenced Confirmation dated as of August 26, 2007 (the
“Confirmation”) between [Bank Name] and Atmel Corporation and the Agreement referred to therein.
Capitalized terms used and not otherwise defined herein shall have the meanings ascribed to them in
the Confirmation.

The additional terms of the Transaction are as follows:

	 	 	 	 
	 	Trade Date:

	 	                    , 2007
	 	 
	 	 
	 	Number of Shares:

	 	[Insert the Maximum Number of Shares]
	 	 
	 	 
	 	Initial Price:

	 	USD                    
	 	 
	 	 
	 	Forward Floor Price:

	 	USD               , which amount is equal to 95.5%
of the Initial Price.
	 	 
	 	 
	 	Forward Cap Price:

	 	USD               , which amount is equal to 110%
of the Initial Price.
	 	 
	 	 
	 	Initial Repurchase Amount:

	 	[Insert the Minimum Number of Shares]
	 	 
	 	 
	 	Maximum Maturity Date:

	 	                    , 200     
	 	 
	 	 
	 	Minimum Maturity Date:

	 	                    , 200     
	 	 
	 	 
	 	Final Hedging Date:

	 	                    , 2007
	 	 
	 	 
	 	Extended Final Hedging Date:

	 	                    , 2007
	 	 
	 	 
	 	Spread:

	 	USD                

A - 1

 

Confirmed and Acknowledged as of the date first above written:

	 	 	 	 	 
	[BANK NAME]	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	Name:

	 

	 	 
	Title:	 	 
	 
	 	 	 	 
	ATMEL CORPORATION	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	Name:

	 

	 	 
	Title:	 	 

A - 2

 

ANNEX B

[TO BE COMPLETED]

B - 1

 

ANNEX C

[TO BE COMPLETED]

C - 1

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