Document:

Exhibit 10.16

               ASSUMPTION AGREEMENT, dated as of May 1, 2007, made by NET
TEXTSTORE LLC, a Delaware limited liability company (the "Additional Grantor"),
in favor of JPMORGAN CHASE BANK, N.A., as administrative agent (in such
capacity, the "Administrative Agent") for the banks and other financial
institutions (the "Lenders") parties to the Credit Agreement referred to below.
All capitalized terms not defined herein shall have the meaning ascribed to them
in such Credit Agreement.

                              W I T N E S S E T H :
                               - - - - - - - - - -

               WHEREAS, NBC Holdings Corp. ("SuperHoldings"), NBC Acquisition
Corp. ("Holdings"), Nebraska Book Company, Inc. (the "Borrower"), the Lenders,
certain financial institutions acting as agents and the Administrative Agent
have entered into the Credit Agreement, dated as of February 13, 1998, as
amended and restated as of December 10, 2003, and as further amended and
restated as of March 4, 2004 (as further amended, supplemented or otherwise
modified from time to time, the "Credit Agreement");

               WHEREAS, in connection with the Credit Agreement, SuperHoldings,
Holdings, the Borrower and certain of their Affiliates (other than the
Additional Grantor) have entered into the Amended and Restated Guarantee and
Collateral Agreement, dated as of February 13, 1998, as amended and restated as
of December 10, 2003, and as further amended and restated as of March 4, 2004
(as further amended, supplemented or otherwise modified from time to time, the
"Guarantee and Collateral Agreement") in favor of the Administrative Agent for
the benefit of the Secured Parties;

               WHEREAS, the Credit Agreement requires the Additional Grantor to
become a party to the Guarantee and Collateral Agreement; and

               WHEREAS, the Additional Grantor has agreed to execute and deliver
this Assumption Agreement in order to become a party to the Guarantee and
Collateral Agreement;

               NOW, THEREFORE, IT IS AGREED:

               1. GUARANTEE AND COLLATERAL AGREEMENT. By executing and
delivering this Assumption Agreement, the Additional Grantor, as provided in
Section 8.15 of the Guarantee and Collateral Agreement, hereby becomes a party
to the Guarantee and Collateral Agreement as a Grantor thereunder with the same
force and effect as if originally named therein as a Grantor and, without
limiting the generality of the foregoing, hereby expressly assumes all
obligations and liabilities of a Grantor thereunder. The information set forth
in Annex 1-A hereto is hereby added to the information set forth in Schedules 1,
3, 4 and 5 to the Guarantee and Collateral Agreement. The Additional Grantor
hereby represents and warrants that each of the representations and warranties
contained in Section 4 of the Guarantee and Collateral Agreement is true and
correct on and as the date hereof (after giving effect to this Assumption
Agreement) as if made on and as of such date.
<PAGE>

               2. GOVERNING LAW. THIS ASSUMPTION AGREEMENT SHALL BE GOVERNED BY,
AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW
YORK.

               IN WITNESS WHEREOF, the undersigned has caused this Assumption
Agreement to be duly executed and delivered as of the date first above written.

                                      NET TEXTSTORE LLC

                                      By: /s/  Alan G. Siemek
                                          --------------------------------------
                                         Name:   Alan G. Siemek
                                         Title:  Treasurer

<PAGE>

                                                                      Annex 1-A

SUPPLEMENT TO SCHEDULE 1 - NOTICE ADDRESS OF ADDITIONAL GRANTOR:

Net Textstore LLC
4700 South 19th Street
Lincoln, Nebraska  68501
Attn:  Senior Vice President of Operations

SUPPLEMENT TO SCHEDULE 3 - FILINGS AND OTHER ACTIONS REQUIRED TO PERFECT
SECURITY INTERESTS:

                         Uniform Commercial Code Filings
                         -------------------------------

Grantor                             State                    Jurisdiction
-------                             -----                    ------------

Net Textstore LLC                   DE                       Secretary of State

SUPPLEMENT TO SCHEDULE 4 - LOCATION OF JURISDICTION OF ORGANIZATION AND CHIEF
EXECUTIVE OFFICE:

Grantor's Name and                Location of Chief            Organizational ID
Jurisdiction of Organization      Executive Office             Number
----------------------------      ----------------             ------

Net Textstore LLC, a Delaware     Lincoln, Nebraska            4323362
Limited liability company

SUPPLEMENT TO SCHEDULE 5 - LOCATION OF INVENTORY AND EQUIPMENT:

4700 South 19th Street, Lincoln, Nebraska  68501Unassociated 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 April 1, 2007

     

    
      	 	 	 

    

    

     

    NOMURA
      ASSET ACCEPTANCE CORPORATION

     

    MORTGAGE
      PASS-THROUGH CERTIFICATES, SERIES 2007-1

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    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 IA Regular Interests and REMIC IIA Regular
                  Interests.

              
	
                Section
                  2.07

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

              
	
                Section
                  2.08

              	
                Issuance
                  of Class I-R Certificates, the Class II-R Certificates, the Class
                  I-R-X
                  Certificates and the Class II-R-X Certificates.

              
	
                Section
                  2.09

              	
                Establishment
                  of Trust.

              
	
                Section
                  2.10

              	
                Purpose
                  and Powers of the Trust.

              
	
                Section
                  2.11

              	
                Rights
                  of the Group I Certificate Insurer and the Class II-A-M Certificate
                  Insurer.

              
	
                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

              	
                [Reserved].

              
	
                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

              	
                Adjustments
                  to Mortgage Rate and Scheduled Payment.

              
	
                Section
                  3.31

              	
                Distribution
                  Accounts.

              
	
                Section
                  3.32

              	
                Permitted
                  Withdrawals and Transfers from the Distribution
                  Accounts.

              
	
                Section
                  3.33

              	
                Duties
                  of the Credit Risk Manager; Termination.

              
	
                Section
                  3.34

              	
                Intellectual
                  Property and Confidentiality.

              
	
                Section
                  3.35

              	
                Limitation
                  Upon Liability of Credit Risk Manager; Indemnification.

              
	
                Section
                  3.36

              	
                Resignation
                  or Removal of Credit Risk Manager.

              
	
                Section
                  3.37

              	
                The
                  PMI Policy; Claims Under the PMI Policy.

              
	
                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
                  on the Group I Certificates.

              
	
                Section
                  5.05

              	
                Distributions
                  on the Group II Certificates.

              
	
                Section
                  5.06

              	
                Allocation
                  of Realized Losses on the Group I Mortgage Loans.

              
	
                Section
                  5.07

              	
                Allocation
                  of Realized Losses on the Group II Mortgage Loans.

              
	
                Section
                  5.08

              	
                Monthly
                  Statements to Certificateholders.

              
	
                Section
                  5.09

              	
                REMIC
                  Designations and REMIC Allocations.

              
	
                Section
                  5.10

              	
                Prepayment
                  Charges.

              
	
                Section
                  5.11

              	
                Class
                  I-P Certificate Account and the Class II-P Certificate
                  Account.

              
	
                Section
                  5.12

              	
                Net
                  WAC Reserve Fund.

              
	
                Section
                  5.13

              	
                Basis
                  Risk Shortfall Reserve Fund.

              
	
                Section
                  5.14

              	
                Supplemental
                  Interest Trust.

              
	
                Section
                  5.15

              	
                Tax
                  Treatment of Swap Payments and Swap Termination
                  Payments.

              
	
                Section
                  5.16

              	
                Reports
                  Filed with Securities and Exchange Commission.

              
	
                Section
                  5.17

              	
                Final
                  Maturity Reserve Trust.

              
	
                Section
                  5.18

              	
                Swap
                  Collateral Accounts

              
	
                Section
                  5.19

              	
                Cap
                  Collateral Account

              
	
                Section
                  5.20

              	
                The
                  Group I Policy.

              
	
                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

              
	
                ARTICLE
                  XII

              
	
                CERTAIN
                  MATTERS REGARDING THE CLASS II-A-M CERTIFICATE INSURER

              
	
                Section
                  12.01

              	
                Rights
                  of the Class II-A-M Certificate Insurer to Exercise Rights of the
                  Class
                  II-A-M Certificateholders.

              
	
                Section
                  12.02

              	
                Claims
                  Upon the Class II-A-M Policy; Insurance Account.

              
	
                Section
                  12.03

              	
                Effect
                  of Payments by the Class II-A-M Certificate Insurer;
                  Subrogation.

              
	
                Section
                  12.04

              	
                Notices
                  and Information to the Class II-A-M Certificate
                  Insurer.

              
	
                Section
                  12.05

              	
                Securities
                  Administrator to Hold Class II-A-M Policy.

              
	
                Section
                  12.06

              	
                Payment
                  of Class II-A-M Policy Premium.

              
	 	 
	 	 
	
                EXHIBITS

              
	
                Exhibit
                  A-1

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

              
	
                Exhibit
                  A-2

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

              
	
                Exhibit
                  A-3

              	
                Form
                  of Class I-M-[1][2][3][4][5][6] Certificates

              
	
                Exhibit
                  A-4

              	
                Form
                  of Class II-M-[1][2][3][4][5][6][7][8] Certificates

              
	
                Exhibit
                  A-5

              	
                Form
                  of Class [I][II]-P Certificates

              
	
                Exhibit
                  A-6

              	
                Form
                  of Class [I][II]-X Certificates

              
	
                Exhibit
                  A-7

              	
                Form
                  of Class [I][II]-[R][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 5.7 Revised

              
	
                Exhibit
                  L

              	
                Relevant
                  Servicing Criteria

              
	
                Exhibit
                  M

              	
                Form
                  of Back-Up Certification

              
	
                Exhibit
                  N

              	
                Reporting
                  Responsibility

              
	
                Exhibit
                  O

              	
                Cap
                  Contract

              
	
                Exhibit
                  P

              	
                Interest
                  Rate Swap Agreement

              
	
                Exhibit
                  Q

              	
                Assignment,
                  Assumption and Recognition Agreement

              
	
                Exhibit
                  R

              	
                Prepayment
                  Charge Schedule

              
	
                Exhibit
                  S

              	
                Form
                  of Group I Policy

              
	
                Exhibit
                  T

              	
                Form
                  of Class II-A-M Policy

              
	
                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
                  One

              	
                Final
                  Maturity Reserve Schedule

              
	
                Schedule
                  Two

              	
                Coverage
                  Percentage under PMI Policy

              

      

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

    

    POOLING
      AND SERVICING AGREEMENT, dated as of April 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
      IA

     

    As
      provided herein, the Securities Administrator will make an election to treat
      the
      segregated pool of assets consisting of the Group I Mortgage Loans and certain
      other related assets as set forth in the definition of REMIC IA (exclusive
      of
      the Cap Contract, the Net WAC Reserve Fund and the Final Maturity Reserve
      Account) subject to this Agreement as a real estate mortgage investment conduit
      (a “REMIC”) for federal income tax purposes, and such segregated pool of assets
      will be designated as “REMIC IA”. The Class R-1A Interest will represent the
      sole Class of “residual interests” in REMIC IA for purposes of the REMIC
      Provisions. The following table irrevocably sets forth the designation,
      Uncertificated REMIC IA Pass-Through Rate and 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
“regular interests” in REMIC IA created hereunder.  None of the REMIC
      IA Regular Interests will be certificated.

     

    
      	
              
                Designation

              

            	 	
              
                Initial
                  Uncertificated

                Principal
                  Balance

              

            	 	
              
                Uncertificated
                  REMIC IA

                Pass-Through
                  Rate

              

            	
              
                Assumed
                  Final Maturity Date(1)

              

            
	
              LTI-IAA

            	 	$	
              801,312,912.95

            	 	
              Variable(2)

            	
              March
                25, 2037

            
	
              LTI-IA1A

            	 	$	
              1,150,000.00

            	 	
              Variable(2)

            	
              March
                25, 2037

            
	
              LTI-IA1B

            	 	$	
              1,827,650.00

            	 	
              Variable(2)

            	
              March
                25, 2037

            
	
              LTI-IA2

            	 	$	
              444,850.00

            	 	
              Variable(2)

            	
              March
                25, 2037

            
	
              LTI-IA3

            	 	$	
              1,615,060.00

            	 	
              Variable(2)

            	
              March
                25, 2037

            
	
              LTI-IA4

            	 	$	
              749,360.00

            	 	
              Variable(2)

            	
              March
                25, 2037

            
	
              LTI-IA5

            	 	$	
              994,290.00

            	 	
              Variable(2)

            	
              March
                25, 2037

            
	
              LTI-IA6

            	 	$	
              680,000.00

            	 	
              Variable(2)

            	
              March
                25, 2037

            
	
              LT-IM1

            	 	$	
              306,620.00

            	 	
              Variable(2)

            	
              March
                25, 2037

            
	
              LTI-IM2

            	 	$	
              65,410.00

            	 	
              Variable(2)

            	
              March
                25, 2037

            
	
              LTI-IM3

            	 	$	
              118,560.00

            	 	
              Variable(2)

            	
              March
                25, 2037

            
	
              LTI-IM4

            	 	$	
              49,060.00

            	 	
              Variable(2)

            	
              March
                25, 2037

            
	
              LTI-IM5

            	 	$	
              53,150.00

            	 	
              Variable(2)

            	
              March
                25, 2037

            
	
              LTI-IM6

            	 	$	
              49,060.00

            	 	
              Variable(2)

            	
              March
                25, 2037

            
	
              LTI-IZZ

            	 	$	
              8,250,254.75

            	 	
              Variable(2)

            	
              March
                25, 2037

            
	
              LTI-P

            	 	$	
              100.00

            	 	
              (3)

            	
              March
                25, 2037

            

    

    ___________________

    
      	
              (1)

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

            
	
              (2)

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

            
	
              (3)

            	
              REMIC
                IA Regular Interest LTI-P will not be entitled to distributions of
                interest.

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    REMIC
      IB

     

    As
      provided herein, the Securities Administrator will make an election to treat
      the
      segregated pool of assets consisting of the REMIC IA Regular Interests as a
      REMIC for federal income tax purposes, and such segregated pool of assets will
      be designated as “REMIC IB”. The Class R-1B Interest will represent the sole
      Class of “residual interests” in REMIC IB 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
      and REMIC IB Regular Interests that represent one or more of the “regular
      interests” in REMIC IB created hereunder:

     

    
      	
              
                Class
                  Designation

              

            	 	
              
                Initial
                  Certificate

                Principal
                  Balance

              

            	 	
              
                Pass-Through
                  Rate

              

            	
              
                Assumed
                  Final Maturity Date(1)

              

            
	
              Class
                I-A-1A

            	 	$	
              115,000,000.00

            	 	
              Class
                I-A-1A Pass-Through Rate

            	
              March
                25, 2037

            
	
              Class
                I-A-1B

            	 	$	
              182,765,000.00

            	 	
              Class
                I-A-1B Pass-Through Rate

            	
              March
                25, 2037

            
	
              Class
                I-A-2

            	 	$	
              44,485,000.00

            	 	
              Class
                I-A-2 Pass-Through Rate

            	
              March
                25, 2037

            
	
              Class
                I-A-3

            	 	$	
              161,506,000.00

            	 	
              Class
                I-A-3 Pass-Through Rate

            	
              March
                25, 2037

            
	
              Class
                I-A-4

            	 	$	
              74,936,000.00

            	 	
              Class
                I-A-4 Pass-Through Rate

            	
              March
                25, 2037

            
	
              Class
                I-A-5

            	 	$	
              99,429,000.00

            	 	
              Class
                I-A-5 Pass-Through Rate

            	
              March
                25, 2037

            
	
              Class
                I-A-6

            	 	$	
              68,000,000.00

            	 	
              Class
                I-A-6 Pass-Through Rate

            	
              March
                25, 2037

            
	
              Class
                I-M-1

            	 	$	
              30,662,000.00

            	 	
              Class
                I-M-1 Pass-Through Rate

            	
              March
                25, 2037

            
	
              Class
                I-M-2

            	 	$	
              6,541,000.00

            	 	
              Class
                I-M-2 Pass-Through Rate

            	
              March
                25, 2037

            
	
              Class
                I-M-3

            	 	$	
              11,856,000.00

            	 	
              Class
                I-M-3 Pass-Through Rate

            	
              March
                25, 2037

            
	
              Class
                I-M-4

            	 	$	
              4,906,000.00

            	 	
              Class
                I-M-4 Pass-Through Rate

            	
              March
                25, 2037

            
	
              Class
                I-M-5

            	 	$	
              5,315,000.00

            	 	
              Class
                I-M-5 Pass-Through Rate

            	
              March
                25, 2037

            
	
              Class
                I-M-6

            	 	$	
              4,906,000.00

            	 	
              Class
                I-M-6 Pass-Through Rate

            	
              March
                25, 2037

            
	
              Class
                I-X
                Interest

            	 	$	
              7,359,237.70

            	 	
              Class
                I-X Pass-Through Rate

            	
              March
                25, 2037

            
	
              Class
                I-P
                Interest

            	 	$	
              100.00

            	 	
              N/A(3)

            	
              March
                25, 2037

            

    

    ___________________

    
      	
              (1)

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

            
	
              (2)

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

            
	
              (3)

            	
              The
                Class I-P Interest will not be entitled to distributions in respect
                of
                interest.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    REMIC
      IC

     

    As
      provided herein, the Securities Administrator will make an election to treat
      the
      segregated pool of assets consisting of the Class I-X Interest as a REMIC for
      federal income tax purposes, and such segregated pool of assets will be
      designated as “REMIC IC”.  The Class R-1C Interest will represent
      the sole class of “residual interests” in REMIC IC 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 IC created hereunder:

     

    
      	
              
                Class
                  Designation

              

            	 	
              
                Initial
                  Certificate

                Principal
                  Balance

              

            	 	 	
              
                Pass-Through
                  Rate

              

            	 	
              
                Assumed
                  Final

                Distribution
                  Date(1)

              

            
	
              Class
                I-X

            	 	$	
              7,359,237.70

            	 	 	 	
              (2) 

            	 	
              March
                25, 2037

            

    

    ___________________

    
      	
              (1)

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

            
	
              (2)

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

            

    

    

    

    REMIC
      ID

     

    As
      provided herein, the Securities Administrator will make an election to treat
      the
      segregated pool of assets consisting of the Class I-P Interest as a REMIC for
      federal income tax purposes, and such segregated pool of assets will be
      designated as “REMIC ID”.  The Class R-1D Interest will represent
      the sole class of “residual interests” in REMIC ID 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 ID created hereunder:

     

    
      	
              
                Class
                  Designation

              

            	 	
              
                Initial
                  Certificate

                Principal
                  Balance

              

            	 	 	
              
                Pass-Through
                  Rate

              

            	 	
              
                Assumed
                  Final

                Distribution
                  Date(1)

              

            
	
              Class
                I-P

            	 	$	
              100.00

            	 	 	 	
              (2) 

            	 	
              March
                25, 2037

            

    

    ___________________

    
      	
              (1)

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

            
	
              (2)

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

            

    

    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    REMIC
      IIA

     

    As
      provided herein, the Securities Administrator will make an election to treat
      the
      segregated pool of assets consisting of the Group II Mortgage Loans and certain
      other related assets as set forth in the definition of REMIC IIA subject to
      this
      Agreement (exclusive of the Basis Risk Shortfall Reserve Fund and, for the
      avoidance of doubt, the Supplemental Interest Trust and the Swap Agreement)
      as a
      REMIC for federal income tax purposes, and such segregated pool of assets will
      be designated as “REMIC IIA”.  The Class R-2A Interest will represent
      the sole Class of “residual interests” in REMIC IIA for purposes of the REMIC
      Provisions.

     

    The
      following table irrevocably sets forth the designation, the Uncertificated
      REMIC
      IIA 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 IIA Regular
      Interests.  None of the REMIC IIA Regular Interests will be
      certificated.

     

    
      	
              
                Designation

              

            	
              
                Uncertificated
                  REMIC IIA

                Pass-Through
                  Rate

              

            	 	
              
                Initial
                  Certificate

                Principal
                  Balance

              

            	
              
                Assumed
                  Final

                Maturity
                  Date(1)

              

            
	
              I

            	
              (2)

            	
              $

            	
              8,524,569.35

            	
              April
                25, 2037

            
	
              I-1-A

            	
              (2)

            	
              $

            	
              14,848,059.53

            	
              April
                25, 2037

            
	
              I-1-B

            	
              (2)

            	
              $

            	
              14,848,059.53

            	
              April
                25, 2037

            
	
              I-2-A

            	
              (2)

            	
              $

            	
              14,147,539.90

            	
              April
                25, 2037

            
	
              I-2-B

            	
              (2)

            	
              $

            	
              14,147,539.90

            	
              April
                25, 2037

            
	
              I-3-A

            	
              (2)

            	
              $

            	
              13,604,134.87

            	
              April
                25, 2037

            
	
              I-3-B

            	
              (2)

            	
              $

            	
              13,604,134.87

            	
              April
                25, 2037

            
	
              I-4-A

            	
              (2)

            	
              $

            	
              13,081,601.95

            	
              April
                25, 2037

            
	
              I-4-B

            	
              (2)

            	
              $

            	
              13,081,601.95

            	
              April
                25, 2037

            
	
              I-5-A

            	
              (2)

            	
              $

            	
              12,579,139.45

            	
              April
                25, 2037

            
	
              I-5-B

            	
              (2)

            	
              $

            	
              12,579,139.45

            	
              April
                25, 2037

            
	
              I-6-A

            	
              (2)

            	
              $

            	
              12,095,976.47

            	
              April
                25, 2037

            
	
              I-6-B

            	
              (2)

            	
              $

            	
              12,095,976.47

            	
              April
                25, 2037

            
	
              I-7-A

            	
              (2)

            	
              $

            	
              11,631,371.70

            	
              April
                25, 2037

            
	
              I-7-B

            	
              (2)

            	
              $

            	
              11,631,371.70

            	
              April
                25, 2037

            
	
              I-8-A

            	
              (2)

            	
              $

            	
              11,184,612.34

            	
              April
                25, 2037

            
	
              I-8-B

            	
              (2)

            	
              $

            	
              11,184,612.34

            	
              April
                25, 2037

            
	
              I-9-A

            	
              (2)

            	
              $

            	
              10,755,012.95

            	
              April
                25, 2037

            
	
              I-9-B

            	
              (2)

            	
              $

            	
              10,755,012.95

            	
              April
                25, 2037

            
	
              I-10-A

            	
              (2)

            	
              $

            	
              10,341,914.40

            	
              April
                25, 2037

            
	
              I-10-B

            	
              (2)

            	
              $

            	
              10,341,914.40

            	
              April
                25, 2037

            
	
              I-11-A

            	
              (2)

            	
              $

            	
              9,944,682.92

            	
              April
                25, 2037

            
	
              I-11-B

            	
              (2)

            	
              $

            	
              9,944,682.92

            	
              April
                25, 2037

            
	
              I-12-A

            	
              (2)

            	
              $

            	
              9,562,709.04

            	
              April
                25, 2037

            
	
              I-12-B

            	
              (2)

            	
              $

            	
              9,562,709.04

            	
              April
                25, 2037

            
	
              I-13-A

            	
              (2)

            	
              $

            	
              9,195,406.72

            	
              April
                25, 2037

            
	
              I-13-B

            	
              (2)

            	
              $

            	
              9,195,406.72

            	
              April
                25, 2037

            
	
              I-14-A

            	
              (2)

            	
              $

            	
              8,842,212.43

            	
              April
                25, 2037

            
	
              I-14-B

            	
              (2)

            	
              $

            	
              8,842,212.43

            	
              April
                25, 2037

            
	
              I-15-A

            	
              (2)

            	
              $

            	
              8,502,584.29

            	
              April
                25, 2037

            
	
              I-15-B

            	
              (2)

            	
              $

            	
              8,502,584.29

            	
              April
                25, 2037

            
	
              I-16-A

            	
              (2)

            	
              $

            	
              8,176,001.22

            	
              April
                25, 2037

            
	
              I-16-B

            	
              (2)

            	
              $

            	
              8,176,001.22

            	
              April
                25, 2037

            
	
              I-17-A

            	
              (2)

            	
              $

            	
              7,861,962.16

            	
              April
                25, 2037

            
	
              I-17-B

            	
              (2)

            	
              $

            	
              7,861,962.16

            	
              April
                25, 2037

            
	
              I-18-A

            	
              (2)

            	
              $

            	
              7,559,985.29

            	
              April
                25, 2037

            
	
              I-18-B

            	
              (2)

            	
              $

            	
              7,559,985.29

            	
              April
                25, 2037

            
	
              I-19-A

            	
              (2)

            	
              $

            	
              7,269,607.31

            	
              April
                25, 2037

            
	
              I-19-B

            	
              (2)

            	
              $

            	
              7,269,607.31

            	
              April
                25, 2037

            
	
              I-20-A

            	
              (2)

            	
              $

            	
              12,647,646.42

            	
              April
                25, 2037

            
	
              I-20-B

            	
              (2)

            	
              $

            	
              12,647,646.42

            	
              April
                25, 2037

            
	
              I-21-A

            	
              (2)

            	
              $

            	
              7,615,943.17

            	
              April
                25, 2037

            
	
              I-21-B

            	
              (2)

            	
              $

            	
              7,615,943.17

            	
              April
                25, 2037

            
	
              I-22-A

            	
              (2)

            	
              $

            	
              6,212,061.07

            	
              April
                25, 2037

            
	
              I-22-B

            	
              (2)

            	
              $

            	
              6,212,061.07

            	
              April
                25, 2037

            
	
              I-23-A

            	
              (2)

            	
              $

            	
              5,973,456.68

            	
              April
                25, 2037

            
	
              I-23-B

            	
              (2)

            	
              $

            	
              5,973,456.68

            	
              April
                25, 2037

            
	
              I-24-A

            	
              (2)

            	
              $

            	
              5,744,017.04

            	
              April
                25, 2037

            
	
              I-24-B

            	
              (2)

            	
              $

            	
              5,744,017.04

            	
              April
                25, 2037

            
	
              I-25-A

            	
              (2)

            	
              $

            	
              5,523,390.14

            	
              April
                25, 2037

            
	
              I-25-B

            	
              (2)

            	
              $

            	
              5,523,390.14

            	
              April
                25, 2037

            
	
              I-26-A

            	
              (2)

            	
              $

            	
              5,311,237.51

            	
              April
                25, 2037

            
	
              I-26-B

            	
              (2)

            	
              $

            	
              5,311,237.51

            	
              April
                25, 2037

            
	
              I-27-A

            	
              (2)

            	
              $

            	
              5,107,233.61

            	
              April
                25, 2037

            
	
              I-27-B

            	
              (2)

            	
              $

            	
              5,107,233.61

            	
              April
                25, 2037

            
	
              I-28-A

            	
              (2)

            	
              $

            	
              4,911,065.49

            	
              April
                25, 2037

            
	
              I-28-B

            	
              (2)

            	
              $

            	
              4,911,065.49

            	
              April
                25, 2037

            
	
              I-29-A

            	
              (2)

            	
              $

            	
              4,722,432.15

            	
              April
                25, 2037

            
	
              I-29-B

            	
              (2)

            	
              $

            	
              4,722,432.15

            	
              April
                25, 2037

            
	
              I-30-A

            	
              (2)

            	
              $

            	
              4,541,044.19

            	
              April
                25, 2037

            
	
              I-30-B

            	
              (2)

            	
              $

            	
              4,541,044.19

            	
              April
                25, 2037

            
	
              I-31-A

            	
              (2)

            	
              $

            	
              4,366,623.32

            	
              April
                25, 2037

            
	
              I-31-B

            	
              (2)

            	
              $

            	
              4,366,623.32

            	
              April
                25, 2037

            
	
              I-32-A

            	
              (2)

            	
              $

            	
              8,985,803.94

            	
              April
                25, 2037

            
	
              I-32-B

            	
              (2)

            	
              $

            	
              8,985,803.94

            	
              April
                25, 2037

            
	
              I-33-A

            	
              (2)

            	
              $

            	
              5,274,744.33

            	
              April
                25, 2037

            
	
              I-33-B

            	
              (2)

            	
              $

            	
              5,274,744.33

            	
              April
                25, 2037

            
	
              I-34-A

            	
              (2)

            	
              $

            	
              3,651,156.27

            	
              April
                25, 2037

            
	
              I-34-B

            	
              (2)

            	
              $

            	
              3,651,156.27

            	
              April
                25, 2037

            
	
              I-35-A

            	
              (2)

            	
              $

            	
              3,510,915.86

            	
              April
                25, 2037

            
	
              I-35-B

            	
              (2)

            	
              $

            	
              3,510,915.86

            	
              April
                25, 2037

            
	
              I-36-A

            	
              (2)

            	
              $

            	
              3,376,062.08

            	
              April
                25, 2037

            
	
              I-36-B

            	
              (2)

            	
              $

            	
              3,376,062.08

            	
              April
                25, 2037

            
	
              I-37-A

            	
              (2)

            	
              $

            	
              3,246,388.01

            	
              April
                25, 2037

            
	
              I-37-B

            	
              (2)

            	
              $

            	
              3,246,388.01

            	
              April
                25, 2037

            
	
              I-38-A

            	
              (2)

            	
              $

            	
              3,121,694.69

            	
              April
                25, 2037

            
	
              I-38-B

            	
              (2)

            	
              $

            	
              3,121,694.69

            	
              April
                25, 2037

            
	
              I-39-A

            	
              (2)

            	
              $

            	
              3,001,790.83

            	
              April
                25, 2037

            
	
              I-39-B

            	
              (2)

            	
              $

            	
              3,001,790.83

            	
              April
                25, 2037

            
	
              I-40-A

            	
              (2)

            	
              $

            	
              2,886,492.47

            	
              April
                25, 2037

            
	
              I-40-B

            	
              (2)

            	
              $

            	
              2,886,492.47

            	
              April
                25, 2037

            
	
              I-41-A

            	
              (2)

            	
              $

            	
              2,775,622.70

            	
              April
                25, 2037

            
	
              I-41-B

            	
              (2)

            	
              $

            	
              2,775,622.70

            	
              April
                25, 2037

            
	
              I-42-A

            	
              (2)

            	
              $

            	
              2,669,011.42

            	
              April
                25, 2037

            
	
              I-42-B

            	
              (2)

            	
              $

            	
              2,669,011.42

            	
              April
                25, 2037

            
	
              I-43-A

            	
              (2)

            	
              $

            	
              2,566,495.07

            	
              April
                25, 2037

            
	
              I-43-B

            	
              (2)

            	
              $

            	
              2,566,495.07

            	
              April
                25, 2037

            
	
              I-44-A

            	
              (2)

            	
              $

            	
              2,467,916.35

            	
              April
                25, 2037

            
	
              I-44-B

            	
              (2)

            	
              $

            	
              2,467,916.35

            	
              April
                25, 2037

            
	
              I-45-A

            	
              (2)

            	
              $

            	
              2,373,124.03

            	
              April
                25, 2037

            
	
              I-45-B

            	
              (2)

            	
              $

            	
              2,373,124.03

            	
              April
                25, 2037

            
	
              I-46-A

            	
              (2)

            	
              $

            	
              2,281,972.67

            	
              April
                25, 2037

            
	
              I-46-B

            	
              (2)

            	
              $

            	
              2,281,972.67

            	
              April
                25, 2037

            
	
              I-47-A

            	
              (2)

            	
              $

            	
              2,194,322.42

            	
              April
                25, 2037

            
	
              I-47-B

            	
              (2)

            	
              $

            	
              2,194,322.42

            	
              April
                25, 2037

            
	
              I-48-A

            	
              (2)

            	
              $

            	
              2,110,038.80

            	
              April
                25, 2037

            
	
              I-48-B

            	
              (2)

            	
              $

            	
              2,110,038.80

            	
              April
                25, 2037

            
	
              I-49-A

            	
              (2)

            	
              $

            	
              2,028,992.51

            	
              April
                25, 2037

            
	
              I-49-B

            	
              (2)

            	
              $

            	
              2,028,992.51

            	
              April
                25, 2037

            
	
              I-50-A

            	
              (2)

            	
              $

            	
              1,951,059.18

            	
              April
                25, 2037

            
	
              I-50-B

            	
              (2)

            	
              $

            	
              1,951,059.18

            	
              April
                25, 2037

            
	
              I-51-A

            	
              (2)

            	
              $

            	
              1,876,119.28

            	
              April
                25, 2037

            
	
              I-51-B

            	
              (2)

            	
              $

            	
              1,876,119.28

            	
              April
                25, 2037

            
	
              I-52-A

            	
              (2)

            	
              $

            	
              1,804,057.79

            	
              April
                25, 2037

            
	
              I-52-B

            	
              (2)

            	
              $

            	
              1,804,057.79

            	
              April
                25, 2037

            
	
              I-53-A

            	
              (2)

            	
              $

            	
              1,734,764.19

            	
              April
                25, 2037

            
	
              I-53-B

            	
              (2)

            	
              $

            	
              1,734,764.19

            	
              April
                25, 2037

            
	
              I-54-A

            	
              (2)

            	
              $

            	
              1,668,132.14

            	
              April
                25, 2037

            
	
              I-54-B

            	
              (2)

            	
              $

            	
              1,668,132.14

            	
              April
                25, 2037

            
	
              I-55-A

            	
              (2)

            	
              $

            	
              1,604,059.42

            	
              April
                25, 2037

            
	
              I-55-B

            	
              (2)

            	
              $

            	
              1,604,059.42

            	
              April
                25, 2037

            
	
              I-56-A

            	
              (2)

            	
              $

            	
              37,513,644.48

            	
              April
                25, 2037

            
	
              I-56-B

            	
              (2)

            	
              $

            	
              37,513,644.48

            	
              April
                25, 2037

            
	
              I-57-A

            	
              (2)

            	
              $

            	
              101,553.88

            	
              April
                25, 2037

            
	
              I-57-B

            	
              (2)

            	
              $

            	
              101,553.88

            	
              April
                25, 2037

            
	
              I-58-A

            	
              (2)

            	
              $

            	
              97,653.21

            	
              April
                25, 2037

            
	
              I-58-B

            	
              (2)

            	
              $

            	
              97,653.21

            	
              April
                25, 2037

            
	
              I-59-A

            	
              (2)

            	
              $

            	
              93,902.36

            	
              April
                25, 2037

            
	
              I-59-B

            	
              (2)

            	
              $

            	
              93,902.36

            	
              April
                25, 2037

            
	
              I-60-A

            	
              (2)

            	
              $

            	
              2,350,843.98

            	
              April
                25, 2037

            
	
              I-60-B

            	
              (2)

            	
              $

            	
              2,350,843.98

            	
              April
                25, 2037

            
	
              II-P

            	
              (3)

            	
              $

            	
              100.00

            	
              April
                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
                Group II Mortgage Loan with the latest maturity date has been designated
                as the “latest possible maturity date” for each REMIC IIA Regular
                Interest.

            
	
              (2)

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

            
	
              (3)

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

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    REMIC
      IIB

     

    As
      provided herein, the Securities Administrator will make an election to treat
      the
      segregated pool of assets consisting of the REMIC IIA Regular Interests as
      a
      REMIC for federal income tax purposes, and such segregated pool of assets will
      be designated as “REMIC IIB.” The Class R-2B Interest will represent the sole
      Class of “residual interests” in REMIC IIB for purposes of the REMIC Provisions.
      The following table irrevocably sets forth the designation, the Uncertificated
      REMIC IIB 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 IIB Regular Interests.
      None of the REMIC IIB Regular Interests will be certificated.

     

    
      	
              
                Designation

              

            	 	
              
                Initial
                  Uncertificated

                Principal
                  Balance

              

            	 	 	
              
                Uncertificated

                REMIC
                  IIB

                Pass-Through
                  Rate

              

            	 	
              
                Assumed
                  Final Distribution Date(1)

              

            
	
              LTII-AA

            	 	$	
              759,384,917.96

            	 	 	 	
              (2) 

            	 	
              April
                25, 2037

            
	
              LTII-IIA1

            	 	$	
              2,323,470.00

            	 	 	 	
              (2) 

            	 	
              April
                25, 2037

            
	
              LTII-IIA2

            	 	$	
              634,720.00

            	 	 	 	
              (2) 

            	 	
              April
                25, 2037

            
	
              LTII-IIA3

            	 	$	
              848,120.00

            	 	 	 	
              (2) 

            	 	
              April
                25, 2037

            
	
              LTII-IIA4

            	 	$	
              1,906,120.00

            	 	 	 	
              (2) 

            	 	
              April
                25, 2037

            
	
              LTII-IIAM

            	 	$	
              1,428,110.00

            	 	 	 	
              (2) 

            	 	
              April
                25, 2037

            
	
              LTII-IIM1

            	 	$	
              112,360.00

            	 	 	 	
              (2) 

            	 	
              April
                25, 2037

            
	
              LTII-IIM2

            	 	$	
              100,730.00

            	 	 	 	
              (2) 

            	 	
              April
                25, 2037

            
	
              LTII-IIM3

            	 	$	
              61,990.00

            	 	 	 	
              (2) 

            	 	
              April
                25, 2037

            
	
              LTII-IIM4

            	 	$	
              54,240.00

            	 	 	 	
              (2) 

            	 	
              April
                25, 2037

            
	
              LTII-IIM5

            	 	$	
              50,370.00

            	 	 	 	
              (2) 

            	 	
              April
                25, 2037

            
	
              LTII-IIM6

            	 	$	
              42,620.00

            	 	 	 	
              (2) 

            	 	
              April
                25, 2037

            
	
              LTII-IIM7

            	 	$	
              38,740.00

            	 	 	 	
              (2) 

            	 	
              April
                25, 2037

            
	
              LTII-IIM8

            	 	$	
              61,990.00

            	 	 	 	
              (2) 

            	 	
              April
                25, 2037

            
	
              LTII-IIZZ

            	 	$	
              7,834,071.39

            	 	 	 	
              (2) 

            	 	
              April
                25, 2037

            
	
              LTII-II-IO

            	 	 	(4) 	 	 	 	
              (2) 

            	 	
              April
                25, 2037

            
	
              LTII-P

            	 	$	
              100.00

            	 	 	 	
              (2) 

            	 	
              April
                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
                Group II Mortgage Loan with the latest maturity date has been designated
                as the “latest possible maturity date” for each REMIC IIB Regular
                Interest.

            
	
              (2)

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

            
	
              (3)

            	
              REMIC
                IIB Regular Interest LTII-P will not be entitled to distributions
                of
                interest.

            
	
              (4)

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

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    REMIC
      IIC

     

    As
      provided herein, the Securities Administrator will make an election to treat
      the
      segregated pool of assets consisting of the REMIC IIB Regular Interests as
      a
      REMIC for federal income tax purposes, and such segregated pool of assets will
      be designated as “REMIC IIC”. The Class R-2C Interest will represent the sole
      Class of “residual interests” in REMIC IIC 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 IIC created
      hereunder:

     

    
      	
              
                Class
                  Designation

              

            	 	
              
                Initial
                  Certificate

                Principal
                  Balance

              

            	 	
              
                Pass-Through
                  Rate

              

            	
              
                Assumed
                  Final Distribution Date(1)

              

            
	
              Class
                II-A-1

            	 	$	
              232,347,000.00

            	 	
              Class
                II-A-1 Pass Through Rate

            	
              April
                25, 2037

            
	
              Class
                II-A-2

            	 	$	
              63,472,000.00

            	 	
              Class
                II-A-2 Pass Through Rate

            	
              April
                25, 2037

            
	
              Class
                II-A-3

            	 	$	
              84,812,000.00

            	 	
              Class
                II-A-3 Pass Through Rate

            	
              April
                25, 2037

            
	
              Class
                II-A-4

            	 	$	
              190,612,000.00

            	 	
              Class
                II-A-4 Pass Through Rate

            	
              April
                25, 2037

            
	
              Class
                II-A-M

            	 	$	
              142,811,000.00

            	 	
              Class
                II-A-M Pass Through Rate

            	
              April
                25, 2037

            
	
              Class
                II-M-1

            	 	$	
              11,236,000.00

            	 	
              Class
                II-M-1 Pass Through Rate

            	
              April
                25, 2037

            
	
              Class
                II-M-2

            	 	$	
              10,073,000.00

            	 	
              Class
                II-M-2 Pass Through Rate

            	
              April
                25, 2037

            
	
              Class
                II-M-3

            	 	$	
              6,199,000.00

            	 	
              Class
                II-M-3 Pass Through Rate

            	
              April
                25, 2037

            
	
              Class
                II-M-4

            	 	$	
              5,424,000.00

            	 	
              Class
                II-M-4 Pass Through Rate

            	
              April
                25, 2037

            
	
              Class
                II-M-5

            	 	$	
              5,037,000.00

            	 	
              Class
                II-M-5 Pass Through Rate

            	
              April
                25, 2037

            
	
              Class
                II-M-6

            	 	$	
              4,262,000.00

            	 	
              Class
                II-M-6 Pass Through Rate

            	
              April
                25, 2037

            
	
              Class
                II-M-7

            	 	$	
              3,874,000.00

            	 	
              Class
                II-M-7 Pass Through Rate

            	
              April
                25, 2037

            
	
              Class
                II-M-8

            	 	$	
              6,199,000.00

            	 	
              Class
                II-M-8 Pass Through Rate

            	
              April
                25, 2037

            
	
              Class
                II-X Interest(2)

            	 	$	
              8,524,569.35

            	 	
              Class
                II-X Pass Through Rate

            	
              April
                25, 2037

            
	
              Class
                II-P Interest

            	 	 	
              100.00

            	 	
              N/A(3)

            	
              April
                25, 2037

            
	
              Class
                II-IO Interest

            	 	 	
              (4)

            	 	
              (5)

            	
              April
                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 each Class of Group II Certificates and REMIC
                IIC Regular Interests.

            
	
              (2)

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

            
	
              (3)

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

            
	
              (4)

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

            
	
              (5)

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

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    REMIC
      IID

     

    As
      provided herein, the Securities Administrator will make an election to treat
      the
      segregated pool of assets consisting of the Class II-X Interest as a REMIC
      for
      federal income tax purposes, and such segregated pool of assets will be
      designated as “REMIC IID”.  The Class R-2D Interest will represent the
      sole class of “residual interests” in REMIC IID 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 IID created hereunder:

     

    
      	
              
                Class
                  Designation

              

            	 	
              
                Initial
                  Certificate

                Principal
                  Balance

              

            	 	 	
              
                Pass-Through
                  Rate

              

            	 	
              
                Assumed
                  Final

                Distribution
                  Date(1)

              

            
	
              Class
                II-X

            	 	$	
              8,524,569.35

            	 	 	 	
              (2)

            	
            	
              April
                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 the Class II-X
                Certificates.

            
	
              (2)

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

            

    

    

    

    REMIC
      IIE

     

    As
      provided herein, the Securities Administrator will make an election to treat
      the
      segregated pool of assets consisting of the Class II-P Interest as a REMIC
      for
      federal income tax purposes, and such segregated pool of assets will be
      designated as “REMIC IIE”.  The Class R-2E Interest will represent the
      sole class of “residual interests” in REMIC IIE 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 IIE created hereunder:

     

    

    
      	
              
                Class
                  Designation

              

            	 	
              
                Initial
                  Certificate

                Principal
                  Balance

              

            	 	 	
              
                Pass-Through
                  Rate

              

            	 	
              
                Assumed
                  Final

                Distribution
                  Date(1)

              

            
	
              Class
                II-P

            	 	$	
              100

            	 	 	 	
              (2)

            	 	
              April
                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 the Class II-P
                Certificates.

            
	
              (2)

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

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    REMIC
      IIF

     

    As
      provided herein, the Securities Administrator will make an election to treat
      the
      segregated pool of assets consisting of the Class II-IO Interest as a REMIC
      for
      federal income tax purposes, and such segregated pool of assets will be
      designated as “REMIC IIF”.  The Class R-2F interest will represent the
      sole class of “residual interests” in REMIC IIF 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 IIF created hereunder:

     

    
      	
              
                Class
                  Designation

              

            	 	
              
                Initial
                  Certificate

                Notional
                  Balance

              

            	 	
              
                Pass-Through
                  Rate

              

            	 	
              
                Assumed
                  Final

                Distribution
                  Date(1)

              

            
	
              Swap-IO

            	 	
              (2)

            	 	
              (3)

            	 	
              April
                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
                IIF 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
                IIF 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 Group I Senior Certificates (other
      than the Class I-A-1B Certificates), the Group I Mezzanine Certificates, the
      Class I-X Certificates, the Class II-X Certificates and the Residual
      Certificates, the calendar month immediately preceding such Distribution Date.
      With respect to the Class I-A-1B Certificates, the Group II Senior Certificates
      and Group II Mezzanine Certificates and any Distribution Date, 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 Group I Senior Certificates (other than the Class I-A-1B Certificates),
      the Group I Mezzanine Certificates, the Class I-X Certificates and Class II-X
      Certificates will be based on a 360-day year consisting of twelve 30-day months.
      All calculations of interest on the Class I-A-1B Certificates, Group II Senior
      Certificates and Group II Mezzanine 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 5.16 of
      this Agreement.

     

    Additional
      Form 10-D Disclosure: Has the meaning set forth in Section 5.16(a) of
      this Agreement.

     

    Additional
      Form 10-K Disclosure: Has the meaning set forth in Section 5.16(d) of
      this Agreement.

     

    Adjustment
      Date:  With respect to each Group II Mortgage Loan, the first day
      of the month in which the Mortgage Rate of such Group II Mortgage Loan, as
      applicable changes pursuant to the related Mortgage Note.  The first
      Adjustment Date following the Cut-Off Date for each Group II Mortgage Loan
      is
      set forth in the Loan Schedule.

     

    Advance:
      An advance of delinquent payments of principal or interest in respect of a
      Mortgage Loan required to be made by a Servicer or by the Master Servicer
      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 Group II Mortgage Loans and any
      Distribution Date, the aggregate of the Stated Principal Balances of the Group
      II 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 and each Loan
      Group, 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 in the related Loan Group due after the related Due Period and (ii)
      Principal Prepayments and Liquidation Proceeds received in respect of the
      Mortgage Loans in the related Loan Group after the last day of the related
      Prepayment Period.

     

    Applied
      Loss Amount: With respect to the Group II Senior Certificates and Group II
      Mezzanine Certificates and any Distribution Date, the excess of the aggregate
      Certificate Principal Balance of the Group II Senior Certificates and Group
      II
      Mezzanine Certificates over the Aggregate Loan Balance of the Group II Mortgage
      Loans after giving effect to all Realized Losses incurred with respect to the
      Group II Mortgage Loans during the related Due Period and payments of principal
      to the Group II Senior Certificates and Group II Mezzanine Certificates on
      such
      Distribution Date.

     

    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 April 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: With respect to the Group I Certificates, the
      Distribution Date in March 2037.  With respect to the Group II
      Certificates, the Distribution Date in April 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:  With respect to Loan Group I, the sum of the
      Interest Remittance Amount with respect to Loan Group I and Principal Funds
      with
      respect to Loan Group I, exclusive of amounts pursuant to
      Section 5.11(a).  With respect to Loan Group II, the sum of the
      Interest Remittance Amount with respect to Loan Group II and Principal
      Remittance Amount with respect to Loan Group II, exclusive of amounts pursuant
      to Section 5.11(b).

     

    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.

     

    Basis
      Risk Shortfall Reserve Fund: The segregated non-interest bearing trust
      account created and maintained by the Securities Administrator pursuant to
      Section 5.13 hereof.

     

    Basis
      Risk Shortfall: With respect to any Class of Group II Senior Certificates or
      Group II Mezzanine Certificates and any Distribution Date, the sum of (i) the
      excess, if any, of the related Current Interest (calculated without regard
      to
      the Net Funds Cap or the Class II-A-M Net Funds Cap, as applicable) over the
      related Current Interest (as it may have been limited by the Net Funds Cap
      or
      the Class II-A-M Net Funds Cap, as applicable) for the applicable Distribution
      Date; (ii) any amount described in clause (i) remaining unpaid from prior
      Distribution Dates; and (iii) interest on the amount in clause (ii) for the
      related Accrual Period calculated on the basis of the least of (x) One Month
      LIBOR plus the applicable Certificate Margin, (y) the Maximum Interest Rate
      and
      (z) the Cap Rate.

     

    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, the Group I Certificate
      Insurer or the Class II-A-M Certificate Insurer 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 May 10,
      2007, between the Trustee and Cap Provider, 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 May
      10, 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 Nomura Global
      Financial Products, Inc.

     

    Cap
      Rate: With respect to the Group II Senior Certificates and Group II
      Mezzanine Certificates, 11.00% per annum.

     

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

     

    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-7.

     

    Certificate
      Margin:  With respect to each Distribution Date on or prior to the
      first possible Optional Termination Date with respect to the Group II Mortgage
      Loans and related REO Properties, the Certificate Margins for the Class II-A-1,
      Class II-A-2, Class II-A-3, Class II-A-4, Class II-A-M, Class II-M-1, Class
      II-M-2, Class II-M-3, Class II-M-4, Class II-M-5, Class II-M-6, Class II-M-7
      and
      Class II-M-8 Certificates are 0.130%, 0.250%, 0.350%, 0.280%, 0.220%, 0.400%,
      0.500%, 0.650%, 1.500%, 1.500%, 1.500%, 1.500% and 1.500%, respectively. With
      respect to each Distribution Date following the first possible Optional
      Termination Date with respect to the Group II Mortgage Loans and related REO
      Properties, the Certificate Margins for the Class II-A-1, Class II-A-2, Class
      II-A-3, Class II-A-4, Class II-A-M, Class II-M-1, Class II-M-2, Class II-M-3,
      Class II-M-4, Class II-M-5, Class II-M-6, Class II-M-7 and Class II-M-8
      Certificates are 0.260%, 0.500%, 0.700%, 0.560%, 0.440%, 0.600%, 0.750%, 0.975%,
      2.250%, 2.250%, 2.250%, 2.250% and 2.250%, respectively.

     

    Certificate
      Notional Balance: With respect to the Class I-X Interest and any
      Distribution Date, the Uncertificated Principal Balance of the REMIC IA Regular
      Interests (other than REMIC IA Regular Interest LTI-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 I-X Interest.  As of
      the Closing Date, the Certificate Notional Balance of the Class I-X Interest
      is
      equal to $817,666,237.70.  With respect to the Class II-X Interest and
      any Distribution Date, the Uncertificated Principal Balance of the REMIC IIB
      Regular Interests (other than REMIC IIB Regular Interest LTII-P and REMIC IIB
      Regular Interest LTII-IO) for such Distribution Date. The Class II-X
      Certificates will have a Certificate Notional Balance equal to the Certificate
      Notional Balance of the Class II-X Interest.  As of the Closing Date,
      the Certificate Notional Balance of the Class II-X Interest is equal to
      $774,882,569.35.

     

    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 Group I Certificates (other than any
      Class I-X, Class I-R or Class I-R-X Certificate) 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 Group I Mortgage Loans, if any; provided,
      however, that solely for purposes of determining the Group I Certificate
      Insurer’s rights as subrogee to the Holders of the Group I Insured Certificates,
      the Certificate Principal Balance of any Group I Insured Certificate shall
      be
      deemed not to be reduced by any principal amounts paid to the Holder thereof
      from Group I Insured Payments, unless such amounts have been reimbursed to
      the
      Group I Certificate Insurer pursuant to Section 5.04.  The initial
      aggregate Certificate Principal Balance of the Class I-P Certificates is equal
      to $100.  With respect to the Class I-X Certificates and any date of
      determination, the excess, if any, of (i) the then aggregate Stated Principal
      Balance of the Group I Mortgage Loans over (ii) the then aggregate Certificate
      Principal Balance of the Group I Senior Certificates and Group I Mezzanine
      Certificates.

     

    As
      to any
      Group II Senior Certificate or Group II Mezzanine Certificate and as of any
      Distribution Date, the Initial Certificate Principal Balance of such Certificate
      less (i) the sum of (a) all amounts distributed with respect to such Certificate
      in reduction of the Certificate Principal Balance thereof on previous
      Distribution Dates pursuant to Section 5.05 and (b) any reductions in the
      Certificate Principal Balance of such Certificate deemed to have occurred in
      connection with the allocations of Realized Losses on the Group II Mortgage
      Loans, if any, plus (ii) any Subsequent Recoveries added to the Certificate
      Principal Balance of any such Certificate pursuant to Section 5.07(c), in
      each case up to the amount of Applied Loss Amounts but only to the extent that
      any such Applied Loss Amount has not been paid to any Class of Group II Senior
      Certificates or Group II Mezzanine Certificates as a Deferred Amount; provided,
      however, that solely for purposes of determining the Class II-A-M Certificate
      Insurer’s rights as subrogee to the Holders of the Class II-A-M Certificates,
      the Certificate Principal Balance of the Class II-A-M Certificates shall be
      deemed not to be reduced by any principal amounts paid to the Holder thereof
      from Class II-A-M Insured Payments, unless such amounts have been reimbursed
      to
      the Class II-A-M Certificate Insurer pursuant to Section 5.05.  The
      initial Certificate Principal Balance of the Class II-P Certificates is equal
      to
      $100. With respect to the Class II-X Certificates and any date of determination,
      the excess, if any, of (i) the then Aggregate Loan Balance over (ii) the then
      aggregate Certificate Principal Balance of the Group II Senior Certificates
      and
      Group II 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
      I-A-1A Certificate: Any Certificate designated as a “Class I-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 I-A-1A Certificates as set forth herein and evidencing (i) a REMIC
      Regular Interest in REMIC IB and (ii) the right to receive the related Net
      WAC
      Rate Carryover Amounts.

     

    Class
      I-A-1A Pass-Through Rate:  With respect to any Distribution Date,
      the lesser of (i)(A) on or prior to the first possible Optional Termination
      Date
      with respect to the Group I Mortgage Loans and related REO Properties, 5.9950%
      per annum or (B) after the first possible Optional Termination Date with respect
      to the Group I Mortgage Loans and 6.4950% per annum and (ii) the related Net
      WAC
      Pass-Through Rate.

     

    Class
      I-A-1B Certificate: Any Certificate designated as a “Class I-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 I-A-1B Certificates as set forth herein and evidencing (i) a REMIC
      Regular Interest in REMIC IB and (ii) the right to receive the related Net
      WAC
      Rate Carryover Amounts.

     

    Class
      I-A-1B Pass-Through Rate:  With respect to any Distribution Date
      will equal the sum of One-Month LIBOR plus (A) on or prior to the first possible
      Optional Termination Date with respect to the Group I Mortgage Loans and related
      REO Properties, plus 0.13% per annum, (B) after the first possible Optional
      Termination Date with respect to the Group I Mortgage Loans and related REO
      Properties, plus 0.26%, in each case subject to a cap equal to the related
      Net
      WAC Pass-Through Rate for such Distribution Date.

     

    Class
      I-A-2 Certificate: Any Certificate designated as a “Class I-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 I-A-2
      Certificates as set forth herein and evidencing (i) a REMIC Regular Interest
      in
      REMIC IB and (ii) the right to receive the related Net WAC Rate Carryover
      Amounts.

     

    Class
      I-A-2 Pass-Through Rate:  With respect to any Distribution Date,
      the lesser of (i)(A) on or prior to the first possible Optional Termination
      Date
      with respect to the Group I Mortgage Loans and related REO Properties, 5.6990%
      per annum or (B) after the first possible Optional Termination Date with respect
      to the Group I Mortgage Loans related REO Properties, 6.1960% per annum and
      (ii)
      the related Net WAC Pass-Through Rate;

     

    Class
      I-A-3 Certificate: Any Certificate designated as a “Class I-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 I-A-3
      Certificates as set forth herein and evidencing (i) a REMIC Regular Interest
      in
      REMIC IB and (ii) the right to receive the related Net WAC Rate Carryover
      Amounts.

     

    Class
      I-A-3 Pass-Through Rate:  With respect to any Distribution Date,
      the lesser of (i)(A) on or prior to the first possible Optional Termination
      Date
      with respect to the Group I Mortgage Loans and related REO Properties, 5.9570%
      per annum or (B) after the first possible Optional Termination Date with respect
      to the Group I Mortgage Loans and related REO Properties, 6.4570% per annum
      and
      (ii) the related Net WAC Pass-Through Rate.

     

    Class
      I-A-4 Certificate: Any Certificate designated as a “Class I-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 I-A-4
      Certificates as set forth herein and evidencing (i) a REMIC Regular Interest
      in
      REMIC IB, and (ii) the right to receive the related Net WAC Rate Carryover
      Amounts.

     

    Class
      I-A-4 Pass-Through Rate:  With respect to any Distribution Date,
      the lesser of (i)(A) on or prior to the first possible Optional Termination
      Date
      with respect to the Group I Mortgage Loans and related REO Properties, 6.1380%
      per annum or (B) after the first possible Optional Termination Date with respect
      to the Group I Mortgage Loans and related REO Properties, 6.6380% per annum
      and
      (ii) the related Net WAC Pass-Through Rate.

     

    Class
      I-A-5 Certificate: Any Certificate designated as a “Class I-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 I-A-5
      Certificates as set forth herein and evidencing (i) a REMIC Regular Interest
      in
      REMIC IB and (ii) the right to receive the related Net WAC Rate Carryover
      Amounts.

     

    Class
      I-A-5 Pass-Through Rate:  With respect to any Distribution Date,
      the lesser of (i)(A) on or prior to the first possible Optional Termination
      Date
      with respect to the Group I Mortgage Loans and related REO Properties, 6.3470%
      per annum or (B) after the first possible Optional Termination Date with respect
      to the Group I Mortgage Loans and related REO Properties, 7.3470% per annum
      and
      (ii) the related Net WAC Pass-Through Rate.

     

    Class
      I-A-6 Certificate: Any Certificate designated as a “Class I-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 I-A-6
      Certificates as set forth herein and evidencing (i) a REMIC Regular Interest
      in
      REMIC IB and (ii) the right to receive the related Net WAC Rate Carryover
      Amounts.

     

    Class
      I-A-6 Lockout Principal Distribution Amount: With respect to any
      Distribution Date will be an amount equal to the least of (i) the Certificate
      Principal Balance of the Class I-A-6 Certificates, (ii) the Senior Principal
      Distribution Amount for such Distribution Date and (iii) the Class A-6 Lockout
      Distribution Percentage for that Distribution Date multiplied by the product
      of
      (x) a fraction, the numerator of which is the Certificate Principal Balance
      of
      the Class I-A-6 Certificates and the denominator of which is the aggregate
      Certificate Principal Balance of all of the Group I Senior Certificates, in
      each
      case immediately prior to such Distribution Date and (y) the Senior Principal
      Distribution Amount for such Distribution Date.

     

    Class
      I-A-6 Lockout Distribution Percentage: With respect to each Distribution
      Date will be the applicable percentage set forth below:

     

    
      	
              
                Distribution
                  Dates

              

            	
              
                Class
                  I-A-6 Lockout

                Distribution
                  Percentage

              

            
	
              May
                2007 through and including April
                2010                                                                                                     

            	
              0%

            
	
              May
                2010 through and including April
                2012                                                                                                     

            	
              45%

            
	
              May
                2012 through and including April
                2013                                                                                                     

            	
              80%

            
	
              May
                2013 through and including April
                2014                                                                                                     

            	
              100%

            
	
              May
                2014 and
                thereafter                                                                                                     

            	
              300%

            

    

    

    Class
      I-A-6 Pass-Through Rate:  With respect to any Distribution Date,
      the lesser of (i)(A) on or prior to the first possible Optional Termination
      Date
      with respect to the Group I Mortgage Loans and related REO Properties, 5.8200%
      per annum or (B) after the first possible Optional Termination Date with respect
      to the Group I Mortgage Loans and related REO Properties, 6.3200% per annum
      and
      (ii) the related Net WAC Pass-Through Rate.

     

    Class
      I-M-1 Certificate: Any Certificate designated as a “Class I-M-1 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 I-M-1
      Certificates as set forth herein and evidencing (i) a REMIC Regular Interest
      in
      REMIC IB and (ii) the right to receive the related Net WAC Rate Carryover
      Amounts.

     

    Class
      I-M-1 Pass-Through Rate:  With respect to any Distribution Date,
      the lesser of (i)(A) on or prior to the first possible Optional Termination
      Date
      with respect to the Group I Mortgage Loans, 6.5510% per annum or (B) after
      the
      first possible Optional Termination Date with respect to the Group I Mortgage
      Loans, 7.0510% per annum and (ii) the related Net WAC Pass-Through
      Rate.

     

    Class
      I-M-1 Principal Distribution Amount: With respect to any Distribution Date
      (i) prior to the Group I Stepdown Date or on or after the Group I Stepdown
      Date
      if a Group I Trigger Event is in effect for that Distribution Date, the
      Principal Distribution Amount for that Distribution Date remaining after
      distribution of the Senior Principal Distribution Amount or (ii) on or after
      the
      Group I Stepdown Date if a Group I Trigger Event is not in effect for that
      Distribution Date, the amount, if any, by which (x) the sum of (i) the aggregate
      Certificate Principal Balance of the Group I Senior Certificates, after giving
      effect to payments on such Distribution Date and (ii) the Certificate Principal
      Balance of the Class I-M-1 Certificates immediately prior to such Distribution
      Date exceeds (y) the lesser of (A) the product of (i) approximately 87.80%
      and
      (ii) the aggregate Stated Principal Balance of the Group I Mortgage Loans for
      such Distribution Date and (B) the amount, if any, by which (i) the aggregate
      Stated Principal Balance of the Group I Mortgage Loans for such Distribution
      Date exceeds (ii) 0.35% of the aggregate Stated Principal Balance of the Group
      I
      Mortgage Loans as of the Cut-off Date.

     

    Class
      I-M-2 Certificate: Any Certificate designated as a “Class I-M-2 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 I-M-2
      Certificates as set forth herein and evidencing (i) a REMIC Regular Interest
      in
      REMIC IB and (ii) the right to receive the related Net WAC Rate Carryover
      Amounts.

     

    Class
      I-M-2 Pass-Through Rate:  With respect to any Distribution Date,
      the lesser of (i)(A) on or prior to the first possible Optional Termination
      Date
      with respect to the Group I Mortgage Loans, 6.6500% per annum or (B) after
      the
      first possible Optional Termination Date with respect to the Group I Mortgage
      Loans and related REO Properties, 7.1500% per annum and (ii) the related Net
      WAC
      Pass-Through Rate.

     

    Class
      I-M-2 Principal Distribution Amount: With respect to any Distribution Date
      (i) prior to the Group I Stepdown Date or on or after the Group I Stepdown
      Date
      if a Group I Trigger Event is in effect for that Distribution Date, the
      Principal Distribution Amount for that Distribution Date remaining after
      distribution of the Senior Principal Distribution Amount and the Class I-M-1
      Principal Distribution Amount or (ii) on or after the Group I Stepdown Date
      if a
      Group I Trigger Event is not in effect for that Distribution Date, the amount,
      if any, by which (x) the sum of (i) the aggregate Certificate Principal Balance
      of the Group I Senior Certificates and Class I-M-1 Certificates, in each case,
      after giving effect to payments on such Distribution Date and (ii) the
      Certificate Principal Balance of the Class I-M-2 Certificates immediately prior
      to such Distribution Date exceeds (y) the lesser of (A) the product of (i)
      approximately 89.40% and (ii) the aggregate Stated Principal Balance of the
      Group I Mortgage Loans for such Distribution Date and (B) the amount, if any,
      by
      which (i) the aggregate principal balance of the Group I Mortgage Loans for
      such
      Distribution Date exceeds (ii) 0.35% of the aggregate Stated Principal Balance
      of the Group I Mortgage Loans as of the Cut-off Date.

     

    Class
      I-M-3 Certificate: Any Certificate designated as a “Class I-M-3 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 I-M-3
      Certificates as set forth herein and evidencing (i) a REMIC Regular Interest
      in
      REMIC IB and (ii) the right to receive the related Net WAC Rate Carryover
      Amounts.

     

    Class
      I-M-3 Pass-Through Rate:  With respect to any Distribution Date,
      the lesser of (i)(A) on or prior to the first possible Optional Termination
      Date
      with respect to the Group I Mortgage Loans and related REO Properties, 6.6500%
      per annum or (B) after the first possible Optional Termination Date with respect
      to the Group I Mortgage Loans and related REO Properties, 7.1500% per annum
      and
      (ii) the related Net WAC Pass-Through Rate.

     

    Class
      I-M-3
      Principal Distribution Amount:
      With respect to
      any Distribution Date (i) prior to the Group I Stepdown Date or on or after
      the
      Group I Stepdown Date if a Group I Trigger Event is in effect for that
      Distribution Date, the Principal Distribution Amount for that Distribution
      Date
      remaining after distribution of the Senior Principal Distribution Amount, the
      Class I-M-1 Principal Distribution Amount and the Class I-M-2 Principal
      Distribution Amount or (ii) on or after the Group I Stepdown Date if a Group
      I
      Trigger Event is not in effect for that Distribution Date, the amount, if
      any, by which (x) the sum of (i) the aggregate Certificate Principal Balances
      of
      the Group I
      Senior Certificates, Class I-M-1 Certificates and Class I-M-2
      Certificates, in each case, after giving effect to payments on such Distribution
      Date and (ii) the Certificate Principal Balance of the Class I-M-3 Certificates
      immediately prior to such Distribution Date exceeds (y) the lesser of (A) the
      product of (i) approximately 92.30% and (ii) the aggregate Stated Principal
      Balance of the Group I Mortgage Loans for such Distribution Date and (B) the
      amount, if any, by which (i) the aggregate Stated Principal Balance of the
      Group
      I Mortgage Loans for such Distribution Date exceeds (ii) 0.35% of the aggregate
      Stated Principal Balance of the Group I Mortgage Loans as of the Cut-off
      Date.

     

    Class
      I-M-4 Certificate: Any Certificate designated as a “Class I-M-4 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 I-M-4
      Certificates as set forth herein and evidencing (i) a REMIC Regular Interest
      in
      REMIC IB and (ii) the right to receive the related Net WAC Rate Carryover
      Amounts.

     

    Class
      I-M-4 Pass-Through Rate:  With respect to any Distribution Date,
      the lesser of (i)(A) on or prior to the first possible Optional Termination
      Date
      with respect to the Group I Mortgage Loans and related REO Properties, 6.6500%
      per annum or (B) after the first possible Optional Termination Date with respect
      to the Group I Mortgage Loans and related REO Properties, 7.1500% per annum
      and
      (ii) the related Net WAC Pass-Through Rate.

     

    Class
      I-M-4
      Principal Distribution Amount:
      With respect to
      any Distribution Date (i) prior to the Group I Stepdown Date or on or after
      the
      Group I Stepdown Date if a Group I Trigger Event is in effect for that
      Distribution Date, the Principal Distribution Amount for that Distribution
      Date
      remaining after distribution of the Senior Principal Distribution Amount, the
      Class I-M-1 Principal Distribution Amount, the Class I-M-2 Principal
      Distribution Amount and the Class I-M-3 Principal Distribution Amount or (ii)
      on
      or after the Group I Stepdown Date if a Group I Trigger Event is not in effect
      for that Distribution Date, the amount, if any, by which (x) the sum of
      (i) the aggregate Certificate Principal Balances of the Group I
      Senior Certificates, Class I-M-1 Certificates, Class I-M-2 Certificates
      and Class I-M-3 Certificates, in each case, after giving effect to payments
      on
      such Distribution Date and (ii) the Certificate Principal Balance of the Class
      I-M-4 Certificates immediately prior to such Distribution Date exceeds (y)
      the
      lesser of (A) the product of (i) approximately 93.50% and (ii) the aggregate
      Stated Principal Balance of the Group I Mortgage Loans for such Distribution
      Date and (B) the amount, if any, by which (i) the aggregate Stated Principal
      Balance of the Group I Mortgage Loans for such Distribution Date exceeds (ii)
      0.35% of the aggregate Stated Principal Balance of the Group I Mortgage Loans
      as
      of the Cut-off Date.

     

    Class
      I-M-5 Certificate: Any Certificate designated as a “Class I-M-5 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 I-M-3
      Certificates as set forth herein and evidencing (i) a REMIC Regular Interest
      in
      REMIC IB and (ii) the right to receive the related Net WAC Rate Carryover
      Amounts.

     

    Class
      I-M-5 Pass-Through Rate:  With respect to any Distribution Date,
      the lesser of (i)(A) on or prior to the first possible Optional Termination
      Date
      with respect to the Group I Mortgage Loans and related REO Properties, 6.6500%
      per annum or (B) after the first possible Optional Termination Date with respect
      to the Group I Mortgage Loans and related REO Properties, 7.1500% per annum
      and
      (ii) the related Net WAC Pass-Through Rate.

     

    Class
      I-M-5
      Principal Distribution Amount:
      With respect to
      any Distribution Date (i) prior to the Group I Stepdown Date or on or after
      the
      Group I Stepdown Date if a Group I Trigger Event is in effect for that
      Distribution Date, the Principal Distribution Amount for that Distribution
      Date
      remaining after distribution of the Senior Principal Distribution Amount, the
      Class I-M-1 Principal Distribution Amount, the Class I-M-2 Principal
      Distribution Amount, the Class I-M-3 Principal Distribution Amount and the
      Class
      I-M-4 Principal Distribution Amount or (ii) on or after the Group I Stepdown
      Date if a Group I Trigger Event is not in effect for that Distribution Date,
      the amount, if any, by which (x) the sum of (i) the aggregate Certificate
      Principal Balances of the Group I
      Senior Certificates, Class I-M-1 Certificates, Class I-M-2 Certificates,
      Class I-M-3 Certificates and Class I-M-4 Certificates, in each case, after
      giving effect to payments on such Distribution Date and (ii) the Certificate
      Principal Balance of the Class I-M-5 Certificates immediately prior to such
      Distribution Date exceeds (y) the lesser of (A) the product of (i) approximately
      94.80% and (ii) the aggregate Stated Principal Balance of the Group I Mortgage
      Loans for such Distribution Date and (B) the amount, if any, by which (i) the
      aggregate Stated Principal Balance of the Group I Mortgage Loans for such
      Distribution Date exceeds (ii) 0.35% of the aggregate Stated Principal Balance
      of the Group I Mortgage Loans as of the Cut-off Date.

     

    Class
      I-M-6 Certificate: Any Certificate designated as a “Class I-M-6 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 I-M-6
      Certificates as set forth herein and evidencing (i) a REMIC Regular Interest
      in
      REMIC IC and (ii) the right to receive the related Net WAC Rate Carryover
      Amounts.

     

    Class
      I-M-6 Pass-Through Rate:  With respect to any Distribution Date,
      the lesser of (i)(A) on or prior to the first possible Optional Termination
      Date
      with respect to the Group I Mortgage Loans and related REO Properties, 6.6500%
      per annum or (B) after the first possible Optional Termination Date with respect
      to the Group I Mortgage Loans and related REO Properties, 7.1500% per annum
      and
      (ii) the related Net WAC Pass-Through Rate.

     

    Class
      I-M-6
      Principal Distribution Amount:
      With respect to
      any Distribution Date (i) prior to the Group I Stepdown Date or on or after
      the
      Group I Stepdown Date if a Group I Trigger Event is in effect for that
      Distribution Date, the Principal Distribution Amount for that Distribution
      Date
      remaining after distribution of the Senior Principal Distribution Amount, the
      Class I-M-1 Principal Distribution Amount, the Class I-M-2 Principal
      Distribution Amount, the Class I-M-3 Principal Distribution Amount, the Class
      I-M-4 Principal Distribution Amount and the Class I-M-5 Principal Distribution
      Amount or (ii) on or after the Group I Stepdown Date if a Group I Trigger Event
      is not in effect for that Distribution Date, the amount, if any, by which
      (x) the sum of (i) the aggregate Certificate Principal Balances of the Group I
      Senior Certificates, Class I-M-1 Certificates, Class I-M-2 Certificates,
      Class I-M-3 Certificates, Class I-M-4 Certificates and Class I-M-5 Certificates,
      in each case, after giving effect to payments on such Distribution Date and
      (ii)
      the Certificate Principal Balance of the Class I-M-6 Certificates immediately
      prior to such Distribution Date exceeds (y) the lesser of (A) the product of
      (i)
      approximately 96.00% and (ii) the aggregate Stated Principal Balance of the
      Group I Mortgage Loans for such Distribution Date and (B) the amount, if any,
      by
      which (i) the aggregate Stated Principal Balance of the Group I Mortgage Loans
      for such Distribution Date exceeds (ii) 0.35% of the aggregate Stated Principal
      Balance of the Group I Mortgage Loans as of the Cut-off Date.

     

    Class
      I-P Certificate: Any Certificate designated as a “Class I-P 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 I-P Certificates
      as set forth herein and evidencing a Regular Interest in REMIC ID.

     

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

     

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

     

    Class
      I-R Certificate: Any Certificate designated a “Class I-R Certificate” on the
      face thereof, in substantially the form set forth in Exhibit A-7 hereto,
      evidencing the Class R-1A Interest and Class R-1B Interest.

     

    Class
      I-R-X Certificate: Any Certificate designated a “Class I-R-X Certificate” on
      the face thereof, in substantially the form set forth in Exhibit A-7
      hereto, evidencing the Class R-1C Interest and Class R-1D Interest.

     

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

     

    Class
      I-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
      I-X Certificates for such Distribution Date and (iii) any Overcollateralization
      Reduction Amount for such Distribution Date remaining after payments pursuant
      to
      items 1 through 9 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 Group I Certificates has been reduced
      to zero, the Class I-X Distribution Amount shall include the Group I
      Overcollateralization Amount.

     

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

     

    Class
      I-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 IA Regular Interests (other than REMIC IA Regular Interest LTI-P).
      For purposes of calculating the Pass-Through Rate for the Class I-X
      Certificates, the numerator is equal to the sum of the following
      components:

     

    (A)           the
      Uncertificated REMIC IB Pass-Through Rate for REMIC IA
      Regular  Interest LTI-AA minus the Group I Marker Rate, applied to an
      amount equal to the Uncertificated Principal Balance of REMIC IA
      Regular  Interest LTI-AA;

     

    (B)           the
      Uncertificated REMIC IB Pass-Through Rate for REMIC IA
      Regular  Interest LTI-IA1A minus the Group I Marker Rate, applied to
      an amount equal to the Uncertificated Principal Balance of REMIC IA
      Regular  Interest LTI-IA1A;

     

    (C)           the
      Uncertificated REMIC IB Pass-Through Rate for REMIC IA
      Regular  Interest LTI-IA1B minus the Group I Marker Rate, applied to
      an amount equal to the Uncertificated Principal Balance of REMIC IA
      Regular  Interest LTI-IA1B;

     

    (D)           the
      Uncertificated REMIC IB Pass-Through Rate for REMIC IA
      Regular  Interest LTI-IA2 minus the Group I Marker Rate, applied to an
      amount equal to the Uncertificated Principal Balance of REMIC IA
      Regular  Interest LTI-IA2;

     

    (E)           the
      Uncertificated REMIC IB Pass-Through Rate for REMIC IA
      Regular  Interest LTI-IA3 minus the Group I Marker Rate, applied to an
      amount equal to the Uncertificated Principal Balance of REMIC IA
      Regular  Interest LTI-IA3;

     

    (F)           the
      Uncertificated REMIC IB Pass-Through Rate for REMIC IA
      Regular  Interest LTI-IA4 minus the Group I Marker Rate, applied to an
      amount equal to the Uncertificated Principal Balance of REMIC IA
      Regular  Interest LTI-IA4;

     

    (G)           the
      Uncertificated REMIC IB Pass-Through Rate for REMIC IA
      Regular  Interest LTI-IA5 minus the Group I Marker Rate, applied to an
      amount equal to the Uncertificated Principal Balance of REMIC IA
      Regular  Interest LTI-IA5;

     

    (H)           the
      Uncertificated REMIC IB Pass-Through Rate for REMIC IA
      Regular  Interest LTI-IA6 minus the Group I Marker Rate, applied to an
      amount equal to the Uncertificated Principal Balance of REMIC IA
      Regular  Interest LTI-IA6;

     

    (I)           the
      Uncertificated REMIC IB Pass-Through Rate for REMIC IA
      Regular  Interest LTI-IM1 minus the Group I Marker Rate, applied to an
      amount equal to the Uncertificated Principal Balance of REMIC IA
      Regular  Interest LTI-IM1;

     

    (J)           the
      Uncertificated REMIC IB Pass-Through Rate for REMIC IA
      Regular  Interest LTI-IM2 minus the Group I Marker Rate, applied to an
      amount equal to the Uncertificated Principal Balance of REMIC IA
      Regular  Interest LTI-IM2;

     

    (K)           the
      Uncertificated REMIC IB Pass-Through Rate for REMIC IA
      Regular  Interest LTI-IM3 minus the Group I Marker Rate, applied to an
      amount equal to the Uncertificated Principal Balance of REMIC IA
      Regular  Interest LTI-IM3;

     

    (L)           the
      Uncertificated REMIC IB Pass-Through Rate for REMIC IA
      Regular  Interest LTI-IM4 minus the Group I Marker Rate, applied to an
      amount equal to the Uncertificated Principal Balance of REMIC IA
      Regular  Interest LTI-IM4;

     

    (M)           the
      Uncertificated REMIC IB Pass-Through Rate for REMIC IA
      Regular  Interest LTI-IM5 minus the Group I Marker Rate, applied to an
      amount equal to the Uncertificated Principal Balance of REMIC IA
      Regular  Interest LTI-IM5;

     

    (N)           the
      Uncertificated REMIC IB Pass-Through Rate for REMIC IA
      Regular  Interest LTI-IM6 minus the Group I Marker Rate, applied to an
      amount equal to the Uncertificated Principal Balance of REMIC IA
      Regular  Interest LTI-IM6; and

     

    (O)           the
      Uncertificated REMIC IB Pass-Through Rate for REMIC IA
      Regular  Interest LTI-ZZ minus the Group I Marker Rate, applied to an
      amount equal to the Uncertificated Principal Balance of REMIC IA
      Regular  Interest LTI-ZZ.

     

    Class
      II-A-1 Certificate:  Any Certificate designated as a “Class II-A-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 II-A-1 Certificates as set forth herein and evidencing (i) a Regular
      Interest in REMIC IIC, (ii) the right to receive the related Basis Risk
      Shortfall and (iii) the obligation to pay any Class II-IO Distribution
      Amount.

     

    Class
      II-A-1 Pass-Through Rate:  With respect to each Distribution Date,
      a per annum rate equal to the least of (i) the sum of One-Month LIBOR for that
      Distribution Date plus the related Certificate Margin for such Distribution
      Date, (ii) the Net Funds Cap, (iii) the Maximum Interest Rate and (iv) the
      Cap
      Rate.

     

    Class
      II-A-2 Certificate:  Any Certificate designated as a “Class II-A-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 II-A-2 Certificates as set forth herein and evidencing (i) a Regular
      Interest in REMIC IIC, (ii) the right to receive the related Basis Risk
      Shortfall and (iii) the obligation to pay any Class II-IO Distribution
      Amount.

     

    Class
      II-A-2 Pass-Through Rate:  With respect to each Distribution Date,
      a per annum rate equal to the least of (i) the sum of One-Month LIBOR for that
      Distribution Date plus the related Certificate Margin for such Distribution
      Date, (ii) the Net Funds Cap, (iii) the Maximum Interest Rate and (iv) the
      Cap
      Rate.

     

    Class
      II-A-3 Certificate:  Any Certificate designated as a “Class II-A-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 II-A-3 Certificates as set forth herein and evidencing (i) a Regular
      Interest in REMIC IIC, (ii) the right to receive the related Basis Risk
      Shortfall and (iii) the obligation to pay any Class II-IO Distribution
      Amount.

     

    Class
      II-A-3 Pass-Through Rate:  With respect to each Distribution Date,
      a per annum rate equal to the least of (i) the sum of One-Month LIBOR for that
      Distribution Date plus the related Certificate Margin for such Distribution
      Date, (ii) the Net Funds Cap, (iii) the Maximum Interest Rate and (iv) the
      Cap
      Rate.

     

    Class
      II-A-4 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 II-A-4 Certificates and the
      denominator of which is the aggregate Certificate Principal Balance of all
      of
      the Group II Senior Certificates, in each case immediately prior to that
      Distribution Date.

     

    Class
      II-A-4 Certificate: Any Certificate designated as a “Class II-A-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 II-A-4 Certificates as set forth herein and evidencing (i) a Regular
      Interest in REMIC IIC, (ii) the right to receive the related Basis Risk
      Shortfall and (iii) the obligation to pay any Class II-IO Distribution
      Amount.

     

    Class
      II-A-4 Pass-Through Rate: With respect to each Distribution Date, a per
      annum rate equal to the least of (i) the sum of One-Month LIBOR for that
      Distribution Date plus the related Certificate Margin for such Distribution
      Date, (ii) the Net Funds Cap, (iii) the Maximum Interest Rate and (iv) the
      Cap
      Rate.

     

    Class
      II-A-M 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 II-A-M Certificates and the
      denominator of which is the aggregate Certificate Principal Balance of all
      of
      the Group II Senior Certificates, in each case immediately prior to that
      Distribution Date.

     

    Class
      II-A-M Certificate:  Any Certificate designated as a “Class II-A-M
      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 II-A-M Certificates as set forth herein and evidencing (i) a Regular
      Interest in REMIC IIC, (ii) the right to receive the related Basis Risk
      Shortfall and (iii) the obligation to pay any Class II-IO Distribution
      Amount.

     

    Class
      II-A-M Certificate Insurer: Ambac Assurance Corporation, a Wisconsin
      domiciled stock insurance corporation, or any successor thereto as provided
      in
      the Class II-A-M  Insurance Agreement.

     

    Class
      II-A-M Certificate Insurer Default:  An insurer default will occur
      in the event the Class II-A-M Certificate Insurer fails to make a payment under
      the Class II-A-M Policy or if certain events of bankruptcy or insolvency occur
      with respect to the Class II-A-M Certificate Insurer.

     

    Class
      II-A-M Commitment Letter: The commitment letter dated May 10, 2007, from the
      Sponsor to the Class II-A-M Certificate Insurer with regard to the Class II-A-M
      Certificates.

     

    Class
      II-A-M Net Funds Cap: With respect to any Distribution Date and the Class
      II-A-M Certificates, the excess of (a) a fraction, expressed as a percentage,
      the numerator of which is the product of (1) the Optimal Interest Remittance
      Amount for the Group II Mortgage Loans and such Distribution Date, minus the
      sum
      of (x) any Net Swap Payment payable to the Swap Provider on such Distribution
      Date and (y) any Swap Termination Payment (unless such payment is the result
      of
      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) payable to the Swap Provider on such Distribution Date
      and (2) 12, and the denominator of which is the outstanding aggregate Stated
      Principal Balance of the Group II Mortgage Loans for the immediately preceding
      Distribution Date, over (b) a fraction, expressed as a percentage, the numerator
      of which is the product of (1) any policy premium related to the Class II-A-M
      Certificates payable to the Class II-A-M Certificate Insurer on such
      Distribution Date and (2) 12, and the denominator of which is the outstanding
      Certificate Principal Balance of the Class II-A-M Certificates immediately
      preceding the Distribution Date; multiplied by a fraction, the numerator of
      which is 30 and the denominator of which is the actual number of days elapsed
      in
      the immediately preceding Accrual Period.  For federal income tax
      purposes, the equivalent of the foregoing shall be expressed as the weighted
      average of the Uncertificated REMIC IIB Pass-Through Rates on the REMIC IIB
      Regular Interests (other than REMIC IIB Regular Interest LTII-II-IO and REMIC
      IIB Regular Interest LTII-P), weighted on the basis of the Uncertificated
      Principal Balance of each such REMIC IIB Regular Interest minus the Class II-A-M
      Policy Premium Rate.

     

    Class
      II-A-M Policy: The certificate guaranty insurance policy (No. AB1078BE)
      issued by the Class II-A-M Certificate Insurer for the benefit of the Class
      II-A-M Certificateholders.

     

    Class
      II-A-M Policy Premium: The premium set forth in the Class II-A-M Commitment
      Letter.

     

    Clause
      II-A-M Policy Premium Accrual Period:  will be based on a 360-day
      year consisting of twelve 30-day months.

     

    Class
      II-A-M Policy Premium Rate: The rate per annum set forth in the Class II-A-M
      Commitment Letter.

     

    Class
      II-A-M Pass-Through Rate:  With respect to each Distribution Date,
      a per annum rate equal to the least of (i) the sum of One-Month LIBOR for that
      Distribution Date plus the related Certificate Margin for such Distribution
      Date, (ii) the Class II-A-M Net Funds Cap, (iii) the Maximum Interest Rate
      and
      (iv) the Cap Rate.

     

    Class
      II-M-1 Certificate: Any Certificate designated as a “Class II-M-1
      Certificate” on the face thereof, in the form of Exhibit A-4 hereto,
      representing the right to its Percentage Interest of distributions provided
      for
      the Class II-M-1 Certificates as set forth herein and evidencing (i) a Regular
      Interest in REMIC IIC, (ii) the right to receive the related Basis Risk
      Shortfall and (iii) the obligation to pay any Class II-IO Distribution
      Amount.

     

    Class
      II-M-1 Pass-Through Rate: With respect to each Distribution Date, a per
      annum rate equal to the least of (i) the sum of One-Month LIBOR for that
      Distribution Date plus the related Certificate Margin for that Distribution
      Date, (ii) the Net Funds Cap, (iii) the Maximum Interest Rate and (iv) the
      Cap
      Rate.

     

    Class
      II-M-1 Principal Payment Amount: with respect to any Distribution Date on or
      after the Group II Stepdown Date and as long as a Group II Trigger Event is
      not
      in effect with respect to such Distribution Date, will be the amount, if any,
      by
      which (x) the sum of (i) the Certificate Principal Balances of the Group II
      Senior Certificates, after giving effect to payments on such Distribution Date
      and (ii) the Certificate Principal Balance of the Class II-M-1 Certificates
      immediately prior to such Distribution Date exceeds (y) the lesser of (A) the
      product of (i) approximately 87.20% and (ii) the Aggregate Loan Balance for
      such
      Distribution Date (after giving effect to scheduled payments of principal due
      during the related Due Period to the extent received or advanced, unscheduled
      collections of principal received during the related Prepayment Period and
      after
      reduction for Realized Losses on the Group II Mortgage Loans incurred during
      the
      related Due Period) and (B) the amount, if any, by which (i) the Aggregate
      Loan
      Balance for such Distribution Date (after giving effect to scheduled payments
      of
      principal due during the related Due Period to the extent received or advanced,
      unscheduled collections of principal received during the related Prepayment
      Period and after reduction for Realized Losses on the Group II Mortgage Loans
      incurred during the related Due Period) exceeds (ii) 0.35% of the Aggregate
      Loan
      Balance as of the Cut-off Date.

     

    Class
      II-M-2 Certificate: Any Certificate designated as a “Class II-M-2
      Certificate” on the face thereof, in the form of Exhibit A-4 hereto,
      representing the right to its Percentage Interest of distributions provided
      for
      the Class II-M-2 Certificates as set forth herein and evidencing (i) a Regular
      Interest in REMIC IIC, (ii) the right to receive the related Basis Risk
      Shortfall and (iii) the obligation to pay any Class II-IO Distribution
      Amount.

     

    Class
      II-M-2 Pass-Through Rate: With respect to each Distribution Date, a per
      annum rate equal to the least of (i) the sum of One-Month LIBOR for that
      Distribution Date plus the related Certificate Margin for that Distribution
      Date, (ii) the Net Funds Cap, (iii) the Maximum Interest Rate and (iv) the
      Cap
      Rate.

     

    Class
      II-M-2 Principal Payment Amount: With respect to any Distribution Date on or
      after the Group II Stepdown Date and as long as a Group II Trigger Event is
      not
      in effect with respect to such Distribution Date, will be the amount, if any,
      by
      which (x) the sum of (i) the Certificate Principal Balances of the Group II
      Senior Certificates and Class II-M-1 Certificates, in each case, after giving
      effect to payments on such Distribution Date and (ii) the Certificate Principal
      Balance of the Class II-M-2 Certificates immediately prior to such Distribution
      Date exceeds (y) the lesser of (A) the product of (i) approximately 89.80%
      and
      (ii) the Aggregate Loan Balance for such Distribution Date (after giving effect
      to scheduled payments of principal due during the related Due Period to the
      extent received or advanced, unscheduled collections of principal received
      during the related Prepayment Period and after reduction for Realized Losses
      on
      the Group II Mortgage Loans incurred during the related Due Period) and (B)
      the
      amount, if any, by which (i) the Aggregate Loan Balance for such Distribution
      Date (after giving effect to scheduled payments of principal due during the
      related Due Period to the extent received or advanced, unscheduled collections
      of principal received during the related Prepayment Period and after reduction
      for Realized Losses on the Group II Mortgage Loans incurred during the related
      Due Period) exceeds (ii) 0.35% of the Aggregate Loan Balance as of the Cut-off
      Date.

     

    Class
      II-M-3 Certificate: Any Certificate designated as a “Class II-M-3
      Certificate” on the face thereof, in the form of Exhibit A-4 hereto,
      representing the right to its Percentage Interest of distributions provided
      for
      the Class II-M-3 Certificates as set forth herein and evidencing (i) a Regular
      Interest in REMIC IIC, (ii) the right to receive the related Basis Risk
      Shortfall and (iii) the obligation to pay any Class II-IO Distribution
      Amount.

     

    Class
      II-M-3 Pass-Through Rate:  With respect to each Distribution Date,
      a per annum rate equal to the least of (i) the sum of One-Month LIBOR for that
      Distribution Date plus the related Certificate Margin for that Distribution
      Date, (ii) the Net Funds Cap, (iii) the Maximum Interest Rate and (iv) the
      Cap
      Rate.

     

    Class
      II-M-3 Principal Payment Amount: With respect to any Distribution Date on or
      after the Group II Stepdown Date and as long as a Group II Trigger Event is
      not
      in effect with respect to such Distribution Date, will be the amount, if any, by
      which (x) the sum of (i) the Certificate Principal Balances of the Group II
      Senior Certificates, Class II-M-1 Certificates and Class II-M-2 Certificates,
      in
      each case, after giving effect to payments on such Distribution Date and (ii)
      the Certificate Principal Balance of the Class II-M-3 Certificates immediately
      prior to such Distribution Date exceeds (y) the lesser of (A) the product of
      (i)
      approximately 91.40% and (ii) the Aggregate Loan Balance for such Distribution
      Date (after giving effect to scheduled payments of principal due during the
      related Due Period to the extent received or advanced, unscheduled collections
      of principal received during the related Prepayment Period and after reduction
      for Realized Losses on the Group II Mortgage Loans incurred during the related
      Due Period) and (B) the amount, if any, by which (i) the Aggregate Loan Balance
      for such Distribution Date (after giving effect to scheduled payments of
      principal due during the related Due Period to the extent received or advanced,
      unscheduled collections of principal received during the related Prepayment
      Period and after reduction for Realized Losses on the Group II Mortgage Loans
      incurred during the related Due Period) exceeds (ii) 0.35% of the Aggregate
      Loan
      Balance as of the Cut-off Date.

     

    Class
      II-M-4 Certificate:  Any Certificate designated as a “Class II-M-4
      Certificate” on the face thereof, in the form of Exhibit A-4 hereto,
      representing the right to its Percentage Interest of distributions provided
      for
      the Class II-M-4 Certificates as set forth herein and evidencing (i) a Regular
      Interest in REMIC IIC, (ii) the right to receive the related Basis Risk
      Shortfall and (iii) the obligation to pay any Class II-IO Distribution
      Amount.

     

    Class
      II-M-4 Pass-Through Rate:  With respect to each Distribution Date,
      a per annum rate equal to the least of (i) the sum of One-Month LIBOR for that
      Distribution Date plus the related Certificate Margin for that Distribution
      Date, (ii) the related Net Funds Cap, (iii) the related Maximum Interest Rate
      and (iv) the Cap Rate.

     

    Class
      II-M-4 Principal Payment Amount: With respect to any Distribution Date on or
      after the Group II Stepdown Date and as long as a Group II Trigger Event is
      not
      in effect with respect to such Distribution Date, will be the amount, if any,
      by
      which (x) the sum of (i) the Certificate Principal Balances of the Group II
      Senior Certificates, Class II-M-1, Class II-M-2 and Class II-M-3 Certificates,
      in each case, after giving effect to payments on such Distribution Date and
      (ii)
      the Certificate Principal Balance of the Class II-M-4 Certificates immediately
      prior to such Distribution Date exceeds (y) the lesser of (A) the product of
      (i)
      approximately 92.80% and (ii) the Aggregate Loan Balance for such Distribution
      Date (after giving effect to scheduled payments of principal due during the
      related Due Period to the extent received or advanced, unscheduled collections
      of principal received during the related Prepayment Period and after reduction
      for Realized Losses on the Group II Mortgage Loans incurred during the related
      Due Period) and (B) the amount, if any, by which (i) the Aggregate Loan Balance
      for such Distribution Date (after giving effect to scheduled payments of
      principal due during the related Due Period to the extent received or advanced,
      unscheduled collections of principal received during the related Prepayment
      Period and after reduction for Realized Losses on the Group II Mortgage Loans
      incurred during the related Due Period) exceeds (ii) 0.35% of the Aggregate
      Loan
      Balance as of the Cut-off Date.

     

    Class
      II-M-5 Certificate:  Any Certificate designated as a “Class II-M-5
      Certificate” on the face thereof, in the form of Exhibit A-4 hereto,
      representing the right to its Percentage Interest of distributions provided
      for
      the Class II-M-5 Certificates as set forth herein and evidencing (i) a Regular
      Interest in REMIC IIC, (ii) the right to receive the related Basis Risk
      Shortfall and (iii) the obligation to pay any Class II-IO Distribution
      Amount.

     

    Class
      II-M-5 Pass-Through Rate:  With respect to each Distribution Date,
      a per annum rate equal to the least of (i) the sum of One-Month LIBOR for that
      Distribution Date plus the related Certificate Margin for that Distribution
      Date, (ii) the Net Funds Cap, (iii) the Maximum Interest Rate and (iv) the
      Cap
      Rate.

     

    Class
      II-M-5 Principal Payment Amount: with respect to any Distribution Date on or
      after the Group II Stepdown Date and as long as a Group II Trigger Event is
      not
      in effect with respect to such Distribution Date, will be the amount, if any,
      by
      which (x) the sum of (i) the Certificate Principal Balances of the Group II
      Senior Certificates, Class II-M-1, Class II-M-2, Class II-M-3 and Class II-M-4
      Certificates, in each case, after giving effect to payments on such Distribution
      Date and (ii) the Certificate Principal Balance of the Class II-M-5 Certificates
      immediately prior to such Distribution Date exceeds (y) the lesser of (A) the
      product of (i) approximately 94.10% and (ii) the Aggregate Loan Balance for
      such
      Distribution Date (after giving effect to scheduled payments of principal due
      during the related Due Period to the extent received or advanced, unscheduled
      collections of principal received during the related Prepayment Period and
      after
      reduction for Realized Losses on the Group II Mortgage Loans incurred during
      the
      related Due Period) and (B) the amount, if any, by which (i) the Aggregate
      Loan
      Balance for such Distribution Date (after giving effect to scheduled payments
      of
      principal due during the related Due Period to the extent received or advanced,
      unscheduled collections of principal received during the related Prepayment
      Period and after reduction for Realized Losses on the Group II Mortgage Loans
      incurred during the related Due Period) exceeds (ii) 0.35% of the Aggregate
      Loan
      Balance as of the Cut-off Date.

     

    Class
      II-M-6 Certificate:  Any Certificate designated as a “Class II-M-6
      Certificate” on the face thereof, in the form of Exhibit A-4 hereto,
      representing the right to its Percentage Interest of distributions provided
      for
      the Class II-M-6 Certificates as set forth herein and evidencing (i) a Regular
      Interest in REMIC IIC, (ii) the right to receive the related Basis Risk
      Shortfall and (iii) the obligation to pay any Class II-IO Distribution
      Amount.

     

    Class
      II-M-6 Pass-Through Rate:  With respect to each Distribution Date,
      a per annum rate equal to the least of (i) the sum of One-Month LIBOR for that
      Distribution Date plus the related Certificate Margin for that Distribution
      Date, (ii) the related Net Funds Cap, (iii) the related Maximum Interest Rate
      and (iv) the Cap Rate.

     

    Class
      II-M-6 Principal Payment Amount: With respect to any Distribution Date on or
      after the Group II Stepdown Date and as long as a Group II Trigger Event is
      not
      in effect with respect to such Distribution Date, will be the amount, if any,
      by
      which (x) the sum of (i) the Certificate Principal Balances of the Group II
      Senior Certificates, Class II-M-1, Class II-M-2, Class II-M-3, Class II-M-4
      and
      Class II-M-5 Certificates, in each case, after giving effect to payments on
      such
      Distribution Date and (ii) the Certificate Principal Balance of the Class II-M-6
      Certificates immediately prior to such Distribution Date exceeds (y) the lesser
      of (A) the product of (i) approximately 95.20% and (ii) the Aggregate Loan
      Balance for such Distribution Date (after giving effect to scheduled payments
      of
      principal due during the related Due Period to the extent received or advanced,
      unscheduled collections of principal received during the related Prepayment
      Period and after reduction for Realized Losses on the Group II Mortgage Loans
      incurred during the related Due Period) and (B) the amount, if any, by which
      (i)
      the Aggregate Loan Balance for such Distribution Date (after giving effect
      to
      scheduled payments of principal due during the related Due Period to the extent
      received or advanced, unscheduled collections of principal received during
      the
      related Prepayment Period and after reduction for Realized Losses on the Group
      II Mortgage Loans incurred during the related Due Period) exceeds (ii) 0.35%
      of
      the Aggregate Loan Balance as of the Cut-off Date.

     

    Class
      II-M-7 Certificate:  Any Certificate designated as a “Class II-M-7
      Certificate” on the face thereof, in the form of Exhibit A-4 hereto,
      representing the right to its Percentage Interest of distributions provided
      for
      the Class II-M-7 Certificates as set forth herein and evidencing (i) a Regular
      Interest in REMIC IIC, (ii) the right to receive the related Basis Risk
      Shortfall and (iii) the obligation to pay any Class II-IO Distribution
      Amount.

     

    Class
      II-M-7 Pass-Through Rate:  With respect to each Distribution Date,
      a per annum rate equal to the least of (i) the sum of One-Month LIBOR for that
      Distribution Date plus the related Certificate Margin for that Distribution
      Date, (ii) the related Net Funds Cap, (iii) the Maximum Interest Rate and (iv)
      the Cap Rate.

     

    Class
      II-M-7 Principal Payment Amount: With respect to any Distribution Date on or
      after the Group II Stepdown Date and as long as a Group II Trigger Event is
      not
      in effect with respect to such Distribution Date, will be the amount, if any,
      by
      which (x) the sum of (i) the Certificate Principal Balances of the Group II
      Senior Certificates, Class II-M-1, Class II-M-2, Class II-M-3, Class II-M-4,
      Class II-M-5 and Class II-M-6 Certificates, in each case, after giving effect
      to
      payments on such Distribution Date and (ii) the Certificate Principal Balance
      of
      the Class II-M-7 Certificates immediately prior to such Distribution Date
      exceeds (y) the lesser of (A) the product of (i) approximately 96.20% and (ii)
      the Aggregate Loan Balance for such Distribution Date (after giving effect
      to
      scheduled payments of principal due during the related Due Period to the extent
      received or advanced, unscheduled collections of principal received during
      the
      related Prepayment Period and after reduction for Realized Losses on the Group
      II Mortgage Loans incurred during the related Due Period) and (B) the amount,
      if
      any, by which (i) the Aggregate Loan Balance for such Distribution Date (after
      giving effect to scheduled payments of principal due during the related Due
      Period to the extent received or advanced, unscheduled collections of principal
      received during the related Prepayment Period and after reduction for Realized
      Losses on the Group II Mortgage Loans incurred during the related Due Period)
      exceeds (ii) 0.35% of the Aggregate Loan Balance as of the Cut-off
      Date.

     

    Class
      II-M-8 Certificate:  Any Certificate designated as a “Class II-M-8
      Certificate” on the face thereof, in the form of Exhibit A-4 hereto,
      representing the right to its Percentage Interest of distributions provided
      for
      the Class II-M-8 Certificates as set forth herein and evidencing (i) a Regular
      Interest in REMIC IIC, (ii) the right to receive the related Basis Risk
      Shortfall and (iii) the obligation to pay any Class II-IO Distribution
      Amount.

     

    Class
      II-M-8 Pass-Through Rate:  With respect to each Distribution Date,
      a per annum rate equal to the least of (i) the sum of One-Month LIBOR for that
      Distribution Date plus the related Certificate Margin for that Distribution
      Date, (ii) the Net Funds Cap, (iii) the Maximum Interest Rate and (iv) the
      Cap
      Rate.

     

    Class
      II-M-8 Principal Payment Amount: With respect to any Distribution Date on or
      after the Group II Stepdown Date and as long as a Group II Trigger Event is
      not
      in effect with respect to such Distribution Date, will be the amount, if any,
      by
      which (x) the sum of (i) the Certificate Principal Balances of the Group II
      Senior Certificates, Class II-M-1, Class II-M-2, Class II-M-3, Class II-M-4,
      Class II-M-5, Class II-M-6 and Class II-M-7 Certificates, in each case, after
      giving effect to payments on such Distribution Date and (ii) the Certificate
      Principal Balance of the Class II-M-8 Certificates immediately prior to such
      Distribution Date exceeds (y) the lesser of (A) the product of (i) approximately
      97.80% and (ii) the Aggregate Loan Balance for such Distribution Date (after
      giving effect to scheduled payments of principal due during the related Due
      Period to the extent received or advanced, unscheduled collections of principal
      received during the related Prepayment Period and after reduction for Realized
      Losses on the Group II Mortgage Loans incurred during the related Due Period)
      and (B) the amount, if any, by which (i) the Aggregate Loan Balance for such
      Distribution Date (after giving effect to scheduled payments of principal due
      during the related Due Period to the extent received or advanced, unscheduled
      collections of principal received during the related Prepayment Period and
      after
      reduction for Realized Losses on the Group II Mortgage Loans incurred during
      the
      related Due Period) exceeds (ii) 0.35% of the Aggregate Loan Balance as of
      the
      Cut-off Date.

     

    Class
      II-P Certificate: Any Certificate designated as a “Class II-P 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 II-P
      Certificates as set forth herein and evidencing a Regular Interest in REMIC
      IIE.

     

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

     

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

     

    Class
      II-R Certificate: Any Certificate designated as a “Class II-R” Certificate
      on the face thereof in the form of Exhibit A-7 hereto, representing the right
      to
      its Percentage Interest of distributions provided for the Class II-R
      Certificates as set forth herein and evidencing the Class R-2A Interest, Class
      R-2B Interest and Class R-2C Interest.

     

    Class
      II-R-X Certificate: Any Certificate designated a “Class II-R-X Certificate”
on the face thereof, in substantially the form set forth in Exhibit A-7
      hereto, evidencing the Class R-2D Interest, Class R-2E Interest and Class R-1F
      Interest.

     

    Class
      II-X Certificate: Any Certificate designated as a “Class II-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 II-X
      Certificates as set forth herein and evidencing (i) a Regular Interest in REMIC
      IID, (ii) the obligation to pay Basis Risk Shortfalls and (iii) the obligation
      to pay any Class II-IO Distribution Amount.

     

    Class
      II-X Distribution Amount: With respect to any Distribution Date and the
      Class II-X Certificates, the sum of (i) the Current Interest and Carryforward
      Interest and (ii) any Overcollateralization Release Amount for such Distribution
      Date remaining after payments pursuant to items (1) through (20) of
      Section 5.05(a)(iii); provided, however that on and after the Distribution
      Date on which the Certificate Principal Balances of the Group II Senior
      Certificates and Group II Mezzanine Certificates have been reduced to zero,
      the
      Class II-X Distribution Amount shall include the Group II Overcollateralization
      Amount.

     

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

     

    Class
      II-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 REMIC IIB Regular Interest LTII-AA, REMIC IIB Regular Interest LTII-IIA1,
      REMIC IIB Regular Interest LTII-IIA2, REMIC IIB Regular Interest LTII-IIA3,
      REMIC IIB Regular Interest LTII-IIA4, REMIC IIB Regular Interest LTII-IIAM,
      REMIC IIB Regular Interest LTII-IIM1, REMIC IIB Regular Interest LTII-IIM2,
      REMIC IIB Regular Interest LTII-IIM3, REMIC IIB Regular Interest LTII-IIM4,
      REMIC IIB Regular Interest LTII-IIM5, REMIC IIB Regular Interest LTII-IIM6,
      REMIC IIB Regular Interest LTII-IIM7, REMIC IIB Regular Interest LTII-IIM8
      and
      REMIC IIB Regular Interest LTII-ZZ.  For purposes of calculating the
      Pass-Through Rate for the Class II-X Interest, the numerator is equal to
      the sum of the following components:

     

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

     

    (B)  the
      Uncertificated REMIC IIB Pass-Through Rate for REMIC IIB Regular Interest
      LTII-IIA1 minus the Group II Marker Rate, applied to an amount equal to the
      Uncertificated Principal Balance of REMIC IIB Regular Interest
      LTII-A1;

     

    (C)  the
      Uncertificated REMIC IIB Pass-Through Rate for REMIC IIB Regular Interest
      LTII-IIA2 minus the Group II Marker Rate, applied to an amount equal to the
      Uncertificated Principal Balance of REMIC IIB Regular Interest
      LTII-IIA2;

     

    (D)  the
      Uncertificated REMIC IIB Pass-Through Rate for REMIC IIB Regular Interest
      LTII-IIA3 minus the Group II Marker Rate, applied to an amount equal to the
      Uncertificated Principal Balance of REMIC IIB Regular Interest
      LTII-IIA3;

     

    (E)  the
      Uncertificated REMIC IIB Pass-Through Rate for REMIC IIB Regular Interest
      LTII-IIA4 minus the Group II Marker Rate, applied to an amount equal to the
      Uncertificated Principal Balance of REMIC IIB Regular Interest
      LTII-IIA4;

     

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

     

    (G)  the
      Uncertificated REMIC IIB Pass-Through Rate for REMIC IIB Regular Interest
      LTII-IIM1 minus the Group II Marker Rate, applied to an amount equal to the
      Uncertificated Principal Balance of REMIC IIB Regular Interest
      LTII-IIM1;

     

    (H)  the
      Uncertificated REMIC IIB Pass-Through Rate for REMIC IIB Regular Interest
      LTII-IIM2 minus the Group II Marker Rate, applied to an amount equal to the
      Uncertificated Principal Balance of REMIC IIB Regular Interest
      LTII-IIM2;

     

    (I)  the
      Uncertificated REMIC IIB Pass-Through Rate for REMIC IIB Regular Interest
      LTII-IIM3 minus the Group II Marker Rate, applied to an amount equal to the
      Uncertificated Principal Balance of REMIC IIB Regular Interest
      LTII-IIM3;

     

    (J)  the
      Uncertificated REMIC IIB Pass-Through Rate for REMIC IIB Regular Interest
      LTII-IIM4 minus the Group II Marker Rate, applied to an amount equal to the
      Uncertificated Principal Balance of REMIC IIB Regular Interest
      LTII-IIM4;

     

    (K)  the
      Uncertificated REMIC IIB Pass-Through Rate for REMIC IIB Regular Interest
      LTII-IIM5 minus the Group II Marker Rate, applied to an amount equal to the
      Uncertificated Principal Balance of REMIC IIB Regular Interest
      LTII-IIM5;

     

    (L)  the
      Uncertificated REMIC IIB Pass-Through Rate for REMIC IIB Regular Interest
      LTII-IIM6 minus the Group II Marker Rate, applied to an amount equal to the
      Uncertificated Principal Balance of REMIC IIB Regular Interest
      LTII-IIM6;

     

    (M)  the
      Uncertificated REMIC IIB Pass-Through Rate for REMIC IIB Regular Interest
      LTII-IIM7 minus the Group II Marker Rate, applied to an amount equal to the
      Uncertificated Principal Balance of REMIC IIB Regular Interest
      LTII-IIM7;

     

    (N)  the
      Uncertificated REMIC IIB Pass-Through Rate for REMIC IIB Regular Interest
      LTII-IIM8 minus the Group II Marker Rate, applied to an amount equal to the
      Uncertificated Principal Balance of REMIC IIB Regular Interest LTII-IIM8;
      and

     

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

     

    Class
      II-IO Distribution Amount:  As defined in Section 5.14
      hereof.  For purposes of clarity, the Class II-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 II-IO Interest on such Distribution Date, all as further provided in
      Section 5.15 hereof.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Closing
      Date:  May 10, 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 Compensation 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, 2007-1 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 2007-1), 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 2007-1) (or for overnight
      deliveries, at 9062 Old Annapolis Road, Columbia, Maryland 21045, Attention:
      Corporate Trust Services-Client Manager (NAAC 2007-1)), 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
                IA Regular Interest LTI-IA1A, the Class I-A-1A
                Certificates;

            
	 	
              (ii)

            	
              REMIC
                IA Regular Interest LTI-IA1B, the Class I-A-1B
                Certificates;

            
	 	
              (iii)

            	
              REMIC
                IA Regular Interest LTI-IA2, the Class I-A-2
                Certificates;

            
	 	
              (iv)

            	
              REMIC
                IA Regular Interest LTI-IA3, the Class I-A-3
                Certificates;

            
	 	
              (v)

            	
              REMIC
                IA Regular Interest LTI-IA4, the Class I-A-4
                Certificates;

            
	 	
              (vi)

            	
              REMIC
                IA Regular Interest LTI-IA5, the Class I-A-5
                Certificates;

            
	 	
              (vii)

            	
              REMIC
                IA Regular Interest LTI-IA6, the Class I-A-6
                Certificates;

            
	 	
              (viii)

            	
              REMIC
                IA Regular Interest LTI-IM1, the Class I-M-1
                Certificates;

            
	 	
              (ix)

            	
              REMIC
                IA Regular Interest LTI-IM2, the Class I-M-2
                Certificates;

            
	 	
              (x)

            	
              REMIC
                IA Regular Interest LTI-IM3, the Class I-M-3
                Certificates;

            
	 	
              (xi)

            	
              REMIC
                IA Regular Interest LTI-IM4, the Class I-M-4
                Certificates;

            
	 	
              (xii)

            	
              REMIC
                IA Regular Interest LTI-IM5, the Class I-M-5
                Certificates;

            
	 	
              (xiii)

            	
              REMIC
                IA Regular Interest LTI-IM6, the Class I-M-6
                Certificates;

            
	 	
              (xiv)

            	
              REMIC
                IA Regular Interest LTI-IP, the Class I-P Certificates;

            
	 	
              (xv)

            	
              REMIC
                IIB Regular Interest LTII-IIA1, the Class II-A-1
                Certificates,

            
	 	
              (xvi)

            	
              REMIC
                IIB Regular Interest LTII-IIA2, the Class II-A-2
                Certificates,

            
	 	
              (xvii)

            	
              REMIC
                IIB Regular Interest LTII-IIA3, the Class II-A-3
                Certificates;

            
	 	
              (xviii)

            	
              REMIC
                IIB Regular Interest LTII-IIA4, the Class II-A-4
                Certificates;

            
	 	
              (xix)

            	
              REMIC
                IIB Regular Interest LTII-IIAM, the Class II-A-M
                Certificates,

            
	 	
              (xx)

            	
              REMIC
                IIB Regular Interest LTII-IIM1, the Class II-M-1
                Certificates;

            
	 	
              (xxi)

            	
              REMIC
                IIB Regular Interest LTII-IIM2, the Class II-M-2
                Certificates;

            
	 	
              (xxii)

            	
              REMIC
                IIB Regular Interest LTII-IIM3, the Class II-M-3
                Certificates;

            
	 	
              (xxiii)

            	
              REMIC
                IIB Regular Interest LTII-IIM4, the Class II-M-4
                Certificates;

            
	 	
              (xxiv)

            	
              REMIC
                IIB Regular Interest LTII-IIM5, the Class II-M-5
                Certificates;

            
	 	
              (xxv)

            	
              REMIC
                IIB Regular Interest LTII-IIM6, the Class II-M-6
                Certificates;

            
	 	
              (xxvi)

            	
              REMIC
                IIB Regular Interest LTII-IIM7, the Class II-M-7
                Certificates;

            
	 	
              (xxvii)

            	
              REMIC
                IIB Regular Interest LTII-IIM8, the Class II-M-8
                Certificates;

            
	 	
              (xxviii)

            	
              REMIC
                IIB Regular Interest LTII-P, the Class II-P
                Certificates.

            

    

    

    Coverage
      Percentage:  With respect to each PMI Mortgage Loan, the
      percentage of coverage provided by the PMI Policy (as set forth in Schedule
      Two,
      which will remain static throughout the life of the transaction).

     

    Credit
      Enhancement Percentage:  With respect to any Distribution Date and
      any Class of Group I Offered Certificates will be the percentage obtained by
      dividing (x) the sum of (i) the aggregate Certificate Principal Balance of
      the
      Class or Classes of Group I Offered Certificates subordinate thereto and (ii)
      the Group I Overcollateralization Amount by (y) the aggregate Stated Principal
      Balance of the Group I Mortgage Loans, calculated after taking into account
      principal payments on the Group I Mortgage Loans and distribution of the
      Principal Distribution Amount to the holders of the Group I Certificates then
      entitled to distributions of principal on such Distribution Date.

     

    Credit
      Risk Manager:  Wells Fargo Bank, N.A., 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: 0.01% per annum.

     

    Current
      Interest: With respect to any Class of Group II Senior Certificates or Group
      II Mezzanine Certificates and any Distribution Date, the amount of interest
      accruing at the applicable Pass-Through Rate on the related Certificate
      Principal Balance during the related Accrual Period; provided, that as to each
      Class of Group II Senior Certificates and Group II Mezzanine Certificates,
      the
      Current Interest will be reduced by a pro rata portion of any related Net
      Interest Shortfalls to the extent not covered by excess interest. No Current
      Interest will be payable with respect to any Class of Group II Senior
      Certificates or Group II Mezzanine Certificates after the Distribution Date
      on
      which the outstanding Certificate Principal Balance of such Certificate has
      been
      reduced to zero.

     

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

     

    Custodial
      Agreement: The Custodial Agreement dated as of April 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:  April 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.

     

    Deferred
      Amount: With respect to any Class of Group II Senior Certificates or Group
      II Mezzanine Certificates and any Distribution Date, the amount by which (x)
      the
      aggregate of the Applied Loss Amounts previously applied in reduction of the
      Certificate Principal Balance thereof exceeds (y) the aggregate of amounts
      previously paid in reimbursement thereof and the amount by which the Certificate
      Principal Balance of any such Class has been increased due to the collection
      of
      Subsequent Recoveries on the Group II Mortgage Loans.  No interest
      will be paid on Deferred Amounts.

     

    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.

     

    Delinquency
      Rate: With respect to any calendar month and the Group II Mortgage Loans
      will be, generally, the fraction, expressed as a percentage, the numerator
      of
      which is the Aggregate Loan Balance of all Group II Mortgage Loans that are
      60
      or more days delinquent (including all Group II Mortgage Loans in bankruptcy
      or
      foreclosure and all REO Properties) as of the close of business on the last
      day
      of such month, and the denominator of which is the Aggregate Loan Balance of
      the
      Group II Mortgage Loans as of the close of business on the last day of such
      month.

     

    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
      Accounts: The separate Eligible Accounts 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 2007-1, Group I
      Certificates” and “Wells Fargo Bank, N.A., in trust for registered holders of
      Nomura Asset Acceptance Corporation, Asset-Backed Certificates, Series 2007-1,
      Group II Certificates”. Funds in the Distribution Accounts shall be held in
      trust for the related 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 May 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, or (ii) an account or accounts in a depository institution
      or
      trust company in which such accounts are insured by the FDIC (to the limits
      established by the FDIC) and the uninsured deposits in which accounts are
      otherwise secured such that, as evidenced by an Opinion of Counsel delivered
      to
      the Trustee, the Group I Certificate Insurer or Class II-A-M Certificate
      Insurer, as applicable, and to each Rating Agency, the Certificateholders have
      a
      claim with respect to the funds in such account or a perfected first priority
      security interest against any collateral (which shall be limited to Permitted
      Investments) securing such funds that is superior to claims of any other
      depositors or creditors of the depository institution or trust company in which
      such account is maintained, or (iii) 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 and the Group I Certificate
      Insurer or the Class II-A-M Certificate Insurer, as applicable, as evidenced
      in
      writing by the Rating Agencies and the Group I Certificate Insurer or the Class
      II-A-M Certificate Insurer, as applicable. Eligible Accounts may bear interest,
      and may include, if otherwise qualified under this definition, accounts
      maintained with the Trustee or Securities Administrator.

     

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

     

    ERISA
      Restricted Certificate: Each of the Class I-X, Class II-X, Class I-P, Class
      II-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 I-A-1B 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.

     

    Expense
      Fee Rate:  With respect to each Group II Mortgage Loan, the sum of
      the annual rate at which the Servicing Fee, the Credit Risk Manager Fee and
      the
      fee payable to any provider of lender paid mortgage insurance, if any, is
      calculated.

     

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

     

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

     

    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.

     

    Form
      8-K Disclosure Information: Has the meaning set forth in
      Section 5.16(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.

     

    Gross
      Margin: With respect to each Group II Mortgage Loan, the fixed percentage
      set forth in the related Mortgage Note that is added to the Index on each
      Adjustment Date in accordance with the terms of the related Mortgage Note used
      to determine the Mortgage Rate for such Group II Mortgage Loan.

     

    Group
      I Certificate Insurer:  Financial Security Assurance Inc., a New
      York financial guaranty insurance company.

     

    Group
      I Certificate Insurer Default: The failure by the Group I Certificate
      Insurer to make a payment required under the Group I Policy in accordance with
      its terms.

     

    Group
      I Certificate Insurer Fee Rate: 0.095% per annum.

     

    Group
      I Certificates: The Class I-A-1A, Class I-A-1B, Class I-A-2, Class I-A-3,
      Class I-A-4, Class I-A-5, Class I-A-6, Class I-M-1, Class I-M-2, Class I-M-3,
      Class I-M-4, Class I-M-5, Class I-M-6, Class I-P, Class I-X, Class I-R and
      Class
      I-R-X Certificates.

     

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

     

    Group
      I Insurance Agreement: The Insurance and Indemnity Agreement related to the
      Group I Insured Certificates, dated as of May 10, 2007, among the Group I
      Certificate Insurer, the Sponsor and the Depositor as amended, modified or
      supplemented from time to time.

     

    Group
      I Insured Certificates: The Class I-A-3, Class I-A-4, Class I-A-5 and Class
      I-A-6 Certificates.

     

    Group
      I Insured Payments:  Scheduled Payments (as defined in the Group I
      Insurance Agreement).

     

    Group
      I Marker Rate: With respect to the Class I-X Interest and any Distribution
      Date, a per annum rate equal to two (2) times the weighted average of the
      Uncertificated REMIC IA Pass-Through Rates for REMIC IA Regular Interest
      LTI-IA1A, REMIC IA Regular Interest LTI-IA1B, REMIC IA Regular Interest LTI-IA2,
      REMIC IA Regular Interest LTI-IA3, REMIC IA Regular Interest LTI-IA4, REMIC
      IA
      Regular Interest LTI-IA5, REMIC IA Regular Interest LTI-IA6, REMIC IA Regular
      Interest LTI-IM1, REMIC IA Regular Interest LTI-IM2, REMIC IA Regular Interest
      LTI-IM3, REMIC IA Regular Interest LTI-IM4, REMIC IA Regular Interest LTI-IM5,
      REMIC IA Regular Interest LTI-IM6 and REMIC IA Regular Interest LTI-ZZ, with
      the
      rate on each such REMIC IA Regular Interest (other than REMIC IA Regular
      Interest LTI-ZZ) subject to a cap equal to the Pass-Through Rate on the
      Corresponding Certificate and with the rate on REMIC IA Regular Interest LTI-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 IA Pass-Through Rate and the related cap with respect to REMIC IA Regular
      Interest LTI-IA1B 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
      30.

     

    Group
      I Mezzanine Certificates: The Class I-M-1, Class I-M-2, Class I-M-3, Class
      I-M-4, Class I-M-5 and Class I-M-6 Certificates.

     

    Group
      I Mortgage Loans: Those Mortgage Loans identified on the Mortgage Loan
      Schedule as Group I Mortgage Loans.

     

    Group
      I Offered Certificates:  The Group I Senior Certificates and the
      Group I Mezzanine Certificates.

     

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

     

    Group
      I Policy: The financial guaranty insurance policy (No. 51833-N) including
      any endorsements thereto issued by the Group I Certificate Insurer with respect
      to the Group I Insured Certificates.

     

    Group
      I Policy Draw Amount:  With respect to any Distribution Date, the
      excess, if any, of (x) Scheduled Payments (as defined in the Group I Policy)
      on
      the Group I Insured Certificates for such Distribution Date over (y) the amount
      of Available Distribution Amount with respect to Loan Group I on deposit or
      scheduled to be on deposit in the related Distribution Account at the Close
      of
      Business on the second Business Day preceding such Distribution Date that are
      available to be applied to the Group I Insured Certificates in respect of such
      Scheduled Payments (as defined in the Group I Policy) in accordance with Section
      5.04.

     

    Group
      I Premium:  Means “Premium” as defined in the Group I Insurance
      Agreement.

     

    Group
      I Premium Accrual Period:  Will be based on a 360-day year
      consisting of twelve 30-day months.

     

    Group
      I Regular Certificate:  Any Group I Certificate other than a
      Residual Certificate.

     

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

     

    Group
      I Senior Interest Distribution Amount: With respect to any Distribution Date
      and any Class of Group I 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.

     

    Group
      I Stepdown Date: Will be the later to occur of (x) the Distribution Date in
      May 2010 and (y) the first Distribution Date on which the Credit Enhancement
      Percentage of the Group I Senior Certificates (calculated for this purpose
      only
      after taking into account distributions of principal on the Group I Mortgage
      Loans, but prior to any distribution of the Principal Distribution Amount to
      the
      holders of the Group I Certificates then entitled to distributions of principal
      on the Distribution Date) is greater than or equal to approximately
      19.70%.

     

    Group
      I Subordinate Certificates: The Class I-M-1, Class I-M-2, Class I-M-3, Class
      I-M-4, Class I-M-5, Class I-M-6 and Class I-X Certificates.

     

    Group
      I Trigger Event: With respect to any Distribution Date and the Group I
      Mortgage Loans, a Group I Trigger Event is in effect if (x) the percentage
      obtained by dividing (i) the aggregate Stated Principal Balance of Group I
      Mortgage Loans delinquent 60 days or more (including Group I Mortgage Loans
      in
      foreclosure or discharged in bankruptcy or REO Property) by (ii) the aggregate
      Stated Principal Balance of the Group I Mortgage Loans, in each case, as of
      the
      last day of the previous calendar month, exceeds 35.53% of the Credit
      Enhancement Percentage of the Group I Senior Certificates for the prior
      Distribution Date, or (y) the aggregate amount of Realized Losses incurred
      since
      the Cut-off Date through the last day of the related Due Period divided by
      the
      aggregate Stated Principal Balance of the Group I Mortgage Loans as of the
      Cut-off Date exceeds the applicable percentages set forth below with respect
      to
      such Distribution Date:

     

    
      	
              
                Distribution
                  Date

              

            	
              
                Percentage

              

            
	
              May
                2010 to April
                2011                                                                    

            	
              0.80%*

            
	
              May
                2011 to April
                2012                                                                    

            	
              1.45%*

            
	
              May
                2012 to April
                2013                                                                    

            	
              2.05%*

            
	
              May
                2013 to January
                2014                                                                    

            	
              2.40%*

            
	
              May
                2014 and
                thereafter                                                                    

            	
              2.45%

            

    

    *  The
      cumulative loss percentages set forth above are applicable to the first
      Distribution Date in the corresponding range of Distribution Dates. The
      cumulative loss percentage for each succeeding Distribution Date in a range
      increases incrementally by 1/12 of the positive difference between the
      percentage applicable to the first Distribution Date in that range and the
      percentage applicable to the first Distribution Date in the succeeding
      range.

     

    Group
      II Certificates: The Class II-A-1, Class II-A-2, Class II-A-3, Class II-A-4,
      Class II-A-M, Class II-M-1, Class II-M-2, Class II-M-3, Class II-M-4, Class
      II-M-5, Class II-M-6, Class II-M-7, Class II-M-8, Class II-X, Class II-P, Class
      II-R and Class II-R-X Certificates.

     

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

     

    Group
      II Marker Rate:  With respect to the Class II-X Certificates and
      any Distribution Date, a per annum rate equal to two (2) times the weighted
      average of the Uncertificated REMIC IIB Pass-Through Rates for REMIC IIB Regular
      Interest LTII-IIA1, REMIC IIB Regular Interest LTII-IIA2, REMIC IIB Regular
      Interest LTII-IIA3, REMIC IIB Regular Interest LTII-IIA4, REMIC IIB Regular
      Interest LTII-IIAM, REMIC IIB Regular Interest LTII-IIM1, REMIC IIB Regular
      Interest LTII-IIM2, REMIC IIB Regular Interest LTII-IIM3, REMIC IIB Regular
      Interest LTII-IIM4, REMIC IIB Regular Interest LTII-IIM5, REMIC IIB Regular
      Interest LTII-IIM6, REMIC IIB Regular Interest LTII-IIM7, REMIC IIB Regular
      Interest LTII-IIM8 and REMIC IIB Regular Interest LTII-ZZ, with the per annum
      rate on each such REMIC IIB Regular Interest (other than REMIC IIB Regular
      Interest LTII-ZZ) subject to a cap equal to the Pass-Through Rate on the
      Corresponding Certificate for the purpose of this calculation; and with the
      per
      annum rate on REMIC IIB Regular Interest LTII-ZZ subject to a cap of zero for
      the purpose of this calculation; provided, however, that for this purpose,
      the
      calculation of the Uncertificated REMIC IIB Pass-Through Rate and the related
      cap with respect to each such REMIC IIB Regular Interest (other than REMIC
      IIB
      Regular Interest LTII-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).

     

    Group
      II Mortgage Loans: Those Mortgage Loans identified on the Mortgage Loan
      Schedule as Group II Mortgage Loans.

     

    Group
      II Offered Certificates:  The Group II Senior Certificates and the
      Group II Mezzanine Certificates.

     

    Group
      II Overcollateralization Amount: With respect to any Distribution Date, the
      excess, if any, of (a) the Aggregate Loan Balance of the Group II Mortgage
      Loans
      for such Distribution Date (after giving effect to scheduled payments of
      principal due during the related Due Period to the extent received or advanced,
      unscheduled collections of principal received during the related Prepayment
      Period and after reduction for Realized Losses on the Group II Mortgage Loans
      incurred during the related Due Period) over (b) the aggregate Certificate
      Principal Balance of the Group II Offered Certificates on such Distribution
      Date
      (after taking into account the payment of 100% of the Principal Remittance
      Amount on such Distribution Date).

     

    Group
      II Regular Certificate: Any Group II Certificate other than a Residual
      Certificate.

     

    Group
      II Mezzanine Certificates: The Class II-M-1, Class II-M-2, Class II-M-3,
      Class II-M-4, Class II-M-5, Class II-M-6, Class II-M-7 and Class II-M-8
      Certificates

     

    Group
      II Senior Certificates:  The Class II-A-1, Class II-A-2, Class
      II-A-3, Class II-A-4 and Class II-A-M Certificates.

     

    Group
      II Stepdown Date: Will be the earlier to occur of (i) the Distribution Date
      on which the aggregate Certificate Principal Balance of the Group II Senior
      Certificates has been reduced to zero and (ii) the later to occur of (x) the
      Distribution Date in May 2010 and (y) the first Distribution Date on which
      the
      Senior Enhancement Percentage (calculated for this purpose only after taking
      into account distributions of principal on the Group II Mortgage Loans, but
      prior to any distributions to the holders of the Group II Offered Certificates
      then entitled to distributions of principal on such Distribution Date) is
      greater than or equal to approximately 15.70%.

     

    Group
      II Trigger Event: A Group II Trigger Event with respect to the Group II
      Certificates will occur for any Distribution Date if either (i) the Rolling
      Three Month Delinquency Rate as of the last day of the related Due Period equals
      or exceeds 40.00% of the Senior Enhancement Percentage for such Distribution
      Date or (ii) the cumulative Realized Losses as a percentage of the original
      Aggregate Loan Balance of the Group II Mortgage Loans on the Closing Date for
      such Distribution Date is greater than the percentage set forth in the following
      table:

     

    
      	
              
                Range
                  of Distribution Dates

              

            	
              
                Cumulative
                  Loss Percentage

              

            
	
              May
                2009 – April 2010

            	
              0.30%*

            
	
              May
                2010 – April 2011

            	
              0.70%*

            
	
              May
                2011 – April 2012

            	
              1.20%*

            
	
              May
                2012 – April 2013

            	
              1.70%*

            
	
              May
                2013 – April 2014

            	
              2.00%*

            
	
              May
                2014 and thereafter

            	
              2.05%  
                

            

    

    *The
      cumulative loss percentages set forth above are applicable to the first
      Distribution Date in the corresponding range of Distribution Dates. The
      cumulative loss percentage for each succeeding Distribution Date in a range
      increases incrementally by 1/12 of the positive difference between the
      percentage applicable to the first Distribution Date in that range and the
      percentage applicable to the first Distribution Date in the succeeding
      range.

     

    Indemnified
      Persons: The Trustee, any Servicer (including any successor to any
      Servicer), the Master Servicer, the Securities Administrator, the Group I
      Certificate Insurer, the Class II-A-M Certificate Insurer, 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.

     

    Index:
      As of any Adjustment Date, the index applicable to the determination of the
      Mortgage Rate on each Group II Mortgage Loan which will generally be based
      on
      Six-Month LIBOR or One-Year LIBOR.

     

    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,
      including the PMI Policy, 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 Group I Certificates
      (other than the Class I-X, Class I-P, Class I-R and Class I-R-X Certificates)
      and any Distribution Date, the amount, if any, by which the Interest
      Distribution Amount for that Class of Group I 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.

     

    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 Group I Certificates
      (other than the Class I-P, Class I-R and Class I-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 Group I Certificate
      immediately prior to such Distribution Date less such Group I Certificate’s
      share of any Net Interest Shortfall and the interest portion of any Realized
      Losses on the Group I Mortgage Loans allocated to such Certificate pursuant
      to
      Section 1.02.  The Interest Distribution Amount with respect to
      each Class of Group I Certificates (other than the Class I-A-1B Certificates)
      is
      calculated on the basis of a 360-day year consisting of twelve 30-day months.
      The Interest Distribution Amount with respect to the Class I-A-1B 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 Group I Certificates after the Distribution
      Date on which the outstanding Certificate Principal Balance (or Certificate
      Notional Balance) of such Group I Certificate has been reduced to
      zero.

     

    Interest
      Remittance Amount: With respect to any Distribution Date and Loan Group I or
      Loan Group II, that portion of the Available Distribution Amount for such
      Distribution Date generally equal to (i) the sum, without duplication, of (a)
      all scheduled interest during the related Due Period with respect to the
      Mortgage Loans in the related Loan Group less the Servicing Fee, the Credit
      Risk
      Management Fee, the fee payable to any provider of lender-paid mortgage
      insurance, if any, and the PMI Insurer Fee, if applicable, (b) all Advances
      relating to interest with respect to the Mortgage Loans in the related Loan
      Group made on or prior to the related Remittance Date, (c) all Compensating
      Interest with respect to the Mortgage Loans in the related Loan Group and
      required to be remitted by the related Servicers or the Master Servicer pursuant
      to this Agreement or the Servicing Agreement with respect to such Distribution
      Date, (d) with respect to Loan Group I, the interest portion of payments made
      by
      the PMI Insurer under the PMI Policy, (e) Liquidation Proceeds and Subsequent
      Recoveries with respect to the Mortgage Loans in the related Loan Group
      collected during the related Prepayment Period (to the extent such Liquidation
      Proceeds and Subsequent Recoveries relate to interest), (f) all amounts relating
      to interest with respect to each Mortgage Loan in the related Loan Group
      repurchased by the Sponsor pursuant to Sections 2.02 and 2.03 and (g) all
      amounts in respect of interest paid by the Master Servicer pursuant to
      Section 10.01 in respect of the related Loan Group to the extent remitted
      by the Master Servicer to the related Distribution Account pursuant to this
      Agreement and minus (ii) all amounts in respect of the related Loan Group
      required to be reimbursed by the Trust pursuant to Section 3.32 or as
      otherwise set forth in this Agreement or any Custodial Agreement.

     

    Interest
      Shortfall: With respect to any Distribution Date and Loan Group I or Loan
      Group II, the aggregate shortfall, if any, in collections of interest (adjusted
      to the related Net Mortgage Rates) on Mortgage Loans in the related Loan Group
      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
      in the related Loan Group being limited pursuant to the provisions of the Relief
      Act.

     

    ISDA
      Master Agreement: The ISDA Master Agreement dated as of May 10, 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:  With respect to the Group I
      Certificates, the Distribution Date in March 2037.  With respect to
      the Group II Certificates, the Distribution Date in April 2037.

     

    Late
      Payment Rate:  As defined in the Group I Insurance Agreement or
      Class II-A-M Insurance Agreement, as applicable.

     

    Latest
      Possible Maturity Date: The second 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 IA, REMIC IB,
      REMIC IC, REMIC ID, REMIC IIA, REMIC IIB, REMIC IIC, REMIC IID, REMIC IIE and
      REMIC IIF 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
      Group: Either of Loan Group I or Loan Group II.  “Loan Group I”
refers to the Group I Mortgage Loans and “Loan Group II” refers to the Group II
      Mortgage Loans.

     

    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.

     

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

     

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

     

    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.

     

    Maximum
      Interest Rate:  With respect to any Distribution Date and the
      Group II Offered Certificates (other than the Class II-A-M Certificates), an
      annual rate equal to the weighted average of the Maximum Mortgage Rates of
      the
      Group II Mortgage Loans as stated in the related mortgage notes, minus the
      weighted average Expense Fee Rate of the Group II Mortgage Loans.

     

    With
      respect to any Distribution Date and the Class II-A-M Certificates, an annual
      rate equal to the weighted average of the Maximum Mortgage Rates of the Group
      II
      Mortgage Loans as stated in the related mortgage notes, minus (a) the weighted
      average Expense Fee Rate of the Group II Mortgage Loans and (b) any premium
      related to the Class II-A-M Certificates payable to the Class II-A-M Certificate
      Insurer for such distribution date times 12 divided by the aggregate Certificate
      Principal Balance of the Class II-A-M Certificates.

     

    The
      calculation of the Maximum Interest Rate will be based on a 360-day year and
      the
      actual number of days elapsed during the related Accrual Period.

     

    Maximum
      Mortgage Interest Rate: With respect to each Group II Mortgage Loan, the
      percentage set forth in the related Mortgage Note as the maximum interest
      rate.

     

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

     

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

     

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

     

    Minimum
      Mortgage Interest Rate: With respect to each Group II Mortgage Loan, the
      percentage set forth in the related Mortgage Note as the minimum Mortgage Rate
      thereunder.

     

    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
      Excess Cashflow: With respect to any Distribution Date and the Group II
      Certificates, means the sum of (a) the Monthly Excess Interest, (b) the
      Overcollateralization Release Amount, if any, for such Distribution Date, and
      (c) the Principal Remittance Amount remaining following payments of the
      Principal Payment Amount to the Group II Senior Certificates and Group II
      Mezzanine Certificates.

     

    Monthly
      Excess Interest: With respect to any Distribution Date and the Group II
      Certificates, the excess of (x) the Interest Remittance Amount for such
      Distribution Date over (y) the sum of Current Interest and Carryforward Interest
      on the Group II Senior Certificates and Group II Mezzanine Certificates for
      such
      Distribution Date.

     

    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
      May 10, 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 of a Loan Group 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;

     

    (xv)  with
      respect to each Group II Mortgage Loan, the first Adjustment Date;

     

    (xvi)  with
      respect to each Group II Mortgage Loan, the Gross Margin;

     

    (xvii)  with
      respect to each Group II Mortgage Loan, the Maximum Mortgage Interest Rate
      under
      the terms of the Mortgage Note;

     

    (xviii)  with
      respect to each Group II Mortgage Loan, the Minimum Mortgage Interest Rate
      under
      the terms of the Mortgage Note;

     

    (xix)  with
      respect to each Group II Mortgage Loan, the Periodic Rate Cap;

     

    (xx)  with
      respect to each Group II Mortgage Loan, the first Adjustment Date immediately
      following the Cut-off Date;

     

    (xxi)  with
      respect to each Group II Mortgage Loan, the related Index;

     

    (xxii)  the
      related Loan Group;

     

    (xxiii)  the
      Servicer;

     

    (xxiv)  whether
      the Mortgage Loan is a PMI Mortgage Loan; and

     

    (xxv)  the
      PMI
      Insurer Fee Rate, if applicable.

     

    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, which rate with respect to each Group
      II Mortgage Loan (A) as of any date of determination until the first Adjustment
      Date following the Cut-off Date shall be the rate set forth in the Mortgage
      Loan
      Schedule as the Mortgage Rate in effect immediately following the Cut-off Date
      and (B) as of any date of determination thereafter shall be the rate as adjusted
      on the most recent Adjustment Date equal to the sum, rounded to the nearest
      0.125% as provided in the Mortgage Note, of the related Index, as most recently
      available as of a date prior to the Adjustment Date as set forth in the related
      Mortgage Note, plus the related Gross Margin; provided that the Mortgage Rate
      on
      such adjustable rate Mortgage Loan on any Adjustment Date shall never be more
      than the lesser of (i) the sum of the Mortgage Rate in effect immediately prior
      to the Adjustment Date plus the related Periodic Rate Cap, if any, and (ii)
      the
      related Maximum Mortgage Interest Rate, and shall never be less than the greater
      of (i) the Mortgage Interest Rate in effect immediately prior to the Adjustment
      Date less the Periodic Rate Cap, if any, and (ii) the related Minimum Mortgage
      Rate. 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
      Funds Cap:  With respect to any Distribution Date and the Group II
      Offered Certificates (other than the Class II-A-M Certificates),  (a)
      a fraction, expressed as a percentage, the numerator of which is the product
      of
      (1) the Optimal Interest Remittance Amount for the Group II Mortgage Loans
      and
      such Distribution Date, minus the sum of (x) any Net Swap Payment payable to
      the
      Swap Provider on such Distribution Date and (y) any Swap Termination Payment
      (unless such payment is the result of 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) payable to the Swap
      Provider on such Distribution Date and (2) 12, and the denominator of which
      is
      the outstanding aggregate Stated Principal Balance of the Group II Mortgage
      Loans for the immediately preceding Distribution Date, multiplied by (b) a
      fraction, the numerator of which is 30 and the denominator of which is the
      actual number of days elapsed in the immediately preceding Accrual
      Period.  For federal income tax purposes, the equivalent of the
      foregoing shall be expressed as the weighted average of the Uncertificated
      REMIC
      IIB Pass-Through Rates on the REMIC IIB Regular Interests (other than REMIC
      IIB
      Regular Interest LTII-II-IO and REMIC IIB Regular Interest LTII-P), weighted
      on
      the basis of the Uncertificated Principal Balance of each such REMIC IIB Regular
      Interest.

     

    Net
      Interest Shortfalls: With respect to any Distribution Date and each Loan
      Group, Interest Shortfalls for such Loan Group net of payments by the Servicers
      or the Master Servicer in respect of Compensating Interest for such Loan
      Group.

     

    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 and the Group
      I Certificates, means the sum of (a) any Overcollateralization Reduction 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 Interest Distribution Amounts payable to the Group I Senior
      Certificates and the aggregate Interest Distribution Amounts payable to the
      Group I Mezzanine Certificates on that Distribution Date, (B) the Principal
      Funds for that Distribution Date and (C) the Group I Premium and all amounts
      reimbursable to the Group I Certificate Insurer under the Group I Insurance
      Agreement.

     

    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 rate at which the fee payable
      to any provider of lender-paid mortgage insurance is calculated, if applicable
      and (iv) the related PMI Insurer Fee Rate, if such Mortgage Loan is a PMI
      Mortgage Loan.

     

    Net
      Swap Payment:  With respect to each Distribution Date and Loan
      Group II, 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 Group I Offered Certificates (other than the Group I Insured Certificates),
      a per annum rate (adjusted in the case of the Class I-A-1B Certificates for
      the
      actual number of days elapsed in the related Accrual Period) equal to the
      weighted average of the Net Mortgage Rates of the Group I 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 IA Pass-Through Rates on the REMIC IA
      Regular Interests (other than REMIC IA Regular Interest LTI-P), weighted on
      the
      basis of the Uncertificated Principal Balance of each such REMIC IA Regular
      Interest.  With respect to each Distribution Date and the Group I
      Insured Certificates, a per annum rate equal to the weighted average of the
      Net
      Mortgage Rates of the Group I Mortgage Loans as of the first day of the related
      Due Period minus the rate at which the fee payable to the Group I Certificate
      Insurer under the Group I Policy is calculated.  For federal income
      tax purposes, the equivalent of the foregoing shall be expressed as the weighted
      average of the Uncertificated REMIC IA Pass-Through Rates on the REMIC IA
      Regular Interests (other than REMIC IA Regular Interest LTI-P), weighted on
      the
      basis of the Uncertificated Principal Balance of each such REMIC IA Regular
      Interest minus the rate at which the fee payable to the Group I Certificate
      Insurer under the Group I Policy is calculated.

     

    Net
      WAC Rate Carryover Amount: With respect to each Class of Group I Senior
      Certificates and Group I 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 relating to Loan Group I.

     

    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.

     

    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 Class I-A-1B Certificates and the Group II Offered 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 Class I-A-1B Certificates and Group II Offered
      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.

     

    One-Year
      LIBOR: The per annum rate equal to the average of interbank offered rates
      for one-year U.S. dollar-denominated deposits in the London market based on
      quotations of major banks as published in The Wall Street Journal and most
      recently available as of the time specified in the related Mortgage
      Note.

     

    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.

     

    Optimal
      Interest Remittance Amount: With respect to any Distribution Date and the
      Group II Offered Certificates, will be equal to the excess of (i) the product
      of
      (1)(x) the weighted average of the Net Mortgage Rates of the Group II Mortgage
      Loans as of the first day of the related Due Period divided by (y) 12 and (2)
      the Aggregate Loan Balance of the Group II Mortgage Loans for the immediately
      preceding Distribution Date, over (ii) any expenses that reduce the Interest
      Remittance Amount relating to Loan Group II that did not arise as a result
      of a
      default or delinquency of the Group II Mortgage Loans or were not taken into
      account in computing the Expense Fee Rate.

     

    Optional
      Termination: The termination of a portion of the Trust Fund created
      hereunder as a result of the purchase of all of (i) the Group I Mortgage Loans
      and any related REO Property or (ii) the Group II Mortgage Loans and any related
      REO Property, as described in Section 10.01.

     

    Optional
      Termination Date:  With respect to the Group I Mortgage Loans, the
      first Distribution Date on which the Master Servicer may purchase, at its
      option, the Group I Mortgage Loans and related REO Properties as described
      in
      Section 10.01.  With respect to the Group II Mortgage Loans, the
      first Distribution Date on which the Master Servicer may purchase, at its
      option, the Group II Mortgage Loans and related 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
      Deficiency Amount: With respect to any Distribution Date and the Group II
      Mortgage Loans, will be equal to the amount, if any, by which (x) the Targeted
      Overcollateralization Amount for such Distribution Date exceeds (y) the Group
      II
      Overcollateralization Amount for such Distribution Date, calculated for this
      purpose after giving effect to the reduction on such Distribution Date of the
      aggregate Certificate Principal Balance of the Group II Offered Certificates
      resulting from the payment of the Principal Remittance Amount on such
      Distribution Date, but prior to allocation of any Applied Loss Amount on such
      Distribution Date.

     

    Overcollateralization
      Increase Amount: With respect to any Distribution Date and the Group I
      Certificates, the excess, if any, of (a) the Required Overcollateralization
      Amount over (b) the Group I Overcollateralization Amount on such Distribution
      Date.

     

    Overcollateralization
      Reduction Amount: With respect to any Distribution Date and the Group I
      Certificates, the lesser of (x) the Principal Funds for such Distribution Date
      and (y) the excess, if any, of (i) the Group I Overcollateralization Amount
      for
      such Distribution Date over (ii) the Required Overcollateralization Amount
      for
      such Distribution Date.

     

    Overcollateralization
      Release Amount: With respect to any Distribution Date and the Group II
      Certificates, will be equal to the lesser of (x) the Principal Remittance Amount
      for such Distribution Date and (y) the amount, if any, by which (1) the Group
      II
      Overcollateralization Amount for such Distribution Date, exceeds (2) the
      Targeted Overcollateralization Amount for such Distribution Date.

     

    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
      Rate: The Class I-A-1A, Class I-A-1B, Class I-A-2, Class I-A-3, Class I-A-4,
      Class I-A-5, Class I-A-6, Class I-M-1, Class I-M-2, Class I-M-3, Class I-M-4,
      Class I-M-5, Class I-M-6, Class I-X, Class II-A-1, Class II-A-2, Class II-A-3,
      Class II-A-4, Class II-A-M, Class II-M-1, Class II-M-2, Class II-M-3, Class
      II-M-4, Class II-M-5, Class II-M-6, Class II-M-7, Class II-M-8 and Class II-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.

     

    Periodic
      Rate Cap: With respect to the Adjustment Date for a Group II Mortgage Loan,
      the fixed percentage set forth in the related Mortgage Note, which is the
      maximum amount by which the Mortgage Rate for such Group II Mortgage Loan may
      increase or decrease (without regard to the Maximum Mortgage Interest Rate
      or
      the Minimum Mortgage Interest Rate) on such Adjustment Date from the Mortgage
      Rate in effect immediately prior to such Adjustment Date.

     

    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 any Permitted Investment pursuant to this clause (xi) relating
      to
      amounts on deposit in any Custodial Account relating to the Group I Mortgage
      Loans will be subject to the consent of the Group I Certificate Insurer and
      any
      Permitted Investment pursuant to this clause (xi) relating to amounts on deposit
      in any Custodial Account relating to the Group II Mortgage Loans will be subject
      to the consent of the Class II-A-M Certificate Insurer;

     

    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.

     

    PMI
      Insurer: Mortgage Guaranty Insurance Corporation, a Wisconsin stock
      insurance corporation, or its successor in interest.

     

    PMI
      Insurer Fee:  The amount payable to the PMI Insurer on each
      Distribution Date  pursuant to Section 3.37, which amount shall equal
      one twelfth of the product of (i) the PMI Insurer Fee Rate, multiplied by (ii)
      the aggregate Stated Principal Balance of the PMI Mortgage Loans and any related
      REO Properties as of the first day of the related Due Period (after giving
      effect to scheduled payments of principal due during the Due Period relating
      to
      the previous Distribution Date, to the extent received or advanced) plus any
      applicable premium taxes on PMI Mortgage Loans located in West Virginia and
      Kentucky.

     

    PMI
      Insurer Fee Rate: For each PMI Mortgage Loan, the rate set forth on the
      Mortgage Loan Schedule.

     

    PMI
      Mortgage Loans:  Any Group I Mortgage Loan covered by the PMI
      Policy as identified on the Mortgage Loan Schedule.

     

    PMI
      Policy:  The primary mortgage insurance policy (policy reference
      number: 22-400-4-3877) with respect to the PMI Mortgage Loans, including all
      endorsements thereto dated the Closing Date, issued by the PMI Insurer and
      the
      Commitment Letter, dated May 3, 2007, among the PMI Insurer, the Sponsor and
      the
      Securities Administrator.

     

    PMI
      Significance Percentage:  For purposes of Regulation AB, with
      respect to each Distribution Date, a percentage equivalent of a fraction, the
      numerator of which is (x) the sum of the product of (i) the Stated Principal
      Balance of the PMI Mortgage Loans and (ii) the related Coverage Percentage
      for
      each PMI Mortgage Loan and the denominator of which is (y) the aggregate Stated
      Principal Balance of the Group I Mortgage Loans, in each case, as of the last
      day of the related Due Period.

     

    Preference
      Amount:  Any amount previously distributed to a Class II-A-M
      Certificateholder by or on behalf of the Trust Estate that is recoverable and
      sought to be recovered as a voidable preference by a trustee in bankruptcy
      pursuant to the United States Bankruptcy Code (11 U.S.C.), as amended from
      time
      to time, in accordance with a final nonappealable order of a court having
      competent jurisdiction.

     

    Preference
      Claim: As defined in the Group I Policy.

     

    Prepayment
      Assumption: The assumed rate of prepayment, as described in the Prospectus
      Supplement relating to each Class of Publicly 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, the Group
      I
      Certificate Insurer, the Class II-A-M Certificate Insurer 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; and

            
	 	 	 
	 	
              (vii)

            	
              the
                Loan Group to which the related Mortgage Loan
                relates.

            

    

    

    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 fee payable to any provider of lender-paid mortgage insurance, if any and
      the PMI Insurer Fee, if applicable.

     

    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
      Payment Amount: With respect to any Distribution Date and the Group II
      Mortgage Loans, the Principal Remittance Amount for such Distribution Date
      minus
      the Overcollateralization Release Amount, if any, for such Distribution
      Date.

     

    Principal
      Distribution Amount: With respect to each Distribution Date and the Group I
      Certificates, the sum of (i) Principal Funds for such Distribution Date, plus
      (ii) the Extra Principal Distribution Amount for such Distribution Date
minus (iii) the amount of any Overcollateralization Reduction 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 Group I Senior Certificates and Group I Mezzanine
      Certificates.

     

    Principal
      Funds: With respect to any Distribution Date and Loan Group I, (i) the sum,
      without duplication, of (a) all scheduled principal collected on the Group
      I
      Mortgage Loans during the related Due Period, (b) all Advances on the Group
      I
      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 Group I Mortgage Loans exclusive of prepayment
      charges or penalties collected during the related Prepayment Period, (iii)
      the
      Stated Principal Balance of each Group I 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 Group I Mortgage Loans pursuant to
      Section 2.03(b), (e) the principal portion of any payments made by the PMI
      Insurer under the PMI Policy; (f) amounts in respect of principal on the Group
      I
      Mortgage Loans paid by the Master Servicer pursuant to Section 10.01 and
      (g) all Liquidation Proceeds and Subsequent Recoveries on the Group I 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 related Distribution Account
      pursuant to this Agreement minus (ii) all amounts in respect of the Group I
      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
      relating to Loan Group I.

     

    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 and the Group II
      Mortgage Loans, (i) the sum, without duplication, of (a) the principal portion
      of all Scheduled Payments on the Group II Mortgage Loans due during the related
      Due Period whether or not received on or prior to the related Determination
      Date, (b) the principal portion of all unscheduled collections (other than
      Payaheads) including Insurance Proceeds, Condemnation Proceeds and all full
      and
      partial Principal Prepayments exclusive of prepayment charges or penalties
      collected during the related Prepayment Period, to the extent applied as
      recoveries of principal on the Group II Mortgage Loans, (c) the Stated Principal
      Balance of each Group II Mortgage Loan that was repurchased by the Sponsor
      during the related Prepayment Period pursuant to Sections 2.02, 2.03 and
      3.24, (d) the aggregate of all Substitution Adjustment Amounts received during
      the related Prepayment Period for the related Determination Date in connection
      with the substitution of Group II Mortgage Loans pursuant to
      Section 2.03(b), (e) amounts in respect of principal on the Group II
      Mortgage Loans paid by the Master Servicer pursuant to Section 10.01, (f)
      all Liquidation Proceeds and Subsequent Recoveries with respect to the Group
      II
      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 related Distribution
      Account pursuant to this Agreement and (g) the principal portion of Payaheads
      previously received of the Group II Mortgage Loans and intended for application
      in the related Due Period minus (ii) all amounts in respect of the Group II
      Mortgage Loans required to be reimbursed by the Trust Fund pursuant to
      Sections 4.02, 4.05, 4.07 and 9.05 or as otherwise set forth in this
      Agreement or any Custodial Agreement.

     

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

     

    Prospectus
      Supplement: The Prospectus Supplement dated May 10, 2007 relating to the
      offering of the Publicly Offered Certificates.

     

    Publicly
      Offered Certificates: Any Certificates other than the Private
      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 and the Group I
      Certificate Insurer or Class II-A-M Certificate Insurer, as applicable, 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, 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.

     

    Record
      Date:  With respect to the Group I Certificates (other than the
      Class I-A-1B Certificates), the Class II-P, Class II-X, Class II-R and Class
      II-R-X Certificates and any Distribution Date, 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 Class I-A-1B Certificates and the Group II
      Certificates (other than the Class II-X, Class II-P, Class II-R and Class II-R-X
      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 Class I-A-1B Certificates or the aggregate
      Certificate Principal Balance of the Group II Offered 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 Class I-A-1B Certificates or the
      aggregate Certificate Principal Balance of the Group II Offered 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 Group I Regular Certificate or Group II Regular
      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.

     

    Reimbursement
      Amount:  The aggregate of any payments made with respect to the
      Class II-A-M Certificates by the Class II-A-M Certificate Insurer under the
      Class II-A-M Policy to the extent not previously reimbursed, plus interest
      on
      that amount at the Late Payment Rate set forth in the Class II-A-M
      Policy.

     

    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
      IA: 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 Group I 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 related Custodial Accounts (other than any amounts representing any
      Servicer Prepayment Charge Payment Amount), the related Distribution Account,
      the Class I-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 Group I 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 (including the
      Group I Mortgage Loans PMI Policy); (vi) the rights under the Mortgage Loan
      Purchase Agreement to the extent of the Group I 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, specifically excludes (i) all payments
      and other collections of principal and interest due on the Group I Mortgage
      Loans on or before the Cut-off Date, (ii) all Prepayment Charges payable in
      connection with Principal Prepayments on the Group I Mortgage Loans made before
      the Cut-off Date, (iii) the Net WAC Reserve Fund, (iv) the Cap Contract and
      (v)
      the Final Maturity Reserve Fund.

     

    REMIC
      IA 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 Group I Mortgage Loans and related REO Properties then outstanding and
      (ii) the Uncertificated REMIC IA Pass-Through Rate for REMIC IA Regular Interest
      LTI-AA minus the Group I Marker Rate, divided by (b) 12.

     

    REMIC
      IA Overcollateralization Amount: With respect to any date of
      determination, (i) 1.00% of the aggregate Uncertificated Principal Balances
      of
      the REMIC IA Regular Interests minus (ii) the aggregate of the Uncertificated
      Principal Balances of REMIC IA Regular Interest LTI-IA1A, REMIC IA Regular
      Interest LTI-IA1B, REMIC IA Regular Interest LTI-IA2, REMIC IA Regular Interest
      LTI-IA3, REMIC IA Regular Interest LTI-IA4, REMIC IA Regular Interest LTI-IA5,
      REMIC IA Regular Interest LTI-IA6, REMIC IA Regular Interest LTI-IM1, REMIC
      IA
      Regular Interest LTI-IM2, REMIC IA Regular Interest LTI-IM3, REMIC IA Regular
      Interest LTI-IM4, REMIC IA Regular Interest LTI-IM5, REMIC IA Regular Interest
      LTI-IM6 and REMIC IA Regular Interest LTI-P, in each case as of such date of
      determination.

     

    REMIC
      IA 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 Group I Mortgage Loans and related 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 IA Regular Interest LTI-IA1A,
      REMIC IA Regular Interest LTI-IA1B, REMIC IA Regular Interest LTI-IA2, REMIC
      IA
      Regular Interest LTI-IA3, REMIC IA Regular Interest LTI-IA4, REMIC IA Regular
      Interest LTI-IA5, REMIC IA Regular Interest LTI-IA6, REMIC IA Regular Interest
      LTI-IM1, REMIC IA Regular Interest LTI-IM2, REMIC IA Regular Interest LTI-IM3,
      REMIC IA Regular Interest LTI-IM4, REMIC IA Regular Interest LTI-IM5, REMIC
      IA
      Regular Interest LTI-IM6 and REMIC IA Regular Interest LTI-ZZ.

     

    REMIC
      IA Regular Interests: REMIC IA Regular Interest LTI-AA, REMIC IA Regular
      Interest LTI-IA1A, REMIC IA Regular Interest LTI-IA1B, REMIC IA Regular Interest
      LTI-IA2, REMIC IA Regular Interest LTI-IA3, REMIC IA Regular Interest LTI-IA4,
      REMIC IA Regular Interest LTI-IA5, REMIC IA Regular Interest LTI-IA6, REMIC
      IA
      Regular Interest LTI-IM1, REMIC IA Regular Interest LTI-IM2, REMIC IA Regular
      Interest LTI-IM3, REMIC IA Regular Interest LTI-IM4, REMIC IA Regular Interest
      LTI-IM5, REMIC IA Regular Interest LTI-IM6, REMIC IA Regular Interest LTI-IZZ,
      REMIC IA Regular Interest LTI-P.

     

    REMIC
      IA Regular Interest LTI-AA: One of the separate non-certificated beneficial
      ownership interests in REMIC IA issued hereunder and designated as a Regular
      Interest in REMIC IA. REMIC IA Regular Interest LTI-AA shall accrue interest
      at
      the related Uncertificated REMIC IA 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
      IA Regular Interest LTI-IA1A: One of the separate
      non-certificated beneficial ownership interests in REMIC IA issued hereunder
      and
      designated as a Regular Interest in REMIC IA. REMIC IA Regular Interest LTI-IA1A
      shall accrue interest at the related Uncertificated REMIC IA 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
      IA Regular Interest LTI-IA1B: One of the separate non-certificated
      beneficial ownership interests in REMIC IA issued hereunder and designated
      as a
      Regular Interest in REMIC IA. REMIC IA Regular Interest LTI-IA1B shall accrue
      interest at the related Uncertificated REMIC IA 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
      IA Regular Interest LTI-IA2:  One of the separate non-certificated
      beneficial ownership interests in REMIC IA issued hereunder and designated
      as a
      Regular Interest in REMIC IA. REMIC IA Regular Interest LTI-IA2 shall accrue
      interest at the related Uncertificated REMIC IA 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
      IA Regular Interest LTI-IA3: One of the separate non-certificated beneficial
      ownership interests in REMIC IA issued hereunder and designated as a Regular
      Interest in REMIC IA. REMIC IA Regular Interest LTI-IA3 shall accrue interest
      at
      the related Uncertificated REMIC IA 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
      IA Regular Interest LTI-IA4: One of the separate non-certificated beneficial
      ownership interests in REMIC IA issued hereunder and designated as a Regular
      Interest in REMIC IA. REMIC IA Regular Interest LTI-IA4 shall accrue interest
      at
      the related Uncertificated REMIC IA 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
      IA Regular Interest LTI-IA5: One of the separate non-certificated
      beneficial ownership interests in REMIC IA issued hereunder and designated
      as a
      Regular Interest in REMIC IA. REMIC IA Regular Interest LTI-IA5 shall accrue
      interest at the related Uncertificated REMIC IA 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
      IA Regular Interest LTI-IA6: One of the separate non-certificated
      beneficial ownership interests in REMIC IA issued hereunder and designated
      as a
      Regular Interest in REMIC IA. REMIC IA Regular Interest LTI-IA6 shall accrue
      interest at the related Uncertificated REMIC IA 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
      IA Regular Interest LTI-IM1: One of the separate non-certificated beneficial
      ownership interests in REMIC IA issued hereunder and designated as a Regular
      Interest in REMIC IA. REMIC IA Regular Interest LTI-IM1 shall accrue interest
      at
      the related Uncertificated REMIC IA 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
      IA Regular Interest LTI-IM2: One of the separate non-certificated beneficial
      ownership interests in REMIC IA issued hereunder and designated as a Regular
      Interest in REMIC IA. REMIC IA Regular Interest LTI-IM2 shall accrue interest
      at
      the related Uncertificated REMIC IA 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
      IA Regular Interest LTI-IM3: One of the separate non-certificated beneficial
      ownership interests in REMIC IA issued hereunder and designated as a Regular
      Interest in REMIC IA. REMIC IA Regular Interest LTI-IM3 shall accrue interest
      at
      the related Uncertificated REMIC IA 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
      IA Regular Interest LTI-IM4: One of the separate non-certificated beneficial
      ownership interests in REMIC IA issued hereunder and designated as a Regular
      Interest in REMIC IA. REMIC IA Regular Interest LTI-IM4 shall accrue interest
      at
      the related Uncertificated REMIC IA 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
      IA Regular Interest LTI-IM5: One of the separate non-certificated beneficial
      ownership interests in REMIC IA issued hereunder and designated as a Regular
      Interest in REMIC IA. REMIC IA Regular Interest LTI-IM5 shall accrue interest
      at
      the related Uncertificated REMIC IA 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
      IA Regular Interest LTI-IM6: One of the separate non-certificated beneficial
      ownership interests in REMIC IA issued hereunder and designated as a Regular
      Interest in REMIC IA. REMIC IA Regular Interest LTI-IM6 shall accrue interest
      at
      the related Uncertificated REMIC IA 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
      IA Regular Interest LTI-IP: One of the separate non-certificated beneficial
      ownership interests in REMIC IA issued hereunder and designated as a Regular
      Interest in REMIC IA. REMIC IA Regular Interest LTI-IP 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
      IA Regular Interest LTI-IZZ: One of the separate non-certificated beneficial
      ownership interests in REMIC IA issued hereunder and designated as a Regular
      Interest in REMIC IA. REMIC IA Regular Interest LTI-IZZ shall accrue interest
      at
      the related Uncertificated REMIC IA 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
      IB Certificate: Any Group I Regular Certificate (other than the Class I-X
      Certificates and the Class I-P certificates).

     

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

     

    REMIC
      IB Regular Interest: Any of the Class I-X Interest, Class I-P Interest, and
      any “regular interest” in REMIC IB the ownership of which is represented by a
      Group I Senior Certificate or Group I Subordinate Certificate.

     

    REMIC
      IC: The segregated pool of assets consisting of all the Class I-X Interest
      conveyed in trust to the Trustee, for the benefit of the Holders of the Class
      I-X Certificates and the Class I-R-X Certificate (in respect of the Class R-1C
      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
      ID: The segregated pool of assets consisting of all of the Class I-P
      Interest conveyed in trust to the Trustee, for the benefit of the Holders of
      the
      Class I-P Certificates and the Holders of the Class I-R-X Certificate (in
      respect of the Class R-1D 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
      IIA: 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 Group II 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 related Custodial Account (other than any amounts representing any
      Servicer Prepayment Charge Payment Amount), the related Distribution Account,
      the Class II-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 Group II 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 Group II
      Mortgage Loans; (vi) the rights under the related Mortgage Loan Purchase
      Agreement with respect to the Group II 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 IIA specifically excludes (i) all payments and other
      collections of principal and interest due on the Group II Mortgage Loans on
      or
      before the Cut-off Date, (ii) all Prepayment Charges payable in connection
      with
      Principal Prepayments on the Group II Mortgage Loans made before the Cut-off
      Date, (iii) the Basis Risk Shortfall Reserve Fund, (iv) the Group II Swap
      Agreement and (v) the Supplemental Interest Trust.

     

    REMIC
      IIA Regular Interest: REMIC IIA Regular Interest I, REMIC IIA Regular
      Interest I-1-A through REMIC IIA Regular Interest I-60-B and REMIC IIA Regular
      Interest II-P as designated in the Preliminary Statement hereto. The REMIC
      IIA
      Regular Interest shall accrue interest at the related Uncertificated REMIC
      IIA
      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 IIA Regular Interests are set forth in the Preliminary Statement
      hereto.

     

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

     

    REMIC
      IIB 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 Group II Mortgage Loans and related REO Properties then outstanding
      and
      (ii) the Uncertificated REMIC IIB Pass-Through Rate for REMIC IIB Regular
      Interest LTII-AA minus the Group II Marker Rate, divided by (b) 12.

     

    REMIC
      IA Regular Interest LTI-ZZ Maximum Interest Deferral Amount: With respect to
      any Distribution Date, the excess of (i) accrued interest at the Uncertificated
      REMIC IA Pass-Through Rate applicable to REMIC IA Regular Interest LTI-ZZ for
      such Distribution Date on a balance equal to the Uncertificated Principal
      Balance of REMIC IA Regular Interest LTI-ZZ minus the REMIC IA
      Overcollateralization Amount, in each case for such Distribution Date, over
      (ii)
      the Uncertificated Accrued Interest on REMIC IA Regular Interest LTI-IA1A,
      REMIC
      IA Regular Interest LTI-IA1B, REMIC IA Regular Interest LTI-IA2, REMIC IA
      Regular Interest LTI-IA3, REMIC IA Regular Interest LTI-IA4, REMIC IA Regular
      Interest LTI-IA5, REMIC IA Regular Interest LTI-IA6, REMIC IA Regular Interest
      LTI-IM1, REMIC IA Regular Interest LTI-IM2, REMIC IA Regular Interest LTI-IM3,
      REMIC IA Regular Interest LTI-IM4, REMIC IA Regular Interest LTI-IM5 and REMIC
      IA Regular Interest LTI-IM6 for such Distribution Date, with the rate on each
      such REMIC IA Regular Interest subject to a cap equal to the related
      Pass-Through Rate.

     

    REMIC
      IIB Overcollateralization Amount: With respect to any date of determination,
      (i) the 1.00% of the aggregate Uncertificated Principal Balances of the REMIC
      IIB Regular Interests minus (ii) the aggregate of the Uncertificated Principal
      Balances of REMIC IIB Regular Interest LTII-IIA1, REMIC IIB Regular Interest
      LTII-IIA2, REMIC IIB Regular Interest LTII-IIA3, REMIC IIB Regular Interest
      LTII-IIA4, REMIC IIB Regular Interest LTII-IIAM, REMIC IIB Regular Interest
      LTII-IIM1, REMIC IIB Regular Interest LTII-IIM2, REMIC IIB Regular Interest
      LTII-IIM3, REMIC IIB Regular Interest LTII-IIM4, REMIC IIB Regular Interest
      LTII-IIM5, REMIC IIB Regular Interest LTII-IIM6, REMIC IIB Regular Interest
      LTII-IIM7, REMIC IIB Regular Interest LTII-IIM8 and REMIC IIB Regular Interest
      LTII-P, in each case as of such date of determination.

     

    REMIC
      IIB 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 Group II Mortgage Loans and related 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 IIB Regular Interest LTII-IIA1,
      REMIC IIB Regular Interest LTII-IIA2, REMIC IIB Regular Interest LTII-IIA3,
      REMIC IIB Regular Interest LTII-IIA4, REMIC IIB Regular Interest LTII-IIAM,
      REMIC IIB Regular Interest LTII-IIM1, REMIC IIB Regular Interest LTII-IIM2,
      REMIC IIB Regular Interest LTII-IIM3, REMIC IIB Regular Interest LTII-IIM4,
      REMIC IIB Regular Interest LTII-IIM5, REMIC IIB Regular Interest LTII-IIM6,
      REMIC IIB Regular Interest LTII-IIM7, REMIC IIB Regular Interest LTII-IIM8
      and
      REMIC IIB Regular Interest LTII-ZZ.

     

    REMIC
      IIB Regular Interests: REMIC IIB Regular Interest LTII-IIA1, REMIC IIB
      Regular Interest LTII-IIA2, REMIC IIB Regular Interest LTII-IIA3, REMIC IIB
      Regular Interest LTII-IIA4, REMIC IIB Regular Interest LTII-IIAM, REMIC IIB
      Regular Interest LTII-IIM1, REMIC IIB Regular Interest LTII-IIM2, REMIC IIB
      Regular Interest LTII-IIM3, REMIC IIB Regular Interest LTII-IIM4, REMIC IIB
      Regular Interest LTII-IIM5, REMIC IIB Regular Interest LTII-IIM6, REMIC IIB
      Regular Interest LTII-IIM7, REMIC IIB Regular Interest LTII-IIM8 and REMIC
      IIB
      Regular Interest LTII-ZZ, REMIC IIB Regular Interest LTII-P and REMIC IIB
      Regular Interest LTII-II-IO.

     

    REMIC
      IIB Regular Interest LTII-AA: One of the separate non-certificated
      beneficial ownership interests in REMIC IIB issued hereunder and designated
      as a
      Regular Interest in REMIC IIB. REMIC IIB Regular Interest LTII-AA shall accrue
      interest at the related Uncertificated REMIC IIB 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
      IIB Regular Interest LTII-IIA1:  One of the separate
      non-certificated beneficial ownership interests in REMIC IIB issued hereunder
      and designated as a Regular Interest in REMIC IIB. REMIC IIB Regular Interest
      LTII-IIA1 shall accrue interest at the related Uncertificated REMIC IIB
      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
      IIB Regular Interest LTII-IIA2:  One of the separate
      non-certificated beneficial ownership interests in REMIC IIB issued hereunder
      and designated as a Regular Interest in REMIC IIB. REMIC IIB Regular Interest
      LTII-IIA2 shall accrue interest at the related Uncertificated REMIC IIB
      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
      IIB Regular Interest LTII-IIA3:  One of the separate
      non-certificated beneficial ownership interests in REMIC IIB issued hereunder
      and designated as a Regular Interest in REMIC IIB. REMIC IIB Regular Interest
      LTII-IIA3 shall accrue interest at the related Uncertificated REMIC IIB
      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
      IIB Regular Interest LTII-IIA4:  One of the separate
      non-certificated beneficial ownership interests in REMIC IIB issued hereunder
      and designated as a Regular Interest in REMIC IIB. REMIC IIB Regular Interest
      LTII-IIA4 shall accrue interest at the related Uncertificated REMIC IIB
      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
      IIB Regular Interest LTII-IIAM:  One of the separate
      non-certificated beneficial ownership interests in REMIC IIB issued hereunder
      and designated as a Regular Interest in REMIC IIB. REMIC IIB Regular Interest
      LTII-IIAM shall accrue interest at the related Uncertificated REMIC IIB
      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
      IIB Regular Interest LTII-IIM1: One of the separate non-certificated
      beneficial ownership interests in REMIC IIB issued hereunder and designated
      as a
      Regular Interest in REMIC IIB. REMIC IIB Regular Interest LTII-IIM1 shall accrue
      interest at the related Uncertificated REMIC IIB 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
      IIB Regular Interest LTII-IIM2: One of the separate non-certificated
      beneficial ownership interests in REMIC IIB issued hereunder and designated
      as a
      Regular Interest in REMIC IIB. REMIC IIB Regular Interest LTII-IIM2 shall accrue
      interest at the related Uncertificated REMIC IIB 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
      IIB Regular Interest LTII-IIM3: One of the separate non-certificated
      beneficial ownership interests in REMIC IIB issued hereunder and designated
      as a
      Regular Interest in REMIC IIB. REMIC IIB Regular Interest LTII-IIM3 shall accrue
      interest at the related Uncertificated REMIC IIB 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
      IIB Regular Interest LTII-IIM4: One of the separate non-certificated
      beneficial ownership interests in REMIC IIB issued hereunder and designated
      as a
      Regular Interest in REMIC IIB. REMIC IIB Regular Interest LTII-IIM4 shall accrue
      interest at the related Uncertificated REMIC IIB 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
      IIB Regular Interest LTII-IIM5: One of the separate non-certificated
      beneficial ownership interests in REMIC IIB issued hereunder and designated
      as a
      Regular Interest in REMIC IIB. REMIC IIB Regular Interest LTII-IIM5 shall accrue
      interest at the related Uncertificated REMIC IIB 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
      IIB Regular Interest LTII-IIM6: One of the separate non-certificated
      beneficial ownership interests in REMIC IIB issued hereunder and designated
      as a
      Regular Interest in REMIC IIB. REMIC IIB Regular Interest LTII-IIM6 shall accrue
      interest at the related Uncertificated REMIC IIB 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
      IIB Regular Interest LTII-IIM7: One of the separate non-certificated
      beneficial ownership interests in REMIC IIB issued hereunder and designated
      as a
      Regular Interest in REMIC IIB. REMIC IIB Regular Interest LTII-IIM7 shall accrue
      interest at the related Uncertificated REMIC IIB 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
      IIB Regular Interest LTII-IIM8: One of the separate non-certificated
      beneficial ownership interests in REMIC IIB issued hereunder and designated
      as a
      Regular Interest in REMIC IIB. REMIC IIB Regular Interest LTII-IIM8 shall accrue
      interest at the related Uncertificated REMIC IIB 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
      IIB Regular Interest LTII-P: One of the separate non-certificated beneficial
      ownership interests in REMIC IIB issued hereunder and designated as a Regular
      Interest in REMIC IIB. REMIC IIB Regular Interest LTII-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
      IIB Regular Interest LTII-II-IO: One of the separate non-certificated
      beneficial ownership interests in REMIC IIB issued hereunder and designated
      as a
      Regular Interest in REMIC IIB. REMIC IIB Regular Interest LTII-II-IO shall
      accrue interest at the related Uncertificated REMIC IIB Pass-Through Rate in
      effect from time to time.

     

    REMIC
      IIB Regular Interest LTII-ZZ: One of the separate non-certificated
      beneficial ownership interests in REMIC IIB issued hereunder and designated
      as a
      Regular Interest in REMIC IIB. REMIC IIB Regular Interest LTII-ZZ shall accrue
      interest at the related Uncertificated REMIC IIB 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
      IIB Regular Interest LTII-ZZ Maximum Interest Deferral Amount: With respect
      to any Distribution Date, the excess of (i) accrued interest at the
      Uncertificated REMIC IIB Pass-Through Rate applicable to REMIC IIB Regular
      Interest LTII-ZZ for such Distribution Date on a balance equal to the
      Uncertificated Principal Balance of REMIC IIB Regular Interest LTII-ZZ minus
      the
      REMIC IIB Overcollateralization Amount, in each case for such Distribution
      Date,
      over (ii) the Uncertificated Accrued Interest on REMIC IIB Regular Interest
      LTII-IIA1, REMIC IIB Regular Interest LTII-IIA2, REMIC IIB Regular Interest
      LTII-IIA3, REMIC IIB Regular Interest LTII-IIA4, REMIC IIB Regular Interest
      LTII-IIAM, REMIC IIB Regular Interest LTII-IIM1, REMIC IIB Regular Interest
      LTII-IIM2, REMIC IIB Regular Interest LTII-IIM3, REMIC IIB Regular Interest
      LTII-IIM4, REMIC IIB Regular Interest LTII-IIM5, REMIC IIB Regular Interest
      LTII-IIM6, REMIC IIB Regular Interest LTII-IIM7 and REMIC IIB Regular Interest
      LTII-IIM8 for such Distribution Date, with the rate on each such REMIC IIB
      Regular Interest subject to a cap equal to the related Pass-Through
      Rate.

     

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

     

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

     

    REMIC
      IIC Certificate: Any Group II Certificate (other than the Class II-X
      Certificates and Class II-P Certificates).

     

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

     

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

     

    REMIC
      IID: The segregated pool of assets consisting of all the Class II-X Interest
      conveyed in trust to the Trustee, for the benefit of the Holders of the Class
      II-X Certificates and the Class II-R-X Certificate (in respect of the Class
      R-2D
      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
      IIE: The segregated pool of assets consisting of all of the Class II-P
      Interest conveyed in trust to the Trustee, for the benefit of the Holders of
      the
      Class II-P Certificates and the Holders of the Class II-R-X Certificate (in
      respect of the Class R-2E 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
      IIF: The segregated pool of assets consisting of all of the Class II-IO
      Interest conveyed in trust to the Trustee, for the benefit of the Holders of
      REMIC IIF Regular Interest IO and the Holders of the Class II-R-X Certificate
      (in respect of the Class R-2F Interest), pursuant to Section 2.07, and all
      amounts deposited therein, with respect to which a separate REMIC election
      is to
      be made.

     

    REMIC
      IIF Regular Interest IO: An uncertificated interest in the Trust Fund held
      by the Trustee, evidencing a Regular Interest in REMIC IIF 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 IA Regular Interest, REMIC IB
      Regular Interest, Class I-X Interest, Class I-P Regular Interest, REMIC IIA
      Regular Interest, REMIC IIB Regular Interest, Class II-X Interest, Class II-P
      Interest, REMIC IIC Regular Interest IO, REMIC IIF 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) (a) with respect to a Group I
      Mortgage Loan, have a fixed Mortgage Rate not less than or more than 1% per
      annum higher than the Mortgage Rate of the Deleted Mortgage Loan or (b) with
      respect to a Group II Mortgage Loan, have an adjustable 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) with respect to a Group II Mortgage Loan, have a Maximum
      Mortgage Interest Rate not less than the Maximum Mortgage Interest Rate on
      the
      Deleted Loan; (ix) with respect to a Group II Mortgage Loan, have a Minimum
      Mortgage Interest Rate not less than the Minimum Mortgage Interest Rate of
      the
      Deleted Loan; (x) with respect to a Group II Mortgage Loan, have a Gross Margin
      equal to the Gross Margin of the Deleted Loan; (xi) with respect to a Group
      II
      Mortgage Loan, have a next Adjustment Date not more than two months later than
      the next Adjustment Date on the Deleted Loan; (xii) comply with each
      representation and warranty set forth in the Mortgage Loan Purchase Agreement;
      and (xiii) with respect to any Mortgage Loan, not permit conversion of the
      Mortgage Rate from a fixed rate to a variable rate.

     

    Reportable
      Event: Has the meaning set forth in Section 5.16(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.

     

    Required
      Overcollateralization Amount:  with respect to any Distribution
      Date prior to the Group I Stepdown Date, approximately 2.00% of the aggregate
      Stated Principal Balance of the Group I Mortgage Loans as of the Cut-off Date,
      and with respect to any Distribution Date on or after the Group I Stepdown
      Date
      and with respect to which a Group I Trigger Event is not in effect, the greater
      of (i) approximately 4.00% of the aggregate Stated Principal Balance of the
      Group I Mortgage Loans for such Distribution Date and (ii) 0.35% of the
      aggregate Stated Principal Balance of the Group I Mortgage Loans as of the
      Cut-off Date; with respect to any Distribution Date on or after the Group I
      Stepdown Date with respect to which a Group I Trigger Event is in effect, the
      Required Overcollateralization Amount for such Distribution Date will be equal
      to the Required Overcollateralization Amount for the Distribution Date
      immediately preceding such Distribution Date.

     

    Residual
      Certificates: The Class I-R Certificates, the Class I-R-X, Class II-R and
      Class II-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.

     

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

     

    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
      Enhancement Percentage: With respect to any Distribution Date and the Group
      II Senior Certificates will be the fraction, expressed as a percentage, the
      numerator of which is the sum of the aggregate Certificate Principal Balance
      of
      the Group II Mezzanine Certificates and the Group II Overcollateralization
      Amount, in each case after giving effect to payments on such Distribution Date,
      and the denominator of which is the Aggregate Loan Balance of the Group II
      Mortgage Loans for such Distribution Date (after giving effect to scheduled
      payments of principal due during the related Due Period to the extent received
      or advanced, unscheduled collections of principal received during the related
      Prepayment Period and after reduction for Realized Losses on the Group II
      Mortgage Loans incurred during the related Due Period).

     

    Senior
      Principal Distribution Amount: With respect to any Distribution Date (i)
      prior to the Group I Stepdown Date or on or after the Group I Stepdown Date
      if a
      Group I Trigger Event is in effect, the Principal Distribution Amount for that
      Distribution Date or (ii) on or after the Group I Stepdown Date if a Group
      I
      Trigger Event is not in effect for that Distribution Date the amount, if any,
      by
      which (x) the aggregate Certificate Principal Balance of the Group I Senior
      Certificates immediately prior to such Distribution Date exceeds (y) the lesser
      of (A) the product of (i) approximately 80.30% and (ii) the aggregate Stated
      Principal Balance of the Group I Mortgage Loans for such Distribution Date
      and
      (B) the amount, if any, by which (i) the aggregate Stated Principal Balance
      of
      the Group I Mortgage Loans for such Distribution Date exceeds (ii) 0.35% of
      the
      aggregate Stated Principal Balance of the Group I Mortgage Loans as of the
      Cut-off Date.

     

    Senior
      Principal Payment Amount: With respect to any Distribution Date on or after
      the Group II Stepdown Date and as long as a Group II Trigger Event is not in
      effect with respect to such Distribution Date, will be the amount, if any,
      by
      which (x) the aggregate Certificate Principal Balance of the Group II Senior
      Certificates immediately prior to such Distribution Date exceeds (y) the lesser
      of (A) the product of (i) approximately 84.30% and (ii) the Aggregate Loan
      Balance of the Group II Mortgage Loans for such Distribution Date (after giving
      effect to scheduled payments of principal due during the related Due Period
      to
      the extent received or advanced, unscheduled collections of principal received
      during the related Prepayment Period and after reduction for Realized Losses
      on
      the Group II Mortgage Loans incurred during the related Due Period) and (B)
      the
      amount, if any, by which (i) the Aggregate Loan Balance of the Group II Mortgage
      Loans for such Distribution Date (after giving effect to scheduled payments
      of
      principal due during the related Due Period to the extent received or advanced,
      unscheduled collections of principal received during the related Prepayment
      Period and after reduction for Realized Losses on the Group II Mortgage Loans
      incurred during the related Due Period) exceeds (ii) 0.35% of the Aggregate
      Loan
      Balance of the Group II Mortgage Loans as of 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 II-A-1, Class II-A-2 and Class
      II-A-3 Certificates and the denominator of which is the aggregate Certificate
      Principal Balance of all of the Group II Senior Certificates, in each case
      immediately prior to such Distribution Date.

     

    Servicer:  Shall
      mean either GMAC 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.

     

    Six-Month
      LIBOR:  The per annum rate equal to the average of interbank
      offered rates for Six-Month U.S. dollar-denominated deposits in the London
      market based on quotations of major banks as published in The Wall Street
      Journal and most recently available as of the time specified in the related
      Mortgage Note.

     

    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.

     

    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.

     

    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
      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 Swap Agreement, the Class II-IO Interest and the right
      to receive payments in respect of the Class II-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:  With respect to Loan Group II, the interest rate swap
      agreement, dated as of May 10, 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 May
      10, 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 Wachovia Bank,
      N.A.

     

    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 and the
      Group II Certificates prior to the Group II Stepdown Date, approximately 0.75%
      of the Aggregate Loan Balance of the Group II Mortgage Loans as of the Cut-off
      Date; with respect to any Distribution Date on or after the Group II Stepdown
      Date and with respect to which a Group II Trigger Event is not in effect, the
      greater of (a) approximately 1.50% of the Aggregate Loan Balance of the Group
      II
      Mortgage Loans for such Distribution Date (after giving effect to scheduled
      payments of principal due during the related Due Period to the extent received
      or advanced, unscheduled collections of principal received during the related
      Prepayment Period and after reduction for Realized Losses on the Group II
      Mortgage Loans incurred during the related Due Period), or (b) 0.35% of the
      Aggregate Loan Balance of the Group II Mortgage Loans as of the Cut-off Date;
      with respect to any Distribution Date on or after the Group II Stepdown Date
      with respect to which a Group II Trigger Event is in effect, the Targeted
      Overcollateralization Amount for such Distribution Date will be equal to the
      Targeted Overcollateralization Amount for the Distribution Date immediately
      preceding such Distribution Date.  Notwithstanding the foregoing, on
      and after any Distribution Date following the reduction of the aggregate
      Certificate Principal Balance of the Group II Senior Certificates and Group
      II
      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 Group I Mortgage Loans and related REO
      Properties or Group II Mortgage Loans and related REO Properties, as applicable,
      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.

     

    Trust
      Fund:  Collectively, the assets of REMIC IA, REMIC IB, REMIC IC,
      REMIC ID, REMIC IIA, REMIC IIB, REMIC IIC, REMIC IID, REMIC IIE, REMIC IIF,
      the
      Net WAC Reserve Fund, the Basis Risk Shortfall Reserve Fund and the Cap
      Contract. 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 II-X Interest and any
      Distribution Date, an amount equal to the aggregate Uncertificated Principal
      Balance of the REMIC IIB Regular Interests (other than REMIC IIB Regular
      Interest LTII-P and REMIC IIB Regular Interest LTII-II-IO) for such Distribution
      Date.

     

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

     

    
      	
              
                Distribution
                  Date

              

            	
              
                REMIC
                  IIA 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 II-IO Interest and any Distribution Date, an amount equal
      to the Uncertificated Notional Amount of the REMIC IIB Regular Interest
      LTII-II-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 IA Pass-Through Rate:  With respect to each REMIC IA Regular
      Interest (other than the REMIC IA Regular Interest P), a per annum rate equal
      to
      the average of the Net Mortgage Rates of the Group I Mortgage Loans as of the
      first day of the related Due Period, weighted on the basis of the Stated
      Principal Balances of the Group I Mortgage Loans as of the first day of the
      related Due Period. REMIC IA Regular Interest LTI-P will not accrue
      interest.

     

    Uncertificated
      REMIC IIA Pass-Through Rate:  With respect to REMIC Regular
      Interest I, a per annum rate equal to the weighted average Net Mortgage Rate
      of
      the Group II Mortgage Loans.  With respect to each Regular Interest
      ending with the designation “A”, a per annum rate equal to the weighted average
      Net Mortgage Rate of the Group II Mortgage Loans multiplied by 2, subject to
      a
      maximum rate of (a) with respect to the distribution date in May 2007 up to
      and
      including the distribution date in April 2009, 11.00%, (b) with respect to
      the
      distribution date in May 2009 up to and including the distribution date in
      April
      2010, 10.50% and (c) with respect to the distribution dates beginning in May
      2010 up to and including the distribution date in April 2012,
      10.00%.  With respect to each 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 Group
      II Mortgage Loans over (ii) (a) with respect to the distribution date in May
      2007 up to and including the distribution date in April 2009, 11.00%, (b) with
      respect to the distribution date in May 2009 up to and including the
      distribution date in April 2010, 10.50% and (c) with respect to the distribution
      date in May 2010 up to and including the distribution dates beginning in April
      2012, 10.00% and (y) 0.00%. 

     

    Uncertificated
      REMIC IIB Pass-Through Rate:  With respect to REMIC IIB Regular
      Interest LTII-AA, REMIC IIB Regular Interest LTII-A1, REMIC IIB Regular Interest
      LTII-A2, REMIC IIB Regular Interest LTII-A3, REMIC IIB Regular Interest LTII-A4,
      REMIC IIB Regular Interest LTII-AM, REMIC IIB Regular Interest LTII-M1, REMIC
      IIB Regular Interest LTII-M2, REMIC IIB Regular Interest LTII-M3, REMIC IIB
      Regular Interest LTII-M4, REMIC IIB Regular Interest LTII-M5, REMIC IIB Regular
      Interest LTII-M6, REMIC IIB Regular Interest LTII-M7, REMIC IIB Regular Interest
      LTII-M8 and REMIC IIB Regular Interest LTII-ZZ, a per annum rate (but not less
      than zero) equal to the weighted average of (w) with respect to REMIC IIA
      Regular Interest I, the Uncertificated REMIC IIA Pass-Through Rate for such
      REMIC IIA Regular Interest for each such Distribution Date, (x) with respect
      to
      REMIC IIA Regular Interests ending with the designation “B”, the weighted
      average of the Uncertificated REMIC IIA Pass-Through Rate for such REMIC IIA
      Regular Interests, weighted on the basis of the Uncertificated Principal Balance
      of such REMIC IIA Regular Interests for each such Distribution Date and (y)
      with
      respect to REMIC IIA 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 IIA Regular Interest listed below, weighted on the basis
      of
      the Uncertificated Principal Balance of each such REMIC IIA Regular Interest
      for
      each such Distribution Date:

     

    
      	
              
                Distribution
                  Date

              

            	
              
                REMIC
                  IIA Regular Interest

              

            	
              
                Rate

              

            
	
              1

            	
              I-1-A
                through I-60-A

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

            
	
              2

            	
              I-2-A
                through I-60-A

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

            
	 	
              I-1-A

            	
              Uncertificated
                REMIC IIA Pass-Through Rate

            
	
              3

            	
              I-3-A
                through I-60-A

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

            
	 	
              I-1-A
                and I-2-A

            	
              Uncertificated
                REMIC IIA Pass-Through Rate

            
	
              4

            	
              I-4-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-3-A

            	
              Uncertificated
                REMIC IIA Pass-Through Rate

            
	
              5

            	
              I-5-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-4-A

            	
              Uncertificated
                REMIC IIA Pass-Through Rate

            
	
              6

            	
              I-6-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-5-A

            	
              Uncertificated
                REMIC IIA Pass-Through Rate

            
	
              7

            	
              I-7-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-6-A

            	
              Uncertificated
                REMIC IIA Pass-Through Rate

            
	
              8

            	
              I-8-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-7-A

            	
              Uncertificated
                REMIC IIA Pass-Through Rate

            
	
              9

            	
              I-9-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-8-A

            	
              Uncertificated
                REMIC IIA Pass-Through Rate

            
	
              10

            	
              I-10-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-9-A

            	
              Uncertificated
                REMIC IIA Pass-Through Rate

            
	
              11

            	
              I-11-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-10-A

            	
              Uncertificated
                REMIC IIA Pass-Through Rate

            
	
              12

            	
              I-12-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-11-A

            	
              Uncertificated
                REMIC IIA Pass-Through Rate

            
	
              13

            	
              I-13-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-12-A

            	
              Uncertificated
                REMIC IIA Pass-Through Rate

            
	
              14

            	
              I-14-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-13-A

            	
              Uncertificated
                REMIC IIA Pass-Through Rate

            
	
              15

            	
              I-15-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-14-A

            	
              Uncertificated
                REMIC IIA Pass-Through Rate

            
	
              16

            	
              I-16-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-15-A

            	
              Uncertificated
                REMIC IIA Pass-Through Rate

            
	
              17

            	
              I-17-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-16-A

            	
              Uncertificated
                REMIC IIA Pass-Through Rate

            
	
              18

            	
              I-18-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-17-A

            	
              Uncertificated
                REMIC IIA Pass-Through Rate

            
	
              19

            	
              I-19-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-18-A

            	
              Uncertificated
                REMIC IIA Pass-Through Rate

            
	
              20

            	
              I-20-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-19-A

            	
              Uncertificated
                REMIC IIA Pass-Through Rate

            
	
              21

            	
              I-21-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-20-A

            	
              Uncertificated
                REMIC IIA Pass-Through Rate

            
	
              22

            	
              I-22-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-21-A

            	
              Uncertificated
                REMIC IIA Pass-Through Rate

            
	
              23

            	
              I-23-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-22-A

            	
              Uncertificated
                REMIC IIA Pass-Through Rate

            
	
              24

            	
              I-24-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-23-A

            	
              Uncertificated
                REMIC IIA Pass-Through Rate

            
	
              25

            	
              I-25-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-24-A

            	
              Uncertificated
                REMIC IIA Pass-Through Rate

            
	
              26

            	
              I-26-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-25-A

            	
              Uncertificated
                REMIC IIA Pass-Through Rate

            
	
              27

            	
              I-27-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-26-A

            	
              Uncertificated
                REMIC IIA Pass-Through Rate

            
	
              28

            	
              I-28-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-27-A

            	
              Uncertificated
                REMIC IIA Pass-Through Rate

            
	
              29

            	
              I-29-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-28-A

            	
              Uncertificated
                REMIC IIA Pass-Through Rate

            
	
              30

            	
              I-30-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-29-A

            	
              Uncertificated
                REMIC IIA Pass-Through Rate

            
	
              31

            	
              I-31-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-30-A

            	
              Uncertificated
                REMIC IIA Pass-Through Rate

            
	
              32

            	
              I-32-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-31-A

            	
              Uncertificated
                REMIC IIA Pass-Through Rate

            
	
              33

            	
              I-33-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-32-A

            	
              Uncertificated
                REMIC IIA Pass-Through Rate

            
	
              34

            	
              I-34-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-33-A

            	
              Uncertificated
                REMIC IIA Pass-Through Rate

            
	
              35

            	
              I-35-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-34-A

            	
              Uncertificated
                REMIC IIA Pass-Through Rate

            
	
              36

            	
              I-36-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-35-A

            	
              Uncertificated
                REMIC IIA Pass-Through Rate

            
	
              37

            	
              I-37-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-36-A

            	
              Uncertificated
                REMIC IIA Pass-Through Rate

            
	
              38

            	
              I-38-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-37-A

            	
              Uncertificated
                REMIC IIA Pass-Through Rate

            
	
              39

            	
              I-39-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-38-A

            	
              Uncertificated
                REMIC IIA Pass-Through Rate

            
	
              40

            	
              I-40-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-39-A

            	
              Uncertificated
                REMIC IIA Pass-Through Rate

            
	
              41

            	
              I-41-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-40-A

            	
              Uncertificated
                REMIC IIA Pass-Through Rate

            
	
              42

            	
              I-42-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-41-A

            	
              Uncertificated
                REMIC IIA Pass-Through Rate

            
	
              43

            	
              I-43-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-42-A

            	
              Uncertificated
                REMIC IIA Pass-Through Rate

            
	
              44

            	
              I-44-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-43-A

            	
              Uncertificated
                REMIC IIA Pass-Through Rate

            
	
              45

            	
              I-45-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-44-A

            	
              Uncertificated
                REMIC IIA Pass-Through Rate

            
	
              46

            	
              I-46-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-45-A

            	
              Uncertificated
                REMIC IIA Pass-Through Rate

            
	
              47

            	
              I-47-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-46-A

            	
              Uncertificated
                REMIC IIA Pass-Through Rate

            
	
              48

            	
              I-48-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-47-A

            	
              Uncertificated
                REMIC IIA Pass-Through Rate

            
	
              49

            	
              I-49-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-48-A

            	
              Uncertificated
                REMIC IIA Pass-Through Rate

            
	
              50

            	
              I-50-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-49-A

            	
              Uncertificated
                REMIC IIA Pass-Through Rate

            
	
              51

            	
              I-51-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-50-A

            	
              Uncertificated
                REMIC IIA Pass-Through Rate

            
	
              52

            	
              I-52-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-51-A

            	
              Uncertificated
                REMIC IIA Pass-Through Rate

            
	
              53

            	
              I-53-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-52-A

            	
              Uncertificated
                REMIC IIA Pass-Through Rate

            
	
              54

            	
              I-54-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-53-A

            	
              Uncertificated
                REMIC IIA Pass-Through Rate

            
	
              55

            	
              I-55-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-54-A

            	
              Uncertificated
                REMIC IIA Pass-Through Rate

            
	
              56

            	
              I-56-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-55-A

            	
              Uncertificated
                REMIC IIA Pass-Through Rate

            
	
              57

            	
              I-57-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-56-A

            	
              Uncertificated
                REMIC IIA Pass-Through Rate

            
	
              58

            	
              I-58-A
                through I-60-A

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

            
	 	
              I-1-A
                through I-57-A

            	
              Uncertificated
                REMIC IIA Pass-Through Rate

            
	
              59

            	
              I-59-A
                and I-60-A

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

            
	 	
              I-1-A
                through I-58-A

            	
              Uncertificated
                REMIC IIA Pass-Through Rate

            
	
              60

            	
              I-60-A

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

            
	 	
              I-1-A
                through I-59-A

            	
              Uncertificated
                REMIC IIA Pass-Through Rate

            
	
              thereafter

            	
              I-1-A
                through I-60-A

            	
              Uncertificated
                REMIC IIA Pass-Through Rate

            

    

    

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

     

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

     

    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.
      In
      connection with the exercise of Voting Rights with respect to issues or actions
      which relate to the Group I Mortgage Loans, related REO Properties or Group
      I
      Certificates only, Voting Rights shall be allocated (i) 99% to the Group I
      Certificates (other than the Class I-X, Class I-P, Class I-R and Class I-R-X
      Certificates) and (ii) 0.5% to each of the Class I-X Certificates and Class
      I-P
      Certificates. In connection with the exercise of Voting Rights with respect
      to
      issues or actions which relate to the Group II Mortgage Loans, related REO
      Properties or Group II Certificates only, Voting Rights shall be allocated
      (i)
      99% to the Group II Certificates (other than the Class II-X, Class II-P, Class
      II-R and Class II-R-X Certificates) and (ii) 0.5% to each of the Class II-X
      Certificates and Class II-P Certificates. With respect to issues or actions
      which relate to all of the Mortgage Loans, REO Properties or the Certificates,
      Voting Rights shall be allocated (i) 98% to the Certificates (other than the
      Class I-X, Class I-P, Class II-X, Class II-P and the Residual Certificates)
      and
      (ii) 0.5% to each of the Class I-X, Class I-P, Class II-X and Class II-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. Notwithstanding the foregoing, the Voting Rights of the Group I Insured
      Certificates shall be held by the Group I Certificate Insurer (so long as no
      Group I Certificate Insurer Default exists) and the Voting Rights of the Class
      II-A-M Certificates shall be held by the Class II-A-M Certificate Insurer (so
      long as no Class II-A-M Certificate Insurer Default exists).

     

    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
      Group I Senior Certificates, Group I Mezzanine Certificates and Class I-X
      Certificates for any Distribution Date, (1) the aggregate amount of any Net
      Interest Shortfalls in respect of the Group I Mortgage Loans for any
      Distribution Date shall first reduce the Interest Distribution Amount payable
      to
      the Class I-M-6 Certificates, second, reduce the Interest Distribution Amount
      payable to the Class I-M-5 Certificates, third, reduce the Interest Distribution
      Amount payable to the Class I-M-4 Certificates, fourth, reduce the Interest
      Distribution Amount payable to the Class I-M-3 Certificates, fifth, reduce
      the
      Interest Distribution Amount payable to the Class I-M-2 Certificates, sixth,
      reduce the Interest Distribution Amount payable to the Class I-M-1 Certificates,
      and seventh, reduce the Interest Distribution Amount payable to the Group I
      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 or Certificate Notional Balance,
      as
      applicable of each such Certificate and (2) the aggregate amount of any Realized
      Losses on the Group I Mortgage Loans allocated to the Group I Offered
      Certificates and Net WAC Rate Carryover Amount paid to the Group I Offered
      Certificates incurred for any Distribution Date shall be allocated to the Class
      I-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 the Interest Remittance Amount for the
      Group II Senior Certificates, Group II Mezzanine Certificates and Class II-X
      Certificates for any Distribution Date, (1) the aggregate amount of any Net
      Interest Shortfalls in respect of the Group II Mortgage Loans for any
      Distribution Date shall reduce the Interest Remittance Amount 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 Class of Group II Senior Certificates and Group II Mezzanine
      Certificates and (2) the aggregate amount of any Realized Losses allocated
      to
      the Group II Senior Certificates and Group II Mezzanine Certificates and Basis
      Risk Shortfalls allocated to the Group II Senior Certificates and Group II
      Mezzanine Certificates for any Distribution Date shall be allocated to the
      Class
      II-X Certificates based on, and to the extent of, one month’s interest at the
      then applicable respective Pass-Through Rate on the Certificate Principal
      Balance thereof on any Distribution Date.

     

    For
      purposes of calculating the amount of Uncertificated Accrued Interest for the
      REMIC IA Regular Interests for any Distribution Date the aggregate amount of
      any
      Net Interest Shortfalls incurred in respect of the Group I Mortgage Loans for
      any Distribution Date shall be allocated among REMIC IA Regular Interest LTI-AA,
      REMIC IA Regular Interest LTI-IA1, REMIC IA Regular Interest LTI-IA2, REMIC
      IA
      Regular Interest LTI-IA3, REMIC IA Regular Interest LTI-IA4, REMIC IA Regular
      Interest LTI-IA5, REMIC IA Regular Interest LTI-IA6, REMIC IA Regular Interest
      LTI-IM1, REMIC IA Regular Interest LTI-IM2, REMIC IA Regular Interest LTI-IM3,
      REMIC IA Regular Interest LTI-IM4, REMIC IA Regular Interest LTI-IM5, REMIC
      IA
      Regular Interest LTI-IM6 and REMIC IA Regular Interest LTI-ZZ, pro rata, based
      on, and to the extent of, one month’s interest at the then applicable respective
      Uncertificated REMIC IA Pass-Through Rate on the respective Uncertificated
      Principal Balance of each such REMIC IA Regular Interest.

     

    For
      purposes of calculating the amount of Uncertificated Accrued Interest for the
      REMIC IIA Regular Interests for any Distribution Date the aggregate amount
      of
      any Net Interest Shortfalls incurred in respect of the Group II Mortgage Loans
      for any Distribution Date shall be allocated first, to
      REMIC IIA Regular Interest I and to the REMIC IIA 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 IIA
      Pass-Through Rates on the respective Uncertificated Principal Balances of each
      such REMIC IIA Regular Interest, and then, to REMIC IIA 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 IIA Pass-Through
      Rates on the respective Uncertificated Principal Balances of each such REMIC
      IIA
      Regular Interest.

     

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

     

    The
      aggregate amount of any Net Interest Shortfalls incurred in respect of the
      Group
      II Mortgage Loans for any Distribution Date shall be
      allocated among REMIC IIB Regular Interest LTII-AA, REMIC
      IIB Regular Interest LTII-IIA1, REMIC IIB Regular Interest LTII-IIA2, REMIC
      IIB
      Regular Interest LTII-IIA3, REMIC IIB Regular Interest LTII-IIA4, REMIC IIB
      Regular Interest LTII-IIAM, REMIC IIB Regular Interest LTII-IIM1, REMIC IIB
      Regular Interest LTII-IIM2, REMIC IIB Regular Interest LTII-IIM3, REMIC IIB
      Regular Interest LTII-IIM4, REMIC IIB Regular Interest LTII-IIM5, REMIC IIB
      Regular Interest LTII-IIM6, REMIC IIB Regular Interest LTII-IIM7, REMIC IIB
      Regular Interest LTII-IIM8 and REMIC IIB Regular Interest LTII-IIZZ, pro
      rata based on, and to the extent of, one month’s interest at the then
      applicable respective Uncertificated REMIC IIB Pass-Through Rate on the
      respective Uncertificated Principal Balance of each such REMIC IIB 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 Group I Certificateholders and the Group I Certificate
      Insurer, without recourse, all the right, title and interest of the Depositor
      in
      and to the portion of the Trust Fund relating to the Group I Mortgage Loans.
      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 Group II Certificateholders and the Class II-A-M Certificate
      Insurer, without recourse, all the right, title and interest of the Depositor
      in
      and to the portion of the Trust Fund relating to the Group II Mortgage
      Loans.  The Depositor herewith delivers to the Trustee or its
      Custodian an executed copy of the PMI Policy, and the Trustee or its Custodian,
      as applicable, acknowledges receipt of the same on behalf of the Group I
      Certificateholders and the Group I Certificate Insurer.

     

    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
      (x) the Mortgage Loan Documents and all other assets included in the definition
      of “REMIC IA” under clauses (i), (ii) (iii), (v) and (vi) (to the extent of
      amounts deposited into the related 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 IA” in
      trust for the exclusive use and benefit of all present and future Group I
      Certificateholders and the Group I Certificate Insurer and (y) the Mortgage
      Loan
      Documents and all other assets included in the definition of “REMIC IIA”
under clauses (i), (ii) (iii), (v) and (vi) (to the extent of amounts deposited
      into the related 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 IIA” in trust for
      the exclusive use and benefit of all present and future Group II
      Certificateholders and the Class II-A-M Certificate Insurer.

     

    (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 related Certificateholders or the
      Group
      I Certificate Insurer or the Class II-A-M Certificate Insurer, as applicable,
      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 Group I Certificate
      Insurer and the Class II-A-M Certificate Insurer, 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 related Certificateholders or the Group I Certificate Insurer or the Class
      II-A-M Certificate Insurer, as applicable, 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 and the Group I Certificate Insurer or Class II-A-M Certificate
      Insurer, as applicable 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, the Group I Certificate Insurer, the Class
      II-A-M Certificate Insurer 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, the Trustee,
      the
      Group I Certificate Insurer and the Class II-A-M Certificate Insurer 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 I-P Certificates (with respect
      to a
      waiver of the Prepayment Charge relating to a Group I Mortgage Loan), for the
      benefit of the Class II-P Certificates (with respect to a waiver of the
      Prepayment Charge relating to a Group II Mortgage Loan), 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, the Trustee, the
      Group
      I Certificate Insurer and the Class II-A-M Certificate Insurer as follows,
      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 related Certificateholders or the Group
      I
      Certificate Insurer or the Class II-A-M Certificate Insurer, as applicable,
      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 related Certificateholders or the Group I Certificate Insurer or the
      Class II-A-M Certificate Insurer, as applicable, 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 related Certificateholders and the Group I Certificate Insurer or the
      Class II-A-M Certificate Insurer, as applicable.

     

    (d)  With
      respect to any Replacement Mortgage Loan or Loans, the Sponsor shall deliver
      to
      the Custodian for the benefit of the related Certificateholders or the Group
      I
      Certificate Insurer or the Class II-A-M Certificate Insurer, as applicable,
      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 related Certificateholders and the Group I Certificate
      Insurer or Class II-A-M Certificate Insurer, as applicable, 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
      related Certificateholders and the Group I Certificate Insurer or the Class
      II-A-M Certificate Insurer, as applicable, 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 related
      Certificateholders and the Group I Certificate Insurer or the Class II-A-M
      Certificate Insurer, as applicable 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 related
      Certificateholders and the Group I Certificate Insurer or the Class II-A-M
      Certificate Insurer, as applicable, 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, the Trustee, the Group I Certificate Insurer and Class II-A-M
      Certificate Insurer 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, the Trustee, the
      Group I Certificate Insurer and the Class II-A-M Certificate Insurer 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 related Certificateholders and the Group
      I
      Certificate Insurer or the Class II-A-M Certificate Insurer, as applicable.
      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, the
      Group I Certificate Insurer and the Class II-A-M Certificate
      Insurer.

     

    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 IA Regular Interests and REMIC IIA Regular
      Interests.

     

    (a)  The
      Trustee acknowledges the assignment to it of the Group I 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 IA, the receipt of which
      is hereby acknowledged. The interests evidenced by the Class R-1A Interest,
      together with the REMIC IA Regular Interests, constitute the entire beneficial
      ownership interest in REMIC IA. The rights of the Holders of the Class R-1A
      Interest and REMIC IB (as Holder of the REMIC IA Regular Interests) to receive
      distributions from the proceeds of REMIC IA in respect of the Class R-1A
      Interest and the REMIC IA Regular Interests, respectively, and all ownership
      interests evidenced or constituted by the Class R-1A Interest and the REMIC
      IA
      Regular Interests, shall be as set forth in this Agreement.

     

    (b)  The
      Trustee acknowledges the assignment to it of the Group II 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 IIA, the receipt of
      which
      is hereby acknowledged. The interests evidenced by the Class R-2A Interest,
      together with the REMIC IIA Regular Interests, constitute the entire beneficial
      ownership interest in REMIC IIA. The rights of the Holders of the Class R-2A
      Interest and REMIC IIB (as Holder of the REMIC IIA Regular Interests) to receive
      distributions from the proceeds of REMIC IIA in respect of the Class R-2A
      Interest and the REMIC IIA Regular Interests, respectively, and all ownership
      interests evidenced or constituted by the Class R-2A Interest and the REMIC
      IIA
      Regular Interests, shall be as set forth in this Agreement.

     

    Section
      2.07  Conveyance
      of the REMIC IA Regular Interests, REMIC IIB Regular Interests, Class I-X
      Interest, Class I-P Interest, REMIC IIA Regular Interests, REMIC IIB Regular
      Interests, Class II-X Interest, Class II-P Interest and Class II-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 IA
      Regular Interests for the benefit of the Class R-1B Interest and REMIC IB (as
      Holder of the REMIC IA Regular Interests). The Trustee acknowledges receipt
      of
      the REMIC IA 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-1B Interest and REMIC IB (as Holder of the REMIC IA Regular
      Interests). The rights of the Holder of the Class R-1B Interest and REMIC IB
      (as
      Holder of the REMIC IA Regular Interests) to receive distributions from the
      proceeds of REMIC IB in respect of the Class R-1B Interest and Group I Regular
      Certificates (other than the Class I-X Certificates and Class I-P Certificates),
      the Class I-X Interest and Class I-P Interest, respectively, and all ownership
      interests evidenced or constituted by the Class R-1B Interest and the Group
      I
      Regular Certificates (other than the Class I-X Certificates and Class I-P
      Certificates), the Class I-X Interest and Class I-P Interest shall be as set
      forth in this Agreement. The Class R-1B Interest and the Group I Regular
      Certificates (other than the Class I-X Certificates and Class I-P Certificates),
      the Class I-X Interest and Class I-P Interest shall constitute the entire
      beneficial ownership interest in REMIC IB.

     

    (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
      Class
      I-X Interest for the benefit of the Class R-1C Interest and REMIC IC (as holder
      of the Class I-X Interest).  The Trustee acknowledges receipt of the
      Class I-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-1C Interest and REMIC IC (as holder of the Class I-X Interest).  The
      rights of the Holder of the Class R-1C Interest and REMIC IC (as holder of
      the
      Class I-X Interest) to receive distributions from the proceeds of REMIC IC
      in
      respect of the Class R-1C Interest, the Class I-X Certificates, and all
      ownership interests evidenced or constituted by the Class R-1C Interest and
      the
      Class I-X Certificates, shall be as set forth in this Agreement.  The
      Class R-1C Interest and the Class I-X Certificates shall constitute the entire
      beneficial ownership interest in REMIC IC.

     

    (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
      I-P Interest for the benefit of the Class R-1D Interest and  (as
      holder of the Class I-P Interest).  The Trustee acknowledges receipt
      of the Class I-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-1D Interest and  (as holder of the Class I-P
      Interest).  The rights of the Holder of the Class R-1D Interest
      and  (as holder of the Class I-P Interest) to receive distributions
      from the proceeds of in respect of the Class R-1D Interest, the Class I-P
      Certificates, and all ownership interests evidenced or constituted by the Class
      R-1D Interest and the Class I-P Certificates, shall be as set forth in this
      Agreement.  The Class R-1D Interest and the Class I-P Certificates
      shall constitute the entire beneficial ownership interest in REMIC
      ID.

     

    (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 REMIC IIA
      Regular Interests for the benefit of the Class R-2B Interest and REMIC IIB
      (as
      Holder of the REMIC IIA Regular Interests). The Trustee acknowledges receipt
      of
      the REMIC IIA 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-2B Interest and REMIC IIB (as Holder of the REMIC IIA
      Regular Interests). The rights of the Holder of the Class R-2B Interest and
      REMIC IIB (as Holder of the REMIC IIA Regular Interests) to receive
      distributions from the proceeds of REMIC IIB in respect of the Class R-2B
      Interest and the REMIC IIB Regular Interests, respectively, and all ownership
      interests evidenced or constituted by the Class R-2B Interest and the REMIC
      IIB
      Regular Interests, shall be as set forth in this Agreement. The Class R-2B
      Interest and the REMIC IIB Regular Interests shall constitute the entire
      beneficial ownership interest in REMIC IIB.

     

    (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 REMIC IIB
      Regular Interests for the benefit of the Class R-2C Interest and REMIC IIC
      (as
      Holder of the REMIC IIB Regular Interests). The Trustee acknowledges receipt
      of
      the REMIC IIB 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-2C Interest and REMIC IIC (as Holder of the REMIC IIB
      Regular Interests). The rights of the Holder of the Class R-2C Interest and
      REMIC IIC (as Holder of the REMIC IIB Regular Interests) to receive
      distributions from the proceeds of REMIC IIC in respect of the Class R-2C
      Interest and Group II Regular Certificates (other than the Class II-X
      Certificates and Class II-P Certificates), the Class II-X Interest, Class II-P
      Interest and Class II-IO Interest, respectively, and all ownership interests
      evidenced or constituted by the Class R-2C Interest and the Group II Regular
      Certificates (other than the Class II-X Certificates and Class II-P
      Certificates), the Class II-X Interest, Class II-P Interest and Class II-IO
      Interest, shall be as set forth in this Agreement. The Class R-2C Interest
      and
      the Group II Regular Certificates (other than the Class II-X Certificates and
      Class II-P Certificates), the Class II-X Interest, Class II-P Interest and
      Class
      II-IO Interest shall constitute the entire beneficial ownership interest in
      REMIC IIC.

     

    (f)  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
      II-X Interest for the benefit of the Class R-2D Interest and REMIC IID (as
      holder of the Class II-X Interest).  The Trustee acknowledges receipt
      of the Class II-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-2D Interest and REMIC IID (as holder of the Class II-X
      Interest).  The rights of the Holder of the Class R-2D Interest and
      REMIC IID (as holder of the Class II-X Interest) to receive distributions from
      the proceeds of REMIC IID in respect of the Class R-2D Interest, the Class
      II-X
      Certificates, and all ownership interests evidenced or constituted by the Class
      R-2D Interest and the Class II-X Certificates, shall be as set forth in this
      Agreement.  The Class R-2D Interest and the Class II-X Certificates
      shall constitute the entire beneficial ownership interest in REMIC
      IID.

     

    (g)  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
      II-P Interest for the benefit of the Class R-2E Interest and REMIC IIE (as
      holder of the Class II-P Interest).  The Trustee acknowledges receipt
      of the Class II-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-2E Interest and REMIC IIE (as holder of the Class II-P
      Interest).  The rights of the Holder of the Class R-2E Interest and
      REMIC IIE (as holder of the Class II-P Interest) to receive distributions from
      the proceeds of REMIC IIE in respect of the Class R-2E Interest, the Class
      II-P
      Certificates, and all ownership interests evidenced or constituted by the Class
      R-2E Interest and the Class II-P Certificates, shall be as set forth in this
      Agreement.  The Class R-2E Interest and the Class II-P Certificates
      shall constitute the entire beneficial ownership interest in REMIC
      IIE.

     

    (h)  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
      II-IO Interest for the benefit of the Class R-2F Interest and REMIC IIF (as
      holder of the Class II-IO Interest).  The Trustee acknowledges receipt
      of the Class II-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-2F Interest and REMIC IIF (as holder of the Class II-IO
      Interest).  The rights of the Holder of the Class R-2F Interest and
      REMIC IIF (as holder of the Class II-IO Interest) to receive distributions
      from
      the proceeds of REMIC IIF in respect of the Class R-2F Interest, REMIC IIF
      Regular Interest IO, and all ownership interests evidenced or constituted by
      the
      Class R-2F Interest and REMIC IIF Regular Interest IO, shall be as set forth
      in
      this Agreement.  The Class R-2F Interest and REMIC IIF Regular
      Interest IO shall constitute the entire beneficial ownership interest in REMIC
      IIF.

     

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

     

    (a)  The
      Trustee acknowledges the assignment to it of the REMIC IA 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 I-R Certificates in authorized
      denominations.

     

    (b)  The
      Trustee acknowledges the assignment to it of the REMIC IIA Regular Interests
      and
      the REMIC IIB 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
      II-R Certificates in authorized denominations.

     

    (c)  The
      Trustee acknowledges the assignment to it of the Class I-X Interest and the
      Class I-P Interest, 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 I-R-X Certificates in authorized
      denominations.

     

    (d)  The
      Trustee acknowledges the assignment to it of the Class II-X Interest, the Class
      II-P Interest and the Class II-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
      II-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 2007-1” 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 and the consent of the Group I Certificate Insurer and Class II-A-M
      Certificate Insurer.

     

    Section
      2.11  Rights
      of the Group I Certificate Insurer and the Class II-A-M Certificate
      Insurer.

     

    Since
      the
      Group I Certificate Insurer is providing the Group I Policy for the exclusive
      benefit of the Group I Insured Certificates, the rights of the Group I
      Certificate Insurer under this Agreement shall be limited to the Group I
      Mortgage Loans and the Group I Insured Certificates. Any action to be taken
      under this Agreement which requires the consent of the Group I Certificate
      Insurer shall be limited to any actions which affect or relate to the Group
      I
      Mortgage Loans and related REO Properties and the Group I Insured Certificates.
      Any documents, instruments, certifications or opinions required to be delivered
      hereunder shall be delivered to the Group I Certificate Insurer only if such
      documents, instruments, certifications or opinions relate to the Group I
      Mortgage Loans or the Group I Insured Certificates.

     

    Since
      the
      Class II-A-M Certificate Insurer is providing the Class II-A-M Policy for the
      exclusive benefit of the Class II-A-M Certificates, the rights of the Class
      II-A-M Certificate Insurer under this Agreement shall be limited to the Group
      II
      Mortgage Loans and the Class II-A-M Certificates. Any action to be taken under
      this Agreement which requires the consent of the Class II-A-M Certificate
      Insurer shall be limited to any actions which affect or relate to the Group
      II
      Mortgage Loans and related REO Properties and the Class II-A-M Certificates.
      Any
      documents, instruments, certifications or opinions required to be delivered
      hereunder shall be delivered to the Class II-A-M Certificate Insurer only if
      such documents, instruments, certifications or opinions relate to the Group
      II
      Mortgage Loans or the Class II-A-M 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 GMAC 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 related
      Certificateholders (as determined by GMACM in its reasonable judgment) and
      the
      Group I Certificate Insurer or the Class II-A-M Certificate Insurer, as
      applicable, 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 I-P Certificates
      or
      Class II-P Certificates, as applicable, 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 related Certificateholders and the Group I Certificate Insurer or the Class
      II-A-M Certificate Insurer, as applicable, 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, the related Certificateholders and the Group I Certificate
      Insurer or the Class II-A-M Certificate Insurer, as applicable, 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 related Certificateholders and the Group I
      Certificate Insurer or the Class II-A-M Certificate Insurer, as applicable.
      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 related
      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, (c) the related Index, Gross Margin, Periodic Rate Cap,
      Adjustment Date, Maximum Interest Rate or Minimum Mortgage Interest Rate, and
      (d) 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; provided, however that any Subservicer engaged with respect
      to
      the Group I Mortgage Loans will be subject to the consent of the Group I
      Certificate Insurer and any Subservicer engaged with respect to the Group II
      Mortgage Loans will be subject to the consent of the Class II-A-M Certificate
      Insurer. 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, with the consent of
      the
      Group I Certificate Insurer or the Class II-A-M Certificate Insurer, as
      applicable, 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 related 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 related Certificateholders and the Group I
      Certificate Insurer or the Class II-A-M Certificate Insurer, as applicable,
      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 related 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, the related
      Certificateholders and the Group I Certificate Insurer or the Class II-A-M
      Certificate Insurer, as applicable, 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 related Certificateholders (or
      the Trustee’s nominee on behalf of the related Certificateholders) and the Group
      I Certificate Insurer (with respect to any REO Property related to a Group
      I
      Mortgage Loan) or the Class II-A-M Certificate Insurer (with respect to any
      REO
      Property related to a Group II Mortgage Loan). 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 related
      Certificateholders and the Group I Certificate Insurer or Class II-A-M
      Certificate Insurer, as applicable, rent the same, or any part thereof, as
      such
      Servicer deems to be in the best interest of such Servicer and the related
      Certificateholders and the Group I Certificate Insurer or Class II-A-M
      Certificate Insurer, as applicable, 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 IA or REMIC IIA as defined in section 860F of the Code or
      cause REMIC IA or REMIC IIA 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 IA or REMIC
      IIA
      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,
      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, the Group I Certificate
      Insurer and the Class II-A-M Certificate Insurer 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 related Certificateholders and
      the
      Group I Certificate Insurer (with respect to any REO Property related to a
      Group
      I Mortgage Loan) or the Class II-A-M Certificate Insurer (with respect to any
      REO Property related to a Group II Mortgage Loan).  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, the Group I Certificate
      Insurer or the Class II-A-M Certificate Insurer 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.

     

    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.

     

    (d)  (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, the Master Servicer, the
      Group I Certificate Insurer (with respect to the Group I Mortgage Loans) and
      the
      Class II-A-M Certificate Insurer (with respect to the Group II Mortgage Loans)
      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, the Master Servicer, the
      Group I Certificate Insurer (in the case of a Group I Mortgage Loan) and the
      Class II-A-M Certificate Insurer (in the case of a Group II Mortgage Loan)
      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 related Certificateholders, the Group I Certificate
      Insurer (in the case of the Group I Mortgage Loans and related REO Property),
      the Class II-A-M Certificate Insurer (in the case of the Group II Mortgage
      Loans
      and related REO Property), 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, the related
      Certificateholders and the Group I Certificate Insurer (in the case of a Group
      I
      Mortgage Loan) or the Class II-A-M Certificate Insurer (in the case of a Group
      II Mortgage Loan) 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
      related 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  [Reserved].

     

    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, the Group
      I
      Certificate Insurer (with respect to a Group I Mortgage Loan) or the Class
      II-A-M Certificate Insurer (with respect to a Group II Mortgage Loan). 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 two segregated Custodial Accounts
      (which shall at all times be Eligible Accounts) with a depository institution
      and shall be in the name of such Servicer in trust for (x) Nomura Asset
      Acceptance Corporation, Asset-Backed Certificates, Series 2007-1, Group I
      Certificateholders and the Group I Certificate Insurer and (y) Nomura Asset
      Acceptance Corporation, Mortgage Pass-Through Certificates, Series 2007-1,
      Group
      II Certificateholders and the Class II-A-M Certificate Insurer. 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 in the related Loan Group;

     

    (ii)  all
      payments on account of interest on the Mortgage Loans in the related Loan Group
      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 in the related Loan Group, 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 with respect to the related Loan Group;

     

    (vi)  any
      amounts paid by an Advance Financing Person in respect of Advances or Servicing
      Advances with respect to the related Loan Group;

     

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

     

    (viii)  the
      Purchase Price with respect to any Mortgage Loans in the related Loan Group
      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 in the related Loan Group purchased by the Sponsor pursuant
      to
      Section 3.24;

     

    (ix)  with
      respect to Loan Group I only, without duplication, all payments of claims under
      the PMI Policy; and

     

    (x)  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 related Certificateholders
      and the Group I Certificate Insurer or the Class II-A-M Certificate Insurer,
      as
      applicable, 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 related Certificateholders and the Group I
      Certificate Insurer or the Class II-A-M Certificate Insurer, as applicable.
      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, the Group I Certificate Insurer (in the case of the Custodial
      Account related to Loan Group I), the Class II-A-M Certificate Insurer (in
      the
      case of the Custodial Account related to Loan Group II) 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 related 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  Adjustments
      to Mortgage Rate and Scheduled Payment.

     

    On
      each
      applicable Adjustment Date, the Mortgage Rate with respect to each Mortgage
      Loan
      shall be adjusted, in compliance with the requirements of the related Mortgage
      and Mortgage Note, to equal the sum of the related Index plus the Gross Margin
      (rounded in accordance with the related Mortgage Note) subject to the applicable
      Periodic Rate Cap, Maximum Mortgage Interest Rate and Minimum Mortgage Interest
      Rate, as set forth in the Mortgage Note.  The related Servicer shall
      execute and deliver the notices required by each Mortgage and Mortgage Note,
      applicable laws and regulations regarding interest rate
      adjustments.  The related Servicer shall also provide timely
      notification to the Master Servicer of all applicable data and information
      regarding such interest rate adjustments and such Servicer’s methods of
      implementing such interest rate adjustments.  Upon the discovery by a
      Servicer or the Master Servicer that such Servicer has failed to adjust a
      Mortgage Rate or a Scheduled Payment pursuant to the terms of the related
      Mortgage Note and Mortgage, such Servicer shall immediately deposit in the
      related Custodial Account, as applicable from its own funds the amount of any
      interest loss caused thereby without reimbursement therefor.

     

    Section
      3.31  Distribution
      Accounts.

     

    (a)  The
      Securities Administrator shall establish and maintain two segregated
      non-interest bearing trust accounts in the name of the Trustee, one of which
      will relate to Loan Group I and be for the benefit of the Holders of the Group
      I
      Certificates and the Group I Certificate Insurer and the other will relate
      to
      Loan Group II and be for the benefit of the Holders of the Group II Certificates
      and the Class II-A-M Certificate Insurer (each, a “Distribution Account”). The
      Securities Administrator will deposit in the related 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 related Distribution Account pursuant to this
      Agreement.

     

    (b)  All
      amounts deposited to the related Distribution Account shall be held by the
      Securities Administrator in the name of the Trustee in trust for the benefit
      of
      the related Certificateholders and the Group I Certificate Insurer (in the
      case
      of the Distribution Account related to Loan Group I) or the Class II-A-M
      Certificate Insurer (in the case of the Distribution Account related to Loan
      Group II) in accordance with the terms and provisions of this Agreement. The
      requirements for crediting a 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
      related Distribution Account.

     

    (c)  The
      amount at any time credited to a 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 such Distribution
      Account immediately as realized.

     

    Section
      3.32  Permitted
      Withdrawals and Transfers from the Distribution Accounts.

     

    (a)  The
      Securities Administrator will from time to time make or cause to be made such
      withdrawals or transfers from each 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
      with respect to the related Loan Group.

     

    (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 in the related Loan
      Group (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 in the related Loan Group 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 in the related Loan Group 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 in the related Loan Group 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 with respect to the related Loan Group, 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 with respect to the related Loan Group, 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 with
      respect to the related Loan Group (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 with respect to the related Loan Group to the extent not retained
      by
      the related Servicer;

     

    (x)  to
      reimburse or pay the related Servicer any such amounts with respect to the
      related Loan Group 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 with respect
      to
      the related Loan Group after the occurrence and continuance of a Servicer
      Default to the extent not paid by the terminated Servicer;

     

    (xii)  to
      reimburse the Master Servicer for any costs and expenses reimbursable to the
      Master Servicer with respect to the related Loan Group pursuant to this
      Agreement;

     

    (xiii)  to
      reimburse the Custodian for expenses, costs and liabilities incurred or
      reimbursable to it with respect to the related Loan Group pursuant to this
      Agreement or the Custodial Agreement;

     

    (xiv)  to
      remove
      amounts deposited in error; and

     

    (xv)  to
      clear
      and terminate the related 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 Accounts 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 Accounts 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 related Distribution Account to the holders of the related Certificates
      and the Group I Certificate Insurer or the Class II-A-M Certificate Insurer,
      as
      applicable, in accordance with Sections 5.04, 5.05 and 5.06.

     

    Section
      3.33  Duties
      of the Credit Risk Manager; Termination.

     

    (a)  The
      Depositor hereby appoints Wells Fargo Bank, National Association as Credit
      Risk
      Manager.  The Credit Risk Manager shall perform certain services
      related to servicer review and oversight, monitoring and reporting of various
      Mortgage Loans and the Servicers’ performance, preparation of Mortgage Loan and
      REO Property payment, delinquency and loss information, reconciliation of
      Prepayment Charge collections by such Servicer and monitoring information
      related to insurance claims and foreclosures.  If the Credit Risk
      Manager is not also acting as the Master Servicer, the related Servicer shall
      furnish to the Credit Risk Manager a copy of all reports required to be provided
      by such Servicer to the Master Servicer pursuant to Section 3.28, which
      reports shall be provided in electronic format, and Wells Fargo shall furnish
      to
      the Credit Risk Manager all reports required to provided in Section 5.02 of
      the Servicing Agreement as provided therein.  No later than the end of
      each calendar month, the Credit Risk Manager shall prepare and make available
      certain reports containing various performance, payment, delinquency and loss
      information and information related to insurance claims and
      foreclosures.  Such reports shall be made available through the
      facilities of Wells Fargo’s corporate trust services website, currently located
      at www.CTSLink.com, and shall be in a format and contain such content as
      is mutually agreed upon by the Sponsor and the Credit Risk
      Manager.  None of the Trustee, the Securities Administrator, the
      Servicers or the Master Servicer shall have any obligation to review such
      reports or otherwise monitor or supervise the activities of the Credit Risk
      Manager.

     

    (b)  The
      Transaction Parties acknowledge and agree that the reports that are compiled
      and
      prepared by the Credit Risk Manager are based on information provided to the
      Credit Risk Manager by the Servicers, the Master Servicer and from various
      unaffiliated third parties, including other Persons involved in the servicing
      and administration of the related Mortgage Loans or related REO
      Properties.  The Credit Risk Manager makes no representation or
      warranty as to the accuracy or completeness of any such information or data,
      and
      the Credit Risk Manager shall not be responsible for any misstatements,
      omissions, errors, or inaccuracies in any such reports or information resulting
      from any misstatements, omissions, errors, or inaccuracies in any information
      or
      data provided by third parties.

     

    Section
      3.34  Intellectual
      Property and Confidentiality.

     

    The
      Transaction Parties acknowledge and agree that the Credit Risk Manager’s and the
      Servicers’ services hereunder involve the use of various data, information,
      templates, processes, ideas, inventions, technology, software, algorithms,
      mathematical models, analytical tools, evaluative processes, parameters,
      measurements, methods, know-how, techniques, business practices,
      functionalities, ideas and concepts developed or utilized by such parties or
      their affiliates in connection with the performance of their obligations under
      this Agreement and various other services (collectively, “Intellectual
      Property”), and that all such Intellectual Property is the sole and
      exclusive property of the respective party and its Affiliates and that no
      license for use of such Intellectual Property is granted hereby or can be
      implied by the terms of this Agreement or the activities of the parties
      hereunder.  The Transaction Parties covenant and agree to preserve the
      confidentiality of such Intellectual Property, and further covenant and agree
      that neither the Transaction Parties nor any of their affiliates, directors,
      officers, employees, agents or representatives, including their outside counsel,
      auditors and advisors, respectively, shall use (or otherwise appropriate in
      any
      respect) any such Intellectual Property or disclose, publicize, transfer, or
      otherwise compromise the value of any such Intellectual Property, unless such
      Transaction Party is required by law or court order to disclose all or any
      part
      of the Intellectual Property or except to another Transaction Party in
      connection with its obligations hereunder.

     

    Section
      3.35  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 any 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 such Servicer, the Master Servicer or any
      Transaction Party or of errors in judgment; provided, however, that this
      provision shall not protect the Credit Risk Manager or any such person against
      any breach of representations or warranties made herein, failure to perform
      its
      obligations hereunder, or any liability which would otherwise be imposed by
      reason of willful misfeasance, bad faith, or gross negligence of the Credit
      Risk
      Manager in the performance of its duties hereunder or by reason of a breach
      of
      its obligations and duties under this Agreement.  The Credit Risk
      Manager and any 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.  Subject to the terms of this Agreement, the Credit Risk
      Manager shall be under no obligation to appear in, prosecute, or defend any
      legal action which, in its reasonable opinion, may involve it in any expense
      or
      liability; provided, however, that the Credit Risk Manager may with the consent
      of the applicable Transaction Party, and at such Transaction Party’s expense,
      undertake any such action that it may deem necessary or desirable in respect
      to
      this Agreement and the rights, duties, and the interests of the parties
      hereto.

     

    The
      Credit Risk Manager 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 its part that may be sustained in
      connection with, arising out of, or relating to this Agreement or any action
      taken or not taken by it under this Agreement unless such claims, liabilities,
      obligations, losses, damages, penalties, actions, judgments, suits, costs,
      expenses or disbursements were imposed on, incurred by or asserted against
      the
      Credit Risk Manager or such other Person solely as a result of (i) the breach
      by
      the Credit Risk Manager of its obligations hereunder, which breach would subject
      the Credit Risk Manager to liability pursuant to the first paragraph of this
      Section or (ii) the breach by a Transaction Party of its obligations under
      this Agreement, in which case the related Transaction Party (with the exception
      of the Trustee) shall indemnify the Credit Risk
      Manager.  Notwithstanding the foregoing, neither the Trust Fund nor
      the Transaction Parties shall indemnify the Credit Risk Manager for ordinary
      costs and expenses otherwise incurred by the Credit Risk Manager in the
      performance of the Credit Risk Manager’s duties under this
      Agreement.  The foregoing indemnification shall survive the
      termination of this agreement or the termination, removal or substitution of
      any
      party to this Agreement.

     

    Section
      3.36  Resignation
      or Removal of Credit Risk Manager.

     

    The
      Credit Risk Manager may resign upon thirty (30) days’ prior written notice to
      the Trustee.  The Credit Risk Manager may be removed as Credit Risk
      Manager hereunder upon any material breach by the Credit Risk Manager in the
      performance of its duties hereunder following written notice of such breach
      provided by the Trustee at the direction of Certificateholders holding not
      less
      than a 66-2/3% of the Voting Rights and the Credit Risk Manager’s failure to
      cure such breach within a reasonable period following such notice.

     

    Section
      3.37  The
      PMI Policy; Claims Under the PMI Policy.

     

    Notwithstanding
      anything to the contrary elsewhere in this Agreement, neither GMACM, nor the
      Master Servicer or any other successor servicer to GMACM, shall agree to any
      modification or assumption of a PMI Mortgage Loan or take any other action
      with
      respect to a PMI Mortgage Loan that could result in denial of coverage under
      the
      PMI Policy.  GMACM shall notify the PMI Insurer that the Trustee, on
      behalf of the Certificateholders and the Group I Certificate Insurer, is the
      Insured, as that term is defined in the PMI Policy, of each PMI Mortgage
      Loan.  GMACM shall, on behalf of the Trustee, prepare and file on a
      timely basis with the PMI Insurer, with a copy to the Trustee and Master
      Servicer, all claims which may be made under the PMI Policy with respect to
      the
      PMI Mortgage Loans and all notices of default under the PMI
      Policy.  Consistent with all rights and obligations hereunder, GMACM
      shall take all actions required under the PMI Policy as a condition to the
      payment of any such claim.  Any amount received from the PMI Insurer
      with respect to any such PMI Mortgage Loan shall be deposited by GMACM into
      its
      Custodial Account relating to Loan Group I in accordance with Section
      3.26.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    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.

     

    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, the Certificateholders, the
      Group I Certificate Insurer and the Class II-A-M Certificate Insurer, 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; the Trustee and the
      Group I Certificate Insurer or the Class II-A-M Certificate Insurer, as
      applicable, 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, the related
      Certificateholders and the Group I Certificate Insurer or the Class II-A-M
      Certificate Insurer, as applicable, subject to the Master Servicer’s right to
      retain or withdraw from the related 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,
      the related Certificateholders and the Group I Certificate Insurer or the Class
      II-A-M Certificate Insurer, as applicable, 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 related 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, the Certificateholders and the Group I Certificate
      Insurer or the Class II-A-M Certificate Insurer, as applicable, all claims
      under
      any insurance policies (including the PMI Policy) 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 related
      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 (including the PMI
      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, the related Certificateholders and the Group I Certificate Insurer
      or the Class II-A-M Certificate Insurer, as applicable, 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 related
      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 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 Compensation 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 and the Group I
      Certificate Insurer (with respect to any REO Property related to a Group I
      Mortgage Loan) and the Class II-A-M Certificate Insurer (with respect to any
      REO
      Property related to a Group II Mortgage Loan).  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 IA or REMIC IIA, as applicable, 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
      from Liquidation Proceeds received in connection with the final disposition
      of
      such REO Property; provided, that any such unreimbursed Advances 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 related to Loan Group
      I 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 Group I Mortgage Loans serviced by such Servicer
      for
      the related Distribution Date, and not so paid by such Servicer and (ii) the
      Master Servicing Compensation with respect to Loan Group I for such Distribution
      Date without reimbursement therefor.

     

    The
      Master Servicer shall deposit in the Distribution Account related to Loan Group
      II 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 Group II Mortgage Loans serviced by such Servicer
      for
      the related Distribution Date, and not so paid by such Servicer and (ii) the
      Master Servicing Compensation with respect to Loan Group II 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 related 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 related
      Certificateholders and the Group I Certificate Insurer or Class II-A-M
      Certificate Insurer, as applicable, 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 with respect to Loan Group I or Loan
      Group II, as applicable, 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 the
      related Custodial Account to the related 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 the related 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 related 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 the related 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 related 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 related 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
      on the Group I 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 relating to the Group I Mortgage Loans
      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 Group I Certificate Insurer,
                the
                Group I Premium on the Group I Policy payable to the Group I Certificate
                Insurer on such Distribution Date;

            

    

     

    
      	
               

            	
              2.

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

            

    

     

    
      	
               

            	
              3.

            	
              to
                the extent of the remaining Interest Remittance Amount, to the Group
                I
                Certificate Insurer, any amounts reimbursable to the Group I Certificate
                Insurer under the Group I Insurance Agreement for Group I Insured
                Payments
                made under the Group I Policy in respect of
                interest;

            

    

     

    
      	
               

            	
              4.

            	
              to
                the extent of the remaining Interest Remittance Amount, to the holders
                of
                the Class I-M-1 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 I-M-2 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 I-M-3 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 I-M-4 Certificates, the Interest Distribution Amount for
                such
                Class for such Distribution Date;

            

    

     

    
      	
               

            	
              8.

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

            

    

     

    
      	
               

            	
              9.

            	
              to
                the extent of the remaining Interest Remittance Amount, to the holders
                of
                the Class I-M-6 Certificates, the Interest Distribution Amount for
                such
                Class for such Distribution Date;
                and

            

    

     

    
      	
               

            	
              10.

            	
              for
                application as part of 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 (9) above for such Distribution
                Date.

            

    

     

    Second,
      to pay to the Group I Certificate Insurer and the Group I 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:

     

    1.            
      the Senior Principal Distribution Amount will be distributed to the holders
      of
      the Group I Senior Certificates in the following order of priority:

     

    first,
      to the Class I-A-6 Certificates, in an amount up to the Class I-A-6 Lockout
      Principal Distribution Amount for such Distribution Date, until the Certificate
      Principal Balance thereof has been reduced to zero; and

     

    second,
      in the following order of priority:

     

    
      	
              ·  

            	
              concurrently
                to the Class I-A-1A Certificates and Class I-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; and

            

    

     

    
      	
              ·  

            	
              sequentially,
                to the Class I-A-2, Class I-A-3, Class I-A-4, Class I-A-5 and Class
                I-A-6
                Certificates, in that order, until the Certificate Principal Balance
                of
                each such Class  has been reduced to
                zero.

            

    

     

    2.           to
      the Group I Certificate Insurer, in an amount equal to (i) any unpaid amounts
      reimbursable to the Group I Certificate Insurer under the Group I Insurance
      Agreement for Group I Insured Payments made pursuant to the Group I Policy
      after
      taking into account payments from the Interest Remittance Amount and (ii) any
      unpaid Group I Premium payable to the Group I Certificate Insurer under the
      Group I Policy;

     

    3.           to
      the Class I-M-1 Certificates, in an amount equal to the Class I-M-1 Principal
      Distribution Amount for such Distribution Date, until the Certificate Principal
      Balance thereof has been reduced to zero.

     

    4.           to
      the Class I-M-2 Certificates, in an amount equal to the Class I-M-2 Principal
      Distribution Amount for such Distribution Date, until the Certificate Principal
      Balance thereof has been reduced to zero.

     

    5.           to
      the Class I-M-3 Certificates, in an amount equal to the Class I-M-3 Principal
      Distribution Amount for such Distribution Date, until the Certificate Principal
      Balance thereof has been reduced to zero.

     

    6.           to
      the Class I-M-4 Certificates, in an amount equal to the Class I-M-4 Principal
      Distribution Amount for such Distribution Date, until the Certificate Principal
      Balance thereof has been reduced to zero.

     

    7.           to
      the Class I-M-5 Certificates, in an amount equal to the Class I-M-5 Principal
      Distribution Amount for such Distribution Date, until the Certificate Principal
      Balance thereof has been reduced to zero.

     

    8.           to
      the Class I-M-6 Certificates, in an amount equal to the Class I-M-6 Principal
      Distribution Amount for such Distribution Date, until the Certificate Principal
      Balance thereof has been reduced to zero.

     

    9.           for
      application as part of Monthly Excess Cashflow for such Distribution Date,
      as
      described under clause Third below, any such Principal Distribution
      Amount remaining after application pursuant to clauses (1) through (8) above
      for
      such Distribution Date.

     

    Notwithstanding
      the foregoing, on any Distribution Date after the Certificate Principal Balances
      of the Group I Mezzanine Certificates have been reduced to zero, the Senior
      Principal Distribution Amount for that Distribution Date will be allocated
      among
      the Group I Senior Certificates concurrently and on a pro rata basis, based
      on
      the Certificate Principal Balance of each such Class.

     

    Third,
      after the payment of amounts payable to the Group I Certificate Insurer and
      payment of interest and principal to the Group I Senior Certificates and Group
      I
      Mezzanine Certificates as described in clauses First and
      Second above, any Net Monthly Excess Cashflow for such Distribution
      Date will be distributed as follows:

     

    1.           to
      the holders of the Group I Senior Certificates and Group I Mezzanine
      Certificates in an amount equal to any Extra Principal Distribution Amount
      for
      such Distribution Date, payable to such Holders as part of the Principal
      Distribution Amount in accordance with clause Second
      above;

     

    2.           to
      the Group I Certificate Insurer, in an amount equal to any amounts due to the
      Group I Certificate Insurer under the Group I Insurance Agreement;

     

    3.           sequentially,
      to the holders of the Class I-M-1, Class I-M-2, Class I-M-3, Class I-M-4, Class
      I-M-5 and Class I-M-6 Certificates, in that order, the related Interest Carry
      Forward Amount allocable to each such Class on such Distribution
      Date;

     

    4.           to
      the Net WAC Reserve Fund, an amount equal to the sum of the Net WAC Rate
      Carryover Amounts, if any, with respect to each Class of Group I Senior
      Certificates and Group I Mezzanine Certificates;

     

    5.           to
      the holders of the Class I-X Certificates, the Class I-X Distribution Amount;
      and

     

    6.           to
      the holders of the Class I-R Certificates, in respect of the Class R-IB
      Interest, any remaining amounts.

     

    On
      each
      Distribution Date, the Securities Administrator, after making payments to the
      Group I Certificate Insurer and making the required distributions of interest
      and principal to the Group I Senior Certificates and Group I Mezzanine
      Certificates as described in clauses First and Second above
      and after the distribution of the Net Monthly Excess Cashflow as described
      in
      clause Third above, will withdraw from the Net WAC Reserve Fund the
      amounts on deposit therein and distribute such amounts to the Group I Senior
      Certificates and the Group I Mezzanine Certificates in respect of any Net WAC
      Rate Carryover Amounts due to each such Class in the following manner and order
      of priority first, to the Group I Senior Certificates, the related 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 (prior to taking into account
      any payment made to the Class I-A-1B Certificates pursuant to the Cap Contract);
      second, to the Class I-M-1 Certificates, the related Net WAC Rate Carryover
      Amount for such Distribution Date for such Class; third, to the Class I-M-2
      Certificates, the related Net WAC Rate Carryover Amount for such Distribution
      Date for such Class; fourth, to the Class I-M-3 Certificates, the related Net
      WAC Rate Carryover Amount for such Distribution Date for such Class fifth,
      to
      the Class I-M-4 Certificates, the related Net WAC Rate Carryover Amount for
      such
      Distribution Date for such Class; sixth, to the Class I-M-5 Certificates, the
      related Net WAC Rate Carryover Amount for such Distribution Date for such Class;
      and seventh, to the Class I-M-6 Certificates, the related Net WAC Rate Carryover
      Amount for such Distribution Date for such Class. Any amounts remaining in
      the
      Net WAC Reserve Fund will be distributed to the Holder of the Class I-X
      Certificates.

     

    (b)  On
      each
      Distribution Date, all amounts representing Prepayment Charges in respect of
      the
      Group I Mortgage Loans received during the related Prepayment Period and
      deposited in the Distribution Account relating to the Loan Group I will be
      withdrawn from such Distribution Account and distributed by the Securities
      Administrator to the Class I-P Certificates and shall not be available for
      distribution to the Holders of any other Class of Group I Certificates. The
      payment of such Prepayment Charges shall not reduce the Certificate Principal
      Balance of the Class I-P Certificates.

     

    (c)  On
      the
      Distribution Date in May 2012, the Securities Administrator shall make a payment
      of principal to the Class I-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 I-P Certificateholders.

     

    (d)  Subject
      to Section 10.02 hereof respecting the final distribution on a Class of
      Group I Certificates, on each Distribution Date the Securities Administrator
      shall make distributions to each Holder of a Group I 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 Group I Certificates registered
      in
      the name of a Depository shall be made to such Depository in immediately
      available funds.

     

    Section
      5.05  Distributions
      on the Group II Certificates.

     

    (a)  On
      each
      Distribution Date, the Securities Administrator will withdraw funds on deposit
      in the Distribution Account relating to Loan Group II and make distributions
      to
      the Class II-A-M Certificate Insurer and the Holders of the Group II
      Certificates in accordance with the Remittance Report for such Distribution
      Date, in the following order of priority:

     

    (i)(1)                      to
      the Supplemental Interest Trust, any Net Swap Payment and any Swap Termination
      Payment owed to the Swap Provider (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);

     

    (2)           to
      the Class II-A-M Certificate Insurer, the Class II-A-M Policy Premium payable
      to
      the Class II-A-M Certificate Insurer on such Distribution Date;

     

    (3)           concurrently,
      to the Group II Senior Certificates, pro rata based on amounts due, Current
      Interest and Carryforward Interest for such Distribution Date;

     

    (4)           to
      the Class II-A-M Certificate Insurer, in an amount equal to (i) any amounts
      reimbursable to the Class II-A-M Certificate Insurer for the interest portion
      of
      any payments made by the Class II-A-M Certificate Insurer pursuant to the Class
      II-A-M Commitment Letter and (ii) any related unpaid Class II-A-M Policy
      Premium;

     

    (5)           to
      the Class II-M-1 Certificates, Current Interest and Carryforward Interest for
      such Class and Distribution Date;

     

    (6)           to
      the Class II-M-2 Certificates, Current Interest and Carryforward Interest for
      such Class and Distribution Date;

     

    (7)           to
      the Class II-M-3 Certificates, Current Interest and Carryforward Interest for
      such Class and Distribution Date;

     

    (8)           to
      the Class II-M-4 Certificates, Current Interest and Carryforward Interest for
      such Class and Distribution Date;

     

    (9)           to
      the Class II-M-5 Certificates, Current Interest and Carryforward Interest for
      such Class and Distribution Date;

     

    (10)           to
      the Class II-M-6 Certificates, Current Interest and Carryforward Interest for
      such Class and Distribution Date;

     

    (11)           to
      the Class II-M-7 Certificates, Current Interest and Carryforward Interest for
      such Class and Distribution Date;

     

    (12)           to
      the Class II-M-8 Certificates, Current Interest and Carryforward Interest for
      such Class and Distribution Date; and

     

    (13)           for
      application as part of Monthly Excess Cashflow for such Distribution Date,
      any
      such Interest Remittance Amount remaining after application pursuant to clauses
      (1) through (12) above.

     

    (ii)           The
      Principal Payment Amount will be paid on each Distribution Date as
      follows:

     

    I.           On
      each Distribution Date (x) prior to the Group II Stepdown Date or (y) with
      respect to which a Group II Trigger Event is in effect, the Principal Payment
      Amount will be paid in the following order of priority:

     

    (A)  to
      the
      Supplemental Interest Trust, any Net Swap Payment and any Swap Termination
      Payment owed to the Swap Provider (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)
      to the extent not paid from the Interest Remittance Amount on such Distribution
      Date;

     

    (B)  concurrently,
      to the Group II Senior Certificates as follows:

     

    (i)           the
      Senior Sequential Allocation Percentage of the remaining Principal Payment
      Amount, sequentially, in the following order of priority:

     

    (1)           first,
      to the Class II-A-1 Certificates, until its Certificate Principal Balance has
      been reduced to zero;

     

    (2)           second,
      to the Class II-A-2 Certificates, until its Certificate Principal Balance has
      been reduced to zero; and

     

    (3)           third,
      to the Class II-A-3 Certificates, until its Certificate Principal Balance has
      been reduced to zero;

     

    (ii)           the
      Class II-A-4 Allocation Percentage of the remaining Principal Payment Amount
      to
      the Class II-A-4 Certificates, until its Certificate Principal Balance has
      been
      reduced to zero; and

     

    (iii)           the
      Class II-A-M Allocation Percentage of the remaining Principal Payment Amount
      to
      the Class II-A-M Certificates, until its Certificate Principal Balance has
      been
      reduced to zero;

     

    (C)  to
      the
      Class II-M-1 Certificates, until its Certificate Principal Balance has been
      reduced to zero;

     

    (D)  to
      the
      Class II-M-2 Certificates, until its Certificate Principal Balance has been
      reduced to zero;

     

    (E)  to
      the
      Class II-M-3 Certificates, until its Certificate Principal Balance has been
      reduced to zero;

     

    (F)  to
      the
      Class II-M-4 Certificates, until its Certificate Principal Balance has been
      reduced to zero;

     

    (G)  to
      the
      Class II-M-5 Certificates, until its Certificate Principal Balance has been
      reduced to zero;

     

    (H)  to
      the
      Class II-M-6 Certificates, until its Certificate Principal Balance has been
      reduced to zero;

     

    (I)  to
      the
      Class II-M-7 Certificates, until its Certificate Principal Balance has been
      reduced to zero;

     

    (J)  to
      the
      Class II-M-8 Certificates, until its Certificate Principal Balance has been
      reduced to zero; and

     

    (K)  for
      application as part of Monthly Excess Cashflow for such Distribution Date,
      any
      such Principal Payment Amount remaining after application pursuant to clauses
      I(A) through (J) above.

     

    II.           On
      each Distribution Date (x) on or after the Group II Stepdown Date and (y) with
      respect to which a Group II Trigger Event is not in effect, the Principal
      Payment Amount will be paid in the following order of priority:

     

    (A)  to
      the
      Supplemental Interest Trust, any Net Swap Payment and any Swap Termination
      Payment owed to the Swap Provider (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)
      remaining unpaid after the distribution of the Interest Remittance Amount on
      such Distribution Date;

     

    (B)  concurrently
      to the Group II Senior Certificates, the Senior Principal Payment Amount, in
      the
      following order of priority:

     

    (i)
      the
      Senior Sequential Allocation Percentage of the Senior Principal Payment Amount,
      sequentially, in the following order of priority:

     

    (a)           to
      the Class II-A-1 Certificates, until its Certificate Principal Balance has
      been
      reduced to zero;

     

    (b)           to
      the Class II-A-2 Certificates, until its Certificate Principal Balance has
      been
      reduced to zero; and

     

    (c)           to
      the Class II-A-3 Certificates, until its Certificate Principal Balance has
      been
      reduced to zero;

     

    (ii)
      to
      the Class II-A-4 Certificates, the Class II-A-4 Allocation Percentage of the
      Senior Principal Payment Amount, until its Certificate Principal Balance has
      been reduced to zero; and

     

    (iii)
      to
      the Class II-A-M Certificates, the Class II-A-M Allocation Percentage of the
      Senior Principal Payment Amount, until its Certificate Principal Balance has
      been reduced to zero;

     

    (C)  to
      the
      Class II-M-1 Certificates, the Class II-M-1 Principal Payment Amount for such
      Distribution Date, until its Certificate Principal Balance has been reduced
      to
      zero;

     

    (D)  to
      the
      Class II-M-2 Certificates, the Class II-M-2 Principal Payment Amount for such
      Distribution Date, until its Certificate Principal Balance has been reduced
      to
      zero;

     

    (E)  to
      the
      Class II-M-3 Certificates, the Class II-M-3 Principal Payment Amount for such
      Distribution Date, until its Certificate Principal Balance has been reduced
      to
      zero;

     

    (F)  to
      the
      Class II-M-4 Certificates, the Class II-M-4 Principal Payment Amount for such
      Distribution Date, until its Certificate Principal Balance has been reduced
      to
      zero;

     

    (G)  to
      the
      Class II-M-5 Certificates, the Class II-M-5 Principal Payment Amount for such
      Distribution Date, until its Certificate Principal Balance has been reduced
      to
      zero;

     

    (H)  to
      the
      Class II-M-6 Certificates, the Class II-M-6 Principal Payment Amount for such
      Distribution Date, until its Certificate Principal Balance has been reduced
      to
      zero;

     

    (I)  to
      the
      Class II-M-7 Certificates, the Class II-M-7 Principal Payment Amount for such
      Distribution Date, until its Certificate Principal Balance has been reduced
      to
      zero;

     

    (J)  to
      the
      Class II-M-8 Certificates, the Class II-M-8 Principal Payment Amount for such
      Distribution Date, until its Certificate Principal Balance has been reduced
      to
      zero; and

     

    (K)  for
      application as part of Monthly Excess Cashflow for such Distribution Date,
      any
      such Principal Payment Amount remaining after application pursuant to clauses
      II(A) through (J) above.

     

    Notwithstanding
      the priority of distributions described in this section with respect to the
      Group II Senior Certificates, on any Distribution Date which occurs after the
      Certificate Principal Balances of the Group II Mezzanine Certificates have
      been
      reduced to zero distributions to the Group II Senior Certificates in respect
      of
      principal will be allocated concurrently to the Group II Senior Certificates
      on
      a pro rata basis, based on the Certificate Principal Balance of each Class
      of
      Group II Senior Certificates, until the Certificate Principal Balance of each
      such Class has been reduced to zero.

     

    (iii)           On
      each Distribution Date, the Monthly Excess Cashflow will be distributed in
      the
      following order of priority:

     

    
      	
               

            	
              (1)

            	
              to
                the Class II-A-M Certificate Insurer, in an amount equal to (i) any
                amounts reimbursable to the Class II-A-M Certificate Insurer for
                payments
                made by the Class II-A-M Certificate Insurer pursuant to the Class
                II-A-M
                Commitment Letter and (ii) any related unpaid Class II-A-M Policy
                Premium;

            

      	 	 	 

      	 	
              (2)(A)

            	
              until
                the aggregate Certificate Principal Balance of the Group II Offered
                Certificates equals or exceeds the Aggregate Loan Balance for such
                Distribution Date (after giving effect to scheduled payments of principal
                due during the related Due Period to the extent received or advanced,
                unscheduled collections of principal received during the related
                Prepayment Period and after reduction for Realized Losses on the
                Group II
                Mortgage Loans incurred during the related Due Period) minus the
                Targeted
                Overcollateralization Amount for such date, on each Distribution
                Date (a)
                prior to the Group II Stepdown Date or (b) with respect to which
                a Group
                II Trigger Event is in effect, to the extent of Monthly Excess Interest
                for such Distribution Date, to the Group II Offered Certificates,
                in the
                following order of priority:

            

    

     

    (i)    concurrently,
      to
      the Group II Senior Certificates as follows:

     

    (a)           the
      Senior Sequential Allocation Percentage of the Monthly Excess Cashflow,
      sequentially, in the following order of priority:

     

    (1)           to
      the Class II-A-1 Certificates, until its Certificate Principal Balance has
      been
      reduced to zero;

     

    (2)           to
      the Class II-A-2 Certificates, until its Certificate Principal Balance has
      been
      reduced to zero; and

     

    (3)           to
      the Class II-A-3 Certificates, until its Certificate Principal Balance has
      been
      reduced to zero;

     

    (b)           to
      the Class II-A-4 Certificates, the Class II-A-4 Allocation Percentage of the
      Monthly Excess Cashflow, until its Certificate Principal Balance has been
      reduced to zero; and

     

    (c)           to
      the Class II-A-M Certificates, the Class II-A-M Allocation Percentage of the
      Monthly Excess Cashflow, until its Certificate Principal Balance has been
      reduced to zero;

     

    (ii)           to
      the Class II-M-1 Certificates, until its Certificate Principal Balance has
      been
      reduced to zero;

     

    
      	
               

            	
              (iii)

            	
              to
                the Class II-M-2 Certificates, until its Certificate Principal Balance
                has
                been reduced to zero;

            

    

     

    
      	
               

            	
              (iv)

            	
              to
                the Class II-M-3 Certificates, until its Certificate Principal Balance
                has
                been reduced to zero;

            

    

     

    
      	
               

            	
              (v)

            	
              to
                the Class II-M-4 Certificates, until its Certificate Principal Balance
                has
                been reduced to zero;

            

    

     

    
      	
               

            	
              (vi)

            	
              to
                the Class II-M-5 Certificates, until the Certificate Principal Balance
                thereof has been reduced to zero;

            

    

     

    
      	
               

            	
              (vii)

            	
              to
                the Class II-M-6 Certificates, until the Certificate Principal Balance
                thereof has been reduced to zero;

            

      	 	 	 

      	 	
              (viii)

            	
              to
                the Class II-M-7 Certificates, until the Certificate Principal Balance
                thereof has been reduced to zero; and

            

      	 	 	 

      	 	
              (ix)

            	
              to
                the Class II-M-8 Certificates, until the Certificate Principal Balance
                thereof has been reduced to zero.

            

    

     

    (B)           on
      each Distribution Date on or after the Group II Stepdown Date and with respect
      to which a Group II Trigger Event is not in effect, to fund any principal
      distributions required to be made on such Distribution Date set forth in
      Section 5.05(a)(ii)(II), after giving effect to the distribution of the
      Principal Payment Amount for such date, in accordance with the priorities set
      forth therein;

     

    
      	
               

            	
              (3)

            	
              concurrently,
                to the Group II Senior Certificates, any Deferred Amount for each
                such
                Class on a pro rata basis based on the entitlement of each such
                Class;

            

    

     

    
      	
               

            	
              (4)

            	
              to
                the Class II-M-1 Certificates, any Deferred Amount for such
                Class;

            

    

     

    
      	
               

            	
              (5)

            	
              to
                the Class II-M-2 Certificates, any Deferred Amount for such
                Class;

            

    

     

    
      	
               

            	
              (6)

            	
              to
                the Class II-M-3 Certificates, any Deferred Amount for such
                Class;

            

    

     

    
      	
               

            	
              (7)

            	
              to
                the Class II-M-4 Certificates, any Deferred Amount for such
                Class;

            

    

     

    
      	
               

            	
              (8)

            	
              to
                the Class II-M-5 Certificates, any Deferred Amount for such
                Class;

            

    

     

    
      	
               

            	
              (9)

            	
              to
                the Class II-M-6 Certificates, any Deferred Amount for such
                Class;

            

    

     

    
      	
               

            	
              (10)

            	
              to
                the Class II-M-7 Certificates, any Deferred Amount for such
                Class;

            

    

     

    
      	
               

            	
              (11)

            	
              to
                the Class II-M-8 Certificates, any Deferred Amount for such
                Class;

            

    

     

    
      	
               

            	
              (12)

            	
              to
                the Basis Risk Shortfall Reserve Fund and then from the Basis Risk
                Shortfall Reserve Fund to the Group II Senior Certificates, concurrently,
                any Basis Risk Shortfall for each such Class, on a pro rata basis
                based on
                the entitlement of each such Class;

            

    

     

    
      	
               

            	
              (13)

            	
              to
                the Basis Risk Shortfall Reserve Fund and then from the Basis Risk
                Shortfall Reserve Fund to the Class II-M-1 Certificates, any Basis
                Risk
                Shortfall for such Class;

            

    

     

    
      	
               

            	
              (14)

            	
              to
                the Basis Risk Shortfall Reserve Fund and then from the Basis Risk
                Shortfall Reserve Fund to the Class II-M-2 Certificates, any Basis
                Risk
                Shortfall for such Class;

            

    

     

    
      	
               

            	
              (15)

            	
              to
                the Basis Risk Shortfall Reserve Fund and then from the Basis Risk
                Shortfall Reserve Fund to the Class II-M-3 Certificates, any Basis
                Risk
                Shortfall for such Class;

            

    

     

    
      	
               

            	
              (16)

            	
              to
                the Basis Risk Shortfall Reserve Fund and then from the Basis Risk
                Shortfall Reserve Fund to the Class II-M-4 Certificates, any Basis
                Risk
                Shortfall for such Class;

            

    

     

    
      	
               

            	
              (17)

            	
              to
                the Basis Risk Shortfall Reserve Fund and then from the Basis Risk
                Shortfall Reserve Fund to the Class II-M-5 Certificates, any Basis
                Risk
                Shortfall for such Class;

            

    

     

    
      	
               

            	
              (18)

            	
              to
                the Basis Risk Shortfall Reserve Fund and then from the Basis Risk
                Shortfall Reserve Fund to the Class II-M-6 Certificates, any Basis
                Risk
                Shortfall for such Class;

            

    

     

    
      	
               

            	
              (19)

            	
              to
                the Basis Risk Shortfall Reserve Fund and then from the Basis Risk
                Shortfall Reserve Fund to the Class II-M-7 Certificates, any Basis
                Risk
                Shortfall for such Class;

            

    

     

    
      	
               

            	
              (20)

            	
              to
                the Basis Risk Shortfall Reserve Fund and then from the Basis Risk
                Shortfall Reserve Fund to the Class II-M-8 Certificates, any Basis
                Risk
                Shortfall for such Class;

            

    

     

    
      	
               

            	
              (21)

            	
              to
                the Supplemental Interest Trust, any Swap Termination Payment owed
                to the
                Group II Swap Provider in the event of a Swap Provider Trigger Event
                and
                the Group II 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;

            

    

     

    
      	
               

            	
              (22)

            	
              to
                the Class II-A-M Certificate Insurer, any remaining amounts owed
                to the
                Class II-A-M Certificate Insurer under the Class II-A-M Commitment
                Letter;

            

    

     

    (23)         to
      the Class II-X Certificates, the Class II-X Distribution Amount;
      and

     

    
      	
               

            	
              (24)

            	
              to
                the Class II-R Certificates (in respect of the Class R-2C Interest),
                any
                remaining amount. It is not anticipated that any amounts will be
                distributed to the Class II-R Certificates under this clause
                (24).

            

    

     

    Notwithstanding
      the foregoing, distributions pursuant to subparagraphs (2) through (20) above
      on
      any Distribution Date will be made after giving effect to payments received
      pursuant to the Swap Agreement.

     

    On
      each
      Distribution Date, the Securities Administrator, after making the required
      distributions of interest and principal to the Certificates as described in
      clauses (i) and (ii) above and after the distribution of the Monthly Excess
      Cashflow as described in clause (iii) above, will withdraw from the Basis Risk
      Shortfall Reserve Fund the amounts on deposit therein and distribute such
      amounts to the Group II Senior Certificates and Group II Mezzanine Certificates
      in respect of any Basis Risk Shortfalls in the following manner and order of
      priority: first, concurrently to the Group II Senior Certificates, on a pro
      rata
      basis, based on the entitlement of each such Class, the amount of any Basis
      Risk
      Shortfalls allocated to such Class for such Distribution Date; second, to the
      Class II-M-1 Certificates, the amount of any Basis Risk Shortfall allocated
      to
      such Class for such Distribution Date for such Class; third, to the Class II-M-2
      Certificates, the amount of any Basis Risk Shortfall allocated to such Class
      for
      such Distribution Date for such Class; fourth, to the Class II-M-3 Certificates,
      the amount of any Basis Risk Shortfalls allocated to such Class for such
      Distribution Date for such Class; fifth, to the Class II-M-4 Certificates,
      the
      amount of any Basis Risk Shortfalls allocated to such Class for such
      Distribution Date; sixth, to the Class II-M-5 Certificates, the amount of any
      Basis Risk Shortfalls allocated to such Class for such Distribution Date;
      seventh, to the Class II-M-6 Certificates, the amount of any Basis Risk
      Shortfalls allocated to such Class for such Distribution Date; eighth, to the
      Class II-M-7 Certificates, the amount of any Basis Risk Shortfalls allocated
      to
      such Class for such Distribution Date; ninth, to the Class II-M-8 Certificates,
      the amount of any Basis Risk Shortfalls allocated to such Class for such
      Distribution Date.

     

    (b)  Subject
      to Section 10.02 hereof respecting the final distribution on a Class of
      Group II Senior Certificates or Group II Mezzanine Certificates, on each
      Distribution Date the Securities Administrator shall make distributions to
      each
      Holder of a Group II Senior Certificate or Group II Mezzanine 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 Group II Senior Certificates and
      Group II Mezzanine Certificates registered in the name of a Depository shall
      be
      made to such Depository in immediately available funds.

     

    (c)  Any
      Net
      Swap Payments and Swap Termination Payments (other than Swap Termination
      Payments resulting from a Swap Provider Trigger Event) payable by the
      Supplemental Interest Trust to the Swap Provider pursuant to the Swap Agreement
      shall be deducted from Interest Remittance Amount relating to Loan Group II,
      and
      to the extent of any such remaining amounts due, from Principal Remittance
      Amount, prior to any distributions to the Holders of the Group II Certificates.
      On each Distribution Date, such amounts will be remitted to the Supplemental
      Interest Trust, first to make any Net Swap Payment owed to the Swap Provider
      pursuant to the Swap Agreement for such Distribution Date, and 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 for such Distribution
      Date.  Any Swap Termination Payment due as a result of the occurrence
      of a Swap Provider Trigger Event owed to the Swap Provider pursuant to the
      Swap
      Agreement will be subordinated to distributions to the Holders of the Group
      II
      Senior Certificates and Group II Mezzanine Certificates and shall be paid as
      set
      forth in clause (d) below.

     

    (d)  On
      each
      Distribution Date, the Securities Administrator shall distribute from the
      amounts received from the Swap Provider in respect of any Net Swap Payment
      then
      on deposit in the Supplemental Interest Trust in the following order of
      priority:

     

    (i)            concurrently,
      to the Group II Senior Certificates, pro rata based on amounts due, Current
      Interest and any Carryforward Interest for each such Class and Distribution
      Date, after giving effect to distributions of such amounts pursuant to
      Section 5.05(a)(i)(3);

     

    (ii)            to
      the Class II-A-M Certificate Insurer, the portion of the unpaid amount that
      represents the interest portion of any outstanding payments made by the Class
      II-A-M Certificate Insurer under the Class II-A-M Policy, after giving effect
      to
      distributions of such amount pursuant to Section 5.05(a)(i)(2) and Section
      5.05(a)(iii)(1) on such Distribution Date;

     

    (iii)            sequentially,
      to the Class II-M-1, Class II-M-2, Class II-M-3, Class II-M-4, Class II-M-5,
      Class II-M-6, Class II-M-7 and Class II-M-8 Certificates, in that order, Current
      Interest and any Carryforward Interest for each such Class and Distribution
      Date, after giving effect to distributions of such amounts pursuant to Sections
      5.05(a)(i)(5) through (12);

     

    (iv)            to
      the Holders of the Class or Classes of Group II Offered Certificates then
      entitled to receive distributions in respect of principal, in an amount
      necessary to maintain or restore the Targeted Overcollateralization Amount
      after
      taking into account distributions made pursuant to
      Section 5.05(a)(iii)(2);

     

    (v)            concurrently
      to the Group II Senior Certificates, on a pro rata basis based on the
      entitlement of each such Class, any applicable Deferred Amounts, prior to giving
      effect to amounts available to be paid in respect of Deferred Amounts pursuant
      to Section 5.05(a)(iii)(3);

     

    (vi)            to
      the Class II-A-M Certificate Insurer, the portion of any unpaid amount that
      represents the principal portion of any outstanding payments made by the Class
      II-A-M Certificate Insurer under the Class II-A-M Policy, after giving effect
      to
      distributions of such amount as described under “-Credit
      Enhancement-
      Overcollateralization” on such distribution date;

     

    (vii)            concurrently
      to the Group II Senior Certificates, on a pro rata basis based on the
      entitlement of each such Class, and then sequentially to the Class II-M-1,
      Class
      II-M-2, Class II-M-3, Class II-M-4, Class II-M-5, Class II-M-6, Class II-M-7
      and
      Class II-M-8 Certificates, in that order, any applicable Deferred Amounts,
      prior
      to giving effect to amounts available to be paid in respect of Deferred Amounts
      pursuant to Section 5.05(a)(iii)(3) through (12);

     

    (viii)                      to
      the Basis Risk Shortfall Reserve Fund and then from the Basis Risk Shortfall
      Reserve Fund first, concurrently, to the Group II Senior Certificates, on a
      pro
      rata basis, based on the entitlement of each such Class, and then to the Class
      II-M-1, Class II-M-2, Class II-M-3, Class II-M-4, Class II-M-5, Class II-M-6,
      Class II-M-7 and Class II-M-8 Certificates, in that order, any applicable Basis
      Risk Shortfalls, prior to giving effect to any withdrawals from the Basis Risk
      Shortfall Reserve Fund or from amounts available to be paid in respect of Basis
      Risk Shortfalls pursuant to Section 5.05(a)(iii)(12) through (21);
      and

     

    (ix)            to
      the Class II-X Certificates, any remaining amounts.

     

    Notwithstanding
      the foregoing, in no instance will such payments (other than payments made
      under
      clause (ix) above) be made other than to the extent of Realized Losses and
      Basis
      Risk Shortfalls.

     

    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) in respect of the
      Swap
      Agreement will be deducted from related available funds before distributions
      to
      the holders of the Group II Offered Certificates. On or before each Distribution
      Date, such amounts will be distributed by the 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
      5.06  Allocation
      of Realized Losses on the Group I Mortgage Loans.

     

    (a)  On
      or
      prior to each Determination Date, the Securities Administrator shall determine
      the amount of any Realized Loss in respect of each Group I Mortgage Loan 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 to the Group I
      Certificates as described in Section 1.02 hereof.

     

    (c)  The
      principal portion of all Realized Losses on the Group I Mortgage Loans allocated
      to any REMIC IA Regular Interest pursuant to Section 5.06(d) shall be
      allocated on each Distribution Date as follows: first, in reduction of the
      Net
      Monthly Excess Cashflow; second, in reduction of the Group I
      Overcollateralization Amount, until such amount has been reduced to zero; third,
      to the Class I-M-6 Certificates, until the Certificate Principal Balance thereof
      has been reduced to zero; fourth, to the Class I-M-5 Certificates, until the
      Certificate Principal Balance thereof has been reduced to zero; fifth, to the
      Class I-M-4 Certificates, until the Certificate Principal Balance thereof has
      been reduced to zero; sixth, to the Class I-M-3 Certificates, until the
      Certificate Principal Balance thereof has been reduced to zero; seventh, to
      the
      Class I-M-2 Certificates, until the Certificate Principal Balance thereof has
      been reduced to zero; and eighth, to the Class I-M-1 Certificates, until the
      Certificate Principal Balance thereof has been reduced to zero; and ninth,
      concurrently, to the Group I Senior Certificates, on a pro rata basis, based
      on
      the Certificate Principal Balance of each Class of Group I Certificates, until
      the Certificate Principal Balance of each such Class has been reduced to zero.
      All such Realized Losses to be allocated to the Certificate Principal Balances
      of the Group I Offered Certificates on any Distribution Date shall be so
      allocated after the actual distributions to be made on such date as provided
      above. All references above to the Certificate Principal Balance of any Class
      of
      Group I Offered Certificates shall be to the Certificate Principal Balance
      of
      such Class immediately prior to the relevant Distribution Date, before reduction
      thereof by any Realized Losses, in each case to be allocated to such Group
      I
      Offered Certificates, on such Distribution Date.

     

    Any
      allocation of the principal portion of Realized Losses to a Group I 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
      I-P Certificates.

     

    All
      such
      Realized Losses and all other losses allocated to a Class of Group I
      Certificates hereunder will be allocated among the Certificates of such Class
      in
      proportion to the Percentage Interests evidenced thereby.

     

    (d)  With
      respect to the REMIC IA Regular Interests, the principal portion of all Realized
      Losses on the Group I Mortgage Loans shall be allocated on each Distribution
      Date to the following REMIC IA Regular Interests in the specified percentages,
      as follows: first, to Uncertificated Accrued Interest payable to the REMIC
      IA
      Regular Interest LTI-IAA and REMIC IA Regular Interest LTI-IZZ up to an
      aggregate amount equal to the REMIC IA Interest Loss Allocation Amount, 98%
      and
      2%, respectively; second, to the Uncertificated Principal Balances of REMIC
      IA
      Regular Interest LTI-IAA and REMIC IA Regular Interest LTI-IZZ up to an
      aggregate amount equal to the REMIC IA Principal Loss Allocation Amount, 98%
      and
      2%, respectively; third, to the Uncertificated Principal Balances of REMIC
      IA
      Regular Interest LTI-IAA, REMIC IA Regular Interest LTI-IM6 and REMIC IA Regular
      Interest LTI-IZZ, 98%, 1% and 1%, respectively, until the Uncertificated
      Principal Balance of REMIC IA Regular Interest LTI-IM6 has been reduced to
      zero;
      fourth, to the Uncertificated Principal Balances of REMIC IA Regular Interest
      LTI-IAA, REMIC IA Regular Interest LTI-IM5 and REMIC IA Regular Interest
      LTI-IZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal
      Balance of REMIC IA Regular Interest LTI-IM5 has been reduced to zero; fifth,
      to
      the Uncertificated Principal Balances of REMIC IA Regular Interest LTI-IAA,
      REMIC IA Regular Interest LTI-IM4 and REMIC IA Regular Interest LTI-IZZ, 98%,
      1%
      and 1%, respectively, until the Uncertificated Principal Balance of REMIC IA
      Regular Interest LTI-IM4 has been reduced to zero; sixth, to the Uncertificated
      Principal Balances of REMIC IA Regular Interest LTI-IAA, REMIC IA Regular
      Interest LTI-IM3 and REMIC IA Regular Interest LTI-IZZ, 98%, 1% and 1%,
      respectively, until the Uncertificated Principal Balance of REMIC IA Regular
      Interest LTI-IM3 has been reduced to zero; seventh, to the Uncertificated
      Principal Balances of REMIC IA Regular Interest LTI-IAA, REMIC IA Regular
      Interest LTI-IM2 and REMIC IA Regular Interest LTI-IZZ, 98%, 1% and 1%,
      respectively, until the Uncertificated Principal Balance of REMIC IA Regular
      Interest LTI-IM2 has been reduced to zero; eighth, to the Uncertificated
      Principal Balances of REMIC IA Regular Interest LTI-IAA, REMIC IA Regular
      Interest LTI-IM1 and REMIC IA Regular Interest LTI-IZZ, 98%, 1% and 1%,
      respectively, until the Uncertificated Principal Balance of REMIC IA Regular
      Interest LTI-IM1 has been reduced to zero; and ninth, among REMIC IA Regular
      Interest LTI-AA, 98%, REMIC IA Regular Interest LTI-IA1A, REMIC IA Regular
      Interest LTI-IA1B, REMIC IA Regular Interest LTI-IA2, REMIC IA Regular Interest
      LTI-IA3, REMIC IA Regular Interest LTI-IA4, REMIC IA Regular Interest LTI-IA5,
      REMIC IA Regular Interest LTI-IA6, 1%, pro rata, and REMIC IA Regular Interest
      LTI-ZZ, 1%, based on, and to the extent of, one month’s interest at the then
      applicable respective Uncertificated REMIC IA Pass-Through Rate on the
      respective Uncertificated Principal Balance of each such REMIC IA Regular
      Interest.

     

    (e)  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
      with
      respect to a Group I Mortgage Loan, the amount of such Subsequent Recoveries
      will be applied to increase the Certificate Principal Balance of the Class
      of
      Group I 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 Group I 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
      Group I Offered Certificates, beginning with the Class of Group I 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
      Group I Offered Certificate of such Class in accordance with its respective
      Percentage Interest.

     

    Section
      5.07  Allocation
      of Realized Losses on the Group II Mortgage
      Loans.

     

    (a)  On
      or
      prior to each Determination Date, the Securities Administrator shall determine
      the amount of any Realized Loss in respect of each Group II Mortgage Loan that
      occurred during the immediately preceding calendar month.

     

    (b)  The
      interest portion of Realized Losses on the Group II Mortgage Loans shall be
      allocated to the Certificates as described in Section 1.02
      hereof.

     

    The
      principal portion of all Realized Losses on the Group II Mortgage Loans shall
      be
      allocated on each Distribution Date as follows: first, in reduction of
      Net Swap Payments paid by the Swap Provider under the Swap Agreement and the
      Monthly Excess Cashflow for such Distribution Date; second, to the Class
      II-X Certificates, until the Certificate Principal Balance thereof has been
      reduced to zero; third, to the Class II-M-8 Certificates, until the
      Certificate Principal Balance thereof has been reduced to zero, fourth,
      to the Class II-M-7 Certificates, until the Certificate Principal Balance
      thereof has been reduced to zero; fifth, to the Class II-M-6
      Certificates, until the Certificate Principal Balance thereof has been reduced
      to zero; sixth, to the Class II-M-5 Certificates, until the Certificate
      Principal Balance thereof has been reduced to zero; seventh, to the Class
      II-M-4 Certificates, until the Certificate Principal Balance thereof has been
      reduced to zero; eighth, to the Class II-M-3 Certificates, until the
      Certificate Principal Balance thereof has been reduced to zero; ninth, to
      the Class II-M-2 Certificates, until the Certificate Principal Balance thereof
      has been reduced to zero, and tenth, to the Class II-M-1 Certificates,
      until the Certificate Principal Balance thereof has been reduced to zero. In
      addition, once the Group II Mezzanine Certificates have been reduced to zero,
      any additional Realized Losses on the Group II Mortgage Loans will be allocated
      to the Group II Senior Certificates, on a pro rata basis, until the Certificate
      Principal Balance of each such Class has been reduced to zero; provided,
      however, that for so long as the Class II-A-M Certificates remain outstanding,
      the pro rata allocation to the Class II-A-M Certificates shall be based on
      the
      aggregate Certificate Principal Balance of all of the Group II Senior
      Certificates; provided further that Realized Losses allocated to the Class
      II-A-M Certificates will be covered by the Class II-A-M Policy.

     

    Any
      allocation of the principal portion of Realized Losses to a Class of Group
      II
      Offered Certificates on any Distribution Date shall be made by reducing the
      Certificate Principal Balance thereof by the amount so allocated; any allocation
      of Realized Losses to a Class II-X Certificate shall be made by reducing the
      amount otherwise payable in respect thereof pursuant to
      Section 5.05(a)(iii).  No allocations of any Realized Losses
      shall be made to the Certificate Principal Balances of the Class II-P
      Certificates.

     

    All
      such
      Realized Losses and all other losses allocated to a Class of Certificates
      hereunder will be allocated among the Certificates of such Class in proportion
      to the Percentage Interests evidenced thereby.

     

    (c)  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 such Servicer with respect
      to the Group II Mortgage Loans, the amount of such Subsequent Recoveries will
      be
      applied to increase the Certificate Principal Balance of the Group II
      Certificates to which such Realized Losses have been allocated as follows:
      first, to the Group II Senior Certificates, on a pro rata basis based on the
      related amount of Applied Loss Amounts allocated thereto, and then to the Class
      II-M-1, Class II-M-2, Class II-M-3, Class II-M-4, Class II-M-5 Class II-M-6,
      Class II-M-7 and Class II-M-8 Certificates, in that order, in each case up
      to
      the related amount of Applied Loss Amounts but only to the extent that the
      Certificate Principal Balance has not previously been increased due to other
      Subsequent Recoveries and that any such Applied Loss Amount has not been paid
      to
      such Class of Group II Offered Certificates as a Deferred Amount with Monthly
      Excess Cashflow or a Net Swap Payment paid by the Swap Provider and available
      for this purpose. 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
      Class of Group II Offered Certificates in accordance with its respective
      Percentage Interest.

     

    (d)  With
      respect to the REMIC IIA Regular Interests, all Realized Losses on the Group
      II
      Mortgage Loans shall be allocated shall be allocated on each Distribution Date
      first, to REMIC IIA Regular Interest I until the Uncertificated Principal
      Balance has been reduced to zero, and second, to REMIC IIA Regular Interest
      I-1-A through REMIC IIA Regular Interest I-60-B, starting with the lowest
      numerical denomination until such REMIC IIA Regular Interest has been reduced
      to
      zero, provided that, for REMIC IIA Regular Interests with the same numerical
      denomination, such Realized Losses shall be allocated pro rata between such
      REMIC IIA Regular Interests.

     

    (e)  With
      respect to the REMIC IIB Regular Interests, all Realized Losses on the Mortgage
      Loans shall be allocated on each Distribution Date to the following REMIC IIB
      Regular Interests in the specified percentages, as follows: first, to
      Uncertificated Accrued Interest payable to the REMIC IIB Regular Interest
      LTII-AA and REMIC IIB Regular Interest LTII-IIZZ up to an aggregate amount
      equal
      to the REMIC IIB Interest Loss Allocation Amount, 98% and 2%, respectively;
      second, to the Uncertificated Principal Balances of REMIC IIB Regular Interest
      LTII-AA and REMIC IIB Regular Interest LTII-IIZZ up to an aggregate amount
      equal
      to the REMIC IIB Principal Loss Allocation Amount, 98% and 2%, respectively;
      third, to the Uncertificated Principal Balances of REMIC IIB Regular Interest
      LTII-AA, REMIC IIB Regular Interest LTII-IIM8 and REMIC IIB Regular Interest
      LTII-IIZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal
      Balance of REMIC IIB Regular Interest LTII-IIM8 has been reduced to zero;
      fourth, to the Uncertificated Principal Balances of REMIC IIB Regular Interest
      LTII-AA, REMIC IIB Regular Interest LTII-IIM7 and REMIC IIB Regular Interest
      LTII-IIZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal
      Balance of REMIC IIB Regular Interest LTII-IIM7 has been reduced to zero; fifth,
      to the Uncertificated Principal Balances of REMIC IIB Regular Interest LTII-AA,
      REMIC IIB Regular Interest LTII-IIM6 and REMIC IIB Regular Interest LTII-IIZZ,
      98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of
      REMIC IIB Regular Interest LTII-IIM6 has been reduced to zero; sixth, to the
      Uncertificated Principal Balances of REMIC IIB Regular Interest LTII-AA, REMIC
      IIB Regular Interest LTII-IIM5 and REMIC IIB Regular Interest LTII-IIZZ, 98%,
      1%
      and 1%, respectively, until the Uncertificated Principal Balance of REMIC IIB
      Regular Interest LTII-IIM5 has been reduced to zero; seventh, to the Uncertificated Principal
      Balances of REMIC IIB Regular Interest LTI-IIAA, REMIC IIB Regular Interest
      LTI-IIAM and REMIC IIB Regular Interest LTI-IIZZ, 98%, 1% and 1%, respectively,
      until the Uncertificated Principal Balance of REMIC IIB Regular Interest
      LTI-IIAM has been reduced to zero, eight, to the Uncertificated Principal
      Balances of REMIC IIB Regular Interest LTII-AA, REMIC IIB Regular Interest
      LTII-IIM4 and REMIC IIB Regular Interest LTII-IIZZ, 98%, 1% and 1%,
      respectively, until the Uncertificated Principal Balance of REMIC IIB Regular
      Interest LTII-IIM4 has been reduced to zero; ninth, to the Uncertificated
      Principal Balances of REMIC IIB Regular Interest LTII-AA, REMIC IIB Regular
      Interest LTII-IIM3 and REMIC IIB Regular Interest LTII-IIZZ, 98%, 1% and 1%,
      respectively, until the Uncertificated Principal Balance of REMIC IIB Regular
      Interest LTII-IIM3 has been reduced to zero; tenth, to the Uncertificated
      Principal Balances of REMIC IIB Regular Interest LTII-AA, REMIC IIB Regular
      Interest LTII-IIM2 and REMIC IIB Regular Interest LTII-IIZZ, 98%, 1% and 1%,
      respectively, until the Uncertificated Principal Balance of REMIC IIB Regular
      Interest LTII-IIM2 has been reduced to zero; and eleventh, to the Uncertificated
      Principal Balances of REMIC IIB Regular Interest LTII-AA, REMIC IIB Regular
      Interest LTII-IIM1 and REMIC IIB Regular Interest LTII-IIZZ, 98%, 1% and 1%,
      respectively, until the Uncertificated Principal Balance of REMIC IIB Regular
      Interest LTII-IIM1 has been reduced to zero.

     

    Section
      5.08  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 Group I Certificate Insurer,
      the
      Class II-A-M Certificate Insurer, 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)  with
      respect to each Loan Group, the total cash flows received and the general
      sources thereof;

     

    (iv)  with
      respect to each Loan Group, the amount of the related distribution to Holders
      of
      each Class of related 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 I-P
      Certificates and Class II-P Certificates, (D) the Extra Principal Distribution
      Amount and (E) the Monthly Excess Interest with respect to the Group II
      Certificates, if any;

     

    (v)  with
      respect to each Loan Group, the amount distributed to Holders of each Class
      of
      related Certificates on such Distribution Date allocable to
      interest;

     

    (vi)  with
      respect to each Loan Group, the Certificate Principal Balance or Certificate
      Notional Balance of each Class of related 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)  with
      respect to each Loan Group, the aggregate amount of P&I Advances included in
      the distributions on the Distribution Date;

     

    (viii)  with
      respect to each Loan Group, the aggregate amount of Relief Act Interest
      Shortfalls for such Distribution Date;

     

    (ix)  with
      respect to each Loan Group, 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)  with
      respect to each Loan Group, 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 related Certificates;

     

    (xi)  with
      respect to Loan Group I, the Group I Overcollateralization Amount, the Credit
      Enhancement Percentage, any Overcollateralization Increase Amount and any
      Overcollateralization Reduction Amount for such Distribution Date;

     

    (xii)  with
      respect to Loan Group II, the Group II Overcollateralization Amount, the Senior
      Enhancement Percentage, any Overcollateralization Deficiency Amount and any
      Overcollateralization Release Amount for such Distribution Date;

     

    (xiii)  with
      respect to each Loan Group, the amount of any Prepayment Charges remitted by
      the
      related Servicer;

     

    (xiv)  with
      respect to each Loan Group, 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;

     

    (xv)  with
      respect to each Loan Group, the number and Scheduled Principal Balance of all
      the Mortgage Loans for the following Distribution Date;

     

    (xvi)  with
      respect to each Loan Group, 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;

     

    (xvii)  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;

     

    (xviii)  with
      respect to each Loan Group, 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;

     

    (xix)  with
      respect to each Loan Group, 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 in such Loan Group 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 in such Loan Group as of the last day of such
      Distribution Date;

     

    (xx)  with
      respect to each Loan Group, 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;

     

    (xxi)  with
      respect to each Loan Group, the aggregate Servicing Fee received by the
      Servicers during the related Due Period;

     

    (xxii)  with
      respect to each Loan Group, 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;

     

    (xxiii)  with
      respect to the Group I Certificates, 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;

     

    (xxiv)  with
      respect to the Group II Certificates the amount of any Basis Risk Shortfalls
      and
      the amount in the Basis Risk Shortfall Reserve Fund after all deposits and
      withdrawals on such Distribution Date;

     

    (xxv)  amounts
      payable in respect of the Cap Contract;

     

    (xxvi)  amounts
      payable in respect of the Swap Agreement;

     

    (xxvii)  with
      respect to Loan Group I, whether the Group I Stepdown Date has occurred and
      whether any Group I Trigger Event is in effect;

     

    (xxviii)   with
      respect to Loan Group II, whether the Group II Stepdown Date has occurred and
      whether any Group II Trigger Event is in effect;

     

    (xxix)  as
      reported by each Servicer to the Securities Administrator, (A) the amount of
      payments received from such Servicer related to claims under the PMI Policy
      during the related Prepayment Period (and the number of PMI Mortgage Loans
      to
      which such payments related) and (B) the cumulative amount of payments received
      related to claims under the PMI Policy since the Closing Date (and the number
      of
      PMI Mortgage Loans to which such payments related); and

     

    (xxx)  as
      reported by each Servicer to the Securities Administrator, (A) the dollar amount
      of claims made under each PMI Policy that were denied (as identified by the
      related Servicer) during the Prepayment Period (and the number of Mortgage
      Loans
      to which such denials related) and (B) the dollar amount of the cumulative
      claims made under the PMI Policy that were denied since the Closing Date (and
      the number of PMI Mortgage Loans to which such denials related).

     

    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 (301) 815-6600. 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.

     

    Section
      5.09  REMIC
      Designations and REMIC Allocations.

     

    (a)  The
      Securities Administrator shall elect that each of REMIC IA, REMIC IB, REMIC
      IC,
      REMIC ID, REMIC IIA, REMIC IIB, REMIC IIC, REMIC IID, REMIC IIE and REMIC IIF
      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 IA Regular Interests shall constitute the
      assets of REMIC IB. The Class I-X Interest shall constitute the assets of REMIC
      IC. The Class I-P Interest shall constitute the assets of REMIC ID. The REMIC
      IIA Regular Interests shall constitute the assets of REMIC IIB. The REMIC IIB
      Regular Interests shall constitute the assets of REMIC IIC. The Class II-X
      Interest shall constitute the assets of REMIC IID. The Class II-P Interest
      shall
      constitute the assets of REMIC IIE. The Class II-IO Interest shall constitute
      the assets of REMIC IIF.

     

    (b)  On
      each
      Distribution Date, the Available Distribution Amount with respect to Loan Group
      I, in the following order of priority and in accordance with the Remittance
      Report, shall be distributed by REMIC IA to REMIC IB on account of the REMIC
      IA
      Regular Interests or withdrawn from the Distribution Account and distributed
      to
      the Holders of the Class R-1B Interest, as the case may be:

     

    (i)  first,
      to
      the Holders of REMIC IA Regular Interest LTI-AA, REMIC IA Regular Interest
      LTI-IA1A, REMIC IA Regular Interest LTI-IA1B, REMIC IA Regular Interest LTI-A2,
      REMIC IA Regular Interest LTI-A3, REMIC IA Regular Interest LTI-A4, REMIC IA
      Regular Interest LTI-A5, REMIC IA Regular Interest LTI-A6, REMIC IA Regular
      Interest LTI-M1, REMIC IA Regular Interest LTI-M2, REMIC IA Regular Interest
      LTI-M3, REMIC IA Regular Interest LTI-M4, REMIC IA Regular Interest LTI-M5,
      REMIC IA Regular Interest LTI-M6 and REMIC IA Regular Interest LTI-ZZ, pro
      rata,
      in an amount equal to (A) the Uncertificated Accrued Interest for each such
      REMIC IA 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 IA Regular
      Interest LTI-ZZ shall be reduced and deferred when the REMIC IA
      Overcollateralization Amount is less than the REMIC IA Targeted
      Overcollateralization Amount, by the lesser of (x) the amount of such difference
      and (y) the REMIC IA Regular Interest LTI-ZZ Maximum Interest Deferral Amount
      and such amount will be payable to the Holders of REMIC IA Regular Interest
      LTI-IA1A, REMIC IA Regular Interest LTI-IA1B, REMIC IA Regular Interest LTI-A2,
      REMIC IA Regular Interest LTI-A3, REMIC IA Regular Interest LTI-A4, REMIC IA
      Regular Interest LTI-A5, REMIC IA Regular Interest LTI-A6, REMIC IA Regular
      Interest LTI-M1, REMIC IA Regular Interest LTI-M2, REMIC IA Regular Interest
      LTI-M3, REMIC IA Regular Interest LTI-M4, REMIC IA Regular Interest LTI-M5
      and
      REMIC IA Regular Interest LTI-M6 in the same proportion as the
      Overcollateralization Deficiency is allocated to the Corresponding Certificates
      and the Uncertificated Principal Balance of REMIC IA Regular Interest LTI-ZZ
      shall be increased by such amount;

     

    (ii)  second,
      to the Holders of REMIC IA Regular Interests, in an amount equal to the
      remainder 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 IA Regular Interest LTI-AA and REMIC IA Regular
                Interest LTI-P, until the Uncertificated Principal Balance of such
                REMIC
                IA Regular Interest is reduced to zero, provided, however, that the
                Uncertificated Principal Balance of REMIC IA Regular Interest LTI-P
                shall
                not be reduced until the Distribution Date in November 2011 or any
                Distribution Date thereafter, at which point such amount shall be
                distributed to REMIC IA Regular Interest LTI-P, until $100 has been
                distributed pursuant to this
                clause;

            

    

     

    
      	
               

            	
              (b)

            	
              2.00%
                of such remainder, first, to the Holders of REMIC IA Regular Interest
                LTI-IA1A, REMIC IA Regular Interest LTI-IA1B, REMIC IA Regular Interest
                LTI-A2, REMIC IA Regular Interest LTI-A3, REMIC IA Regular Interest
                LTI-A4, REMIC IA Regular Interest LTI-A5, REMIC IA Regular Interest
                LTI-A6, REMIC IA Regular Interest LTI-M1, REMIC IA Regular Interest
                LTI-M2, REMIC IA Regular Interest LTI-M3, REMIC IA Regular Interest
                LTI-M4, REMIC IA Regular Interest LTI-M5 and REMIC IA Regular Interest
                LTI-M6, 1% in the same proportion as principal payments are allocated
                to
                the Corresponding Certificates, until the Uncertificated Principal
                Balances of such REMIC IA Regular Interests are reduced to zero and
                second, to the Holders of REMIC IA Regular Interest LTI-ZZ (other
                than
                amounts payable under the proviso below), until the Uncertificated
                Principal Balance of such REMIC IA Regular Interest is reduced to
                zero;
                and

            

    

     

    
      (iii)  third,
        any remaining amount to the Holders of the Class I-R Certificates (in respect
        of
        the Class R-1B 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 IA Regular Interest LTI-AA and REMIC IA Regular Interest
      LT-IP, in that order and (ii) REMIC IA Regular Interest LTI-IZZ, respectively;
      provided that REMIC IA Regular Interest LT-IP shall not be reduced until the
      Distribution Date in May 2012, at which point such amount shall be distributed
      to REMIC IA Regular Interest LT-IP, until $100 has been distributed pursuant
      to
      this clause.

     

    (c)  all
      amounts paid to the Class I-X Certificates shall be deemed to be distributed
      to
      the Class I-X Interest; and

     

    (d)  all
      amounts paid to the Class I-P Certificates shall be deemed to be distributed
      to
      the Class I-P Interest.

     

    (e)  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 IIA
      to
      REMIC IIB on account of the REMIC IIA Regular Interests or withdrawn from the
      related Distribution Account and distributed to the Holders of the Class R-2A
      Interest, as the case may be:

     

    (f)  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 IIA
      to
      REMIC IIB Regular Interests or withdrawn from the Distribution Account and
      distributed to the Holders of the Class R-IIA Interest, as the case may
      be:

     

    (i)  to
      Holders of each of REMIC IIA Regular Interest I and REMIC IIA Regular Interest
      I-1-A through I-60-B, pro rata, in an amount equal to (A) the Uncertificated
      Accrued Interest for such REMIC IIA 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 IIA Regular Interest
      I,
      then to REMIC IIA Regular Interests I-1-A through I-60-B starting with the
      lowest numerical denomination until the Uncertificated Principal Balance of
      each
      such REMIC IIA Regular Interest is reduced to zero, provided that, for REMIC
      IIA
      Regular Interests with the same numerical denomination, such payments of
      principal shall be allocated pro rata between such REMIC IIA Regular Interests;
      and

     

    (iii)  to
      the
      Holders of REMIC IIA Regular Interest II-P, (A) on each Distribution Date,
      100%
      of the amount paid in respect of Prepayment Charges on the Group II Mortgage
      Loans and (B) on the Distribution Date in May, 2012 until $100 has been
      distributed pursuant to this clause.

     

    (g)  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 IIB
      to
      REMIC IIC on account of the REMIC IIB Regular Interests or withdrawn from the
      Distribution Account and distributed to the Holders of the Class R-2B Interest,
      as the case may be:

     

    (i)  first,
      to
      the Holder of REMIC IIB Regular Interest LTII-II-IO in an amount equal to (A)
      the Uncertificated Accrued Interest for each such REMIC IIB 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 IIB Regular
      Interest LTII-AA, REMIC IIB Regular Interest LTII-IIA1, REMIC IIB Regular
      Interest LTII-IIA2, REMIC IIB Regular Interest LTII-IIA3, REMIC IIB Regular
      Interest LTII-IIA4, REMIC IIB Regular Interest LTII-IIAM, REMIC IIB Regular
      Interest LTII-IIM1, REMIC IIB Regular Interest LTII-IIM2, REMIC IIB Regular
      Interest LTII-IIM3, REMIC IIB Regular Interest LTII-IIM4, REMIC IIB Regular
      Interest LTII-IIM5, REMIC IIB Regular Interest LTII-IIM6, REMIC IIB Regular
      Interest LTII-IIM7, REMIC IIB Regular Interest LTII-IIM8 and REMIC IIB Regular
      Interest LTII-IIZZ, pro rata, in an amount equal to (A) the Uncertificated
      Accrued Interest for each such REMIC IIB 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 IIB Regular Interest LTII-IIZZ shall be reduced and deferred
      when the REMIC IIB Overcollateralization Amount is less than the REMIC IIB
      Targeted Overcollateralization Amount, by the lesser of (x) the amount of such
      difference and (y) the REMIC IIB Regular Interest LTII-IIZZ Maximum Interest
      Deferral Amount and such amount will be payable to the Holders of REMIC IIB
      Regular Interest LTII-IIA1, REMIC IIB Regular Interest LTII-IIA1A, REMIC IIB
      Regular Interest LTII-IIA1B, REMIC IIB Regular Interest LTII-IIA2, REMIC IIB
      Regular Interest LTII-IIA3, REMIC IIB Regular Interest LTII-IIA4, REMIC IIB
      Regular Interest LTII-IIAM, REMIC IIB Regular Interest LTII-IIM1, REMIC IIB
      Regular Interest LTII-IIM2, REMIC IIB Regular Interest LTII-IIM3, REMIC IIB
      Regular Interest LTII-IIM4, REMIC IIB Regular Interest LTII-IIM5, REMIC IIB
      Regular Interest LTII-IIM6, REMIC IIB Regular Interest LTII-IIM7 and REMIC
      IIB
      Regular Interest LTII-IIM8 in the same proportion as the Overcollateralization
      Deficiency is allocated to the Corresponding Certificates and the Uncertificated
      Principal Balance of REMIC IIB Regular Interest LTII-IIZZ shall be increased
      by
      such amount;

     

    (ii)  second,
      to the Holders of REMIC IIB Regular Interests, in an amount equal to the
      remainder of the REMIC IIB 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 IIB Regular Interest LTII-AA and REMIC IIB Regular Interest
      LTII-P, until the Uncertificated Principal Balance of such REMIC IIB Regular
      Interest is reduced to zero, provided, however, that the Uncertificated
      Principal Balance of REMIC IIB Regular Interest LTII-P shall not be reduced
      until the Distribution Date in May, 2012 or any Distribution Date thereafter,
      at
      which point such amount shall be distributed to REMIC IIB Regular Interest
      LTII-P, until $100 has been distributed pursuant to this clause;

     

    (B)  2.00%
      of
      such remainder, first, to the Holders REMIC IIB Regular Interest LTII-IIA1,
      REMIC IIB Regular Interest LTII-IIA2, REMIC IIB Regular Interest LTII-IIA3,
      REMIC IIB Regular Interest LTII-IIA4, REMIC IIB Regular Interest LTII-IIAM,
      REMIC IIB Regular Interest LTII-IIM1, REMIC IIB Regular Interest LTII-IIM2,
      REMIC IIB Regular Interest LTII-IIM3, REMIC IIB Regular Interest LTII-IIM4,
      REMIC IIB Regular Interest LTII-IIM5, REMIC IIB Regular Interest LTII-IIM6,
      REMIC IIB Regular Interest LTII-IIM7 and REMIC IIB Regular Interest LTII-IIM8,
      1% in the same proportion as principal payments are allocated to the
      Corresponding Certificates, until the Uncertificated Principal Balances of
      such
      REMIC IIB Regular Interests are reduced to zero and second, to the Holders
      of
      REMIC IIB Regular Interest LTII-IIZZ (other than amounts payable under the
      proviso below), until the Uncertificated Principal Balance of such REMIC IIB
      Regular Interest is reduced to zero; and

     

    (C)  any
      remaining amount to the Holders of the Class II-R Certificates (in respect
      of
      the Class R-2B Interest).

     

    provided,
      however, that (i) 98.00% and (ii) 2.00% of any principal payments that are
      attributable to an Group II Overcollateralization Release Amount shall be
      allocated to Holders of (i) REMIC IIB Regular Interest LTII-AA and REMIC IIB
      Regular Interest LTII-P, in that order and (ii) REMIC IIB Regular Interest
      LTII-IIZZ, respectively; provided that REMIC IIB Regular Interest LTII-P shall
      not be reduced until the Distribution Date in May, 2012, at which point such
      amount shall be distributed to REMIC IIB Regular Interest LTII-P, until $100
      has
      been distributed pursuant to this clause.

     

    (iii)  all
      amounts paid to the Class II-X Certificates shall be deemed to be distributed
      to
      the Class II-X Interest;

     

    (iv)  all
      amounts paid to the Class II-P Certificates shall be deemed to be distributed
      to
      the Class II-P Interest; and

     

    (v)  all
      amounts paid to REMIC IIF Regular Interest IO shall be deemed to be distributed
      to the Class II-IO Interest.

     

    Section
      5.10  Prepayment
      Charges.

     

    (a)  On
      each
      Distribution Date, all amounts representing Prepayment Charges in respect of
      the
      Group I Mortgage Loans received during the related Prepayment Period and
      deposited in the related Distribution Account will be withdrawn from such
      Distribution Account and distributed by the Securities Administrator in
      accordance with the Remittance Reports to the Class I-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 I-P Certificates.

     

    (b)  On
      each
      Distribution Date, all amounts representing Prepayment Charges in respect of
      the
      Group II Mortgage Loans received during the related Prepayment Period and
      deposited in the related Distribution Account will be withdrawn from such
      Distribution Account and distributed by the Securities Administrator in
      accordance with the Remittance Reports to the Class II-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 II-P Certificates.

     

    (c)  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
      5.11  Class
      I-P Certificate Account and the Class II-P Certificate Account.

     

    (a)  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 2007-1 Class I-P
      Certificate Account”. On the Closing Date, the Depositor will deposit, or cause
      to be deposited in the Class I-P Certificate Account $100.00. The amount on
      deposit in the Class I-P Certificate Account shall be held uninvested. On the
      May 2012 Distribution Date, the Securities Administrator shall withdraw the
      amount on deposit in the Class I-P Certificate Account and remit such amount
      to
      the Holders of the Class I-P Certificates, in reduction of the Certificate
      Principal Balance thereof.

     

    (b)  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 2007-1 Class II-P
      Certificate Account”. On the Closing Date, the Depositor will deposit, or cause
      to be deposited in the Class II-P Certificate Account $100.00. The amount on
      deposit in the Class II-P Certificate Account shall be held uninvested. On
      the
      May 2012 Distribution Date, the Securities Administrator shall withdraw the
      amount on deposit in the Class II-P Certificate Account and remit such amount
      to
      the Holders of the Class II-P Certificates, in reduction of the Certificate
      Principal Balance thereof.

     

    Section
      5.12  Net
      WAC Reserve Fund.

     

    (a)  The
      Securities Administrator shall establish a Net WAC Reserve Fund on behalf of
      the
      holders of the Group I Senior Certificates and Group I 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 2007-1,
      Class I-A-1A, Class I-A-1B, Class I-A-2, Class I-A-3, Class I-A-4, Class I-A-5,
      Class I-A-6, Class I-M-1, Class I-M-2, Class I-M-3, Class I-M-4, Class I-M-5
      and
      Class I-M-6”.  Any payments received by the Securities Administrator
      under the Cap Contract shall be deposited into the Net WAC Reserve Fund for
      the
      benefit of the Class I-A-1B Certificates; provided that the amount of any Excess
      Cap Payments shall be held for the benefit of the Class I-X Certificates and
      payable as part of the Class I-X Distribution Amount for the related
      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 of Group I Certificates, the Securities Administrator shall deposit
      the amounts pursuant to paragraph 3 of clause Third of
      Section 5.04(a) into the Net WAC Reserve Fund and the Securities
      Administrator has been directed by the Class I-X Certificateholder to distribute
      such amounts to the Holders of the Group I Senior Certificates and Group I
      Subordinate Certificates in the amounts and priorities set forth in clause
      Third of Section 5.04(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 I-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
      I-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 I-X Certificateholder, not as a distribution
      in respect of any interest in any REMIC (pursuant to
      Section 5.10(d)).  All amounts earned on amounts on deposit in
      the Net WAC Reserve Fund shall be taxable to the Majority Class I-X
      Certificateholder.  Any losses on such investments shall be deposited
      in the Net WAC Reserve Fund by the Majority Class I-X Certificateholder out
      of
      its own funds immediately as realized. In the event that the Majority Class
      I-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 I-A-1B 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 Group I Senior Certificates (other than the Class I-A-1B
      Certificates) and Group I Mezzanine Certificates to receive payments from the
      Net WAC Reserve Fund in respect of any Net WAC Rate Carryover Amount shall
      be
      zero.

     

    Section
      5.13  Basis
      Risk Shortfall Reserve Fund.

     

    (a)  The
      Securities Administrator shall establish a Basis Risk Shortfall Reserve Fund
      on
      behalf of the holders of the Group II Senior Certificates and the Group II
      Mezzanine Certificates.  The Basis Risk Shortfall Reserve Fund must be
      an Eligible Account.  The Basis Risk Shortfall Reserve Fund shall be
      entitled “Basis Risk Shortfall Reserve Fund, Wells Fargo Bank, N.A., for the
      benefit of holders of Nomura Asset Acceptance Corporation, Asset-Backed
      Certificates, Series 2007-1, Class II-A-1, Class II-A-2, Class II-A-3, Class
      II-A-4, Class II-A-M, Class II-M-1, Class II-M-2, Class II-M-3, Class II-M-4,
      Class II-M-5, Class II-M-6, Class II-M-7 and Class II-M-8 Certificates. On
      the
      Closing Date, the Depositor will deposit, or cause to be deposited, into the
      Basis Risk Shortfall Reserve Fund $1,000. On each Distribution Date as to which
      there is a Basis Risk Shortfall payable to any Class of Certificates, the
      Securities Administrator shall deposit the amounts pursuant to paragraphs (13)
      through (21) of Section 5.05(a)(iii) into the Basis Risk Shortfall Reserve
      Fund and the Securities Administrator has been directed by the Class II-X
      Certificateholder to distribute such amounts to the Holders of the Group II
      Senior Certificates and Group II Mezzanine Certificates in the amounts and
      priorities set forth in Section 5.05(a)(iii).

     

    (b)  The
      Basis
      Risk Shortfall 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 shall be the nominal owner of the Basis Risk Shortfall Reserve
      Fund.  The Class II-X Certificateholders shall be the beneficial
      owners of the Basis Risk Shortfall Reserve Fund, subject to the power of the
      Securities Administrator to transfer amounts under
      Section 5.05(a)(iii).  Amounts in the Basis Risk Shortfall
      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 II-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 II-X Certificateholder, not as a distribution
      in respect of any interest in any REMIC, on such Distribution
      Date.  All amounts earned on amounts on deposit in the Basis Risk
      Shortfall Reserve Fund shall be taxable to the Majority Class II-X
      Certificateholder.  Any losses on such investments shall be deposited
      in the Basis Risk Shortfall Reserve Fund by the Majority Class II-X
      Certificateholder out of its own funds immediately as realized. In the event
      that the Majority Class II-X Certificateholder shall fail to provide investment
      instructions to the Securities Administrator, the amounts on deposit in the
      Basis Risk Shortfall Reserve Fund shall be held uninvested.

     

    (c)  For
      federal tax return and information reporting, the value of the right of the
      holders of the Group II Senior Certificates and Mezzanine Certificates to
      receive payments from the Basis Risk Shortfall Reserve Fund in respect of any
      Basis Risk Shortfall shall be zero dollars ($0.00).

     

    Section
      5.14  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
      Group II 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 5.05 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 5.05 of this
      Agreement.

     

    (d)  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 II-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 each Swap Agreement
      separately.  The Securities Administrator shall, at the written
      direction of the Majority Class II-X Certificateholder invest amounts on deposit
      in the Supplemental Interest Trust in respect of the Swap Agreement in Permitted
      Investments. In the absence of written direction to the Securities Administrator
      from the Majority Class II-X Certificateholder, all funds in respect of the
      Swap
      Agreement 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 II-X Certificates.

     

    (e)  For
      federal income tax purposes, amounts paid to the Supplemental Interest Trust
      on
      each Distribution Date pursuant to Section 5.05 shall first be deemed paid
      to
      the Supplemental Interest Trust in respect of the Class II-IO Interest to the
      extent of the amount distributable on such Class II-IO Interest on such
      Distribution Date, and any remaining amount shall be deemed paid to the
      Supplemental Interest Trust in respect of the Class II-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 Group II Certificates
      (other than the Class II-P, Class II-X, Class II-R and Class II-R-X
      Certificates) as having entered into a notional principal contract with respect
      to the Holders of the Class II-X Certificates.  Pursuant to each such
      notional principal contract, all Holders of the Group II Certificates (other
      than the Class II-P, Class II-X, Class II-R and Class II-R-X Certificates)
      shall
      be treated as having agreed to pay, on each Distribution Date, to the Holder
      of
      the Class II-X Certificates an aggregate amount equal to the excess, if any,
      of
      (i) the amount payable on such Distribution Date on the REMIC IIC Regular
      Interest, ownership of which is represented by such Class of Group II
      Certificates over (ii) the amount payable on such Class of Group II Certificates
      on such Distribution Date (such excess, a “Class II-IO Distribution
      Amount”).  A Class II-IO Distribution Amount payable from interest
      collections shall be allocated pro rata among such Group II Certificates based
      on the amount of interest otherwise payable to such Certificates, and a Class
      II-IO Distribution Amount payable from principal collections shall be allocated
      to the most subordinate Class of such Group II Certificates with an outstanding
      principal balance to the extent of such balance.  In addition,
      pursuant to such notional principal contract, the Holder of the Class II-X
      Certificates shall be treated as having agreed to pay Basis Risk Shortfalls
      to
      the Holders of the Group II Certificates (other than the Class II-X, Class
      II-P,
      Class II-R and Class II-R-X Certificates) in accordance with the terms of this
      Agreement.  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 Group II
      Certificates (other than the Class II-X, Class II-P, Class II-R and Class II-R-X
      Certificates) of a Class II-IO Distribution Amount shall be treated for tax
      purposes as having been received by the Holders of such Certificates in respect
      of the REMIC IIC 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 Group II Offered Certificate shall be treated as representing not only
      ownership of a Regular Interest in REMIC IIC, but also ownership of an interest
      in, and obligations with respect to, a notional principal contract.

     

    (f)  The
      Sponsor shall provide to the Securities Administrator the value of the right
      of
      the holders of the Group II Offered Certificates to receive payments from the
      Supplemental Interest Trust for federal tax return and information reporting
      not
      later than December 31, 2007.

     

    (g)  In
      the
      event that the Swap Agreement is terminated prior to the Distribution Date
      in
      April 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 Group II Offered Certificates of amounts described
      in Section 5.05(d).

     

    (h)  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
      5.15  Tax
      Treatment of Swap Payments and Swap Termination Payments.

     

    For
      federal income tax purposes, each Holder of a Group II Senior Certificate or
      Group II Mezzanine Certificate is deemed to own an undivided beneficial
      ownership interest in a REMIC regular interest and the right to receive payments
      from the Basis Risk Shortfall Reserve Fund or the Supplemental Interest Trust
      in
      respect of any Basis Risk Shortfall 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 Group II Senior
      Certificate and Group II Mezzanine Certificate as follows: each Group II Senior
      Certificate and Mezzanine Certificate will be treated as receiving their entire
      payment from REMIC IIC (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 Group II Senior
      Certificate and Group II Mezzanine Certificate.

     

    Each
      REMIC Regular Interest corresponding to a Group II Senior Certificate and Group
      II 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 Funds Cap or the Class II-A-M Net Funds Cap
      computed for this purpose by limiting the Notional Amount of the Swap Agreement
      to the aggregate Stated Principal Balance of the Group II Mortgage Loans and
      (ii) any Swap Termination Payment will be treated as being payable solely from
      amounts otherwise payable to the Class II-X Certificates. As a result of the
      foregoing, the amount of distributions and taxable income on the REMIC Regular
      Interest corresponding to a Group II Senior Certificate and Group II Mezzanine
      Certificate may exceed the actual amount of distributions on the Group II Senior
      Certificates and Group II Mezzanine Certificates.

     

    Section
      5.16  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 5.16(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 5.16(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 5.16(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 5.16(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 5.16(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 5.16(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 5.16(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 5.16(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)  On
      each
      Distribution Date, the Securities Administrator will calculate the PMI
      Significance Percentage based on information provided by the Servicers and
      the
      PMI Insurer. The PMI Significance Percentage will be included in the statement
      to Cerificateholders prepared and made available by the Securities Administrator
      pursuant to Section 5.07 of this Agreement. The Depositor will be obligated
      to
      provide the Securities Administrator any financial statements of or other
      information relating to the PMI Insurer that may be required to be included
      in
      any Form 10-D, Form 8-K or Form 10-K or written notification instructing the
      Securities Administrator that such Additional Disclosure is not necessary for
      such Distribution Date. The Depositor shall be responsible for any reasonable
      fees and expenses assessed or incurred by the Securities Administrator in
      connection with including any Additional Disclosure information pursuant to
      this
      Section.

     

    (g)  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 5.16 or such party’s negligence, bad faith or willful misconduct in
      connection therewith.

     

    Notwithstanding
      the provisions of Section 11.01, this Section 5.16 may be amended
      without the consent of the Certificateholders.

     

    Section
      5.17  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
      Group I 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 2007-1, Class I-A-1A, Class I-A-1B, Class
      I-A-2, Class I-A-3, Class I-A-4, Class I-A-5, Class I-A-6, Class I-M-1, Class
      I-M-2, Class I-M-3, Class I-M-4, Class I-M-5 and Class I-M-6 Certificates”. The
      funds in the Final Maturity Reserve Account shall remain
      uninvested.

     

    (b)  Beginning
      on the Distribution Date in March 2027 and on each Distribution Date up to
      and
      including the distribution date in March 2037, if on such Distribution Date
      the
      aggregate Stated Principal Balance of the Group I Mortgage Loans with 40-year
      original terms to maturity is greater than the aggregate Stated Principal
      Balance for such Distribution Date set forth in Schedule One hereto, the
      Majority Holder of the Class I-X Certificates will deposit the difference,
      minus
      any amounts on deposit in the Final Maturity Reserve Account, into the Final
      Maturity Reserve Account. If on any such Distribution Date the aggregate Stated
      Principal Balance specified on Schedule One hereto for such Distribution Date
      exceeds the aggregate Stated Principal Balance of the Group I Mortgage Loans
      having 40-year original terms to maturity as of the end of the related Due
      Period, an amount equal to such excess will be withdrawn by the Securities
      Administrator from the Final Maturity Reserve Account and remitted to the
      Majority Holder of the Class I-X Certificates.

     

    (c)  On
      the
      earlier of the Distribution Date in March 2037 and the termination of the Trust,
      all amounts on deposit in the Final Maturity Reserve Account will be distributed
      to holders of the Group I Certificates in the amounts and priorities described
      below.  It is intended that these amounts along with any amounts in
      the trust relating to the Group I Mortgage Loans will be sufficient to retire
      the Group I Certificates on the Last Scheduled Distribution Date, even though
      the outstanding aggregate Stated Principal Balance of the Group I Mortgage
      Loans
      having 40-year original terms to maturity have not been reduced to zero on
      the
      Last Scheduled Distribution Date.  Any investment earnings on amounts
      on deposit in the Final Maturity Reserve Account will remain in such account
      and
      will be distributed as described below.

     

    On
      the
      earlier of the Distribution Date in March 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 Group I 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 I-M-1, Class I-M-2, Class I-M-3, Class I-M-4, Class I-M-5 and
      Class
      I-M-6 Certificates, in that order, until the Certificate Principal Balance
      of
      each such Class has been reduced to zero;

     

    (iii)           concurrently,
      to the Group I Senior Certificates, the Senior Interest Distribution Amount
      for
      each such class to the extent remaining unpaid following distribution of the
      Available Distribution Amount;

     

    (iv)           sequentially,
      to the Class I-M-1, Class I-M-2, Class I-M-3, Class I-M-4, Class I-M-5 and
      Class
      I-M-6 Certificates, in that order, the Interest Distribution Amount for each
      such class to the extent remaining unpaid following distribution of the
      Available Distribution Amount; and

     

    (v)           to
      the Majority Holder of the Class I-X Certificates, any remaining
      amounts.

     

    (d)  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
      I-X Certificates shall evidence ownership of the Final Maturity Reserve Trust
      for federal income tax purposes.

     

    (e)  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 I-X Certificates and
      as
      having received the amount of the principal payment from the Holder of the
      Class
      I-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
      5.18  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 of Group
      I
      Certificates.  The Swap Collateral Account must be an Eligible Account
      and shall be entitled “Nomura Asset Acceptance Corporation, Asset-Backed
      Certificates, Series 2007-1, Swap Collateral Account, Wells Fargo Bank, N.A.,
      as
      Swap Custodian for the benefit of holders of Asset-Backed Certificates, Series
      2007-1.”

     

    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
      5.19  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
      I-A-1B Certificates.  The Cap Collateral Account must be an Eligible
      Account and shall be entitled “Nomura Asset Acceptance Corporation, Asset-Backed
      Certificates, Series 2007-1, Cap Collateral Account, HSBC Bank USA, National
      Association, as Cap Custodian for the benefit of holders of Asset-Backed
      Certificates, Series 2007-1.”

     

    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.

     

    Section
      5.20  The
      Group I Policy.

     

    (a)  As
      soon
      as possible, and in no event later than 12:00 noon New York City time on the
      second Business Day immediately preceding each Distribution Date, the Securities
      Administrator shall furnish the Group I Certificate Insurer, the Group I
      Certificate Insurer's fiscal agent, if any, and the Servicers with a completed
      notice in the form set forth as Exhibit A to the Group I Policy (the “Notice
      for Payment”) in the event that the Group I Policy Draw Amount for such
      Distribution Date is an amount greater than zero. The Notice for Payment shall
      specify the amount of the Group I Policy Draw Amount and shall constitute a
      claim for a Group I Policy Draw Amount pursuant to the Group I Policy. Upon
      receipt of a Group I Policy Draw Amount on behalf of the Holders of the Group
      I
      Insured Certificates under the Group I Policy, the Securities Administrator
      shall deposit such Group I Policy Draw Amount in the Distribution Account
      related to Loan Group I for the benefit of the Holders of the Group I Insured
      Certificates and shall distribute such Group I Policy Draw Amount pursuant
      to
      Section 5.04.

     

    (b)  The
      Securities Administrator shall keep a complete and accurate record of the amount
      of interest and principal paid in respect of the Group I Insured Certificates
      from moneys received under the Group I Policy. The Group I Certificate Insurer
      shall have the right to inspect such records at reasonable times during normal
      business hours upon four (4) Business Day's prior written notice to the
      Securities Administrator.

     

    (c)  If
      a
      payment to the Holders of the Group I Insured Certificates which is guaranteed
      pursuant to the Policy is voided (a “Preference Event”) under any
      applicable bankruptcy, insolvency, receivership or similar law in an Insolvency
      Proceeding (as such term is used in the Group I Policy), and, as a result of
      such a Preference Event, the Securities Administrator is required to return
      such
      voided payment, or any portion of such voided payment, made in respect of the
      Group I Insured Certificates (an “Avoided Payment”), the Securities
      Administrator shall furnish to the Group I Certificate Insurer (x) a certified
      copy of an order of a court exercising jurisdiction in such Insolvency
      Proceeding to the effect that the Securities Administrator is required to return
      any such payment or portion thereof during the term of the Group I Policy
      because such payment was voided under applicable law (the “Order”), (y)
      an assignment, in form reasonably satisfactory to the Group I Certificate
      Insurer, irrevocably assigning to the Group I Certificate Insurer all rights
      and
      claims of the Holders of the Group I Insured Certificates relating to or arising
      under the Group I Insured Certificates against the Trust or otherwise, with
      respect to such Avoided Payment, and (z) a certificate from the related
      Certificateholders that the Order has been entered and is not subject to any
      stay. Such payment shall be disbursed to the receiver, conservator,
      debtor-in-possession or trustee in bankruptcy named in the Order and not to
      the
      Trustee or a Holder of a Group I Insured Certificate directly (unless a Holder
      of a Group I Insured Certificate has previously paid such amount to the
      receiver, conservator, debtor-in-possession or trustee in bankruptcy named
      in
      the Order in which case such payment shall be disbursed to the Trustee for
      distribution to such Holder of a Group I Insured Certificate upon proof of
      such
      payment reasonably satisfactory to the Group I Certificate Insurer). The
      Securities Administrator is not permitted to make a claim on the Trust or on
      any
      Holder of Group I Insured Certificates for payments made to any Holder of Group
      I Insured Certificates which are characterized as preference payments by any
      bankruptcy court having jurisdiction over any bankrupt Mortgagor unless ordered
      to do so by such bankruptcy court.

     

    (d)  Any
      amounts received by the Securities Administrator pursuant to the Group I Policy
      in respect of the Group I Insured Certificates shall be deposited in the
      Distribution Account related to Loan Group I for the benefit of the Holders
      of
      the Group I Insured Certificates and shall be distributed in accordance with
      the
      priorities set forth in Section 5.04.  By acceptance of the related
      Group I Certificate, the holders of the Group I Mezzanine, Class I-X, Class
      I-P,
      Class I-R and Class I-R-X Certificates waive all rights with respect to any
      such
      amounts received under the Group I Policy.

     

    (e)  Anything
      herein to the contrary notwithstanding, any payment with respect to principal
      of
      or interest on any of the Group I Insured Certificates which is made with moneys
      received pursuant to the terms of the Group I Policy shall not be considered
      payment of such Group I Insured Certificates from the Trust and shall not result
      in the payment of or the provision for the payment of the principal of or
      interest on such Group I Insured Certificates, as applicable. The Depositor,
      GMACM and the Trustee acknowledge, and each Holder by its acceptance of a Group
      I Insured Certificate agrees, that without the need for any further action
      on
      the part of the Group I Certificate Insurer, the Depositor, GMACM, the Trustee
      or the Certificate Registrar (a) to the extent the Group I Certificate Insurer
      makes payments, directly or indirectly, on account of principal of or interest
      on any Group I Insured Certificates to the Holders of such Certificates, the
      Group I Certificate Insurer will be fully subrogated to, and each holder of
      a
      Group I Insured Certificate, the Depositor, GMACM and the Trustee hereby
      delegate and assign to the Group I Certificate Insurer to the fullest extent
      permitted by law, the rights of such holders to receive such principal and
      interest, as applicable, from the Trust and (b) the Group I Certificate Insurer
      shall be paid such principal and interest from the sources and in the manner
      provided herein and in the Group I Insurance Agreement for the payment of such
      principal and interest.

     

    (f)  The
      Trustee, the Depositor and GMACM shall cooperate in all respects with any
      reasonable request by the Group I Certificate Insurer for action to preserve
      or
      enforce the Group I Certificate Insurer's rights or interests under this
      Agreement without limiting the rights or affecting the interests of the Holders
      of the Group I Insured Certificates as otherwise set forth herein.

     

    (g)  Unless
      a
      Group I Certificate Insurer Default exists, the Master Servicer or Trustee,
      as
      applicable, shall not, without the Group I Certificate Insurer's consent or
      unless directed by the Group I Certificate Insurer (a) terminate the rights
      and
      obligations of GMACM pursuant to Section 4.02, (b) agree to any amendment
      pursuant to Section 11.01 which affects the Group I Mortgage Loans or the Group
      I Certificate Insurer or (c) undertake any litigation relating to matters
      arising pursuant to this Agreement.

     

    (h)  The
      Group
      I Certificate Insurer may, in writing and in its sole discretion, renounce
      all
      or any of its rights under this Agreement or any requirement for the Group
      I
      Certificate Insurer's consent for any period of time.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    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-7. 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

            
	
              I-A-1A

            	 	$	
              25,000

            	 	 	$	
              1

            	 	 	$	
              115,000,000

            	 	
              Class
                I-A-1A Pass-Through Rate

            
	
              I-A-1B

            	 	$	
              25,000

            	 	 	$	
              1

            	 	 	$	
              182,765,000

            	 	
              Class
                I-A-1B Pass-Through Rate

            
	
              I-A-2

            	 	$	
              25,000

            	 	 	$	
              1

            	 	 	$	
              44,485,000

            	 	
              Class
                I-A-2 Pass-Through Rate

            
	
              I-A-3

            	 	$	
              25,000

            	 	 	$	
              1

            	 	 	$	
              161,506,000

            	 	
              Class
                I-A-3 Pass-Through Rate

            
	
              I-A-4

            	 	$	
              25,000

            	 	 	$	
              1

            	 	 	$	
              74,936,000

            	 	
              Class
                I-A-4 Pass-Through Rate

            
	
              I-A-5

            	 	$	
              25,000

            	 	 	$	
              1

            	 	 	$	
              99,429,000

            	 	
              Class
                I-A-5 Pass-Through Rate

            
	
              I-A-6

            	 	$	
              25,000

            	 	 	$	
              1

            	 	 	$	
              68,000,000

            	 	
              Class
                I-A-6 Pass-Through Rate

            
	
              I-M-1

            	 	$	
              25,000

            	 	 	$	
              1

            	 	 	$	
              30,662,000

            	 	
              Class
                I-M-1 Pass-Through Rate

            
	
              I-M-2

            	 	$	
              25,000

            	 	 	$	
              1

            	 	 	$	
              6,541,000

            	 	
              Class
                I-M-2 Pass-Through Rate

            
	
              I-M-3

            	 	$	
              25,000

            	 	 	$	
              1

            	 	 	$	
              11,856,000

            	 	
              Class
                I-M-3 Pass-Through Rate

            
	
              I-M-4

            	 	$	
              25,000

            	 	 	$	
              1

            	 	 	$	
              4,906,000

            	 	
              Class
                I-M-4 Pass-Through Rate

            
	
              I-M-5

            	 	$	
              25,000

            	 	 	$	
              1

            	 	 	$	
              5,315,000

            	 	
              Class
                I-M-5 Pass-Through Rate

            
	
              I-M-6

            	 	$	
              25,000

            	 	 	$	
              1

            	 	 	$	
              4,906,000

            	 	
              Class
                I-M-6 Pass-Through Rate

            
	
              II-A-1

            	 	$	
              25,000

            	 	 	$	
              1

            	 	 	$	
              232,347,000

            	 	
              Class
                II-A-1 Pass-Through Rate

            
	
              II-A-2

            	 	$	
              25,000

            	 	 	$	
              1

            	 	 	$	
              63,472,000

            	 	
              Class
                II-A-2 Pass-Through Rate

            
	
              II-A-3

            	 	$	
              25,000

            	 	 	$	
              1

            	 	 	$	
              84,812,000

            	 	
              Class
                II-A-3 Pass-Through Rate

            
	
              II-A-4

            	 	$	
              25,000

            	 	 	$	
              1

            	 	 	$	
              190,612,000

            	 	
              Class
                II-A-4 Pass-Through Rate

            
	
              II-A-M

            	 	$	
              25,000

            	 	 	$	
              1

            	 	 	$	
              142,811,000

            	 	
              Class
                II-A-M Pass-Through Rate

            
	
              II-M-1

            	 	$	
              25,000

            	 	 	$	
              1

            	 	 	$	
              11,236,000

            	 	
              Class
                II-M-1 Pass-Through Rate

            
	
              II-M-2

            	 	$	
              25,000

            	 	 	$	
              1

            	 	 	$	
              10,073,000

            	 	
              Class
                II-M-2 Pass-Through Rate

            
	
              II-M-3

            	 	$	
              25,000

            	 	 	$	
              1

            	 	 	$	
              6,199,000

            	 	
              Class
                II-M-3 Pass-Through Rate

            
	
                  II-M-4

            	 	$	
              25,000

            	 	 	$	
              1

            	 	 	$	
              5,424,000

            	 	
              Class
                II-M-4 Pass-Through Rate

            
	
              II-M-5

            	 	$	
              25,000

            	 	 	$	
              1

            	 	 	$	
              5,037,000

            	 	
              Class
                II-M-5 Pass-Through Rate

            
	
              II-M-6

            	 	$	
              25,000

            	 	 	$	
              1

            	 	 	$	
              4,262,000

            	 	
              Class
                II-M-6 Pass-Through Rate

            
	
              II-M-7

            	 	$	
              25,000

            	 	 	$	
              1

            	 	 	$	
              3,874,000

            	 	
              Class
                II-M-7 Pass-Through Rate

            
	
              II-M-8

            	 	$	
              25,000

            	 	 	$	
              1

            	 	 	$	
              6,199,000

            	 	
              Class
                II-M-8 Pass-Through Rate

            
	
              I-P

            	 	$	
              1

            	 	 	$	
              1

            	 	 	$	
              100.00

            	 	
              N/A

            
	
              II-P

            	 	$	
              1

            	 	 	$	
              1

            	 	 	$	
              100.00

            	 	
              N/A

            
	
               I-X

            	 	$	
              1

            	 	 	$	
              1

            	 	 	 	 	 	
              Class
                I-X Pass-Through Rate

            
	
              II-X

            	 	$	
              1

            	 	 	$	
              1

            	 	 	 	 	 	
              Class
                II-X Pass-Through Rate

            
	
              I-R

            	 	
              N/A

            	 	 	
              N/A

            	 	 	
              N/A

            	 	
              N/A

            
	
              I-R-X

            	 	
              N/A

            	 	 	
              N/A

            	 	 	
              N/A

            	 	
              N/A

            
	
              II-R

            	 	
              N/A

            	 	 	
              N/A

            	 	 	
              N/A

            	 	
              N/A

            
	
              II-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
      I-X, Class I-P, Class II-X and Class II-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
      related Certificates and the Mortgage Loans and such other information as shall
      be necessary to satisfy the condition to eligibility set forth in Rule
      144A(d)(4) for Transfer of any such Certificate without registration thereof
      under the Securities Act pursuant to the registration exemption provided by
      Rule
      144A. The 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.  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 Group I Mezzanine Certificate acquired after termination
      of the Final Maturity Reserve Trust, and each beneficial owner of a Group II
      Mezzanine acquired after termination of 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, 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 is in existence with respect to the
      Group I Offered Certificates, and for so long as the Supplemental Interest
      Trust
      is in existence with respect to the Group II Offered Certificates, each
      beneficial owner of such 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 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 I-R Certificate, the Holder thereof
      may
      exchange, in the manner described above, such Class I-R Certificate for two
      separate certificates, each representing such Holder's respective Percentage
      Interest in the Class R-1A Interest and Class R-1B Interest respectively, in
      each case that was evidenced by the Class I-R Certificate being exchanged,
      (ii)
      with respect to each Class I-R-X Certificate, the Holder thereof may exchange,
      in the manner described above, such Class I-R-X Certificate for two separate
      certificates, each representing such Holder's respective Percentage Interest
      in
      the Class R-1C Interest and Class R-1D Interest, respectively, in each case
      that
      was evidenced by the Class I-R-X Certificate being exchanged, (iii) with respect
      to each Class II-R Certificate, the Holder thereof may exchange, in the manner
      described above, such Class II-R Certificate for three separate certificates,
      each representing such Holder's respective Percentage Interest in the Class
      R-2A
      Interest, the Class R-2B Interest and the Class R-2C Interest, respectively,
      in
      each case that was evidenced by the Class II-R Certificate being exchanged
      and
      (iv) with respect to each Class II-R-X Certificate, the Holder thereof may
      exchange, in the manner described above, such Class II-R-X Certificate for
      three
      separate certificates, each representing such Holder's respective Percentage
      Interest in the Class R-2D Interest, Class R-2E Interest and Class R-2F
      Interest, respectively, in each case that was evidenced by the Class II-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 related 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 related
      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 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 5.16 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
      agrees that it shall contribute to the amount paid or payable by the Master
      Servicer, the Securities Administrator, the Trustee, 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 related 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; provided, however, that any termination of GMACM with
      respect to the Group I Mortgage Loans will be subject to the consent of the
      Group I Certificate Insurer and any termination of GMACM with respect to the
      Group II Mortgage Loans will be subject to the consent of the Class II-A-M
      Certificate Insurer. 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 and (vi) in connection with the transfer of servicing with respect
      to
      the Group I Mortgage Loans, the Group I Certificate Insurer shall have consented
      to such appointment.  The Sponsor shall provide a copy of the written
      confirmation of the Rating Agencies and the agreement executed by such successor
      to the Trustee, the Master Servicer, the Group I Certificate Insurer (in
      connection with the transfer of servicing with respect to the Group I Mortgage
      Loans) and the Class II-A-M Certificate Insurer (in connection with the transfer
      of servicing of the Group II Mortgage Loans).

     

    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; provided, however, that the consent
      of
      the Group I Certificate Insurer shall be required in connection with the
      appointment of a special servicer with respect to the Group I Mortgage Loans
      and
      the consent of the Class II-A-M Certificate Insurer shall be required in
      connection with the appointment of a special servicer with respect to the Group
      II 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, the Rating Agencies, the Group
      I
      Certificate Insurer and the Class II-A-M Certificate Insurer. 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 with the
      consent of the Group I Certificate Insurer and the Class II-A-M Certificate
      Insurer; 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, the Group I Certificate Insurer (in the event such default relates
      to
      the Group I Mortgage Loans) or the Class II-A-M Certificate Insurer (in the
      event such default relates to the Group II Mortgage Loans) 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 5.16, 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 the Group I Certificate Insurer (in the case of an event of default
      with respect to the Group I Mortgage Loans) or the Class II-A-M Certificate
      Insurer (in the case of an event of default with respect to the Group II
      Mortgage Loans) the related 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 related Certificateholders and
      the
      Group I Certificate Insurer or the Class II-A-M Certificate Insurer, as
      applicable, 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 the Group I Certificate Insurer and 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, the Group I Insurer
      (in
      the case of a default with respect to the Group I Mortgage Loans), the Class
      II-A-M Certificate Insurer (in the case of a default with respect to the Group
      II Mortgage Loans) 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 5.16.

     

    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 Group I Certificate
      Insurer (in the case of a default with respect to the Group I Mortgage Loans)
      or
      the Class II-A-M Certificate Insurer (in the case of a default with respect
      to
      the Group II Mortgage Loans) 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 related 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 related
      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 related Mortgage Loans, appointment
      of a
      successor Master Servicer or the transfer and assumption of the master servicing
      with respect to the related 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 related 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 related 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 related 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 related
      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 related
      Certificates by each Rating Agency (without regard to the Group I Policy or
      the
      Class II-A-M Policy, as applicable) 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 related
      Certificates (without regard to the Group I Policy or the Class II-A-M Policy,
      as applicable) 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 related 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 related
      Certificateholders, to each Rating Agency, to the Group I Certificate Insurer
      (in the event of the termination of a Servicer with respect to the Group I
      Mortgage Loans) or the Class II-A-M Certificate Insurer (in the event of the
      termination of a Servicer with respect to the Group II Mortgage
      Loans).

     

    (b)  Within
      sixty (60) days after the occurrence of any Servicer Default or Master Servicer
      Default, the Trustee shall transmit by mail to all related Certificateholders,
      the Group I Certificate Insurer or the Class II-A-M Certificate Insurer, as
      applicable, 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, at the direction of the Group I Certificate Insurer (in
      the case of a Servicer Default or Master Servicer Default with respect to the
      Group I Mortgage Loans) or at the direction of the Class II-A-M Certificate
      Insurer (in the case of a Servicer Default or Master Servicer Default with
      respect to the Group II Mortgage Loans) and may 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 and the
      Trustee will provide notice to the Certificateholders and the Group I
      Certificate Insurer or the Class II-A-M Certificate Insurer, as
      applicable.

     

    (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
      related 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 Providers, 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, the Group I Certificate
      Insurer and the Class II-A-M Certificate Insurer. 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,
      the Master Servicer, the Group I Certificate Insurer and the Class II-A-M
      Certificate Insurer 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, the Master
      Servicer, the Group I Certificate Insurer and the Class II-A-M Certificate
      Insurer by the Depositor.

     

    The
      Group
      I Certificate Insurer, the Class II-A-M Certificate Insurer, as applicable,
      or
      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 Group
      I Certificate Insurer, the Class II-A-M Certificate Insurer, 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 (without regard
      to
      the Group I Policy or the Class II-A-M Policy).

     

    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 IA, REMIC IIA
      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 IA or REMIC IIA, and to vest in such Person or Persons, in
      such capacity, and for the benefit of the Holders of the related Certificates
      and the Group I Certificate Insurer or Class II-A-M Certificate Insurer, as
      applicable, such title to REMIC IA or REMIC IIA, 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 IIA 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, the Depositor, the Group I Certificate Insurer and the
      Class II-A-M Certificate Insurer as applicable, 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
      (a)
      with respect to REMIC IA will be paid first with amounts otherwise to be
      distributed to the Class I-R Certificateholders, and second with amounts
      otherwise to be distributed to all other Group I Certificateholders in the
      following order of priority: first, to the Class I-X Certificates, second,
      to
      the Class I-M-6 Certificates, third, to the Class I-M-5 Certificates, fourth,
      to
      the Class I-M-4 Certificates, fifth, to the Class I-M-3 Certificates, sixth,
      to
      the Class I-M-2 Certificates, seventh, to the Class I-M-1 Certificates, and
      eighth, to the Group I Senior Certificates (pro rata based on the amounts to
      be
      distributed); (b) with respect to REMIC IIA will be paid first with amounts
      otherwise to be distributed to the Class II-R Certificateholders, and second
      with amounts otherwise to be distributed to all other Group II
      Certificateholders in the following order of priority: first, to the Class
      II-X
      Certificates, second, to the Class II-M-8 Certificates, third, to the Class
      II-M-7, fourth, to the II-M-6 Certificates, fifth, to the Class II-M-5
      Certificates, second, to the Class II-M-4 Certificates, third, to the Class
      II-M-3 Certificates, fourth, to the Class II-M-2 Certificates, fifth, to the
      Class II-M-1 Certificates and sixth, to the Group II 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 related Residual Certificates
      (and, if necessary, second, from the Holders of the other related 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 the REMIC
      IA
      Regular Interests, the Class I-X Interest, the Class I-P Interest, the REMIC
      IIA
      Regular Interests, the REMIC IIB Regular Interests, the Class II-X Interest,
      the
      Class II-P Interest, the Class II-IO Interest or the Group I Certificates or
      the
      Group II Certificates as hereinafter set forth) upon the earlier of (a) (i)
      the
      Master Servicer’s exercise of its optional right to purchase the Group I
      Mortgage Loans and related REO Properties (the “Group I Cleanup Call”) and (ii)
      the Master Servicer’s exercise of its optional right to purchase the Group II
      Mortgage Loans and related REO Properties (the “Group II Cleanup Call”) and (b)
      the later of (i)(x) the maturity or other liquidation (or any Advance with
      respect thereto) of the last Group I Mortgage Loan remaining in the Trust Fund
      and the disposition of all related REO Property and (Y) the maturity or other
      liquidation (or any Advance with respect thereto) of the last Group II Mortgage
      Loan remaining in the Trust Fund and the disposition of all related REO Property
      and (ii)(x) the distribution to the Group I Certificateholders of all amounts
      required to be distributed to them pursuant to this Agreement and (Y) the
      distribution to the Group II 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
      Group
      I Cleanup Call and Group II Cleanup Call shall, in each case, be exercisable
      at
      a price (the “Termination Price”) equal to the sum of (i) 100% of the Stated
      Principal Balance of the Group I Mortgage Loans or Group II Mortgage Loans,
      as
      applicable, (ii) accrued interest thereon at the applicable Mortgage Rate to,
      but not including, the first day of the month of such purchase, (iii) with
      respect to the Group I Mortgage Loans or Group II Mortgage Loans, as applicable,
      the appraised value of any related 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) with respect
      to
      the Group I Mortgage Loans or Group II Mortgage Loans, as applicable,
      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
      related Mortgage Loans prior to the exercise of such repurchase right; (v)
      with
      respect to the Group I Cleanup Call, any amounts due the Group I Certificate
      Insurer in respect of unpaid Group I Certificate Insurer Premiums and amounts
      due under the Group I Insurance Agreement; (vi) with respect to the Group II
      Cleanup Call, any Swap Termination Payment payable to the Swap Provider which
      remains unpaid or which is due to the Group II Cleanup Call and any amounts
      due
      the Class II-A-M Certificate Insurer in respect of unpaid Class II-A-M Policy
      Premiums and amounts due under the Class II-A-M Commitment Letter;
      and  (vii) 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 with respect to the Group I
      Mortgage Loans or Group II Mortgage Loans, as applicable.

     

    The
      right
      to exercise the Group I Cleanup Call as described above shall be exercisable
      if
      the Stated Principal Balance of all of the Group I 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 Group I Mortgage Loans; provided that
      if
      the exercise of the Group I Cleanup Call would cause a draw on the Group I
      Policy or result in amounts owed to the Group I Certificate Insurer remaining
      unpaid, the Group I Certificate Insurer must provide prior written consent
      to
      the exercise of the Group I Cleanup Call.

     

    The
      right
      to exercise the Group II Cleanup Call as described above shall be exercisable
      if
      the Stated Principal Balance of all of the Group II 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 Group II Mortgage Loans;
      provided that if the exercise of the Group II Cleanup Call would cause a draw
      on
      the Class II-A-M Policy or result in amounts owed to the Class II-A-M
      Certificate Insurer remaining unpaid, the Class II-A-M Certificate Insurer
      must
      provide prior written consent to the exercise of the Group II Cleanup
      Call.

     

    Notwithstanding
      the foregoing, the Master Servicer shall not be entitled to exercise the Cleanup
      Call with respect to the related Loan Group to the extent that the Depositor
      creates a net interest margin transaction which includes the Class I-X
      Certificates or Class I-P Certificates or Class II-X Certificates or Class
      II-P
      Certificates, as applicable, 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 related Cleanup Call.

     

    In
      connection with the Group II 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 related
      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 Group II Mortgage Loans as
      of
      the related Determination Date is not more than 10% of the aggregate Principal
      Balance of the Group II 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 Group II
      Cleanup Call have been met.  Upon the Securities Administrator’s
      providing the notice described in the preceding sentence, the Group II Cleanup
      Call shall become irrevocable, the notice to Group II Certificateholders of
      such
      Group II 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 Group II Cleanup Call, only an amount equal
      to the Termination Price less any Swap Termination Payment shall be made
      available for distribution to the Group II Regular Certificates. Any Estimated
      Swap Termination Payment deposited into the related Distribution Account by
      the
      Master Servicer shall be withdrawn by the Securities Administrator from such
      Distribution Account on the related final Distribution Date and distributed
      as
      follows:  (i) to the Supplemental Interest Trust for payment to the
      Swap Provider in accordance with Section 5.05, 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 in Loan Group I and Loan Group II, and no other
      funds
      or assets in the Trust Fund with respect to Loan Group I and Loan Group II
      other
      than the funds in the related Distribution Account, the Securities Administrator
      shall notify the Trustee and send a final distribution notice promptly to each
      related 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 related Certificates at the office of the
      Securities Administrator set forth herein. If the Master Servicer elects to
      exercise the Group I Cleanup Call or Group II Cleanup Call pursuant to
      Section 10.01, at least twenty (20) days prior to the date notice is to be
      mailed to the related Certificateholders, the Master Servicer shall notify
      the
      Securities Administrator and the Trustee of the date the Master Servicer intends
      to exercise such 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 Group I Cleanup Call or Group II Cleanup Call specifying
      the
      Distribution Date on which the related 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 related
      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 related Certificateholders.

     

    In
      the
      event such notice is given, the Master Servicer shall deposit in the related
      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
      related to the Loan Group or Loan Groups for which the Cleanup Call is being
      exercised. 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 in the related Loan Group or Loan Groups for which the Cleanup Call is
      being exercised, 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 related Certificates, the Securities
      Administrator shall cause to be distributed to Certificateholders of each such
      Class the amounts allocable to such Certificates held in the related
      Distribution Account in the order and priority set forth in Section 5.04
      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 related
      Residual Certificateholders shall be entitled to all unclaimed funds and other
      assets of the Trust Fund related to the Loan Group or Loan Groups for which
      the
      Cleanup Call was exercised 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 Group I Cleanup Call
      and
      the Group II Cleanup Call pursuant to the terms of this Agreement, or (ii)
      the
      final payment on or other liquidation of the last Group I Mortgage Loan or
      related REO Property in REMIC IA and the final payment on or other liquidation
      of the last Group II Mortgage Loan or related REO Property in REMIC IIA 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 (in the case of the exercise of the Group I Cleanup Call or the Group
      II Cleanup Call) 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 related
      Certificates are outstanding:

     

    
      	
              (1)  

            	
              The
                Master Servicer (in the case of the exercise of the Group I Cleanup
                Call
                or the Group II 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 IA, REMIC IB, REMIC IC, REMIC ID, REMIC
                IIA,
                REMIC IIB, REMIC IIC, REMIC IID, REMIC IIE or REMIC IIF, 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 Group I Cleanup Call or the Group II Cleanup
                Call) or
                the Depositor (in all other cases) shall sell all of the assets of
                REMIC
                IA or REMIC IIA, as applicable, for cash;
                and

            

    

     

    
      	
              (3)  

            	
              At
                the time of the making of the final payment on the Group I Certificates
                or
                Group II Certificates, the Trustee shall distribute or credit, or
                cause to
                be distributed or credited, to the Holders of the related 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 Group I Cleanup Call or the Group
      II Cleanup Call) or the Depositor (in all other cases) to specify the ninety-day
      liquidation period for REMIC IA, REMIC IB, REMIC IC, REMIC ID, REMIC IIA, REMIC
      IIB, REMIC IIC, REMIC IID, REMIC IIE and REMIC IIF, 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, with the consent
      of the Group I Certificate Insurer (in connection with any amendment which
      affects the Group I Mortgage Loans or the Group I Certificate Insurer) and
      the
      consent of the Class II-A-M Certificate Insurer (in connection with any
      amendment which affects the Group II Mortgage Loans or the Class II-A-M
      Certificate Insurer) but 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 Accounts maintained by the Securities
      Administrator or the Custodial Accounts maintained by the Servicers is
      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 pursuant to Section 7.06(a)
      to a Successor Servicer satisfying the Minimum Servicing
      Requirements.

     

    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 with the consent of the Group I Certificate Insurer (in connection
      with any amendment which affects the Group I Mortgage Loans, the Group I Insured
      Certificates or the Group I Certificate Insurer) and the Class II-A-M
      Certificate Insurer (in connection with any amendment which affects the Group
      II
      Mortgage Loans, the Class II-A-M Certificates or the Class II-A-M Certificate
      Insurer) 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 with the consent of the Group I
      Certificate Insurer (in connection with any amendment which affects the Group
      I
      Mortgage Loans, the Group I Insured Certificates) or the Group I Certificate
      Insurer) and the Class II-A-M Certificate Insurer (in connection with any
      amendment which affects the Group II Mortgage Loans, the Class II-A-M
      Certificates or the Class II-A-M Certificate Insurer) 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, the Group I Certificate Insurer and the Class II-A-M
      Certificate Insurer 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, the Group I Certificate Insurer and the Class II-A-M
      Certificate Insurer copies of the following:

     

    
      	
              (5)  

            	
              Each
                annual statement of compliance described in Section 3.13 of this
                Agreement; and

            

    

     

    
      	
              (6)  

            	
              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 2007-1; (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
      2007-1 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 2007-1); (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; (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; (x) in the case of the Group I Certificate Insurer, Financial
      Security Assurance Inc., 31 West 52nd Street, New York, NY 10019, Attention:
      Transaction Oversight Re:  NAAC 2007-1, Confirmation: (212) 826 0100,
      Telecopy Nos.: (212) 339 3518, (212) 339 3529; and (xi) in the case of the
      Class
      II-A-M Certificate Insurer, Ambac Assurance Corporation, One State Street Plaza,
      New York, New York 10004, Attention:  Structured Finance Department –
ABS. 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 5.16 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 5.16
      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 in respect of the Group I Mortgage Loans, 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 5.04(a).

     

    Section
      11.12  Early
      Termination of a Swap Agreement.

     

    Upon
      a
      Swap Agreement early termination other than in connection with the Optional
      Termination in respect of the Group II Mortgage Loans, 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 Interest Rate 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 Interest Rate Swap Agreement, and
      distribute such amount in accordance with Section 5.04(f) for
      Section 5.05(d), as applicable.

     

    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
      addition, the parties hereto agree that each of the Group I Certificate Insurer
      and the Class II-A-M Certificate Insurer is intended to be and shall have all
      rights of a third-party beneficiary of this Agreement.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      XII

     

    CERTAIN
      MATTERS REGARDING THE CLASS II-A-M CERTIFICATE INSURER

     

    Section
      12.01  Rights
      of the Class II-A-M Certificate Insurer to Exercise Rights of the Class II-A-M
      Certificateholders.

     

    By
      accepting its Certificate, each Holder of a Class II-A-M Certificate agrees
      that
      unless a Class II-A-M Certificate Insurer Default exists, the Class II-A-M
      Certificate Insurer shall have the right to exercise all consent, voting,
      direction and other control rights of the Holders of the Class II-A-M
      Certificates under this Agreement without any further consent of the Holders
      of
      the Class II-A-M Certificates.

     

    Section
      12.02  Claims
      Upon the Class II-A-M Policy; Insurance Account.

     

    (a)  If,
      on
      the Business Day next succeeding the Remittance Date, the Securities
      Administrator determines that the funds that will be on deposit in the
      Distribution Account related to Loan Group II, to the extent distributable
      to
      the Holders of the Class II-A-M Certificates pursuant to Section 5.05 are
      insufficient to pay the amount required to be paid by the Class II-A-M
      Certificate Insurer under the Class II-A-M Policy for such Distribution Date
      (the “Guaranteed Distribution”), the Securities Administrator shall give notice
      by telephone or telecopy of the aggregate amount of such deficiency, confirmed
      in writing in the form set forth as Exhibit A to the endorsement of the Class
      II-A-M Policy, to the Class II-A-M Certificate Insurer at or before 12:00 noon,
      New York City time, on the Business Day prior to such Distribution
      Date.  If, subsequent to such notice, and prior to payment by the
      Class II-A-M Certificate Insurer pursuant to such notice, additional amounts
      are
      deposited in the related Distribution Account, the Securities Administrator
      shall promptly notify the Class II-A-M Certificate Insurer and withdraw the
      notice or reduce the amount claimed, as appropriate.

     

    (b)  The
      Securities Administrator shall establish a separate special purpose trust
      account for the benefit of Holders of the Class II-A-M Certificates and the
      Class II-A-M Certificate Insurer referred to herein as the “Class II-A-M
      Insurance Account” over which the Securities Administrator shall have exclusive
      control and sole right of withdrawal.  The Securities Administrator
      shall deposit any amount paid to it under the Class II-A-M Policy in the Class
      II-A-M Insurance Account and distribute such amount only for purposes of payment
      to Holders of the Class II-A-M Certificates of the Guaranteed Distribution
      for
      which a claim was made.  Such amount may not be applied to satisfy any
      costs, expenses or liabilities of the Servicers, the Trustee, the Custodian,
      any
      other Certificateholders or the Trust Fund.  Amounts paid under the
      Class II-A-M Policy shall be transferred to the related Distribution Account
      in
      accordance with the next succeeding paragraph and disbursed by the Securities
      Administrator to Holders of Class II-A-M Certificates in accordance with
      Section 5.05 or Section 10.01, as applicable.  It shall not
      be necessary for such payments to be made by checks or wire transfers separate
      from the checks or wire transfers used to pay the Guaranteed Distribution with
      other funds available to make such payment.  However, the amount of
      any payment of principal of or interest on the Class II-A-M Certificates to
      be
      paid from funds transferred from the Class II-A-M Insurance Account shall be
      noted as provided in paragraph (c) below and in the statement to be furnished
      to
      Holders of the Certificates pursuant to Section 5.06.  Funds held
      in the Class II-A-M Insurance Account shall not be invested by the Securities
      Administrator.

     

    On
      any
      Distribution Date with respect to which a claim has been made under the Class
      II-A-M Policy, the amount of any funds received by the Securities Administrator
      as a result of any claim under the Class II-A-M Policy, to the extent required
      to make the Guaranteed Distribution on such Distribution Date, shall be
      withdrawn by the Securities Administrator from the Class II-A-M Insurance
      Account and deposited in the related Distribution Account and applied by the
      Securities Administrator, together with the other funds to be distributed to
      the
      holders of the Class II-A-M Certificates pursuant to Section 5.05, directly
      to the payment in full of the Guaranteed Distribution due on the Class II-A-M
      Certificates.  Any funds remaining in the Class II-A-M Insurance
      Account on the first Business Day following a Distribution Date shall be
      remitted by the Securities Administrator to the Class II-A-M Certificate
      Insurer, pursuant to the written instructions of the Class II-A-M Certificate
      Insurer, by the end of such Business Day.

     

    (c)  The
      Securities Administrator shall keep a complete and accurate record of the amount
      of interest and principal paid into the Class II-A-M Insurance Account in
      respect of any Class II-A-M Certificate from moneys received by the Securities
      Administrator under the Class II-A-M Policy.  The Class II-A-M
      Certificate Insurer shall have the right to inspect such records at reasonable
      times during normal business hours upon two Business Days’ prior written notice
      to the Securities Administrator.

     

    Section
      12.03  Effect
      of Payments by the Class II-A-M Certificate Insurer;
      Subrogation.

     

    Anything
      herein to the contrary notwithstanding, for purposes of this Section 12.03,
      any payment with respect to principal of or interest on the Class II-A-M
      Certificates which is made with monies received pursuant to the terms of the
      Class II-A-M Policy shall not be considered payment of the Class II-A-M
      Certificates from the Trust Fund.  The Securities Administrator
      acknowledges, and each Holder by its acceptance of a Class II-A-M Certificate
      agrees, that without the need for any further action on the part of the Class
      II-A-M Certificate Insurer or the Securities Administrator, to the extent the
      Class II-A-M Certificate Insurer makes payments, directly or indirectly, on
      account of principal of or interest on the Class II-A-M Certificates to the
      Holders of such Certificates, the Class II-A-M Certificate Insurer will be
      fully
      subrogated to, and each Holder of a Class II-A-M Certificate and the Depositor
      hereby delegate and assign to the Class II-A-M Certificate Insurer, to the
      fullest extent permitted by law, the rights of such Holders to receive such
      principal and interest from the Trust Fund; provided that the Class II-A-M
      Certificate Insurer shall be paid such amounts only from the sources and in
      the
      manner explicitly provided for herein.

     

    The
      Securities Administrator shall cooperate in all respects with any reasonable
      request by the Class II-A-M Certificate Insurer for action to preserve or
      enforce the Class II-A-M Certificate Insurer’s rights or interests under this
      Agreement without limiting the rights or affecting the interests of the Holders
      as otherwise set forth herein.

     

    Section
      12.04  Notices
      and Information to the Class II-A-M Certificate Insurer.

     

    All
      notices, statements, reports, certificates or opinions required by
      this  Agreement to be sent or made available to any other party hereto
      or to the Group II Certificateholders shall also be sent or made available
      to
      the Class II-A-M Certificate Insurer.

     

    Section
      12.05  Securities
      Administrator to Hold Class II-A-M Policy.

     

    The
      Securities Administrator will hold the Class II-A-M Policy in trust as agent
      for
      the Class II-A-M Certificateholders for the purpose of making claims thereon
      and
      distributing the proceeds thereof.  Neither the Class II-A-M Policy,
      nor the amounts paid on the Class II-A-M Policy will constitute part of the
      Trust Fund or assets of any REMIC created by this Agreement.  Each
      Holder of a Class II-A-M Certificate, by accepting its Certificate, appoints
      the
      Securities Administrator as attorney-in-fact for the purpose of making claims
      on
      the Class II-A-M Policy.  The Securities Administrator shall surrender
      the Class II-A-M Policy to the Class II-A-M Certificate Insurer for cancellation
      upon the expiration of the term of the Class II-A-M Policy as provided in the
      Class II-A-M Policy following the retirement of the Class II-A-M
      Certificates.  To the extent that the Class II-A-M Policy constitutes
      a reserve fund for federal income tax purposes, (1) it shall be an outside
      credit support agreement and not an asset of any REMIC and (2) it shall be
      owned
      by the Class II-A-M Certificate Insurer, all within the meaning of
      Section 1.860G-2(h) of the Treasury Regulations.

     

    Section
      12.06  Payment
      of Class II-A-M Policy Premium.

     

    Unless
      otherwise designated in writing by the President or a Managing Director of
      the
      Class II-A-M Certificate Insurer to the Securities Administrator, the Class
      II-A-M Policy Premium to be paid pursuant to Section 5.05 shall be paid by
      the Securities Administrator to the Class II-A-M Certificate Insurer by wire
      transfer with the following details specifically stated in the wire
      transfer:

     

    
      	
              Bank:
                Citibank, N.A.

            
	
              ABA
                Number: 021000089

            
	
              For
                the account of: Ambac Assurance Corporation

            
	
              Account
                Number: 40609486

            
	
              Policy
                No: AB1078BE

            

    

     

    *     *     *

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    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/
                      Jeane Leschak

                  

                
	 	 	 	 	 	 	 	
                  Name:

                	Jeane
                  Leschak
	 	 	 	 	 	 	 	
                  Title:

                	Director

        

      

    

     

     

    
      	 	 	 	 	 	 	 	
              
                WELLS
                  FARGO BANK, NATIONAL ASSOCIATION,

                as
                  Master Servicer and Securities Administrator

              

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	
              
                /s/
                  Carla S. Walker

              

            
	 	 	 	 	 	 	 	
              Name:

            	Carla
              S. Walker
	 	 	 	 	 	 	 	
              Title:

            	Vice
              President

    

     

     

    
      
        	 	 	 	 	 	 	 	
                
                  HSBC
                    BANK USA, NATIONAL ASSOCIATION,
as Trustee

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	
                
                  /s/
                    Nina Nassar

                

              
	 	 	 	 	 	 	 	
                Name:

              	Nina
                Nassar
	 	 	 	 	 	 	 	
                Title:

              	Officer

      

       

       

      
        
          	 	 	 	 	 	 	 	
                  
                    GMAC
                      MORTGAGE, LLC,

                    as
                      a Servicer

                  

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	
                  
                    /s/
                      Wesley B. Howland

                  

                
	 	 	 	 	 	 	 	
                  Name:

                	Wesley
                  B. Howland
	 	 	 	 	 	 	 	
                  Title:

                	Vice
                  President

        

      

    

    
       

       

      
        
          	 	 	 	 	 	 	 	
                  With
                    respect to Sections 3.33, 3.34, 3.35 and 3.36

                
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  
                    
                      WELLS
                        FARGO BANK, NATIONAL ASSOCIATION

                    

                  

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	
                  
                    /s/
                      Carla S. Walker

                  

                
	 	 	 	 	 	 	 	
                  Name:

                	Carla
                  S. Walker
	 	 	 	 	 	 	 	
                  Title:

                	Vice
                  President

        

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              STATE
                OF NEW YORK

            	
              )

            	 
	 	
              )
                ss.:

            	 
	
              COUNTY
                OF NEW YORK

               

            	
              )

               

            	 

    

    

    On
      this
      ___ day of May 2007, before me, a notary public in and for said State, appeared
      _____________, 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.

     

    
      	 	
              ____________________________

            
	 	
              Notary
                Public

               

            

    

    [Notarial
      Seal]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              STATE
                OF NEW YORK

            	
              )

            	 
	 	
              )
                ss.:

            	 
	
              COUNTY
                OF NEW YORK

               

            	
              )

               

            	 

    

    

    On
      this
      ____ day of May 2007 before me, a notary public in and for said State,
      appeared_______________, 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.

     

    
      	 	
              ____________________________

            
	 	
              Notary
                Public

               

            

    

    [Notarial
      Seal]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              STATE
                OF

            	
              )

            	 
	 	
              )
                ss.:

            	 
	
              COUNTY
                OF

               

            	
              )

               

            	 

    

    

    On
      this
      ____ day of May 2007 before me, a notary public in and for said State,
      appeared_______________, 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.

     

    
      	 	
              ____________________________

            
	 	
              Notary
                Public

               

            

    

    [Notarial
      Seal]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              STATE
                OF

            	
              )

            	 
	 	
              )
                ss.:

            	 
	
              COUNTY
                OF

               

            	
              )

               

            	 

    

    

    On
      this
      ____ day of May 2007, before me, a notary public in and for said State, appeared
      _______________, 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.

     

    
      	 	
              ____________________________

            
	 	
              Notary
                Public

               

            

    

    [Notarial
      Seal]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              STATE
                OF

            	
              )

            	 
	 	
              )
                ss.:

            	 
	
              COUNTY
                OF

               

            	
              )

               

            	 

    

    

    On
      this
      ____ day of May 2007, before me, a notary public in and for said State, appeared
      _______________, 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.

     

    
      	 	
              ____________________________

            
	 	
              Notary
                Public

               

            

    

    [Notarial
      Seal]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              STATE
                OF

            	
              )

            	 
	 	
              )
                ss.:

            	 
	
              COUNTY
                OF

               

            	
              )

               

            	 

    

    

    On
      this
      ____ day of May 2007, before me, a notary public in and for said State, appeared
      _______________, 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.

     

    
      	 	
              ____________________________

            
	 	
              Notary
                Public

               

            

    

    [Notarial
      Seal]

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      A-1

    

    FORM
      OF CLASS I-A-[1A][1B][2][3][4][5][6] 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.
      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.

    

    PRIOR
      TO THE TERMINATION OF THE FINAL
      MATURITY RESERVE TRUST, ANY TRANSFEREE OF THIS CERTIFICATE SHALL BE DEEMED
      TO
      MAKE THE REPRESENTATIONS SET FORTH IN 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
                I-A-[1A][1B][2][3][4][5][6] Senior

            	 
	 	 
	
              Date
                of Pooling and Servicing Agreement

               and
                Cut-off Date: April 1, 2007

               

            	
              Aggregate
                Initial Certificate Principal Balance of the Class
                I-A-[1A][1B][2][3][4][5][6] Certificates as of the Cut-off
                Date:

              $

            
	
              Trustee:
                HSBC Bank USA, National Association

            	 
	
              First
                Distribution Date: May 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:

              March
                25, 2037

            	
              CUSIP:   [__________________]

            
	 	 

    

    

    MORTGAGE
      PASS-THROUGH CERTIFICATE

    SERIES
      2007-1

    

    evidencing
      a fractional undivided interest in the distributions allocable to the Class
      I-A-[1A][1B][2][3][4][5][6] 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”f) 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 Certificate is one of the Classes of Group I
      Certificates (as defined in the Agreement).

    

    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 and adjustable-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 I-A-[1A][2][3][4][5][6]][the calendar month immediately
      preceding the calendar month in which such Distribution Date occurs] [FOR CLASS
      I-A-1B CERTIFICATES][the period from and including the 25th day of the calendar
      month preceding the calendar month in which such Distribution Date occurs (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] on the
      Certificate Principal Balance hereof at a per annum Pass-Through Rate equal
      to
      [FOR CLASS I-A-[1A][2][3][4][5][6]] CERTIFICATES][the lesser of (i)(a) with
      respect to each Distribution Date which occurs on or prior to the Optional
      Termination Date with respect to the Group I Mortgage Loans, [____]% per annum
      and (b) with respect to each Distribution Date which occurs thereafter, [____]%
      per annum and (ii) the Net WAC Rate Cap for such Distribution Date] [FOR CLASS
      I-A-1B CERTIFICATES][the lesser of (i) the sum of One-Month LIBOR for such
      Distribution Date plus (A) on or prior to the first possible Optional
      Termination Date with respect to the Group I Mortgage Loans, [___]% or (B)
      after
      the first possible Optional Termination Date with respect to the Group I
      Mortgage Loans, [___]% and (ii) the Net WAC Rate Cap 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 March 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.

    

    Prior
      to the termination of the Final
      Maturity Reserve Trust, any transferee of this Certificate shall be deemed
      to
      make the representations set forth in 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 Group I Mortgage
      Loans and other assets included in the Trust Fund and the Final Maturity Reserve
      Trust relating to the Group I Mortgage Loans, 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 Group I Certificate Insurer, in the case of an amendment which affects
      the
      Group I Insured Certificates or the Group I Certificate Insurer or with the
      consent of the Class II-A-M Certificate Insurer in the case of any amendment
      which affects the Class II-A-M Certificates or the Class II-A-M Certificate
      Insurer, and 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 with respect to the Group I Certificates (other than the obligations
      to make payments to the holders of the Group I 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 Group I Mortgage Loan remaining in
      the
      Trust Fund and disposition of all property acquired upon foreclosure or deed
      in
      lieu of foreclosure of any Group I Mortgage Loan and (B) the remittance of
      all
      funds due under the Agreement with respect to the Group I Mortgage Loans, or
      (ii) the optional repurchase by the Master Servicer of all the Group I Mortgage
      Loans and other assets of the Trust Fund relating to the Group I Mortgage Loans
      in accordance with the terms of the Agreement, provided that the Group I
      Certificate Insurer’s consent will be required in connection with such purchase
      if the exercise of such purchase option would cause a draw on the Group I Policy
      or result in any amounts owed to the Group I Certificate Insurer remaining
      unreimbursed. 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 Group I Mortgage Loans is less than the percentage of the
      aggregate Stated Principal Balance specified in the Agreement of the Group
      I
      Mortgage Loans at the Cut-off Date. The exercise of such right will effect
      the
      early retirement of the Group I 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 I-X Certificates or Class I-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:                      May
                __, 2007

            	 	 	
              WELLS
                FARGO BANK, N.A.

              as
                Securities Administrator

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Signatory

            
	 	 	 	 	 	 	 	 	 

    

    

    

    

    CERTIFICATE
      OF AUTHENTICATION

    

    This
      is one of the Class
      I-A-[1A][1B][2][3][4][5][6] 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 II-A-[1][2][3][4][M] 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.

     

    PRIOR
      TO THE TERMINATION OF THE SUPPLEMENTAL INTEREST TRUST, ANY TRANSFEREE OF THIS
      CERTIFICATE SHALL BE DEEMED TO MAKE THE REPRESENTATIONS SET FORTH IN 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:  Floating

            
	 	 
	
              Class
                II-A-[1][2][3][4][M] Senior

            	 
	 	 
	
              Date
                of Pooling and Servicing Agreement

               and
                Cut-off Date: April 1, 2007

               

            	
              Aggregate
                Initial Certificate Principal Balance of the Class
                II-A-[1][2][3][4][M] Certificates as of the Cut-off
                Date:

              $
                ______________

            
	
              Trustee:
                HSBC Bank USA, National Association

            	 
	
              First
                Distribution Date: May 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:

              April
                25, 2037

            	
              CUSIP:
                [______________]

            
	 	 

    

    

    MORTGAGE
      PASS-THROUGH CERTIFICATE

    SERIES
      2007-1

     

    evidencing
      a fractional undivided interest in the distributions allocable to the Class
      II-A-[1][2][3][4][M] 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 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 Certificate is one of the Classes
      of Group II Certificates (as defined in the Agreement).

     

    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 and adjustable-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 period commencing on the immediately
      preceding Distribution Date (as hereinafter defined) (or with respect to the
      First Distribution Date, the Closing Date) and ending on the day immediately
      preceding the related Distribution Date on the Certificate Principal Balance
      hereof at a per annum Pass-Through Rate equal to the least of (i) the sum of
      One-Month LIBOR for that Distribution Date plus (A) on or prior to the first
      possible Optional Termination Date with respect to the Group II Mortgage Loans,
      [___]% or (B) after the first possible Optional Termination Date with respect
      to
      the Group II Mortgage Loans, [__]%, (ii) [FOR CLASS II-A-[1][2][3][4]
      CERTIFICATES][the related Net Funds Cap] [FOR CLASS II-A-M CERTIFICATES][the
      Class II-A-M Net Funds Cap], (iii) the Cap Rate and (iv) the related Maximum
      Interest Rate.  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 Business Day
      immediately preceding such Distribution 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 April 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
      Realized Losses on the Group II Mortgage Loans.

     

    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.

     

    Prior
      to
      the termination of the Supplemental Interest Trust, any transferee of this
      Certificate shall be deemed to make the representations set forth in 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 Group II
      Mortgage Loans and other assets included in the Trust Fund and the Supplemental
      Interest Trust relating to the Group II Mortgage Loans, 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 Group I Certificate Insurer, in
      the
      case of an amendment which affects the Group I Insured Certificates or the
      Group
      I Certificate Insurer or with the consent of the Class II-A-M Certificate
      Insurer in the case of any amendment which affects the Class II-A-M Certificates
      or the Class II-A-M Certificate Insurer, and 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 with respect to the Group II Certificates
      (other than the obligations to make payments to the holders of the Group II
      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
      Group II Mortgage Loan remaining in the Trust Fund and disposition of all
      property acquired upon foreclosure or deed in lieu of foreclosure of any Group
      II Mortgage Loan and (B) the remittance of all funds due under the Agreement
      with respect to the Group II Mortgage Loans, or (ii) the optional repurchase
      by
      the Master Servicer of all the Group II Mortgage Loans and other assets of
      the
      Trust Fund related to the Group II Mortgage Loans in accordance with the terms
      of the Agreement, provided that the Class II-A-M Certificate Insurer’s consent
      will be required in connection with such purchase if the exercise of such
      purchase option would cause a draw on the Class II-A-M Policy or result in
      any
      amounts owed to the Class II-A-M Certificate Insurer remaining unreimbursed.
      Such optional repurchase may be made by the Master Servicer only if on such
      Distribution Date the aggregate Stated Principal Balance of the Group II
      Mortgage Loans is less than or equal to 10% of the aggregate Stated Principal
      Balance of the Group II Mortgage Loans at the Cut-off Date. The exercise of
      such
      right will effect the early retirement of the Group II 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 II-X Certificates or Class
      II-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:                      May
                __, 2007

            	 	 	
              WELLS
                FARGO BANK, N.A.

              as
                Securities Administrator

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Signatory

            
	 	 	 	 	 	 	 	 	 

    

    

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Class II-A-[1][2][3][4][M] 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 I-M-[1][2][3][4][5][6] CERTIFICATE

    

    THIS
      CERTIFICATE IS SUBORDINATED IN
      RIGHT OF PAYMENT TO THE GROUP I SENIOR CERTIFICATES  [[AND ]THE CLASS
      I-M-1 CERTIFICATES] [[,/AND] THE CLASS I-M-2 CERTIFICATES] [[AND/,] THE CLASS
      I-M-3 CERTIFICATES] [[AND/,] THE CLASS I-M-4 CERTIFICATES] [AND THE CLASS I-M-5
      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.

    

    ANY
      TRANSFEREE OF THIS CERTIFICATE
      SHALL BE DEEMED TO MAKE THE REPRESENTATIONS SET FORTH IN 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
                I-M-[1][2][3][4][5][6] Mezzanine

            	 
	 	 
	
              Date
                of Pooling and Servicing Agreement

               and
                Cut-off Date: April 1, 2007

            	
              Aggregate
                Initial Certificate Principal Balance of this Class I-M-[1][2][3][4][5][6]
                Certificate as of the Cut-off Date:

              $_______________

            
	
              Trustee:
                HSBC Bank USA, National Association

            	 
	
              First
                Distribution Date:

              May
                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:

              March
                25, 2037

            	
              CUSIP:   [__________________]

            
	 	 

    

    

    MORTGAGE
      PASS-THROUGH CERTIFICATE

    SERIES
      2007-1

    

    evidencing
      a fractional undivided interest in the distributions allocable to the
      Class  I-M-[1][2][3][4][5][6] 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 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 Certificate is one of the Classes of Group I
      Certificates (as defined in the Agreement).

    

    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 and adjustable-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)(a)
      with respect to each Distribution Date which occurs on or prior to the Optional
      Termination Date with respect to the Group I Mortgage Loans, [____]% per annum
      and (b) with respect to each Distribution Date which occurs thereafter, [____]%
      per annum and (ii) the Net WAC Rate Cap 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
      April 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 Group I Mortgage Loans and
      other assets included in the Trust Fund and the Final Maturity Reserve Trust
      relating to the Group I Mortgage Loans, 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 Group I Certificate Insurer, in the case of an amendment which affects
      the
      Group I Insured Certificates or the Group I Certificate Insurer or with the
      consent of the Class II-A-M Certificate Insurer in the case of any amendment
      which affects the Class II-A-M Certificates or the Class II-A-M Certificate
      Insurer, and 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.

    

    Any
      transferee of this Certificate
      shall be deemed to make the representations set forth in 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 with respect to the Group I Certificates (other than the obligations
      to make payments to the holders of the Group I 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 Group I Mortgage Loan remaining in
      the
      Trust Fund and disposition of all property acquired upon foreclosure or deed
      in
      lieu of foreclosure of any Group I Mortgage Loan and (B) the remittance of
      all
      funds due under the Agreement with respect to the Group I Mortgage Loans, or
      (ii) the optional repurchase by the Master Servicer of all the Group I Mortgage
      Loans and other assets of the Trust Fund relating to the Group I Mortgage Loans
      in accordance with the terms of the Agreement, provided that the Group I
      Certificate Insurer’s consent will be required in connection with such purchase
      if the exercise of such purchase option would cause a draw on the Group I Policy
      or result in any amounts owed to the Group I Certificate Insurer remaining
      unreimbursed. 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 Group I Mortgage Loans is less than the percentage of the
      aggregate Stated Principal Balance specified in the Agreement of the Group
      I
      Mortgage Loans at the Cut-off Date. The exercise of such right will effect
      the
      early retirement of the Group I 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 I-X Certificates or Class I-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:                      May
                __, 2007

            	 	 	
              WELLS
                FARGO BANK, N.A.

              as
                Securities Administrator

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Signatory

            
	 	 	 	 	 	 	 	 	 

    

    

    

    

    CERTIFICATE
      OF AUTHENTICATION

    

    This
      is one of the Class
      I-M-[1][2][3][4][5][6] 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 II-M-[1][2][3][4][5][6][7][8] CERTIFICATE

     

    THIS
      CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE GROUP II SENIOR
      CERTIFICATES [[AND ]THE CLASS II-M-1 CERTIFICATES] [[,/AND ]THE CLASS II-M-2
      CERTIFICATES] [[,/AND ]THE CLASS II-M-3 CERTIFICATES] [[,/AND ]THE CLASS II-M-4
      CERTIFICATES] [[,/AND ] [THE CLASS II-M-5 CERTIFICATES] [[,/AND ] [THE CLASS
      II-M-6 CERTIFICATES] [AND THE CLASS II-M-7 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 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.

     

    ANY
      TRANSFEREE OF THIS CERTIFICATE SHALL BE DEEMED TO MAKE THE REPRESENTATIONS
      SET
      FORTH IN 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:  Floating

            
	 	 
	
              Class
                II-M-[1][2][3][4][5][6][7][8]

              Mezzanine

            	 
	 	 
	
              Date
                of Pooling and Servicing Agreement and Cut-off Date:

              April
                1, 2006

            	
              Aggregate
                Initial Certificate Principal Balance of the Class
                II-M-[1][2][3][4][5][6][7][8] Certificates as of the Cut-off
                Date:

              $

            
	
              Trustee:
                HSBC Bank USA, National Association

            	 
	
              First
                Distribution Date:

              May
                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:

              April
                25, 2037

            	
              CUSIP:   [__________________]

            
	 	 

    

    

    MORTGAGE
      PASS-THROUGH CERTIFICATE

    SERIES
      2007-1

     

    evidencing
      a fractional undivided interest in the distributions allocable to the Class
      II-M-[1][2][3][4][5][6][7][8] 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 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 Certificate is one of the Classes of Group II
      Certificates (as defined in the Agreement).

     

    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 and adjustable-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 period commencing on the immediately
      preceding Distribution Date (as hereinafter defined) (or with respect to the
      First Distribution Date, the Closing Date) and ending on the day immediately
      preceding the related Distribution Date on the Certificate Principal Balance
      hereof at a per annum Pass-Through Rate equal to the least of (i) the sum of
      One-Month LIBOR for that Distribution Date plus (A) on or prior to the first
      possible Optional Termination Date with respect to the Group II Mortgage Loans,
      [___]% or (B) after the first possible Optional Termination Date with respect
      to
      the Group II Mortgage Loans, [__]%, (ii) the related Net Funds Cap, (iii) the
      Cap Rate and (iv) the related Maximum Interest Rate.  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 Business Day immediately preceding such Distribution 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
      April 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 Group II
      Mortgage Loans and other assets included in the Trust Fund and the Supplemental
      Interest Trust relating to the Group II Certificates, 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 Group I Certificate Insurer, in
      the
      case of an amendment which affects the Group I Insured Certificates or the
      Group
      I Certificate Insurer or with the consent of the Class II-A-M Certificate
      Insurer in the case of any amendment which affects the Class II-A-M Certificates
      or the Class II-A-M Certificate Insurer, and 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.

     

    Any
      transferee of this Certificate shall be deemed to make the representations
      set
      forth in 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
      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 with respect to the Group II Certificates
      (other than the obligations to make payments to the holders of the Group II
      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
      Group II Mortgage Loan remaining in the Trust Fund and disposition of all
      property acquired upon foreclosure or deed in lieu of foreclosure of any Group
      II Mortgage Loan and (B) the remittance of all funds due under the Agreement
      with respect to the Group II Mortgage Loans, or (ii) the optional repurchase
      by
      the Master Servicer of all the Group II Mortgage Loans and other assets of
      the
      Trust Fund related to the Group II Mortgage Loans in accordance with the terms
      of the Agreement, provided that the Class II-A-M Certificate Insurer’s consent
      will be required in connection with such purchase if the exercise of such
      purchase option would cause a draw on the Class II-A-M Policy or result in
      any
      amounts owed to the Class II-A-M Certificate Insurer remaining unreimbursed.
      Such optional repurchase may be made by the Master Servicer only if on such
      Distribution Date the aggregate Stated Principal Balance of the Group II
      Mortgage Loans is less than or equal to 10% of the aggregate Stated Principal
      Balance of the Group II Mortgage Loans at the Cut-off Date. The exercise of
      such
      right will effect the early retirement of the Group II 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 II-X Certificates or Class
      II-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:
                May __,2007	 	 	
                WELLS
                  FARGO BANK, N.A.

                as
                  Securities Administrator

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Authorized
                  Signatory

              

      

      

    

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Class II-M-[1][2][3][4][5][6][7][8] 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 [I][II]-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
                [I][II]-P

            	 
	 	 
	
              Date
                of Pooling and Servicing Agreement and Cut-off Date:

              April
                1, 2007

            	
              Aggregate
                Initial Certificate Principal Balance of the Class [I][II]-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:

              May
                25, 2007

            	 
	 	 
	
              Assumed
                Final Distribution Date:

              [March][April]
                25, 2037

            	
              CUSIP:  [________________]

            
	 	 

    

    

    MORTGAGE
      PASS-THROUGH CERTIFICATE

    SERIES
      2007-1

     

    evidencing
      a fractional undivided interest in the distributions allocable to the Class
      [I][II]-P 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 Certificate is one of the Classes
      of [Group I][Group II] Certificates (as defined in the Agreement).

     

    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 and adjustable-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 [Group I][Group
      II]
      Mortgage Loans and amounts on deposit in the Class [I][II]-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 Group I Certificate Insurer, in
      the
      case of an amendment which affects the Group I Insured Certificates or the
      Group
      I Certificate Insurer or with the consent of the Class II-A-M Certificate
      Insurer in the case of any amendment which affects the Class II-A-M Certificates
      or the Class II-A-M Certificate Insurer, and 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 with respect to the Group II Certificates
      (other than the obligations to make payments to the holders of the Group II
      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
      [Group I][Group II] Mortgage Loan remaining in the Trust Fund and disposition
      of
      all property acquired upon foreclosure or deed in lieu of foreclosure of any
      [Group I][Group II] Mortgage Loan and (B) the remittance of all funds due under
      the Agreement with respect to the [Group I][Group II] Mortgage Loans, or (ii)
      the optional repurchase by the Master Servicer of all the [Group I][Group II]
      Mortgage Loans and other assets of the Trust Fund related to the [Group I][Group
      II] Mortgage Loans in accordance with the terms of the Agreement, provided
      that
      the [Group I][Class II-A-M] Certificate Insurer’s consent will be required in
      connection with such purchase if the exercise of such purchase option would
      cause a draw on the [Group I][Class II-A-M] Policy or result in any amounts
      owed
      to the [Group I][Class II-A-M] Certificate Insurer remaining unreimbursed.
      Such
      optional repurchase may be made by the Master Servicer only if on such
      Distribution Date the aggregate Stated Principal Balance of the [Group I][Group
      II] Mortgage Loans is less than or equal to 10% of the aggregate Stated
      Principal Balance of the [Group I][Group II] Mortgage Loans at the Cut-off
      Date.
      The exercise of such right will effect the early retirement of the [Group
      I][Group II] 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
      [I][II]-X Certificates or Class [I][II]-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:
                May __,2007	 	 	
                WELLS
                  FARGO BANK, N.A.

                as
                  Securities Administrator

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	 	
                Authorized
                  Signatory

              

      

      

    

     

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Class [I][II]-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-6

    

    FORM
      OF CLASS [I][II]-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
      [GROUP I][GROUP II] SENIOR CERTIFICATES AND THE [GROUP I][GROUP II] 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
                [I][II]-X

            	
              Variable
                Pass-Through Rate

            
	 	 
	
              Date
                of Pooling and Servicing Agreement and Cut-off Date: April 1,
                2007

               

            	
              Initial
                Certificate Notional Balance of this Certificate as of the Cut-off
                Date:

               

            
	
              Trustee:
                HSBC Bank USA, National Association

            	 
	
              First
                Distribution Date: May 25, 2007

               

            	 
	 	
              Master
                Servicer and Securities Administrator:  Wells Fargo Bank,
                NA.

            
	
              Assumed
                Final Distribution Date: [March][April] 25, 2037

               

            	
              CUSIP:   [__________________]

            

    

    

    MORTGAGE
      PASS-THROUGH CERTIFICATE

    SERIES
      2007-1

    

    evidencing
      a fractional undivided interest in the distributions allocable to the
      Class  [I][II]-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 Certificate is one of the Classes of Group I
      Certificates (as defined in the Agreement).

    

    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 and adjustable-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 [March][April] 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 [Group I][Group II] Mortgage
      Loans and other assets included in the Trust Fund and the [FOR GROUP I][Final
      Maturity Reserve Trust]  [FOR GROUP II][Supplemental Interest Trust]
      relating to the [Group I][Group II] Mortgage Loans, 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 Group I Certificate Insurer, in the case of an amendment which affects
      the
      Group I Insured Certificates or the Group I Certificate Insurer or with the
      consent of the Class II-A-M Certificate Insurer in the case of any amendment
      which affects the Class II-A-M Certificates or the Class II-A-M Certificate
      Insurer, and 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 with respect to the [Group I][Group
      II] Certificates (other than the obligations to make payments to the
      holders of the [Group I][Group II] 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 [Group I][Group II] Mortgage Loan
      remaining in the Trust Fund and disposition of all property acquired upon
      foreclosure or deed in lieu of foreclosure of any [Group I][Group
      II] Mortgage Loan and (B) the remittance of all funds due under the
      Agreement with respect to the [Group I][Group II] Mortgage Loans, or (ii)
      the optional repurchase by the Master Servicer of all the [Group I][Group
      II] Mortgage Loans and other assets of the Trust Fund related to the [Group
      I][Group II] Mortgage Loans in accordance with the terms of the Agreement,
      provided that the [Group I][Class II-A-M] Certificate Insurer’s consent will be
      required in connection with such purchase if the exercise of such purchase
      option would cause a draw on the [Group I][Class II-A-M] Policy or result in
      any
      amounts owed to the [Group I][Class II-A-M] Certificate Insurer remaining
      unreimbursed. Such optional repurchase may be made by the Master Servicer only
      if on such Distribution Date the aggregate Stated Principal Balance of the
      [Group I][Group II] Mortgage Loans is less than or equal to 10% of the
      aggregate Stated Principal Balance of the [Group I][Group II] Mortgage
      Loans at the Cut-off Date. The exercise of such right will effect the early
      retirement of the [Group I][Group II] 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 [I][II]-X Certificates or Class [I][II]-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:                      May
                __, 2007

            	 	 	
              WELLS
                FARGO BANK, N.A., as Securities Administrator

               

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Signatory

            
	 	 	 	 	 	 	 	 	 

    

    

    

    CERTIFICATE
      OF AUTHENTICATION

    

    This
      is one of the Class [I][II]-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-7

    

    FORM
      OF CLASS [I][II]-[R][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
                [I][II]-[R][R-X]

            	
              Percentage
                Interest: ____

            
	 	 
	
              Date
                of Pooling and Servicing Agreement

              and
                Cut-off Date: April 1, 2007

               

            	 
	 	 
	
              First
                Distribution Date:

              May
                25, 2007

            	 
	 	 
	
              Trustee:
                HSBC Bank USA, National Association

            	
              Master
                Servicer and Securities Administrator: Wells Fargo Bank,
                N.A.

            
	 	 
	
              Assumed
                Final Distribution Date:

              [March][April]
                25, 2007

               

            	 
	 	
              CUSIP:   [__________________]

            

    

     

     

    
 

    MORTGAGE
      PASS-THROUGH CERTIFICATE

    SERIES
      2007-1

    

    evidencing
      a fractional undivided interest in the distributions allocable to the Class
      [I][II]-[R][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 Certificate is one of the Classes of [Group
      I][Group II] Certificates (as defined in the Agreement).

     

    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 and adjustable-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
      [March][April] 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 [Group I][Group
      II] Mortgage Loans and other assets included in the Trust Fund and the [FOR
      GROUP I][Final Maturity Reserve Trust]  [FOR GROUP II][Supplemental
      Interest Trust] relating to the [Group I][Group II] Mortgage Loans, 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 with respect to the [Group I][Group
      II] Certificates (other than the obligations to make payments to the
      holders of the [Group I][Group II] 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 [Group I][Group II] Mortgage Loan
      remaining in the Trust Fund and disposition of all property acquired upon
      foreclosure or deed in lieu of foreclosure of any [Group I][Group
      II] Mortgage Loan and (B) the remittance of all funds due under the
      Agreement with respect to the [Group I][Group II] Mortgage Loans, or (ii)
      the optional repurchase by the Master Servicer of all the [Group I][Group
      II] Mortgage Loans and other assets of the Trust Fund related to the [Group
      I][Group II] Mortgage Loans in accordance with the terms of the Agreement,
      provided that the [Group I][Class II-A-M] Certificate Insurer’s consent will be
      required in connection with such purchase if the exercise of such purchase
      option would cause a draw on the [Group I][Class II-A-M] Policy or result in
      any
      amounts owed to the [Group I][Class II-A-M] Certificate Insurer remaining
      unreimbursed. Such optional repurchase may be made by the Master Servicer only
      if on such Distribution Date the aggregate Stated Principal Balance of the
      [Group I][Group II] Mortgage Loans is less than or equal to 10% of the
      aggregate Stated Principal Balance of the [Group I][Group II] Mortgage
      Loans at the Cut-off Date. The exercise of such right will effect the early
      retirement of the [Group I][Group II] 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 [I][II]-X Certificates or Class [I][II]-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:                      May
                __, 2007

            	 	 	
              WELLS
                FARGO BANK, N.A.

              as
                Securities Administrator

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
              By:

            	 
	 	 	 	 	 	 	 	 	
              Authorized
                Signatory

            
	 	 	 	 	 	 	 	 	 

    

    

    

    CERTIFICATE
      OF AUTHENTICATION

    

    This
      is one of the Class
      [I][II]-[R][[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;

            
	 	 
	
              (o)

            	
              with
                respect to each Group II Mortgage Loan, the first Adjustment
                Date;

            
	 	 
	
              (p)

            	
              with
                respect to each Group II Mortgage Loan, the Gross
                Margin;

            
	 	 
	
              (q)

            	
              with
                respect to each Group II Mortgage Loan, the Maximum Mortgage Interest
                Rate
                under the terms of the Mortgage Note;

            
	 	 
	
              (r)

            	
              with
                respect to each Group II Mortgage Loan, the Minimum Mortgage Interest
                Rate
                under the terms of the Mortgage Note;

            
	 	 
	
              (s)

            	
              with
                respect to each Group II Mortgage Loan, the Periodic Rate
                Cap;

            
	 	 
	
              (t)

            	
              with
                respect to each Group II Mortgage Loan, the first Adjustment Date
                immediately following the Cut-off Date;

            
	 	 
	
              (u)

            	
              with
                respect to each Group II Mortgage Loan, the related
                Index;

            
	 	 
	
              (v)

            	
              the
                related Loan Group; and

            
	 	 
	
              (w)

            	
              the
                Servicer.

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    EXHIBIT
      C

     

    MORTGAGE
      LOAN PURCHASE AGREEMENT

    

    This
      is a Mortgage Loan Purchase
      Agreement (this “Agreement”), dated May 10, 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 Class I-A-1B Cap Agreement and the Group II Interest Rate Swap Agreement
      (exclusive of any upfront premiums paid by the providers of the Class I-A-1B
      Cap
      Agreement and the Group II Interest Rate 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 2007-1, Mortgage
      Pass-Through Certificates (the “Certificates”). The Certificates will consist of
      thirty-four (34) classes of certificates. The Certificates will be issued
      pursuant to a pooling and servicing agreement, dated as of April 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 I-A-1A, Class I-A-1B, Class I-A-2, Class I-A-3, Class I-A-4,
      Class I-A-5, Class I-A-6, Class I-M-1, Class I-M-2, Class II-A-1, Class II-A-2,
      Class II-A-3, Class II-A-4, Class II-A-M, Class II-M-4, Class II-M-5, Class
      II-M-6, Class II-M-7 and Class II-M-8 Certificates to Greenwich Capital Markets,
      Inc. (“Greenwich”) and Bear, Stearns & Co. Inc. (“Bear”, together with
      Greenwich, the “Underwriters”), pursuant to the Underwriting Agreement, dated
      May 4, 2007, among the Purchaser and the Underwriters, and the Terms Agreement,
      dated May 4, 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 April 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
      May 10, 2007 (the “Closing Date”), (a) certain conventional, one-to-four family,
      fixed-rate and adjustable-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 April 1, 2007 (the “Cut-off
      Date”) of approximately $1,592,548,807 (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 Class I-A-1B Cap Agreement and the
      Group
      II Interest Rate Swap Agreement (exclusive of any upfront premiums paid by
      the
      providers of the Class I-A-1B Cap Agreement and the Group II Interest Rate
      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 Class I-A-1B Cap Agreement and the
      Group II Interest Rate Swap Agreement (exclusive of any upfront premiums paid
      by
      the providers of the Class I-A-1B Cap Agreement and the Group II Interest Rate
      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 I-M-3, Class I-M-4, Class I-M-5, Class I-M-6, Class II-M-1, Class
      II-M-2, Class II-M-3, Class I-X, Class I-P, Class I-R, Class I-R-X, Class II-X,
      Class II-P, Class II-R and Class II-R-X Certificates, which shall be registered
      solely in the name of Nomura Holding America 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 Class I-A-1B Cap
      Agreement and the Group II Interest Rate Swap Agreement (exclusive of any
      upfront premiums paid by the providers of the Class I-A-1B Cap Agreement and
      the
      Group II Interest Rate 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 Class I-A-1B Cap Agreement and the Group II Interest Rate Swap
      Agreement (exclusive of any upfront premiums paid by the providers of the Class
      I-A-1B Cap Agreement and the Group II Interest Rate 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, the Group I Certificate Insurer and the Class II-A-M
      Certificate Insurer, 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, the Group I Certificate Insurer
      and
      the Class II-A-M Certificate Insurer 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.

     

    
      

        

      

      
        *
          Please contact Nomura Credit & Capital, Inc. for pricing
          information.

      

    

    
 

    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, the Group I Certificate
      Insurer, the Class II-A-M Certificate Insurer 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, the Class
      I
      Certificate Insurer and the Class II-A-M Certificate Insurer, 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, the Group I Certificate Insurer
      and the Class II-A-M Certificate Insurer 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, the Group I
      Certificate Insurer, the Class II-A-M Certificate Insurer 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 prior to the Cut-off Date, to the
      extent known by the Seller, is set forth in the Prospectus Supplement, dated
      May
      10, 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 19.88% of the Group I Mortgage Loans and
      approximately 3.76% of the Group II Mortgage Loans, by aggregate principal
      balance as of the Cut-off Date, which are balloon loans and approximately 26.52%
      of the Group I Mortgage Loans and approximately 85.34% of the Group II Mortgage
      Loans 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 Revised, 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, the Group I Certificate Insurer and
      the
      Class II-A-M Certificate Insurer. 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, the Group I Certificate Insurer,
      the
      Class II-A-M Certificate Insurer 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 2007-1),
      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.

    

    SECTION
      20.     Third Party
      Beneficiary.For
      purposes of this Agreement
the Group I Certificate
      Insurer and the Class II-A-M Certificate Insurer shall be considered
      third party
      beneficiaries to this Agreement entitled to all the rights and benefits accruing
      to the Group I Certificate
      Insurer and the Class II-A-M Certificate Insurer herein, as if they
      were direct parties
      to this Agreement.

     

    

    [Signature
      page to follow]

     

     

     

    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/
              Jeane Leschak	 
	 	Name: 	Jeane
              Leschak	 
	 	Title:	Director	 
	 	 	 	 

    

    

      	 	
              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 May 10,
      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 2007-1 Mortgage Pass-Through
                Certificates, Class [I][II]-[R][R-X] Certificates (the “Class
                [I][II]-[R][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 [I][II]-[R][R-X] Certificates
                were
                issued.

            

    

     

    
      	
               

            	
              2.

            	
              The
                Investor (i) is and will be a “Permitted Transferee” as of
                ____________________. ____ and (ii) is acquiring the Class
                [I][II]-[R][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 [I][II]-[R][R-X] Certificates to disqualified organizations
                under
                the Internal Revenue Code of 1986 that applies to all transfers of
                the
                Class [I][II]-[R][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
                [I][II]-[R][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 [I][II]-[R][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 [I][II]-[R][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 [I][II]-[R][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
                [I][II]-[R][R-X] Certificates and the provisions of Section 6.02(c)
                of the
                Pooling and Servicing Agreement under which the Class [I][II]-[R][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 [I][II]-[R][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
                [I][II]-[R][R-X] Certificates, have sufficient assets to pay any
                taxes
                owed by the holder of such Class [I][II]-[R][R-X] Certificates, and
                hereby
                represents to and for the benefit of the person from whom it acquired
                the
                Class [I][II]-[R][R-X] Certificates that the Investor intends to
                pay taxes
                associated with holding such Class [I][II]-[R][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 [I][II]-[R][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
                [I][II]-[R][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 [I][II]-[R][R-X] Certificates
                with the
                intent to transfer the Class [I][II]-[R][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 [I][II]-[R][R-X] Certificates, or that may
                become
                insolvent or subject to a bankruptcy proceeding, for so long as the
                Class
                [I][II]-[R][R-X] Certificates remain
                outstanding.

            

    

     

    
      	
               

            	
              14.

            	
              The
                Investor will, in connection with any transfer that it makes of the
                Class
                [I][II]-[R][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 [I][II]-[R][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
                [I][II]-[R][R-X] Certificates, deliver to the Securities Administrator
                an
                affidavit, which represents and warrants that it is not transferring
                the
                Class [I][II]-[R][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 [I][II]-[R][R-X] Certificates;
                (ii) may
                become insolvent or subject to a bankruptcy proceeding for so long
                as the
                Class [I][II]-[R][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 [I][II]-[R][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
                [I][II]-X and the Class [I][II]-P Certificates. This agreement shall
                bind
                and be enforceable against any successor, transferee or assigned
                of the
                undersigned in the Class [I][II]-[R][R-X] Certificate. In connection
                with
                any transfer of the Class [R][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 [I][II]-[R][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 April 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
      2007-1

     

    
      	
              Re:

            	
              Nomura
                Asset Acceptance Corporation

              Mortgage
                Pass-Through Certificates, Series 2007-1, Class
                [X][P][R][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 2007-1, Class [X][P][R][R-X] (the
“Certificates”), issued pursuant to the Pooling and Servicing Agreement (the
“Pooling and Servicing Agreement”), dated as of April 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
      2007-1

     

    
      	
              Re:

            	
              Nomura
                Asset Acceptance Corporation, Alternative Loan Trust, Mortgage
                Pass-Through Certificates, Series
                2007-1

            

    

     

    Ladies
      and Gentlemen:

     

    _______________
      (the “Purchaser”) intends to purchase from ____________ (the “Sponsor”)
      $_________ Initial Certificate Principal Balance of Mortgage Pass-Through
      Certificates, Series 2007-1, Class [X][P][R][R-X] (the “Certificates”), issued
      pursuant to the Pooling and Servicing Agreement (the “Pooling and Servicing
      Agreement”), dated as of April 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 2007-1 (the “Certificates”), including
                the Class [I][II]-[X][P][R][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 [I][II]-[X][P][R][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 April 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 2007-1, 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 April 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

     

     

    [To
      Be Provided Upon Request]

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      J

     

    SCHEDULE
      OF MORTGAGE LOANS WITH LOST NOTES

    
       

       

      [To
        Be Provided Upon Request]

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      K

     

    APPENDIX
      E – Standard & Poor’s Anti-Predatory Lending
      Categorization

     

    

    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. §§ 5-3.5-101 etseq.

              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

            

    

    

    
      	
              Standard
                & Poor’s High Cost 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

            	
              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

            
	
              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

            
	
              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

            

    

    

    
      	
              Standard
                & Poor’s High Cost Loan Categorization

               

            
	
              State/Jurisdiction

            	
              Name
                of Anti-Predatory Lending Law/Effective Date

            	
              Category
                under Applicable Anti-Predatory Lending Law

            
	
              Massachusetts

            	
              Part
                40 and Part 32, 209 C.M.R. §§ 32.00 etseq. 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 etseq.

              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

            
	
              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

            

    

    

    
      	
              Standard
                & Poor’s High Cost Loan Categorization

               

            
	
              State/Jurisdiction

            	
              Name
                of Anti-Predatory Lending Law/Effective Date

            	
              Category
                under Applicable Anti-Predatory Lending Law

            
	
              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

            
	
              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

            
	
              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 2007-1

     

    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 April 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 (as to the PMI Significance Percentage
                only)

            
	
              ▪
                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 (as to the PMI Significance Percentage
                only)

            
	
              ▪
                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

     

    
      	
              Nomura
                Global Financial Products Inc.

              2
                World Financial Center

              Building
                B, 22nd
                Floor

              New
                York, New York 10281-1198

            	
              

            

    

    

    
      	
              Telephone:

            	 	 	 	 
	
              Confirmations

            	
              (212)
                667-9522

            	
              Direct
                Fax

            	
              (212)
                667-1047

            	 

    

    
      
        

      

    
      	
              Date:

            	
              Wednesday,
                The 10th of May 2007

            
	
              To:

            	
              HSBC
                Bank USA, National Association, no individually, but solely as Trustee
                on
                behalf of the Nomura Asset Acceptance Corporation, Alternative Loan
                Trust,
                2007-1, Mortgage Pass-Through Certificates, Series 2007-1

               

            
	
              From:

            	
              Nomura
                Global Financial Products Inc.

            
	
              Attention:

            	
              Cap
                Documentation

            

    

    

    

    

    Re
      : Cap Transaction (Class I-A-1B Certificates)

    Execution
      Copy

    

    

    

    Dear
      Sir
      or Madam:

    

    The
      purpose of this facsimile message/letter agreement is to confirm the terms
      and
      conditions of the Transaction entered into between Nomura Global Financial
      Products Inc. (“NGFP”) and HSBC Bank USA, National Association, no individually,
      but solely as Trustee on behalf of the Nomura Asset Acceptance Corporation,
      Alternative Loan Trust, 2007-1, Mortgage Pass-Through Certificates, Series
      2007-1 (the “Counterparty”) on the
      Trade Date specified below (the “Cap Transaction”).

    

    The
      definitions and provisions contained in the 2000 ISDA Definitions, as published
      by the International Swaps and Derivatives Association, Inc., are incorporated
      into this Confirmation.  In the event of any inconsistency between
      those definitions and provisions and this Confirmation, this Confirmation will
      govern. This Cap Transaction relates to the Class I-A-1B Certificates issued
      pursuant to the Pooling and Servicing Agreement dated as of April 1, 2007,
      among
      Nomura Asset Acceptance Corporation, as Depositor, Nomura Credit & Capital,
      Inc., as Sponsor, GMAC Mortgage LLC, as Servicer, Wells Fargo Bank, National
      Association, as Master Servicer and Securities Administrator, and HSBC Bank
      USA,
      National Association, as Trustee (the “Pooling and Servicing Agreement”). Terms
      capitalized but not defined herein shall have the respective meanings set forth
      in the Pooling and Servicing Agreement.

    

    This
      Confirmation constitutes a “Confirmation” as referred to in, and supplements,
      forms part of and is subject to, the ISDA Master Agreement dated as of the
      10th
      of May 2007 as amended and supplemented from time to time (the
“Agreement”), between NGFP and Counterparty. All provisions contained in the
      Agreement govern this Confirmation except as expressly modified
      below.

    

    1.  The
      terms of the particular Cap Transaction to which this Confirmation relates
      are
      as follows:

    

    
      	
              Notional
                Amount:

            	
              With
                respect to any Calculation Period, the lesser of (a) the Calculation
                Amount set forth in the Schedule I (Amortization Schedule) for such
                Calculation Period and (b) the Certificate Principal Balance of the
                Class
                I-A-1B Certificates immediately preceding the distribution date which
                occurs in the calendar month of the Floating Rate Payer Payment End
                Date
                for such Calculation Period (determined without regard to any adjustment
                of the Floating Rate Payer Payment Date or Distribution Date relating
                to
                business days)

               

            
	
              Trade
                Date:

            	
              The
                9th of May 2006

               

            
	
              Effective
                Date:

            	
              The
                25th of May 2006

               

            
	
              Termination
                Date:

               

            	
              The
                25th of February 2009, subject to adjustment in accordance with the
                Modified Following Business Day Convention

               

            
	
              Business
                Days:

            	
              London
                and New York, unless indicated
                otherwise

            

    

    

    
      	
              FIXED
                AMOUNTS:

            	 

    

    

    
      	
              Fixed
                Rate Payer:

            	
              Counterparty

               

            
	
              Fixed
                Rate Payer Payment Date:

            	
              The
                10th of May 2006, subject to adjustment in accordance with the Modified
                Following Business Day Convention

               

            
	
              Fixed
                Amount:

            	
              USD
                5,000.00

               

            

    

    

    
      	
              FLOATING
                AMOUNTS:

            	 

    

    

    
      	
              Floating
                Rate Payer:

            	
              NGFP

               

            
	
              Cap
                Rate:

            	
              With
                respect to each Calculation Period, the Cap Rate set forth for such
                period
                on Schedule I (Amortization Schedule) below

               

            
	
              Floating
                Rate Payer Payment Dates:

            	
              The
                25th of each month, commencing on the 25th of June 2007 to and including
                the 25th of January 2009, all subject to adjustment in accordance
                with the
                Modified Following Business Day Convention and the Termination Date
                (provided that for the avoidance of doubt each of the dates referred
                to in
                this clause shall be subject to the defined term “Early
                Payment”).

               

            
	
              Floating
                Rate Payer Period End Dates:

            	
              The
                25th of each month, commencing on  the 25th of June 2006 to and
                including the 25th of January 2009, all subject to adjustment in
                accordance with the Modified Following Business Day Convention and
                the
                Termination Date

               

            
	
              Early
                Payment:

            	
              Two
                Business Days

               

            
	
              Floating
                Rate for initial Calculation Period:

               

            	
              To
                be determined

               

            
	
              Floating
                Rate Option:

            	
              USD-LIBOR-BBA

               

            
	
              Floating
                Amount:

            	
              To
                be determined in accordance with the following formula:

               

              The
                greater of (i) (Floating Rate Option – Cap Rate) x Notional Amount x
                Floating Rate Payer Day Count Fraction, and (ii) zero, provided that
                in
                the case that the Floating Rate Option is greater than 10.5%, it
                shall be
                deemed to be 10.5%

               

            
	
               

              
                Designated
                  Maturity:

              

            	 1
              month
	
               

              
                Floating
                  Rate Payer Day Count Fraction:

              

            	 Actual/360

    

    

    
      	
              Reset
                Dates:

            	
              The
                first day of each Calculation Period

               

            
	
              Compounding:

            	
              Not
                Applicable

            

    

     

    
      	
              Calculation
                Agent:

            	
              NGFP

            

    

    

    
      	
              2.
                Additional Provisions:

               

            	 
	
              Monthly
                Information:

            	
              No
                later than each Reset Date, NGFP shall deliver to Counterparty, a
                written
                confirmation containing the results of the calculations performed
                on each
                Reset Date and the amount which is to be paid to Counterparty on
                the next
                Floating Rate Payer Payment Date at the following address:

               

              HSBC
                Bank USA, National Association

              452
                Fifth Avenue

              New
                York, NY 10018

              Attention:
                Corporate Trust – Elena Zheng

              Fax:
                (212) 525-1300

              Phone:
                (212) 525-1367

               

              With
                a copy to:

              Wells
                Fargo Bank, National Association

              9062
                Old Annapolis Road

              Columbia,
                MD 21045

              Attention:  Client
                Manager, NAAC 2007-1

              Fax:  (410)
                715-2380

               

            

    

    

    3.  Account
      Details

    

    
      	
              Payments
                to NGFP (USD):

            	 	 
	 	 	 
	
              Our
                Account Details:

            	 	 
	
              Agent
                Bank:

            	 	
              Bank
                of America, New York

            
	
               Swift
                Code:

            	 	
              BOFAUS3N

            
	
              Account
                No:

            	 	
              6550-3-61610

            
	
                Beneficiary:

            	 	
              Nomura
                Global Financial Products Inc. (NGFPUS33)

            
	 	 	 
	
              Payments
                to Counterparty (USD):

            	 	 
	 	 	 
	
              Your
                Account Details:

            	 	 
	
              Agent
                Bank:

            	 	
              Wells
                Fargo Bank, National Association

            
	
                      ABA
                #:

            	 	
              121000248

            
	
              For
                Credit To:

            	 	
              SAS
                Clearing

            
	
              Account
                No:

            	 	
              3970771416

            
	
                     FCC
                to:

            	 	
              NAAC
                07-1, Account # 53149504 Net WAC Reserve Fund
                Account

            

    

    

    

    4.
      Offices:

    

    
      	
              (a)  

            	
              The
                Office of Counterparty for the Cap Transaction is New York, New
                York.

            

    

    
      	
              (b)  

            	
              The
                Office of NGFP for the Cap Transaction is New York, New
                York.

            

    

    

    
      	
              5.  Credit
                Support Documents:

            	
              As
                set out in the applicable ISDA Master
                Agreement

            

    

    

    6.  Each
      party hereto represents that entering into this Transaction is authorised and
      does not violate any laws of its jurisdiction or organisation or residence
      or
      the terms of any agreement to which it is a party. Each party hereto represents
      that (i) it is not relying on the other party in connection with its decision
      to
      enter into this Transaction, and neither party is acting as an advisor to or
      fiduciary of the other party in connection with this Transaction regardless
      of
      whether the other party has provided or provides it with market information
      or
      its views, (ii) it understands the risks of this Transaction and any; legal,
      regulatory, tax accounting and economic consequences resulting therefrom; and
      (iii) it has determined based upon its own judgement and upon any advice
      received from its own professional advisors as it has deemed necessary to
      consult that entering into this Transaction is appropriate for such party in
      light of its financial capabilities and objectives. NGFP represents that upon
      due execution and delivery of this Confirmation, it will constitute a legally
      valid and binding obligation, enforceable against it in accordance with its
      terms, subject to applicable principles of bankruptcy and creditors’ rights
      generally and to equitable principles of general application.

    

    7.  Limitation
      of Liability.  It is expressly understood and agreed by the
      parties hereto that (a) this Agreement is executed and delivered by HSBC Bank
      USA, National Association (“HSBC”), not individually, but solely as the Trustee,
      in the exercise of the powers and authority conferred and vested in it under
      the
      Pooling and Servicing Agreement (b) the representations, undertakings and
      agreements herein made on the part of the Counterparty are made and intended
      not
      as personal representations, undertakings and agreements by HSBC but are made
      and intended for the purpose of binding only the Counterparty, (c) nothing
      herein contained shall be construed as creating any liability on HSBC, in its
      individual capacity or personally, to perform any covenant either expressed
      or
      implied contained herein, all such liability, if any, being expressly waived
      by
      the parties who are signatories to this Agreement and by any person claiming
      by,
      through or under such parties and (d) under no circumstances shall HSBC be
      personally liable for the payment of any indebtedness or expenses of the
      Counterparty (including, but not limited to the Fixed Rate Payment) or be liable
      for the breach or failure of any obligation, representation, warranty or
      covenant made or undertaken by the Counterparty under this
      Agreement.

    

    The
      obligations of NGFP under this Agreement are subject to the Guarantee of NSC
      as
      set forth in Exhibits to the Agreement.

    

    
      
        

      

    Please
      confirm that the foregoing correctly sets forth the terms of our agreement
      by
      signing a copy of this Confirmation and returning it to us by email or facsimile
      transmission on NDPIConfirmations@us.nomura.com or (212) 667-1047, respectively
      to Nomura Global Financial Products Inc., Attention: Documentation, together
      with your account details.

    

    

    Yours
      faithfully,

    

    Nomura
      Global Financial Products Inc.

    

    

    
      	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	
              By:

            	
              /s/
                Jean-Yves Amouroux

            	 	
              By:

            	
              /s/
                Thomas M. Slate

            
	
              Name:

            	
              Jean-Yves
                Amouroux

            	 	
              Name:

            	
              Thomas
                M. Slate

            
	
              Title:

            	
              Director

            	 	
              Title:

            	
              General
                Counsel, Secretary and Director

            

    

    

     

    

    
      	
              Confirmed
                and accepted as of the date first written:

               

              HSBC
                Bank USA, National Association, no individually, but solely as Trustee
                on
                behalf of the Nomura Asset Acceptance Corporation, Alternative Loan
                Trust,
                2007-1, Mortgage Pass-Through Certificates, Series 2007-1

               

            

    

    

    
      	 	 
	
              By:

            	
              /s/
                Nina Nassar

            
	
              Name:

            	
              Nina
                Nassar

            
	
              Title:

            	
              Officer

            

    

     

     

    
      
        

      

    Schedule
      I (Amortization Schedule)

    

    Between
      Nomura Global Financial Products Inc. (“NGFP”) and HSBC Bank USA, National
      Association, not individually, but solely as Trustee on behalf of the Nomura
      Asset Acceptance Corporation, Alternative Loan Trust, Series 2007-1, Mortgage
      Pass-Through Certificates, Series 2007 (“Counterparty”), pursuant to the Pooling
      and Servicing Agreement, dated as of April 1, 2007, among the Trustee, GMAC
      Mortgage LLC, Wells Fargo Bank, National Association, Nomura Credit &
Capital, Inc., and Nomura Asset Acceptance Corporation.

    

    
      	
              Calculation
                Period

            	
              Cap
                Rate %

            	
              USD
                Calculation Amount

            
	
              Commencing
                on the 10th of May 2007

            	
              0

            	
              0

            
	
              Commencing
                on the 25th of May 2007

            	
              6.62345

            	
              175,319,352.64

            
	
              Commencing
                on the 25th of June 2007

            	
              6.84861

            	
              167,836,541.25

            
	
              Commencing
                on the 25th of July 2007

            	
              6.62353

            	
              159,936,143.10

            
	
              Commencing
                on the 25th of August 2007

            	
              6.62357

            	
              151,634,450.58

            
	
              Commencing
                on the 25th of September 2007

            	
              6.84873

            	
              142,949,138.87

            
	
              Commencing
                on the 25th of October 2007

            	
              6.62365

            	
              133,899,332.47

            
	
              Commencing
                on the 25th of November 2007

            	
              6.84881

            	
              124,507,685.81

            
	
              Commencing
                on the 25th of December 2007

            	
              6.62375

            	
              114,867,140.24

            
	
              Commencing
                on the 25th of January 2008

            	
              6.62381

            	
              105,404,619.35

            
	
              Commencing
                on the 25th of February 2008

            	
              7.08966

            	
              96,134,482.73

            
	
              Commencing
                on the 25th of March 2008

            	
              6.62394

            	
              87,052,772.18

            
	
              Commencing
                on the 25th of April 2008

            	
              6.84914

            	
              78,155,554.32

            
	
              Commencing
                on the 25th of May 2008

            	
              6.62407

            	
              69,438,976.86

            
	
              Commencing
                on the 25th of June 2008

            	
              6.84927

            	
              60,899,267.00

            
	
              Commencing
                on the 25th of July 2008

            	
              6.6242

            	
              52,532,729.70

            
	
              Commencing
                on the 25th of August 2008

            	
              6.62426

            	
              44,335,746.14

            
	
              Commencing
                on the 25th of September 2008

            	
              6.84948

            	
              36,304,772.11

            
	
              Commencing
                on the 25th of October 2008

            	
              6.6244

            	
              28,523,919.75

            
	
              Commencing
                on the 25th of November 2008

            	
              6.84961

            	
              21,094,318.80

            
	
              Commencing
                on the 25th of December 2008

            	
              6.62453

            	
              13,819,730.49

            
	
              Commencing
                on the 25th of January 2009

            	
              6.6246

            	
              6,696,938.60

            

    

    

    For
      the
      avoidance of doubt, the dates in the above Amortization Schedule are subject
      to
      adjustment in accordance with the Modified Following Business Day
      Convention.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      
        (Multicurrency
          – Cross Border)

        ISDA®

      

      International
        Swap Dealers Association, Inc.

       

      MASTER
        AGREEMENT

      

      dated
        as
        of  ......May 10, 2007 .............

      

      

      
        	
                NOMURA
                  GLOBAL FINANCIAL PRODUCTS INC.

                 

              	 	
                HSBC
                  BANK USA, NATIONAL ASSOCIATION, NOT INDIVIDUALLY, BUT SOLELY AS
                  TRUSTEE ON
                  BEHALF OF THE NOMURA ASSET ACCEPTANCE CORPORATION, ALTERNATIVE
                  LOAN TRUST,
                  2007-1, MORTGAGE PASS-THROUGH CERTIFICATES, SERIES
                  2007-1

              

      

      .....................................................................
        and ....................................................................

      

      
        	
                have
                  entered and/or anticipate entering into one or more transactions
                  (each a
                  “Transaction”) that are or will be governed by this Master
                  Agreement, which includes the schedule (the “Schedule”),
                  and the documents and other confirming evidence (each
                  a “Confirmation”) exchanged between the parties confirming those
                  Transactions.

              
	
                Accordingly,
                  the parties agree as follows:—

              
	 
	
                1.           Interpretation

              
	 
	
                (a) 
                    Definitions.
                  The terms defined in Section 14 and in the Schedule
                  will
                  have the meanings therein specified for the purpose of
                  this Master Agreement.

              
	 
	
                (b)         Inconsistency.
                  In the event of any inconsistency between the provisions
                  of
                  the Schedule and the
                  other provisions of this Master Agreement, the Schedule
                  will prevail. In the event of any inconsistency
                  between the provisions of any Confirmation and this Master
                  Agreement (including the Schedule), such
                  Confirmation will prevail for the purpose of
                  the relevant Transaction.

              
	 
	
                (c)         Single
                  Agreement. All Transactions are entered into in reliance on
                  the fact that this Master Agreement and all
                  Confirmations form a single agreement between the parties
                  (collectively referred to as
                  this “Agreement”), and the parties would not otherwise enter
                  into any Transactions.

              
	 
	
                2.           Obligations

              
	 
	
                (a)           General
                  Conditions.

              
	 
	
                (i)      Each
                  party will make each payment or delivery specified in each Confirmation
                  to be made by it, subject to the other provisions
                  of this Agreement.

              
	 
	
                (ii)     Payments
                  under this Agreement will be made on the due date for value on
                  that
                  date in the place of the account specified in the
                  relevant Confirmation or otherwise pursuant
                  to this Agreement, in freely transferable funds
                  and in the manner customary for payments in the
                  required currency. Where settlement is by delivery
                  (that is, other than by payment), such delivery will be made
                  for receipt on the due date in the manner customary
                  for the relevant obligation unless
                  otherwise specified in the
                  relevant Confirmation or elsewhere in this
                  Agreement.

              
	 
	
                (iii)    Each
                  obligation of each party under Section 2(a)(i) is subject to (1)
                  the condition precedent that no Event of Default
                  or Potential Event of Default with respect to the other
                  party has occurred and is continuing, (2) the
                  condition precedent that no Early Termination Date
                  in respect of the relevant Transaction has
                  occurred or been effectively designated and (3)
                  each other applicable condition precedent specified in
                  this Agreement.

              

      

       

      

      Copyright
        © 1992 by International Swap Dealers Association, Inc.

       

      
        	
                value
                  of that which was (or would have been) required to be delivered
                  as of
                  the originally scheduled date
                  for delivery, in each case together with (to the
                  extent permitted under applicable
                  law) interest, in the currency
                  of such amounts, from (and including) the date such amounts
                  or obligations were or would have been required
                  to have been paid or performed to (but excluding) such
                  Early Termination Date, at the Applicable Rate. Such
                  amounts of interest will be calculated on the basis of
                  daily compounding and the actual number of days
                  elapsed. The fair market value of any obligation referred to in
                  clause (b) above shall be reasonably
                  determined by the party obliged to make the determination under
                  Section 6(e) or, if each party is so obliged,
                  it shall be the average of the Termination Currency
                  Equivalents of the fair market values reasonably
                  determined by both parties.

              
	 
	
                IN
                  WITNESS WHEREOF the parties have executed this document on the
                  respective dates specified below with effect from
                  the date specified on the first page of this
                  document.

              

      

       

       

       

      
        	NOMURA
                GLOBAL FINANCIAL PRODUCTS INC.	 	HSBC
                BANK USA, NATIONAL ASSOCIATION, NOT INDIVIDUALLY, BUT SOLELY AS TRUSTEE
                ON
                BEHALF OF THE NOMURA ASSET ACCEPTANCE CORPORATION, ALTERNATIVE LOAN
                TRUST,
                2007-1, MORTGAGE PASS-THROUGH CERTIFICATES, SERIES
                2007-1 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	By:	
                /s/
                  Rich
                  Lunder 

              	 	By:	
                /s/
                  Nina
                  Nassar

              	 
	Name:	
                Rich
                  Lunder 

              	 	Name:	
                Nina
                  Nassar

              	 
	Title:	
                Chief
                  Operating Officer

              	 	Title:	
                Officer

              	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	By:	/s/
                Thomas M. Slate	 	 	 	 
	Name: 	Thomas
                M. Slate	 	 	 	 
	Title:	General
                Counsel, Secretary and Director	 	 	 	 

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
       

      ISDAâ

      International
        Swaps and Derivatives Association, Inc.

      

      

      SCHEDULE

      to
        the

      Master
        Agreement

      

      dated
        as
        of May 10, 2007,

      

      between
        Nomura Global Financial Products Inc. ("NGFP") and HSBC Bank
        USA, National Association, no individually, but solely as Trustee on behalf
        of
        the Nomura Asset Acceptance Corporation, Alternative Loan Trust, 2007-1,
        Mortgage Pass-Through Certificates, Series 2007-1

       ("Counterparty")

      

      Part
        1. Termination Provisions

      

      (a)           "Specified
        Entity" means in relation to NGFP for the purpose of:

      

      
        	
                Section
                  5(a)(v),

              	
                None,

              

      

      
        	
                Section
                  5(a)(vi),

              	
                None,

              

      

      
        	
                Section
                  5(a)(vii),

              	
                None,

              

      

      
        	
                Section
                  5(b)(iv),

              	
                None,

              

      

      

      and
        in
        relation to Counterparty for the purpose of:

      

      
        	
                Section
                  5(a)(v),

              	
                None,

              

      

      
        	
                Section
                  5(a)(vi),

              	
                None,

              

      

      
        	
                Section
                  5(a)(vii),

              	
                None,

              

      

      
        	
                Section
                  5(b)(iv),

              	
                None.

              

      

      

      (b)  "Specified
        Transaction" with respect to NGFP and Counterparty, “Specified
        Transaction” will not be applicable.

      

      (c)  The
        “Breach of Agreement” provisions of Section 5(a)(ii) of the
        Agreement will be inapplicable to NGFP and Counterparty.

      

      (d)   The
        “Credit Support Default” provisions of Section 5(a)(iii) of the
        Agreement will be applicable to NGFP and inapplicable to
        Counterparty.

      

      (e)   The
        “Misrepresentation” provisions of Section 5(a)(iv) of the
        Agreement will be inapplicable to NGFP and Counterparty.

      

      (f)   The
        “Default Under Specified Transaction” provisions of Section
        5(a)(v) of the Agreement will be inapplicable to NGFP and
        Counterparty.

      

      (g)   The
        “Bankruptcy” provision of Section 5(a)(vii)(2) of the Agreement
        will be inapplicable to Counterparty.

      

      (h)        The
        "Cross Default" provisions of Section 5(a)(vi) of this
        Agreement will not apply to NGFP and will not apply to
        Counterparty.

      

      (i)         The
        "Credit Event Upon Merger" provisions of Section
        5(b)(iv) of this Agreement will not apply to NGFP and will not apply to
        Counterparty.

      

      (j)        
        The "Automatic Early Termination" provisions of
        Section 6(a) of this Agreement will not apply to NGFP and will not apply
        to
        Counterparty.

      

      (k)       
        Payments on Early Termination.  For the
        purpose of Section 6(e) of this Agreement:

      

      (i)  Market
        Quotation will apply.

      (ii)  The
        Second Method will apply.

      

      (l)       "Termination
        Currency" means U.S. Dollars.

      

      (m)     Additional
        Termination Event will apply as set forth in Part 10
        below.

       

      Part
        2.  Tax Representations

      

      (a)           Payer
        Tax Representation. For the purpose of Section 3(e) of this
        Agreement, NGFP and Counterparty will make the following
        representation:

      

      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 the other party under this Agreement.  In making this
        representation, the party may rely on (i) the accuracy of any representation
        made by the other party pursuant to Section 3(f) of this Agreement, (ii)
        the
        satisfaction of the agreement of the other party 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)           Payee
        Tax Representations. For the purpose of Section 3(f) of this
        Agreement, NGFP and Counterparty make the representations specified below,
        if
        any:

      

      (i)   NGFP
        represents
        that it is a corporation organized under the laws of the state of Delaware,
        and

      (ii)
        Counterparty
        represents that the beneficial owner of the payments made to it under
        this Agreement is either (i) a "U.S. person" (as that term is used in section
        1.1441-4(a)(3)(ii) of United States Treasury Regulations) for United States
        federal income tax purposes and an "Exempt recipient" within the meaning
        of
        section 1.6049-4(c)(1)(ii) of United States Treasury Regulations, or (ii)
        a
        "non-U.S. branch of a foreign person" as that term is used in section
        1.1441-4(a)(3)(ii) of the United States Treasury Regulations (the "Regulations")
        for United States federal income tax purposes, and it is a "foreign person"
        as
        that term is used in section 1.6041-4(a)(4) of the Regulations for United
        States
        federal income tax purposes.

      .

      

      Part
        3.   Agreement to Deliver Documents

      

      For
        the
        purpose of Section 4(a)(i) and (ii) of this Agreement, each party agrees
        to
        deliver the following documents, as applicable:

      

      
        	
                 

                Party
                  required

                to
                  deliver

                document

              	
                 

                 

                Form/Document/Certificate

              	
                 

                 

                Date
                  by which

                to
                  be delivered

              	
                 

                Covered
                  by

                Section
                  3(d)

                Representation

                 

              

      

      

      (a)
        Tax forms

      

      
        	
                 

                Counterparty

              	
                 

                IRS
                  Form W-9 (or any successors thereto); each completed in a manner
                  reasonably satisfactory to NGFP.

                 

              	
                 

                (i)
                  Before the first scheduled payment; (ii) promptly upon reasonable
                  demand
                  by NGFP; and (iii) promptly upon learning that any Form W-9 (or
                  any
                  successor thereto) previously provided by Counterparty has become
                  obsolete
                  or incorrect.

                 

              	
                 

                N/A

              
	
                 

                NGFP

              	
                 

                IRS
                  Form W-9 (or any successors thereto); each completed in a manner
                  reasonably satisfactory to Counterparty.

                 

              	
                 

                (i)
                  Before the first scheduled payment; (ii) promptly upon reasonable
                  demand
                  by Counterparty; and (iii) promptly upon learning that any Form
                  previously
                  provided by NGFP has become obsolete or incorrect.

                 

              	
                 

                N/A

              

      

      

      (b)           Other
        documents

      

      
        	
                 

                NGFP

                 

              	
                 

                A
                  copy of the financial statements of NSC containing the consolidated
                  financial statements certified by independent certified public
                  accountants
                  and prepared in accordance with accounting principles that are
                  generally
                  accepted in Japan.

                 

              	
                 

                As
                  soon as practicable after execution of this Agreement and thereafter
                  on
                  request.

              	
                 

                No

              
	
                 

                NGFP

                 

              	
                 

                Evidence
                  of (i) the authority of NGFP and its Credit Support Provider, as
                  applicable, to enter into this Agreement and supplemental Confirmations
                  and the Credit Support Document specified in Part 4, Section (f)
                  of this
                  Schedule, as the case may be, and (ii) the authority and
                  signature specimens of persons authorised to sign on behalf of
                  NGFP and
                  its Credit Support Provider, as applicable, reasonably satisfactory
                  to the
                  other party.

                 

              	
                 

                As
                  soon as practicable after execution of this Agreement or
                  execution of a Confirmation
                  of a Transaction, as applicable

              	
                 

                Yes

              
	
                 

                Counterparty

              	
                 

                Evidence
                  of (i) the authority of Counterparty to enter into this Agreement
                  and
                  supplemental Confirmations and (ii) the authority and signature
                  specimens
                  of persons authorised to sign on behalf of Counterparty reasonably
                  satisfactory to the other party.

                 

              	
                 

                Upon
                  execution of this Agreement.

                 

              	
                 

                Yes

              
	
                 

                NGFP

                 

              	
                 

                A
                  duly executed copy of the Credit Support Document specified in
                  Part 4,
                  Section (f) of this Schedule to be delivered by NGFP.

                 

              	
                 

                As
                  soon as practicable after execution of this Agreement.

                 

              	
                 

                No

              

      

      

      Part
        4.  Miscellaneous

      

      (a)  Addresses
        for Notices.    For the purpose of Section
        12(a) of this Agreement:

      

      Address
        for notices or communications to NGFP:

      

      Address:    2
        World Financial Center, Bldg B, 21st Floor

      New
        York,
        New York 10281-1198

      Attention: General
        Counsel

      Telex
        No:
        222371                                  Answerback:                                NOMRA
        UR

      Phone
        No: (212)
        667-2357                   Facsimile
        No:                                (212)
        667-1047

      

      Address
        for notices or communications to Counterparty:

      

      Address:   
        HSBC Bank USA, National Association

      452
        Fifth
        Avenue

      New
        York,
        NY 10018

      Attention:  NAAC
        2007-1, Corporate Trust – Elena Zheng

      Phone
        No:
        (212) 525-1501

      Facsimile
        No:  (212) 525-1300

      

      Address:  
        Wells Fargo Bank, N.A.

      9062
        Old
        Annapolis Road

      Columbia,
        MD 21045

      Attention:
        Client Manager, NAAC 2007-1

      Fax:
        (410) 715-2380

      Phone
        No:
        (410) 884-2000

      
 

      (b)       Process
        Agent.  For the purpose of Section 13(c) of this
        Agreement,

      

      NGFP
        appoints as its Process Agent: None.

      

      Counterparty
        appoints as its Process Agent: None.

      

      (c)       Offices.  The
        provisions of Section 10(a) will not apply to this Agreement.

      

      (d)       Multibranch
        Party.  For the purpose of Section 10(c) of this
        Agreement:

      

      NGFP
        is
        not a Multibranch Party; and

      

      Counterparty
        is not a Multibranch Party.

      

      
        	
                (e)

              	
                Calculation
                  Agent.  The Calculation Agent shall be
                  NGFP.

              

      

      

      (f)   Credit
        Support Document. Details of any Credit Support
        Document:

      

      (i)
        in
        the case of NGFP, a Guarantee executed by Nomura Securities Co., Ltd. (“NSC”)
        substantially in the form attached hereto as Exhibit A (the “Guarantee”),
        and,

      

      (ii)
        in
        the case of Counterparty,  None.

      

      (g)        Credit
        Support Provider.  "Credit Support Provider"
        shall mean, in respect of NGFP, NSC and, in respect of Counterparty,
        None.

      

      (h)        Governing
        Law.  This Agreement will be governed by and construed
        in accordance with the laws of the State of New York without reference to
        choice
        of law doctrine, other than New York General Obligations Law Sections 5-1401
        and
        5-1402.

      

      (i)          Netting
        of Payments.  Subparagraph (ii) of Section 2(c) of this
        Agreement will apply, unless otherwise stated in any Confirmation for a
        Transaction.

      

      (j)          "Affiliate",
        with respect to NGFP, shall have the meaning specified in Section 14 of this
        Agreement, and with respect to Counterparty shall mean: None.

      

      Part
        5.  Other Provisions

      

      
        	
                1.

              	
                Set-Off

              

      

      

      Notwithstanding
        any 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. The provisions
        for
        Set-off set forth in Section 6(e) of the Agreement shall not apply for purposes
        of this Transaction.

      

      
        	
                2.

              	
                Consent
                  to Recording

              

      

      

      Each
        party (a) consents to the recording of the telephone conversations of trading
        and marketing personnel of the parties in connection with this Agreement
        or any
        potential Transaction between the parties and (b) agrees to obtain any necessary
        consent of, and give notice of such recording to, its personnel.

      

      
        	
                3.

              	
                Additional
                  Representations and
                  Agreements

              

      

      

      Each
        party represents to the other party (which representations shall be deemed
        repeated by each party on each date on which a Transaction is entered into
        and
        shall be representations for all purposes of this Agreement including, without
        limitation, Sections 3, 4, and 5(a)(iv) hereof):

      

      
        	
                 

              	
                (i)

              	
                No
                  Agency.  It is entering into this Agreement and
                  each Transaction as principal and not as agent of any person nor
                  in any
                  other capacity, fiduciary or
                  otherwise;

              

      

      

      
        	
                 

              	
                (ii)

              	
                (a)

              	
                Non-Reliance.  In
                  the case of NGFP, it is acting for its own account and in the case
                  of the
                  Counterparty, it is acting as Trustee on behalf of the Trust. In
                  the case
                  of NGFP, it has made its own independent decisions to enter into
                  that
                  Transaction and as to whether that Transaction is appropriate or
                  proper
                  for it based upon its own judgment and upon advice from such advisers
                  as
                  it has deemed necessary and in the case of the Counterparty, it
                  has
                  entered into this Transaction pursuant to the terms of the Pooling
                  and
                  Servicing Agreement and at the
                  direction
                  of the Issuer.  Its not relying on any communication (written or
                  oral) of the other party as investment advice or as a recommendation
                  to
                  enter into that Transaction; it being understood that information
                  and
                  explanations related to the terms and conditions of a Transaction
                  shall
                  not be considered investment advice or a recommendation to enter
                  into that
                  Transaction.  No communication (written or oral) received from
                  the other party shall be deemed to be an assurance or guarantee
                  as to the
                  expected results of that
                  Transaction,

              

      

      

      
        	
                 

              	
                (b)

              	
                Assessment
                  and Understanding.  It is capable of assessing the
                  merits of and understanding (on its own behalf or through independent
                  professional advice), and understands and accepts, the terms, conditions
                  and risks of that Transaction.  It is also capable of assuming,
                  and assumes, the risks of that Transaction,
                  and

              

      

      

      
        	
                 

              	
                (c)

              	
                Status
                  of Parties.  The other party is not acting as a
                  fiduciary for or an adviser to it in respect of that
                  Transaction;

              

      

      

      
        	
              	
                (iii)

              	
                Eligible
                  Contract Participant. It is an "eligible contract
                  participant" as defined in Section 1a(12) of the Commodity Exchange
                  Act,
                  as amended;

              

      

      

      (iv)  FDICIA.  In
        the case of NGFP, it intends that this Agreement be treated as, and warrants
        that the Agreement is, a "netting contract" for purposes of the Federal Deposit
        Insurance Corporation Improvement Act of 1991, as amended (the
        "Act").

      

      4.    
        Waiver
        of Jury Trial

      

      Each
        party hereby irrevocably waives its right to jury trial with respect to any
        obligation arising under, or in connection with, this Agreement.

      

      5.     Severability

      

      Any
        provision of this Agreement which is prohibited or unenforceable in any
        jurisdiction in respect of any Transaction shall, as to such Transaction,
        be
        ineffective to the extent of such prohibition or unenforceability but without
        invalidating the remaining provisions of this Agreement or affecting the
        validity or enforceability of such provision in any other jurisdiction or
        in
        respect of any other Transaction, unless such severance shall substantially
        impair the benefits of the remaining portions of this Agreement to, or changes
        the reciprocal obligations of, either of the parties.  The parties
        hereto shall endeavor in good faith negotiations to replace the prohibited
        or
        unenforceable provision with a valid provision the economic effect of which
        comes as close as possible to that of the prohibited or unenforceable
        provision.

      

      6.    
        Fully-paid Party Protected

      

      Notwithstanding
        the terms of Sections 5 and 6 of the Agreement, if Counterparty has satisfied
        its payment obligations under Section 2(a)(i) of the Agreement, then unless
        NGFP
        is required pursuant to appropriate proceedings to return to Counterparty
        or
        otherwise returns to Counterparty upon demand of Counterparty any portion
        of
        such payment, (a) the occurrence of an event described in Section 5(a) of
        the
        Agreement with respect to Counterparty shall not constitute an Event of Default
        or Potential Event of Default with respect to Counterparty as the Defaulting
        Party and (b) NGFP shall be entitled to designate an Early Termination Event
        pursuant to Section 6 of the Agreement only as a result of a Termination
        Event
        set forth in either Section 5(b)(i) or Section 5(b)(ii) of the Agreement
        with
        respect to NGFP as the Affected Party or Section 5(b)(iii) of the Agreement
        with
        respect to NGFP as the Burdened Party. For purposes of each Transaction to
        which
        this Agreement relates, Counterparty’s only obligation under Section 2(a)(i) of
        the Agreement is to pay the Fixed Amount on the Fixed Rate Payer Payment
        Date.

      

      7.    
        Proceedings

      

      NGFP
        shall not institute against or cause any other person to institute against,
        or
        join any other person in instituting against, the Counterparty, any bankruptcy,
        reorganization, arrangement, insolvency or liquidation proceedings, or other
        proceedings under any federal or state bankruptcy, dissolution or similar
        law,
        for a period of one year and one day (or, if longer, any applicable preference
        period) following indefeasible payment in full of the Certificates.

       

      9.    
        Limitation
        of Liability

       

      It
        is
        expressly understood and agreed by the parties hereto that (a) this Agreement
        is
        executed and delivered by HSBC Bank USA, National Association (“HSBC”), not
        individually or personally but solely as the Trustee, in the exercise of
        the
        powers and authority conferred and vested in it under the Indenture (b) the
        representations, undertakings and agreements herein made on the part of the
        Trust created pursuant to the Indenture are made and intended not as personal
        representations, undertakings and agreements by HSBC but are made and intended
        for the purpose of binding only the Trust, (c) nothing herein contained shall
        be
        construed as creating any liability on 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 who are signatories
        to
        this Agreement and by any person claiming by, through or under such parties
        and
        (d) under no circumstances shall HSBC be personally liable for the payment
        of
        any indebtedness or expenses of the Trust (including, but not limited to
        the
        Fixed Rate Payment) or be liable for the breach or failure of any obligation,
        representation, warranty or covenant made or undertaken by the Trust under
        this
        Agreement.

      

      10.  
        Additional Termination Events

      

      (i)
        If,
        upon the occurrence of a Swap Disclosure Event (as defined in Part 11 below)
        NGFP has not, within 10 days after such Swap Disclosure Event complied with
        any
        of the provisions set forth in Part 11(iii) below, then an Additional
        Termination Event shall have occurred with respect to NGFP and NGFP shall
        be the
        sole Affected Party with respect to such Additional Termination
        Event.

      

      (ii)
        An
        Additional Termination Event shall occur upon unrescindable notice by the
        Master
        Servicer that it will purchase all Mortgage Loans in accordance with Section
        10.01 of the Pooling and Servicing Agreement.  With respect to such
        Additional Termination Event, Counterparty shall be the sole Affected Party
        and
        this Transaction shall be the sole Affected Transaction; provided, however,
        that
        notwithstanding Section 6(b)(iv) of the ISDA Form Master Agreement, only
        Counterparty may designate an Early Termination Date in respect of this
        Additional Termination Event.

      

      11.   Compliance
        with Regulation AB

      

      (i)    
        NGFP agrees and acknowledges that Nomura Asset Acceptance Corporation (“NAAC”)
        is required under Regulation AB under the Securities Act of 1933, as amended,
        and the Securities Exchange Act of 1934, as amended (the “Exchange Act”)
        (“Regulation AB”), to disclose certain financial information regarding NGFP or
        its group of affiliated entities, if applicable, depending on the aggregate
        “significance percentage” of this Agreement and any other derivative contracts
        between NGFP or its group of affiliated entities, if applicable, and
        Counterparty, as calculated from time to time in accordance with Item 1115
        of
        Regulation AB.

      

      (ii)    
        It shall be a swap disclosure event (“Swap Disclosure Event”) if, on any
        Business Day after the date hereof, NAAC requests from NGFP the applicable
        financial information described in Item 1115 of Regulation AB (such request
        to
        be based on a reasonable determination by NAAC, in good faith, that such
        information is required under Regulation AB) (the “Swap Financial
        Disclosure”).

      

      (iii)    
        Upon the occurrence of a Swap Disclosure Event, NGFP, at its own expense,
        shall
        (a) provide to the NAAC the Swap Financial Disclosure, (b) secure another
        entity
        to replace NGFP as party to this Agreement on terms substantially similar
        to
        this Agreement and subject to prior notification to the Swap Rating Agencies,
        which entity (or a guarantor therefor) meets or exceeds the Approved Rating
        Thresholds (or which satisfies the Rating Agency Condition) and which entity
        is
        able to comply with the requirements of Item 1115 of Regulation AB, or (c)
        obtain a guaranty of NGFP’s obligations under this Agreement from an affiliate
        of NGFP that is able to comply with the financial information disclosure
        requirements of Item 1115 of Regulation AB, such that disclosure provided
        in
        respect of the affiliate will satisfy any disclosure requirements applicable
        to
        the Swap Provider, and cause such affiliate to provide Swap Financial
        Disclosure. If permitted by Regulation AB, any required Swap Financial
        Disclosure may be provided by incorporation by reference from reports filed
        pursuant to the Exchange Act.

      

      (iv)    
        NGFP agrees that, in the event that NGFP provides Swap Financial Disclosure
        to
        NAAC in accordance with Part 11(iii)(a) or causes its affiliate to provide
        Swap
        Financial Disclosure to NAAC in accordance with Part 11(iii)(c), it will
        indemnify and hold harmless NAAC, its respective directors or officers and
        any
        person controlling NAAC, from and against any and all losses, claims, damages
        and liabilities caused by any untrue statement or alleged untrue statement
        of a
        material fact contained in such Swap Financial Disclosure or caused by any
        omission or alleged omission to state in such Swap Financial Disclosure a
        material fact required to be stated therein or necessary to make the statements
        therein, in light of the circumstances under which they were made, not
        misleading.

      

      (v)    
        NAAC shall be an express third party beneficiary of this Agreement as if
        a party
        hereto to the extent of NAAC’s rights explicitly specified
        herein.

      

      
        	
                IN
                  WITNESS WHEREOF the parties have executed this document on the
                  respective dates specified below with effect from
                  the date specified on the first page of this
                  document.

              

      

      
         

        
          	NOMURA
                  GLOBAL FINANCIAL PRODUCTS INC.	 	HSBC
                  BANK USA, NATIONAL ASSOCIATION, NOT INDIVIDUALLY, BUT SOLELY AS
                  TRUSTEE ON
                  BEHALF OF THE NOMURA ASSET ACCEPTANCE CORPORATION, ALTERNATIVE
                  LOAN TRUST,
                  2007-1, MORTGAGE PASS-THROUGH CERTIFICATES, SERIES
                  2007-1	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	By:	
                  /s/
                    Rich
                    Lunder 

                	 	By:	
                  /s/
                    Nina
                    Nassar

                	 
	Name:	
                  Rich
                    Lunder 

                	 	Name:	
                  Nina
                    Nassar

                	 
	Title:	
                  Chief
                    Operating Officer

                	 	Title:	
                  Officer

                	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	By:	/s/
                  Thomas M. Slate	 	 	 	 
	Name: 	Thomas
                  M. Slate	 	 	 	 
	Title:	General
                  Counsel, Secretary and Director	 	 	 	 

        

      

       

      

      
        	
                NON-NEGOTIABLE  
                  

              

      

       

      [Letterhead
        of]

      NOMURA
        SECURITIES CO., LTD.

      GUARANTEE

      

      WHEREAS
        Nomura Global Financial Products Inc. (“NGFP) a Delaware corporation is a party
        to an ISDA Master Agreement dated as of  [_______________________], as
        modified, supplemented and amended in writing from time to time, including
        by
        all Confirmations evidencing Transactions entered into thereunder (collectively,
        the "Agreement"), with [__________________________] (the "Counterparty");
        and

      

      WHEREAS,
        Nomura Securities Co., Ltd. (“Nomura”) guarantees NGFP in the terms set out in
        this document,

      

      WHEREAS,
        NGFP and the Counterparty have entered or plan to enter into one or more
        Transactions under the Agreement, each evidenced by a Confirmation;
        and

      

      WHEREAS,
        NGFP may incur monetary, delivery and other obligations to the Counterparty
        under the Agreement;

      

      NOW,
        THEREFORE, in order to induce the Counterparty to enter into, and in
        consideration of the Counterparty having entered into, the
        Agreement, Nomura undertakes as follows:

      

      1.         GUARANTEE

      

      (A)                Guarantee:
        Nomura hereby unconditionally and irrevocably guarantees the due
        and punctual payment or delivery of all monetary and delivery obligations
        of
        NGFP owing to the Counterparty under the Agreement (collectively,
        the "Obligations") promptly upon written demand made by the Counterparty
        to
        Nomura.

      

      (B)                Indemnity:  Nomura
        agrees as a primary obligation to indemnify the Counterparty from time to
        time
        on demand from and against any loss incurred by the Counterparty as a result
        of
        the Obligations being or becoming void, voidable or unenforceable for any
        reason
        whatsoever, whether or not known to the Counterparty, and the amount of such
        loss shall be the amount which the Counterparty would have otherwise been
        entitled to recover from NGFP.  Nomura further agrees that any sums of
        money that are due under this Guarantee and which may not be recoverable
        from
        Nomura as a result of legal limitation on or disability or incapacity of
        Nomura
        or any other fact or circumstance, whether or not known to Nomura, shall
        be
        recoverable from Nomura on an indemnity basis, and Nomura shall for purposes
        of
        this Guarantee be deemed to be a principal debtor.

      

      (C)                Guarantor's
        Obligations:  Nomura waives diligence, presentment, demand of
        payment from and protest to NGFP with respect to the Obligations and also
        waives
        notice of dishonor.  The obligations of Nomura under this Guarantee
        shall not be discharged or impaired or otherwise affected by (i) the failure
        or
        delay of the Counterparty to assert any claim or demand or to enforce any
        right
        or remedy against NGFP, or any other indulgence or concession granted by
        the
        Counterparty to NGFP or (ii) any other act, event or omission that, but for
        this
        provision, would or might operate to discharge, impair or otherwise affect
        any
        of the obligations of Nomura herein contained or any of the rights, powers
        or
        remedies conferred upon the Counterparty by law.

      

      (D)                Guarantor
        as Principal Debtor:  Nomura further agrees that this Guarantee
        constitutes a guarantee of payment when due and not of
        collection.  Nomura waives any right to require that any resort be had
        by the Counterparty to any security held by or on behalf of the Counterparty
        for
        payment of the Obligations, or the Counterparty make demand, proceed or take
        any
        other steps against NGFP or any other person before claiming under the
        Guarantee, or, in the event that NGFP becomes subject to any bankruptcy,
        winding-up, administration, reorganization or similar proceeding, that the
        Counterparty file any claim relating to the Obligations.

      

      (E)                Waiver
        of Defenses:  The obligations of Nomura under this Guarantee shall
        not be subject to any defense of set-off, counterclaim, recoupment or
        termination whatsoever by reason of the invalidity, illegality or
        unenforceability of any Obligations, or any other defense that constitutes
        a
        legal or equitable discharge or defense of a guarantor or surety in its capacity
        as such; provided that nothing herein shall limit the ability of Nomura
        to assert any right of set-off, deduction or counterclaim that NGFP or any
        Affiliate of NGFP is expressly entitled to assert under the
        Agreement.

      

      (F)                Guarantor's
        Obligations Continuing:  The Guarantee is to be a continuing
        guarantee and accordingly shall remain in operation until such time as
        Counterparty receives from Nomura written notice of termination of this
        Guarantee and until all Obligations owing in respect of all Transactions
        entered
        into prior to such termination have been paid or satisfied.  Nomura
        further agrees that this Guarantee shall continue to be effective or be
        reinstated, as the case may be, if at any time payment, or any part thereof,
        of
        any Obligations or interest thereon is avoided, reduced, rescinded or must
        otherwise be restored or returned by the Counterparty upon the bankruptcy,
        insolvency, dissolution or reorganization of NGFP, and the Counterparty shall
        be
        entitled to recover the amount of any such payment from Nomura subsequently
        as
        if such settlement or discharge had not occurred.

      

      (G)                Guarantor's
        Right of
        Subrogation: Nomura
        shall be subrogated to all rights of the Counterparty against NGFP in respect
        of
        any amounts paid by or deliveries made by Nomura under this Guarantee; provided
        that Nomura shall not be entitled to receive any payments or deliveries arising
        out of, or based upon, such right of subrogation or any right of indemnity
        or
        other right until the payment of all moneys payable or delivery of all
        deliverables under this Guarantee have been made.  If upon the
        bankruptcy, winding-up, administration, reorganization or similar proceeding
        of
        NGFP, any payment or distribution of assets of NGFP of any kind or character,
        whether in cash, property or securities, shall be received by Nomura before
        payment in full of all moneys payable or delivery of all deliverables under
        this
        Guarantee shall have been made to the Counterparty, Nomura will promptly
        following receipt thereof pay or deliver such payment or distribution to
        the
        Counterparty for application to any Obligations owing to the Counterparty,
        whether matured or un-matured.

      

      2.         NOTICES
        AND COMMUNICATION

      

      Each
        notice or communication under this Guarantee shall be made and be effective
        as
        provided in Section 12 of the Agreement as though references in that Section
        to
        the Agreement were to this Guarantee and references to the Counterparty or
        NGFP
        were to the Counterparty or Nomura, respectively, provided that the address
        and
        telex number for Nomura shall be:

      

      General
        Manager

      Controller’s
        Department,

      Nomura
        Securities Co., Ltd.

      9-1,  Nihonbashi
        1-chome, Chuo-ku, Tokyo, 103-8011 Japan

      

      Telex:
        J22392                                               Answerback:
        NOMURASH

      

      3.         SUCCESSORS
        AND ASSIGNS

      

      (A)  This
        Guarantee shall be binding on Nomura and its successors and permitted assigns
        and shall benefit the Counterparty and the Counterparty’s successors and
        permitted assigns.  Any reference to Nomura and Counterparty shall be
        construed accordingly.

      

      (B)  Nomura
        may not transfer all or part of its obligations under this Guarantee without
        the
        prior written consent of the Counterparty.

      

      4.         GROSS
        UP

      

      All
        sums payable by Nomura hereunder
        shall be made in freely transferable, cleared and immediately available funds
        without any set-off, deduction or withholding unless such set-off, deduction
        or
        withholding is required by an applicable law, judicial or administrative
        decision, or practice of any relevant governmental authority, or by any
        combination thereof.  If Nomura is so required to set-off, deduct or
        withhold then Nomura shall pay to the Counterparty, in addition to the payment
        to which the Counterparty is otherwise entitled hereunder, such additional
        amount as is necessary to ensure that the net amount actually received by
        the
        Counterparty (free and clear of any such set-off, deduction or withholding)
        will
        equal the full amount which the Counterparty would have received had no such
        set-off, deduction or withholding been required; provided, however, that
        Nomura
        will not be required to pay  any additional amounts  (i) in
        connection with any deduction or withholding in respect of which had NGFP
        made
        the payment in respect of which such deduction or withholding is or would
        have
        been required to have been made, NGFP would not have been required pursuant
        to
        Section 2(d)(i)(4) of the Agreement to pay additional amounts to the
        Counterparty,  or (ii) to the extent that such additional amount would
        not be required to be paid but for the failure by the Counterparty to furnish
        any form, document or certificate that may be required or reasonably requested
        by Nomura in order to allow Nomura to make a payment under this Guarantee,
        or to
        allow Nomura to make a payment under or in respect of the Agreement or any
        Transaction on behalf of NGFP, without any deduction or withholding for or
        on
        account of any Tax or with such deduction or withholding at a reduced rate
        (so
        long as the completion, execution or submission of such form, document or
        certificate would not materially prejudice the legal or commercial position
        of
        the Counterparty).

      

      5.         REPRESENTATIONS

      

      Nomura
        represents to the Counterparty that (i) Nomura has the corporate power to
        execute, deliver and perform this Guarantee, (ii) Nomura has taken all necessary
        action to authorize the execution, delivery and performance of this Guarantee,
        (iii) the execution, delivery and performance of this Guarantee by Nomura
        will
        not violate any provision of law applicable to Nomura, its articles of
        incorporation or any agreement to which Nomura is a party, (iv) no
        authorizations of, exemptions by and filings with any governmental or other
        authority are required to be obtained or made by Nomura with respect to this
        Guarantee and Nomura will use all reasonable efforts to obtain or make (and
        to
        maintain in full force and effect) any that may become necessary after the
        date
        of this Guarantee, and (v) this Guarantee constitutes the legal,
        valid and binding obligation of Nomura, enforceable against Nomura in accordance
        with its terms.

      

      6.         EXPENSES

      

      Nomura
        will, on five business days’ notice in writing from the Counterparty, indemnify
        and hold harmless the Counterparty for and against all reasonable out-of-pocket
        expenses, including legal fees and Stamp Tax, incurred by the Counterparty
        by
        reason of the enforcement and protection of its rights under this Guarantee,
        including, but not limited to, cost of collection, provided, however, that
        Nomura shall not be liable for any expenses of the Counterparty if no payment
        is
        due under this Guarantee.

      

      7.         GOVERNING
        LAW

      

      This
        Guarantee shall be governed by and construed in accordance with the laws
        of the
        State of New York, without giving effect to choice of law doctrine.

      

      8.         JURISDICTION

      

      With
        respect to any suit, action or proceedings relating to this Guarantee
        ("Proceedings"), each of Nomura and the Counterparty, by its acceptance hereof,
        irrevocably:

      

      (i)    
           submits
        to the jurisdiction of the courts of the State of New York and the United
        States
        District Court located in the Borough of Manhattan in New York
        City.

      

      (ii)  waives
        any objection which it may have at any time to the laying of venue of any
        Proceedings brought in any such court, waives any claim that such Proceedings
        have been brought in an inconvenient forum and further waives the right to
        object, with respect to such Proceedings, that such court does not have
        jurisdiction over such party; and

      

      (iii)  waives
        its right to jury trial with respect to any obligation arising under, or
        in
        connection with, this Guarantee.

      

      Nothing
        in this Guarantee precludes either party from bringing Proceedings in any
        other
        jurisdiction nor will the bringing of Proceedings in any one or more
        jurisdictions preclude the bringing of Proceedings in any other
        jurisdiction.

      

      9.         AGENT
        FOR SERVICE OF PROCESS

      

      Nomura
        irrevocably appoints Nomura Securities International, Inc.,
        Attention:  General Counsel, 2 World Financial Center, Building B,
        18th Floor, New York, New York 10281-1198, to receive, for it and on its
        behalf,
        service of process in any Proceedings.  If for any reason Nomura
        Securities International Inc., is unable to act as such, Nomura will promptly
        notify the Counterparty and within 30 days appoint a substitute process agent
        acceptable to the Counterparty. Nomura irrevocably consents to service of
        process given in the manner provided for notices in Section 2
        hereof.  Nothing in this Guarantee will affect the right of the
        Counterparty to serve process in any other manner permitted by law.

      

      10.         GENERAL

      

      (A)        Section
        8 (Contractual Currency) and Sections 9(a)-(d) and (f)-(g) (Miscellaneous)
        of
        the Agreement shall apply to this Guarantee and Nomura as though references
        in
        those Sections of the Agreement to the “Agreement” were to this
        Guarantee.

      

      (B)        Italicized
        terms used but not defined herein have the respective meanings given to such
        terms in the Agreement.  As used in this Guarantee, the term “business
        day” means a day on which commercial banks and foreign exchange markets settle
        payments both in Tokyo and in the financial center for the settlement
        currency.

      

      IN
        WITNESS WHEREOF, Nomura has executed this Guarantee as of
        [____________________________].

      

      

      NOMURA
        SECURITIES CO., LTD.

      

      By:____________________

      Name:

      Title:

      
        	 

      

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      P

     

    INTEREST
      RATE SWAP AGREEMENT

     

     

    ANNEX
      A

    
      

       

    

    ISDA®

    CREDIT
      SUPPORT ANNEX

    to
      the
      Schedule to the

    ISDA
      Master Agreement

    dated
      as
      of  May 10, 2007 between

    Wachovia
      Bank, N.A. (hereinafter referred to as “Party A” or
“Pledgor”)

    and

    HSBC
      Bank
      USA, National Association, not individually but solely as Supplemental Interest
      Trust Trustee on behalf of the Supplemental Interest Trust with respect to
      the
      Nomura Asset Acceptance Corporation, Home Equity Loan Trust, Series 2007-1,
      Mortgage Pass-Through Certificates, Series 2007-1 (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 May 10, 2007, between Party
      A
      and Party B, Reference Number 1878277.

     

    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) as amended (I) by deleting the words “upon a demand made by
                the Secured Party on or promptly following a Valuation Date” and inserting
                in lieu thereof the words “not later than the close of business on each
                Valuation Date” and (II) by deleting in its entirety 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.” and inserting in lieu thereof 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,

            

    

     

    
      	
               

            	
              (2)

            	
              the
                amount by which (a) the Moody’s First Trigger Credit Support Amount for
                such Valuation Date exceeds (b) the Moody’s First Trigger Value as of such
                Valuation Date of all Posted Credit Support held by the Secured Party,
                and

            

    

     

    
      	
               

            	
              (3)

            	
              the
                amount by which (a) the Moody’s Second Trigger Credit Support Amount for
                such Valuation Date exceeds (b) the Moody’s Second Trigger Value as of
                such Valuation Date of all Posted Credit Support held by the Secured
                Party.

            

    

     

    
      	
              (B)       
                  

            	
              “Return
                Amount” has the meaning specified in Paragraph 3(b) as
                amended by deleting in its entirety the sentence beginning “Unless
                otherwise specified in Paragraph 13” and ending “(ii) the Credit Support
                Amount.” and inserting in lieu thereof 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,

            

    

     

    
      	
               

            	
              (2)

            	
              the
                amount by which (a) the Moody’s First Trigger Value as of such Valuation
                Date of all Posted Credit Support held by the Secured Party exceeds
                (b)
                the Moody’s First Trigger Credit Support Amount for such Valuation Date,
                and

            

    

     

    
      	
               

            	
              (3)

            	
              the
                amount by which (a) the Moody’s Second Trigger Value as of such Valuation
                Date of all Posted Credit Support held by the Secured Party exceeds
                (b)
                the Moody’s Second Trigger Credit Support Amount for such Valuation
                Date.

            

    

     

    
      	
              (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, the Moody’s
                First Trigger Credit Support Amount, or the Moody’s Second Trigger 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 following items will qualify as “Eligible
      Collateral” (for the avoidance of doubt, all Eligible Collateral
      to be denominated in USD):

    

    
      	
               

              ISDA
                Collateral

              Asset
                Definition

              (ICAD)
                Code

            	
              Remaining
                Maturity in Years

            	
              S&P

              Valuation

              Percentage

            	
              Moody’s

              First
                Trigger

              Valuation

              Percentage

            	
              Moody’s

              Second
                Trigger

              Valuation

              Percentage

            
	
              (A)  US-CASH

            	
              N/A

            	
              100%

            	
              100%

            	
              100%

            
	
              (B)  US-TBILL

                     US-TNOTE

                     US-TBOND

            	 	 	 	 
	 	
              1
                or less

            	
              98.6%

            	
              100%

            	
              100%

            
	 	
              More
                than 1 but not more than 2

            	
              97.3%

            	
              100%

            	
              99%

            
	 	
              More
                than 2 but not more than 3

            	
              95.8%

            	
              100%

            	
              98%

            
	 	
              More
                than 3 but not more than 5

            	
              93.8%

            	
              100%

            	
              97%

            
	 	
              More
                than 5 but not more than 7

            	
              91.4%

            	
              100%

            	
              95%

            
	 	
              More
                than 7 but not more than 10

            	
              90.3%

            	
              100%

            	
              94%

            
	 	
              More
                than 10 but not more than 20

            	
              87.9%

            	
              100%

            	
              89%

            
	 	
              More
                than 20

            	
              84.6%

            	
              100%

            	
              87%

            
	
              (C)  US-GNMA

                     US-FNMA

                     US-FHLMC

            	 	 	 	 
	 	
              1
                or less

            	
              98.0%

            	
              100%

            	
              99%

            
	 	
              More
                than 1 but not more than 2

            	
              96.8%

            	
              100%

            	
              98%

            
	 	
              More
                than 2 but not more than 3

            	
              96.3%

            	
              100%

            	
              97%

            
	 	
              More
                than 3 but not more than 5

            	
              92.5%

            	
              100%

            	
              96%

            
	 	
              More
                than 5 but not more than 7

            	
              90.3%

            	
              100%

            	
              94%

            
	 	
              More
                than 7 but not more than 10

            	
              86.9%

            	
              100%

            	
              93%

            
	 	
              More
                than 10 but not more than 20

            	
              82.6%

            	
              100%

            	
              88%

            
	 	
              More
                than 20

            	
              77.9%

            	
              100%

            	
              86%

            

    

    

    The
      ISDA
      Collateral Asset Definition (ICAD) Codes used in this Paragraph 13(b)(ii) are
      taken from the Collateral Asset Definitions (First Edition – June 2003) as
      published and copyrighted in 2003 by the International Swaps and Derivatives
      Association, Inc.

     

    
      	
              (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)     
                    

            	
              “Threshold”
                means, with respect to Party A and any Valuation Date, zero if (i)
                a
                Collateral Event has occurred and been continuing and either (x)
                such
                Collateral Event has been continuing for at least 30 days or (y)
                no
                Relevant Entity has had credit ratings at least equal to the Approved
                Ratings Threshold since this Annex was executed, or (ii) a S&P
                Required Ratings Downgrade Event has occurred and is continuing;
                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 (or, with respect to Party B, if the aggregate Value
                of Posted
                Collateral is less than $100,000, the aggregate Value of Posted
                Collateral); provided, however, that if the aggregate Certificate
                Principal Balance of any Certificates and the aggregate principal
                balance
                of any Notes rated by S&P ceases to be more than USD 50,000,000, the
                “Minimum Transfer Amount” shall be USD 50,000
                (or, with respect to Party B, if the aggregate Value of Posted Collateral
                is less than $50,000, the aggregate Value of Posted
                Collateral).

            

    

     

    
      	
              (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 in all
                circumstances.

            

    

     

    
      	
              (ii)          

            	
              “Valuation
                Date” means the first Local Business Day in each week on
                which any of the S&P Credit Support Amount, the Moody’s First Trigger
                Credit Support Amount or the Moody’s Second Trigger Credit Support Amount
                is greater than 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.

            

    

     

    
      	
              (v)           

            	
              External
                Verification.  Notwithstanding anything to the contrary
                in the definitions of Valuation Agent or Valuation Date, at any time
                at
                which Party A (or, to the extent applicable, its Credit Support Provider)
                does not have a long-term unsubordinated and unsecured debt rating
                of at
                least “BBB+” from S&P, the Valuation Agent shall (A) calculate the
                Secured Party’s Exposure and the S&P Value of Posted Credit Support on
                each Valuation Date based on internal marks and (B) verify such
                calculations with external marks monthly by obtaining on the last
                Local
                Business Day of each calendar month two external marks for each
                Transaction to which this Annex relates and for all Posted Credit
                Support;
                such verification of the Secured Party’s Exposure shall be based on the
                higher of the two external marks.  Each external mark in respect
                of a Transaction shall be obtained from an independent Reference
                Market-maker that would be eligible and willing to enter into such
                Transaction in the absence of the current derivative provider, provided
                that an external mark may not be obtained from the same Reference
                Market-maker more than four times in any 12-month period.  The
                Valuation Agent shall obtain these external marks directly or through
                an
                independent third party, in either case at no cost to Party
                B.  The Valuation Agent shall calculate on each Valuation Date
                (for purposes of this paragraph, the last Local Business Day in each
                calendar month referred to above shall be considered a Valuation
                Date) the
                Secured Party’s Exposure based on the greater of the Valuation Agent’s
                internal marks and the external marks received.  If the S&P
                Value on any such Valuation Date of all Posted Credit Support then
                held by
                the Secured Party is less than the S&P Credit Support Amount on such
                Valuation Date (in each case as determined pursuant to this paragraph),
                Party A shall, within three Local Business Days of such Valuation
                Date,
                Transfer to the Secured Party Eligible Credit Support having an S&P
                Value as of the date of Transfer at least equal to such
                deficiency.

            

    

     

    
      	
              (vi)           

            	
              Notice
                to S&P.  At any time at which Party A (or, to the
                extent applicable, its Credit Support Provider) does not have a long-term
                unsubordinated and unsecured debt rating of at least “BBB+” from S&P,
                the Valuation Agent shall provide to S&P not later than the
                Notification Time on the Local Business Day following each Valuation
                Date
                its calculations of the Secured Party’s Exposure and the S&P Value of
                any Eligible Credit Support or Posted Credit Support for that Valuation
                Date.  The Valuation Agent shall also provide to S&P any
                external marks received pursuant to the preceding
                paragraph.

            

    

     

    
      	
              (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 and
                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, Moody’s First Trigger Value, and
                Moody’s Second Trigger Value, on any date, of Eligible Collateral other
                than Cash will be calculated as
                follows:

            

    

     

    For
      Eligible Collateral in the form of securities listed in Paragraph 13(b)(ii):
      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.

     

    
      	
              (iii)         

            	
              Alternative.  The
                provisions of Paragraph 5 will
                apply.

            

    

     

    
      	
              (g)  

            	
              Holding
                and Using Posted
                Collateral.

            

    

     

    
      	
              (i)           

            	
              Eligibility
                to Hold Posted Collateral; Custodians.  A
                Custodian will be
                entitled to hold Posted Collateral on behalf of Party B pursuant
                to
                Paragraph 6(b), provided that:

            

    

     

    
      	
               

            	
              (A)

            	
              Posted
                Collateral may be held only in the following jurisdiction: United
                States.

            

    

     

    
      	
               

            	
              (B)

            	
              The
                Custodian for Party B is either (1) the entity then serving as Securities
                Administrator or (2) any entity other than the entity then serving
                as Swap
                Administrator if such other entity (or, to the extent applicable,
                its
                parent company or credit support provider) shall then have a short-term
                unsecured and unsubordinated debt rating from S&P of at least
                “A-1”.

            

    

     

    Initially,
      the Custodian for Party B is: The Securities
      Administrator.

     

    
      	
              (ii)          

            	
              Use
                of Posted Collateral. The
                provisions of
                Paragraph 6(c) will not apply to Party
                B.

            

    

     

    
      	
              (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 investment shall be held uninvested).  In the absence of
                instructions from Party A, Posted Collateral in the form of Cash
                will be
                invested in investments as specified in part (viii) of the definition
                of
                Permitted Investments in the Pooling and Servicing Agreement, provided
                that such Permitted Investments are rated at least (x) AAAm or AAAm-G
                by
                S&P and (y) Prime-1 by Moody’s or Aaa by Moody’s.  Gains and
                losses incurred in respect of any investment of Posted Collateral
                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.

            

    

     

    
      	
              (iii)         

            	
              Alternative
                to Interest Amount. The provisions of Paragraph 6(d)(ii)
                will apply.

            

    

     

    
      	
              (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:            
WACHOVIA BANK, NATIONAL ASSOCIATION

    201
      South
      College Street

    9th
      Floor, Mail Code NC0672

    Charlotte,
      NC 28288-0672

    Attention:
      Collateral Management Group

    Fax:      (704)
      383-3394

    Phone:  (704)
      715-7663

    

    If
      to
      Party B, at the address specified pursuant to the Notices Section of this
      Agreement.

     

    If
      to
      Party B’s Custodian, at the address specified pursuant to the Notices Section of
      this Agreement.

     

    
      	
              (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’s
      account details:

    Wachovia
      Bank, N.A.

    ABA:
      053000219

    ACCT:
      04659360000127

    Attn:
      Derivative Collateral Mgmt

    

    Party
      B’s
      Custodian account details:

     

    Wells
      Fargo Bank, N.A.

    ABA#:
      121000248

    For
      Credit To: SAS Clearing

    Account
      No: 3970771416

    FCC
      to:
      NAAC 2007-S1, Swap Collateral Account

    Account
      #: 53149502

    

    
      	
              (m)  

            	
              Other
                Provisions.

            

    

     

    
      	
              (i)           

            	
              Collateral
                Account.  The Custodian, on Party B's behalf,
                shall open and maintain an Eligible Account segregated from the Swap
                Account and any
                other moneys of the Trustee held pursuant to the Pooling and Servicing
                Agreement, which account shall be an Eligible Account, in which all
                Posted
                Collateral shall be held.

            

    

     

    
      	
              (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 First Trigger Value, Moody’s Second Trigger
                Value”.  Paragraph 4(d)(ii) is hereby amended by (A) deleting
                the words “a Value” and inserting in lieu thereof “an S&P Value,
                Moody’s First Trigger Value, and Moody’s Second Trigger Value” and (B)
                deleting the words “the Value” and inserting in lieu thereof “S&P
                Value, Moody’s First Trigger Value, and Moody’s Second Trigger
                Value”.  Paragraph 5 (flush language) is hereby amended by
                deleting the word “Value” and inserting in lieu thereof “S&P Value,
                Moody’s First Trigger Value, or Moody’s Second Trigger
                Value”.  Paragraph 5(i) (flush language) is hereby amended by
                deleting the word “Value” and inserting in lieu thereof “S&P Value,
                Moody’s First Trigger Value, and Moody’s Second Trigger
                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, Moody’s First Trigger Value, or Moody’s Second Trigger
                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, Moody’s First Trigger
                Value, or Moody’s Second Trigger Value” and (2) deleting the second
                instance of the words “the Value” and inserting in lieu thereof “such
                disputed S&P Value, Moody’s First Trigger Value, or Moody’s Second
                Trigger 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, Moody’s First Trigger Value, and
                Moody’s Second Trigger 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 Required Ratings Downgrade Event
                has
                occurred and been continuing for 30 or more Local Business Days and
                (B)
                such failure is not remedied on or before the third Local Business
                Day
                after notice of such failure is given to Party
                A.

            

    

     

    
      	
              (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 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:

     

    “Collateral
      Event” means that no Relevant Entity has credit
      ratings at least equal to the Approved Ratings Threshold.

     

    “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.  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 after the word “Agreement” the words “(assuming, for this
      purpose only, that Part 1(f) of the Schedule is deleted)” shall be
      inserted.

     

    “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
      First Trigger Credit Support Amount” means,
      for any Valuation Date, the excess, if any, of

     

    
      	
               

            	
              (I)

            	
              (A)

            	
              for
                any Valuation Date on which (I) a Moody’s First Trigger Ratings Event has
                occurred and has been continuing and either (x) such Moody’s First Trigger
                Ratings Event has been continuing for at least 30 Local Business
                Days or
                (y) no Relevant Entity has had credit ratings from Moody’s at least equal
                to the Moody’s First Trigger Ratings Threshold since this Annex was
                executed and (II) it is not the case that a Moody’s Second Trigger Ratings
                Event has occurred and been continuing for at least 30 Local Business
                Days, an amount equal to the greater of (a) zero and (b) the sum
                of (i)
                the Secured Party’s Exposure for such Valuation Date and (ii) the sum, for
                each Transaction to which this Annex relates, of 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
                the applicable Moody’s First Trigger Factor set forth in Table 1 and 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)

            	
              for
                any other Valuation Date, zero,
                over

            

    

     

    
      	
               

            	
              (II)

            	
              the
                Threshold for Party A such Valuation
                Date.

            

    

     

    “Moody’s
      First Trigger DV01 Multiplier” means 25.

     

    “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 Paragraph 13(b)(ii).

     

    “Moody’s
      First Trigger Notional Amount Multiplier” means 4%.

     

    “Moody’s
      Second Trigger Credit Support Amount” means, for any Valuation
      Date, the excess, if any, of

     

    
      	
               

            	
              (I)

            	
              (A)

            	
              for
                any Valuation Date on which it is the case that a Moody’s Second Trigger
                Ratings Event has occurred and been continuing for at least 30 Local
                Business Days, an amount equal to the greatest of (a) zero, (b) the
                aggregate  amount of the Next Payments for all Next Payment
                Dates, and (c) the sum of (x) the Secured Party’s Exposure for such
                Valuation Date and (y) the sum, for each Transaction to which this
                Annex
                relates, of

            

    

     

    (1)        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 (x) the Moody’s
      Second Trigger Notional Amount Multiplier, (y) the Scale Factor, if any, for
      such Transaction, or, if no Scale Factor is applicable for such Transaction,
      one, and (z) 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 the
      applicable Moody’s Second Trigger Factor set forth in Table 2 and 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

     

    (2)       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 the (x) Moody’s Second Trigger Transaction-Specific Hedge Notional
      Amount Multiplier, (y) the Scale Factor if any, for such Transaction, or, if
      no
      Scale Factor is applicable for such Transaction, one, and (z) 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 the applicable Moody’s Second Trigger Factor set
      forth in Table 3 and 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)

            	
              for
                any other Valuation Date, zero,
                over

            

    

     

    
      	
               

            	
              (II)

            	
              the
                Threshold for Party A for such Valuation
                Date.

            

    

     

    “Moody’s
      Second Trigger DV01 Multiplier” means 60.

     

    “Moody’s
      Second Trigger Notional Amount Multiplier” means 9%.

     

    “Moody’s
      Second Trigger Transaction-Specific Hedge DV01 Multiplier” means
      75.

     

    “Moody’s
      Second Trigger Transaction-Specific Hedge Notional Amount
      Multiplier” means 11%.

     

    “Moody’s
      Second 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 Second Trigger Valuation Percentage for such
      Eligible Collateral set forth in Paragraph 13(b)(ii).

     

    “Next
      Payment” means, in respect of each Next Payment Date, the greater
      of (i) the amount of any payments due to be made by Party A under Section 2(a)
      on such Next Payment Date less any payments due to be made by Party B under
      Section 2(a) on such Next Payment Date (in each case, after giving effect to
      any
      applicable netting under Section 2(c)) and (ii) zero.

     

    “Next
      Payment Date” means each date on which the next scheduled payment
      under any Transaction is due to be paid.

     

     “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 at least equal to the S&P Approved Ratings
      Threshold.

     

    “S&P
      Credit Support Amount” means, for any Valuation Date, the excess,
      if any, of

     

    
      	
               

            	
              (I)

            	
              (A)

            	
              for
                any Valuation Date on which (i) a S&P Approved Ratings Downgrade Event
                has occurred and been continuing for at least 30 days or (ii) a S&P
                Required Ratings Downgrade Event has occurred and is continuing,
                an amount
                equal to the sum of (1) 100.0% of the Secured Party’s Exposure for such
                Valuation Date and (2) the sum, for each Transaction to which this
                Annex
                relates, of the product of (i) the Volatility Buffer for such Transaction,
                (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 of such Transaction for the Calculation Period for such Transaction
                (each as defined in the related Confirmation)  which includes
                such Valuation Date, or

            

    

     

    
      	
               

            	
              (B)

            	
              for
                any other Valuation Date, zero,
                over

            

    

     

    
      	
               

            	
              (II)

            	
              the
                Threshold for Party A for such Valuation
                Date.

            

    

     

     “S&P
      Required Ratings Downgrade Event” means that no Relevant Entity
      has credit ratings at least equal to the S&P Required Ratings
      Threshold.

     

    “S&P
      Value” means, on any date and with respect to any Eligible
      Collateral other than Cash, the product of (A) the bid price obtained by the
      Valuation Agent for such Eligible Collateral and (B) the S&P Valuation
      Percentage for such Eligible Collateral set forth in paragraph
      13(b)(ii).

     

    “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, Moody’s First Trigger Value, or Moody’s Second Trigger Value with respect
      to  any Eligible Collateral or Posted Collateral, the applicable
      S&P Valuation Percentage, Moody’s First Trigger Valuation Percentage, or
      Moody’s Second Trigger Valuation Percentage for such Eligible Collateral or
      Posted Collateral, respectively, in each case as set forth in Paragraph
      13(b)(ii).

     

    “Value”
      shall mean, in respect of any date, the related S&P Value, the related
      Moody’s First Trigger Value, and the related Moody’s Second Trigger
      Value.

     

    “Volatility
      Buffer” means, for any Transaction, the related percentage set
      forth in the following table.  

     

    
      	
              The
                higher of  the S&P credit rating of (i) Party A and (ii) the
                Credit Support Provider of Party A, if applicable

            	
              Remaining
                Weighted Average Maturity of such Transaction

              up
                to 3 years

            	
              Remaining
                Weighted Average Maturity of such Transaction

              up
                to 5 years

            	
              Remaining
                Weighted Average Maturity of such Transaction

              up
                to 10 years

            	
              Remaining
                Weighted Average Maturity of such Transaction

              up
                to 30 years

            
	
              “A-2”
                or higher

            	
              2.75%

            	
              3.25%

            	
              4.00%

            	
              4.75%

            
	
              “A-3”

            	
              3.25%

            	
              4.00%

            	
              5.00%

            	
              6.25%

            
	
              “BB+”
                or lower

            	
              3.50%

            	
              4.50%

            	
              6.75%

            	
              7.50%

            

    

    

     

     

    [Remainder
      of this page intentionally left blank]

     

    Table
      1

     

    
      	
               Moody’s
                First Trigger Factor

               

               

            
	
              Remaining

              Weighted
                Average Life

              of
                Hedge in Years

            	
              Weekly

              Collateral

              Posting

            
	
              1
                or less

            	
              0.25%

            
	
              More
                than 1 but not more than 2

            	
              0.50%

            
	
              More
                than 2 but not more than 3

            	
              0.70%

            
	
              More
                than 3 but not more than 4

            	
              1.00%

            
	
              More
                than 4 but not more than 5

            	
              1.20%

            
	
              More
                than 5 but not more than 6

            	
              1.40%

            
	
              More
                than 6 but not more than 7

            	
              1.60%

            
	
              More
                than 7 but not more than 8

            	
              1.80%

            
	
              More
                than 8 but not more than 9

            	
              2.00%

            
	
              More
                than 9 but not more than 10

            	
              2.20%

            
	
              More
                than 10 but not more than 11

            	
              2.30%

            
	
              More
                than 11 but not more than 12

            	
              2.50%

            
	
              More
                than 12 but not more than 13

            	
              2.70%

            
	
              More
                than 13 but not more than 14

            	
              2.80%

            
	
              More
                than 14 but not more than 15

            	
              3.00%

            
	
              More
                than 15 but not more than 16

            	
              3.20%

            
	
              More
                than 16 but not more than 17

            	
              3.30%

            
	
              More
                than 17 but not more than 18

            	
              3.50%

            
	
              More
                than 18 but not more than 19

            	
              3.60%

            
	
              More
                than 19 but not more than 20

            	
              3.70%

            
	
              More
                than 20 but not more than 21

            	
              3.90%

            
	
              More
                than 21 but not more than 22

            	
              4.00%

            
	
              More
                than 22 but not more than 23

            	
              4.00%

            
	
              More
                than 23 but not more than 24

            	
              4.00%

            
	
              More
                than 24 but not more than 25

            	
              4.00%

            
	
              More
                than 25 but not more than 26

            	
              4.00%

            
	
              More
                than 26 but not more than 27

            	
              4.00%

            
	
              More
                than 27 but not more than 28

            	
              4.00%

            
	
              More
                than 28 but not more than 29

            	
              4.00%

            
	
              More
                than 29

            	
              4.00%

            

    

    

     

    Table
      2

     

    
      	
                Moody’s
                Second Trigger Factor for Interest Rate Swaps with Fixed Notional
                Amounts

               

               

               

            
	
              Remaining

              Weighted
                Average Life

              of
                Hedge in Years

            	
              Weekly

              Collateral

              Posting

            
	
              1
                or less

            	
              0.60%

            
	
              More
                than 1 but not more than 2

            	
              1.20%

            
	
              More
                than 2 but not more than 3

            	
              1.70%

            
	
              More
                than 3 but not more than 4

            	
              2.30%

            
	
              More
                than 4 but not more than 5

            	
              2.80%

            
	
              More
                than 5 but not more than 6

            	
              3.30%

            
	
              More
                than 6 but not more than 7

            	
              3.80%

            
	
              More
                than 7 but not more than 8

            	
              4.30%

            
	
              More
                than 8 but not more than 9

            	
              4.80%

            
	
              More
                than 9 but not more than 10

            	
              5.30%

            
	
              More
                than 10 but not more than 11

            	
              5.60%

            
	
              More
                than 11 but not more than 12

            	
              6.00%

            
	
              More
                than 12 but not more than 13

            	
              6.40%

            
	
              More
                than 13 but not more than 14

            	
              6.80%

            
	
              More
                than 14 but not more than 15

            	
              7.20%

            
	
              More
                than 15 but not more than 16

            	
              7.60%

            
	
              More
                than 16 but not more than 17

            	
              7.90%

            
	
              More
                than 17 but not more than 18

            	
              8.30%

            
	
              More
                than 18 but not more than 19

            	
              8.60%

            
	
              More
                than 19 but not more than 20

            	
              9.00%

            
	
              More
                than 20 but not more than 21

            	
              9.00%

            
	
              More
                than 21 but not more than 22

            	
              9.00%

            
	
              More
                than 22 but not more than 23

            	
              9.00%

            
	
              More
                than 23 but not more than 24

            	
              9.00%

            
	
              More
                than 24 but not more than 25

            	
              9.00%

            
	
              More
                than 25 but not more than 26

            	
              9.00%

            
	
              More
                than 26 but not more than 27

            	
              9.00%

            
	
              More
                than 27 but not more than 28

            	
              9.00%

            
	
              More
                than 28 but not more than 29

            	
              9.00%

            
	
              More
                than 29

            	
              9.00%

            

    

     

     

    Table
      3

     

    
      	
                Moody’s
                Second Trigger Factor for Transaction-Specific
                Hedges

               

               

            
	
              Remaining

              Weighted
                Average Life

              of
                Hedge in Years

            	
              Weekly

              Collateral

              Posting

            
	
              1
                or less

            	
              0.75%

            
	
              More
                than 1 but not more than 2

            	
              1.50%

            
	
              More
                than 2 but not more than 3

            	
              2.20%

            
	
              More
                than 3 but not more than 4

            	
              2.90%

            
	
              More
                than 4 but not more than 5

            	
              3.60%

            
	
              More
                than 5 but not more than 6

            	
              4.20%

            
	
              More
                than 6 but not more than 7

            	
              4.80%

            
	
              More
                than 7 but not more than 8

            	
              5.40%

            
	
              More
                than 8 but not more than 9

            	
              6.00%

            
	
              More
                than 9 but not more than 10

            	
              6.60%

            
	
              More
                than 10 but not more than 11

            	
              7.00%

            
	
              More
                than 11 but not more than 12

            	
              7.50%

            
	
              More
                than 12 but not more than 13

            	
              8.00%

            
	
              More
                than 13 but not more than 14

            	
              8.50%

            
	
              More
                than 14 but not more than 15

            	
              9.00%

            
	
              More
                than 15 but not more than 16

            	
              9.50%

            
	
              More
                than 16 but not more than 17

            	
              9.90%

            
	
              More
                than 17 but not more than 18

            	
              10.40%

            
	
              More
                than 18 but not more than 19

            	
              10.80%

            
	
              More
                than 19 but not more than 20

            	
              11.00%

            
	
              More
                than 20 but not more than 21

            	
              11.00%

            
	
              More
                than 21 but not more than 22

            	
              11.00%

            
	
              More
                than 22 but not more than 23

            	
              11.00%

            
	
              More
                than 23 but not more than 24

            	
              11.00%

            
	
              More
                than 24 but not more than 25

            	
              11.00%

            
	
              More
                than 25 but not more than 26

            	
              11.00%

            
	
              More
                than 26 but not more than 27

            	
              11.00%

            
	
              More
                than 27 but not more than 28

            	
              11.00%

            
	
              More
                than 28 but not more than 29

            	
              11.00%

            
	
              More
                than 29

            	
              11.00%

            

    

    

     

    IN
      WITNESS WHEREOF, the parties have
      executed this Annex by their duly authorized representatives as of the date
      of
      the Agreement.

     

     

    
      	
              Wachovia
                Bank, N.A.

            	 	
              HSBC
                Bank USA, National Association, not individually but solely as
                Supplemental Interest Trust Trustee on behalf of the Supplemental
                Interest
                Trust with respect to the Nomura Asset Acceptance Corporation, Home
                Equity
                Loan Trust, Series 2007-1, Mortgage Pass-Through Certificates, Series
                2007-1

            	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	By:	
              /s/
                Kim V.
                Farr

            	 	By:	
              /s/
                Nina
                Nassar

            	 
	 	
              Name:
                Kim V.
                Farr

            	 	 	
              
                Name:
                  Nina Nassar

              

            	 
	 	
              Title:  Director

            	 	 	
              Title:
                Officer

            	 
	 	
              Date:

            	 	 	
              Date:

            	 

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (Multicurrency
      — Cross Border)

     

    ISDA
      ®

     

    International
      Swap Dealers Association, Inc.

     

    MASTER
      AGREEMENT

     

    dated
      as
      of May 10, 2007

     

    
      	
              Wachovia
                Bank, N.A.

            	
              and

            	
              HSBC
                Bank USA, National Association, not individually but solely as
                Supplemental Interest Trust Trustee on behalf of the Supplemental
                Interest
                Trust with respect to the Nomura Asset Acceptance Corporation, Home
                Equity
                Loan Trust, Series 2007-1, Mortgage Pass-Through Certificates, Series
                2007-1

            

    

    

     

    have
      entered and/or anticipate entering into one or more transactions (each a
“Transaction”) that are or will be governed by this Master Agreement, which
      includes the schedule (the “Schedule”), and the documents and other confirming
      evidence (each a “Confirmation”) exchanged between the parties confirming those
      Transactions.

     

    Accordingly,
      the parties agree as follows: —

     

    Part
      1.  Interpretation

     

    
      	
              (a)  

            	
              Definitions.  The
                terms defined in Section 14 and in the Schedule will have the meanings
                therein specified for the purpose of this Master
                Agreement.

            

    

     

    
      	
              (b)  

            	
              Inconsistency.  In
                the event of any inconsistency between the provisions of the Schedule
                and
                the other provisions of this Master Agreement, the Schedule will
                prevail.
                In the event of any inconsistency between the provisions of any
                Confirmation and this Master Agreement (including the Schedule),
                such
                Confirmation will prevail for the purpose of the relevant
                Transaction.

            

    

     

    
      	
              (c)  

            	
              Single
                Agreement. All Transactions are entered into in reliance on
                the fact that this Master Agreement and all Confirmations form a
                single
                agreement between the parties (collectively referred to as this
                “Agreement”), and the parties would not otherwise enter into any
                Transactions.

            

    

     

    Part
      2.  Obligations

     

    
      	
              (a)  

            	
              General
                Conditions.

            

    

     

    
      	
              (i)  

            	
              Each
                party will make each payment or delivery specified in each Confirmation
                to
                be made by it, subject to the other provisions of this
                Agreement.

            

    

     

    
      	
              (ii)  

            	
              Payments
                under this Agreement will be made on the due date for value on that
                date
                in the place of the account specified in the relevant Confirmation
                or
                otherwise pursuant to this Agreement, in freely transferable funds
                and in
                the manner customary for payments in the required currency. Where
                settlement is by delivery (that is, other than by payment), such
                delivery
                will be made for receipt on the due date in the manner customary
                for the
                relevant obligation unless otherwise specified in the relevant
                Confirmation or elsewhere in this
                Agreement.

            

    

     

    
      	
              (iii)  

            	
              Each
                obligation of each party under Section 2(a)(i) is subject to (1)
                the
                condition precedent that no Event of Default or Potential Event of
                Default
                with respect to the other party has occurred and is continuing, (2)
                the
                condition precedent that no Early Termination Date in respect of
                the
                relevant Transaction has occurred or been effectively designated
                and (3)
                each other applicable condition precedent specified in this
                Agreement.

            

    

     

    

     

    value
      of
      that which was (or would have been) required to be delivered as of the
      originally scheduled date for delivery, in each case together with (to the
      extent permitted under applicable law) interest, in the currency of such
      amounts, from (and including) the date such amounts or obligations were or
      would
      have been required to have been paid or performed to (but excluding) such Early
      Termination Date, at the Applicable Rate. Such amounts of interest will be
      calculated on the basis of daily compounding and the actual number of days
      elapsed. The fair market value of any obligation referred to in clause (b)
      above
      shall be reasonably determined by the party obliged to make the determination
      under Section 6(e) or, if each party is so obliged, it shall be the average
      of
      the Termination Currency Equivalents of the fair market values reasonably
      determined by both parties.

     

    IN
      WITNESS WHEREOF the parties have executed this document on the respective dates
      specified below with effect from the date specified on the first page of this
      document.

     

    
      	
              Wachovia
                Bank, N.A.

            	 	
              HSBC
                Bank USA, National Association, not individually but solely as
                Supplemental Interest Trust Trustee on behalf of the Supplemental
                Interest
                Trust with respect to the Nomura Asset Acceptance Corporation, Home
                Equity
                Loan Trust, Series 2007-1, Mortgage Pass-Through Certificates, Series
                2007-1

            
	 	 	 	 	 
	 	 	 	 	 
	
              By:

            	
              /s/
                Kim V. Farr

            	 	
              By:

            	
              /s/
                Nina Nassar

            
	
              Name:

            	
              Kim
                V. Farr

            	 	
              Name:

            	
              Nina
                Nassar

            
	
              Title:

            	
              Director

            	 	
              Title:

            	
              Officer

            
	
              Date:

            	 	 	
              Date:

            	 

    

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

     

    SCHEDULE

     

    to
      the

    ISDA®

    International
      Swaps and Derivatives Association, Inc.

     

    MASTER
      AGREEMENT

     

    dated
      as
      of May 10, 2007

     

    between
      Wachovia Bank, N.A. (“Party A”), and HSBC Bank USA, National
      Association, not individually but solely as Supplemental Interest Trust Trustee
      on behalf of the Supplemental Interest Trust with respect to the Nomura Asset
      Acceptance Corporation, Home Equity Loan Trust, Series 2007-1, Mortgage
      Pass-Through Certificates, Series 2007-1 (“Party
      B”).

     

    Reference
      is hereby made to the Pooling and Servicing Agreement, dated as of April 1,
      2007, among GMAC Mortgage, LLC, as a servicer, Nomura Credit & Capital,
      Inc., as sponsor, Nomura Asset Acceptance Corporation, as depositor, HSBC Fargo
      Bank, N.A., as master servicer, HSBC Fargo Bank, N.A., as securities
      administrator, and HSBC Bank USA, National Association, as trustee (the “Pooling
      and Servicing 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) a Required Ratings Downgrade
                Event has occurred and been continuing for 30 or more Local Business
                Days
                and (B) such failure is not remedied on or before the third Local
                Business
                Day after notice of such failure is given to Party
                A.

            

    

     

    
      	
              (ii)  

            	
              The
                “Breach of Agreement” provisions of Section 5(a)(ii) will
                apply to Party A and will not apply to Party B; provided, however,
                that
                Section 5(a)(ii) is hereby amended by inserting the words “or under the
                Credit Support Annex or the Item 1115 Agreement” immediately after “4(d)”
                and within the parenthetical contained
                therein.

            

    

     

    
      	
              (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) a Required Ratings Downgrade Event has occurred
                and
                been continuing for 30 or more Local Business Days and (B) such failure
                is
                not remedied on or before the third Local Business Day after notice
                of
                such failure is given to Party A.

            

    

     

    
      	
              (iv)  

            	
              The
                “Misrepresentation” provisions of Section 5(a)(iv) will
                apply to Party A and will not apply to Party B; provided, however,
                that
                Section 5(a)(iv) is hereby amended by inserting the words “or under the
                Item 1115 Agreement” immediately after “(f)” within the parenthetical
                contained in the first line of Section
                5(a)(iv).

            

    

     

    
      	
              (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, the Eligible
      Guarantor.

     

    “Shareholders’
      Equity” means with respect to an entity, at any time, (1) if Party A is a
      national banking association, the Total Equity Capital of Party A (as shown
      in
      the most recently filed Consolidated Report of Condition and Income for a Bank
      with Domestic and Foreign Offices Only or other comparable filing (“Call
      Report”) Schedule RC - Balance Sheet of such entity) or (2) for any other
      entity, the sum (as shown in the most recent annual audited financial statements
      of such entity) of (i) its capital stock (including preferred stock)
      outstanding, taken at par value, (ii) its capital surplus and (iii) its retained
      earnings, minus (iv) treasury stock, each to be 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 except that the provisions of
                Section
                5(a)(vii)(2), (6) (to the extent that such provisions refer to any
                appointment contemplated or effected by the Pooling and Servicing
                Agreement or any appointment to which Party B has not become subject),
                (7)
                and (9) will not apply to Party B; provided that, with respect to
                Party B
                only, Section 5(a)(vii)(4) is hereby amended by adding after the
                words
                “against it” the words “(excluding any proceeding or petition instituted
                or presented by Party A or its Affiliates)”, and Section 5(a)(vii)(8) is
                hereby amended by deleting the words “to (7) inclusive” and inserting lieu
                thereof”, (3), (4) as amended, (5), (6) as amended, or
                (7)”.

            

    

     

    
      	
              (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, in the event 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 a Reference Market-maker that
      is
      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 Reference Market-maker
      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
                a Market Quotation for the relevant Terminated Transaction or group
                of
                Terminated Transactions is accepted by Party B so as to become legally
                binding on or before the day falling ten Local Business Days after
                the day
                on which the Early Termination Date is designated, or such later
                day as
                Party B may specify in writing to Party A, but in either case no
                later
                than one Local Business Day prior to the Early Termination Date (such
                day,
                the “Latest Settlement Amount Determination Day”), the Termination
                Currency Equivalent of the amount (whether positive or negative)
                of such
                Market Quotation;

            

    

     

    
      	
              (b)  

            	
              If,
                on the Latest Settlement Amount Determination Day, 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 made
                and
                remain capable of becoming legally binding upon acceptance, the Settlement
                Amount shall equal the Termination Currency Equivalent of the amount
                (whether positive or negative) of the lowest of such Market Quotations
                (for the avoidance of doubt, the lowest of such Market Quotations
                shall be
                the lowest Market Quotation of such Market Quotations expressed as
                a
                positive number or, if any of such Market Quotations is expressed
                as a
                negative number, the Market Quotation expressed as a negative number
                with
                the largest absolute value); or

            

    

     

    
      	
              (c)  

            	
              If,
                on the Latest Settlement Amount Determination Day, 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 remains capable of becoming
                legally
                binding upon acceptance, the Settlement Amount shall equal 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 Latest Settlement
                Amount Determination Day.

            

    

     

    
      	
              (D)  

            	
              (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-off against any amount payable by Party B
      under
      the immediately preceding clause (I).”

     

    
      	
              (E)  

            	
              At
                any time on or before the Latest Settlement Amount Determination
                Day at
                which two or more Market Quotations (which for the avoidance of doubt
                may
                be obtained by Party A and/or Party B) from Approved Replacements
                remain
                capable of becoming legally binding upon acceptance, Party B shall
                be
                entitled to accept only the lowest of such Market Quotations (for
                the
                avoidance of doubt, the lowest of such Market Quotations shall be
                the
                lowest Market Quotation of such Market Quotations expressed as a
                positive
                number or, if any of such Market Quotations is expressed as a negative
                number, the Market Quotation expressed as a negative number with
                the
                largest absolute value).

            

    

     

    
      	
              (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):

            

    

     

    None.

     

    
      	
              (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):

            

    

     

    None.

     

    
      	
              (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), together with appropriate attachments, that
                eliminates U.S. federal withholding and backup withholding Tax on
                payments
                to Party A under this Agreement.

            	 	
              (A)
                at closing, (B) promptly upon reasonable demand by the other party
                and (C)
                promptly upon learning that any such form previously provided by
                the party
                has become obsolete or incorrect.

            
	 	 	 	 
	
              Party
                B

            	
              A
                correct, complete and duly executed U.S. Internal Revenue Service
                Form W-9
                (or successor thereto), together with appropriate attachments, that
                eliminates U.S. federal withholding and backup withholding Tax on
                payments
                to Party B under this Agreement, and such other tax forms relating
                to the
                beneficial owner of payments to Party B under this Agreement from
                time to
                time as appropriate that eliminates U.S. federal withholding and
                backup
                withholding Tax on payments to Party B under this
                Agreement.

            	 	
              (A)
                at closing, (B) promptly upon reasonable demand by the other party
                and (C)
                promptly upon learning that any such form previously provided by
                the party
                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

            	
              Quarterly
                Consolidated Report of Condition and Income for a Bank with Domestic
                and
                Foreign Offices Only (“Call Report”) of Party A or any report in
                replacement thereof

            	 	
              Promptly
                upon becoming publicly available to be posted on Party A’s internet site
                (currently http://wachovia.com)

            	
              Yes

            
	 	 	 	 	 
	
              Party
                A and

              Party
                B

            	
              An
                opinion of counsel to such party  with respect to the due
                authorization, execution and enforceability of this Agreement, acceptable
                to the other party.

            	 	
              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:

            	
              301
                South College, DC-8

            
	 	
              Charlotte,
                NC 28202-0600

            
	
              Attention:

            	
              Derivatives
                Documentation Group

            
	
              Facsimile:

            	
              (704)
                383-0575

            
	
              Phone:

            	
              (704)
                383-8778

            
	 	 
	
              (For
                all purposes)

            
	 
	
              Address
                for notices or communications to Party B:

            
	 
	
              Address:

            	
              HSBC
                Bank USA, National Association

            
	 	
              452
                Fifth Avenue

            
	 	
              New
                York, NY 10018

            
	 	
              Attn:
                Elena Zheng - NAAC 2007-1

            
	
              Phone:

            	
              212-525-1367

            
	
              Fax:

            	
              212-525-1300

            
	 	 
	
              With
                a copy to:

            	 
	 	 
	
              Address:

            	
              Wells
                Fargo Bank, N.A.

            
	 	
              9062
                Old Annapolis Road

            
	 	
              Columbia,
                MD 21045

            
	
              Attention:

            	
              Client
                Manager, NAAC 2007-1

            
	
              Fax:

            	
              (410)
                715-2380

            
	 	 
	
              (For
                all purposes)

            

    

    
      	
              (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.

            

    

     

    
      	
              (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, 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.  The parties agree that 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.

            

    

     

    
      	
              (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)  

            	
              [Reserved.]

            

    

     

    
      	
              (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
                regarding the Transaction (whether written or oral), 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) the 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 by (i) deleting the words “or if a Tax Event Upon Merger occurs
                and the Burdened Party is the Affected Party,” 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-”, and (ii) 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)  

            	
              First
                Rating Trigger Collateral.  If (A) it is not the case
                that a Moody’s Second Trigger Ratings Event has occurred and been
                continuing for 30 or more Local Business Days and (B) 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, 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.  If (A) a Required Ratings
                Downgrade Event has occurred and been continuing for 30 or more Local
                Business Days (or 10 Local Business Days if the Required Ratings
                Downgrade
                Event relates only to S&P ratings) and (B) (i) at least one Eligible
                Replacement has made a Firm Offer to be the transferee of all of
                Party A’s
                rights and obligations under this Agreement (and such Firm Offer
                remains
                an offer that will become legally binding upon such Eligible Replacement
                upon acceptance by the offeree) and/or (ii) an Eligible Guarantor
                has made
                a Firm Offer to provide an Eligible Guarantee (and such Firm Offer
                remains
                an offer that will become legally binding upon such Eligible Guarantor
                immediately upon acceptance by the offeree), 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.

            

    

     

    
      	
              (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), 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)  

            	
              [Reserved.]

            

    

     

    
      	
              (v)  

            	
              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 Securities Administrator requests from Party
                A in
                writing (which request shall reference this Part 5(c)(v) and shall
                be
                immediately followed with a telephone call by Securities Administrator
                with an officer at Party A responsible for obtaining such estimate
                confirming receipt by Party A of such request and further referencing
                this
                Part 5(c)(v); provided, for the avoidance of doubt, that, upon making
                such
                telephone call as described above, the Securities Administrator shall
                have
                no further obligation or liability to request such estimate from
                Party A
                or to confirm receipt of such request by Party A) (collectively,
“Written
                Notice”) the amount of the Estimated Swap Termination Payment, Party A
                shall provide to the Securities Administrator 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 Securities Administrator provides Written Notice
                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
                Securities Administrator 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
      Securities Administrator shall be an express third party beneficiary of this
      Agreement as if a party hereto to the extent of the Securities Administrator’s
      rights specified herein.

     

    
      	
              (d)  

            	
              Required
                Ratings Downgrade Event.  If a Required Ratings
                Downgrade Event has occurred, then Party A shall, as soon as reasonably
                practicable and so long as a Required Ratings Downgrade Event is
                in
                effect, at its own expense, using commercially reasonable efforts,
                procure
                either (A) a Permitted Transfer or (B) an Eligible Guarantee from
                an
                Eligible Guarantor.

            

    

     

    
      	
              (e)  

            	
              Item
                1115 Agreement. Party A and Party B hereby agree that the terms
                of the Item 1115 Agreement, dated as of May 9, 2007, among Nomura
                Credit
                & Capital, Inc. (“Sponsor”), Nomura Asset Acceptance Corporation
                (“Depositor”) and Wachovia Bank, N.A., (the “Item 1115 Agreement”) 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:

            

    

     

    “Except
      with respect to any Permitted Transfer pursuant to Section 6(b)(ii), Part 5(d),
      the Item 1115 Agreement or the succeeding sentence, neither Party A nor Party
      B
      is permitted to assign, novate or transfer (whether by way of security or
      otherwise) as a whole or in part any of its rights, obligations or interests
      under the Agreement or any Transaction 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.  At any time at which no Relevant
      Entity has credit ratings at least equal to the Approved Ratings Threshold,
      Party A may make a Permitted Transfer.”

     

    
      	
              (ii)  

            	
              If
                an Approved 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.  The Supplemental Interest Trust Trustee
                shall not have liability for any failure or delay in making a payment
                hereunder to Party A due to any failure or delay in receiving amounts
                in
                the account held by the Supplemental Interest Trust from the Trust
                created
                pursuant to the Pooling and Servicing Agreement.  This provision
                will survive the termination of this
                Agreement.

            

    

     

    
      	
              (h)  

            	
              Timing
                ofPayments by Party B upon Early
                Termination.  Notwithstanding anything to the contrary
                in Section 6(d)(ii), to the extent that all or a portion (in either
                case,
                the “Unfunded Amount”) of any amount that is calculated as being due in
                respect of any Early Termination Date under Section 6(e) from Party
                B to
                Party A will be paid by Party B from amounts other than any upfront
                payment paid to Party B by an Eligible Replacement that has entered
                a
                Replacement Transaction with Party B, then such Unfunded Amount shall
                be
                due on the next subsequent Distribution Date following the date on
                which
                the payment would have been payable as determined in accordance with
                Section 6(d)(ii), and on any subsequent Distribution Dates until
                paid in
                full (or if such Early Termination Date is the final Distribution
                Date, on
                such final Distribution Date); provided, however, that if the date
                on
                which the payment would have been payable as determined in accordance
                with
                Section 6(d)(ii) is a Distribution Date, such payment will be payable
                on
                such Distribution Date.

            

    

     

    
      	
              (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 Swap Rating Agency has been given 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 Swap Rating Agencies has been
                provided
                prior written notice of the same and such amendment satisfies the
                Rating
                Agency Condition 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
                Swap
                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 Trustee, 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
                in its individual capacity, but solely as Supplemental Interest Trust
                Trustee under the Pooling and Servicing Agreement in the exercise
                of the
                powers and authority conferred and invested in it thereunder; (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 behalf
                of
                the Supplemental Interest Trust is made and intended not as personal
                representations of the Supplemental Interest Trust Trustee but is
                made and
                intended for the purpose of binding only the Supplemental Interest
                Trust;
                and (d) under no circumstances shall HSBC in its
                individual capacity be personally liable for any payments hereunder
                or for
                the breach or failure of any obligation, representation, warranty
                or
                covenant made or undertaken under this
                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 the Depositor
                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)  

            	
              Escrow
                Payments.  If (whether by reason of the time difference
                between the cities in which payments are to be made or otherwise)
                it is
                not possible for simultaneous payments to be made on any date on
                which
                both parties are required to make payments hereunder, either Party
                may at
                its option and in its sole discretion notify the other Party that
                payments
                on that date are to be made in escrow.  In this case deposit of
                the payment due earlier on that date shall be made by 2:00 pm (local
                time
                at the place for the earlier payment) on that date with an escrow
                agent
                selected by the notifying party, accompanied by irrevocable payment
                instructions (i) to release the deposited payment to the intended
                recipient upon receipt by the escrow agent of the required deposit
                of any
                corresponding payment payable by the other party on the same date
                accompanied by irrevocable payment instructions to the same effect
                or (ii)
                if the required deposit of the corresponding payment is not made
                on that
                same date, to return the payment deposited to the party that paid
                it into
                escrow.  The party that elects to have payments made in escrow
                shall pay all costs of the escrow
                arrangements.

            

    

     

    
      	
              (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 officers, agents and
                employees
                of the parties and their Affiliates, waives any further notice of
                such
                monitoring or recording, and agrees to notify its officers and employees
                of such monitoring or recording.

            

    

     

    
      	
              (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 or the Swap Administrator 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
                Confirmation, below.  Party A shall be entitled to rely on any
                written notice or communication from Party B or the Swap Administrator
                to
                that effect which is delivered to Party A in accordance with Section
                12.

            

    

     

    
      	
              (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 12 U.S.C. § 1823(e), its execution,
                delivery and performance of this Agreement (including the Credit
                Support
                Annex and each Confirmation) have been approved by its board of directors
                or its loan committee, such approval is reflected in the minutes
                of said
                board of directors or loan committee, 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 the Agreement and the Transaction
                as
                principal and not as agent of any person.  The Supplemental
                Interest Trust Trustee represents to Party A on the date on which
                the
                Supplemental Interest Trust Trustee enters into this Agreement that
                it is
                entering into the Agreement and the Transaction in its capacity as
                Supplemental Interest Trust Trustee on behalf of the Supplemental
                Interest
                Trust.

            

    

     

    
      	
              (w)  

            	
              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.

            

    

     

    
      	
              (x)  

            	
              [Reserved.]

            

    

     

    
      	
              (y)  

            	
              [Reserved.]

            

    

     

    
      	
              (z)  

            	
              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 (for the avoidance of doubt, not limited to
      payment obligations) of Party A or an Eligible Replacement to Party B under
      this
      Agreement that is provided by an Eligible Guarantor as principal debtor rather
      than surety and that 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 Tax collected by withholding or (B) such guarantee provides that, in the
      event that any of such guarantor’s payments to Party B are subject to 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 withholding been
      required.

     

    “Eligible
      Guarantor” means an entity that (A) has credit ratings from
      S&P at least equal to the S&P Approved Ratings Threshold and (B) has
      credit ratings from Moody’s at least equal to the Moody’s Second Trigger Ratings
      Threshold, provided, for the avoidance of doubt, that an Eligible Guarantee
      of
      an Eligible Guarantor with credit ratings below the Moody’s First Trigger
      Ratings Threshold will not cause a Collateral Event (as defined in the Credit
      Support Annex) not to occur or continue with respect to Moody’s.

     

    “Eligible
      Replacement” means an entity  (A) (i) (a) that has
      credit ratings from S&P at least equal to the S&P Approved Ratings
      Threshold, and (b) has credit ratings from Moody’s at least equal to the Moody’s
      Second Trigger Ratings Threshold, provided, for the avoidance of doubt, that
      an
      Eligible Replacement with credit ratings below the Moody’s First Trigger Ratings
      Threshold will not cause a Collateral Event (as defined in the Credit Support
      Annex) not to occur or continue with respect to Moody’s, or (ii) the present and
      future obligations (for the avoidance of doubt, not limited to payment
      obligations) of which entity to Party B under this Agreement are guaranteed
      pursuant to an Eligible Guarantee, and (B) that has executed an Item 1115
      Agreement with the 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 Party A believes
      could be owed by Party B to Party A in respect of such Early Termination Date
      pursuant to Section 6(e) of the ISDA Master Agreement, taking into account
      then
      current market conditions.

     

    “Firm
      Offer” means (A) with respect to an Eligible Replacement, a
      quotation from such 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, and (B) with respect to an Eligible Guarantor, an offer
      by such Eligible Guarantor to provide an Eligible Guarantee that will become
      legally binding upon such Eligible Guarantor  upon acceptance by the
      offeree.

     

    “Moody’s”
      means Moody’s Investors Service, Inc., or any successor thereto.

     

    “Moody’s
      First Trigger Ratings 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 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 Ratings 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 as transferor
      (the “Transferor”) to a transferee (the “Transferee”), pursuant to Section
      6(b)(ii), Part 5(d), the Item 1115 Agreement or the second sentence of Section
      7
      (as amended herein), of all, but not less than all, of the rights, liabilities,
      duties and obligations that the Transferor would, but for the occurrence of
      such
      transfer, have had under this Agreement and all relevant Transactions after
      the
      date of such transfer (collectively, the “Transferred Interests”), and 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) pursuant to a written
      instrument (the “Transfer Agreement”), the Transferee acquires and assumes the
      Transferred Interests, (f) Party B shall have determined, in its sole
      discretion, acting in a commercially reasonable manner, that such Transfer
      Agreement is effective to transfer to the Transferee the Transferred Interests;
      (g) the Transferor will be responsible for any costs or expenses incurred in
      connection with such transfer (including any replacement cost of entering into
      a
      replacement transaction); (h) either (A) Moody’s has been given prior written
      notice of such transfer and the Rating Agency Condition is satisfied with
      respect to S&P or (B) each Swap Rating Agency has been given prior written
      notice of such transfer and such transfer is in connection with the assignment
      and assumption of the Transferred Interests without modification of 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) or Part 5(v),
      notice information and account details; and (i) 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 Swap Rating Agency specified in
      connection with such proposed act or omission, that the party acting or failing
      to act must consult with each of the specified Swap Rating Agencies and receive
      from each such Swap Rating Agency a 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.

     

    “Relevant
      Entity” means 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
      (i) 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)
      by the parties under Section 2(a)(i) 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 (ii)
      has terms which are substantially the same as this Agreement, including, without
      limitation, rating triggers, and credit support documentation, save for the
      exclusion of provisions relating to Transactions that are not Terminated
      Transaction, as determined by Party B in its sole discretion, acting in a
      commercially reasonable manner.

     

    “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 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+”.

     

    “S&P
      Required Ratings Threshold” means, with respect to Party A, the
      guarantor under an Eligible Guarantee or an Eligible Replacement, a long-term
      unsecured and unsubordinated debt rating or counterparty rating from S&P of
“BBB-”.

     

    “Swap
      Rating Agencies” means, with respect to any date of determination,
      each of S&P and Moody’s, to the extent that each such rating agency is then
      providing a rating for any of the Nomura Asset Acceptance Corporation, Home
      Equity Loan Trust, Series 2007-1, Mortgage Pass-Through Certificates, Series
      2007-1 (the “Certificates”) or any notes backed by the Certificates (the
“Notes”).

     

    [Remainder
      of this page intentionally left blank.]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    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,

     

    Wachovia
      Bank, N.A.

     

    
      	
              By:

            	
              /s/
                Kim V. Farr

            
	
              Name:

            	
              Kim
                V. Farr

            
	
              Title:

            	
              Director

            

    

    

     

    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 individually but solely as Supplemental Interest
      Trust Trustee on behalf of the Supplemental Interest Trust with respect to
      the
      Nomura Asset Acceptance Corporation, Home Equity Loan Trust, Series 2007-1,
      Mortgage Pass-Through Certificates, Series 2007-1

     

    
      	
              By:

            	
              /s/
                Nina Nassar

            
	
              Name:

            	
              Nina
                Nassar

            
	
              Title:

            	
              Officer

            

    

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    Annex
      A

     

    

     

    Paragraph
      13 of the Credit Support Annex

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Annex
      B

     

    Item
      1115 Agreement

    
       

      Item
        1115
        Agreement (this “Agreement”), dated as of May  9, 2007, among Nomura
        Credit & Capital, Inc. (“Sponsor”), Nomura Asset Acceptance Corporation
        (“Depositor”) and Wachovia Bank, N.A. (the “Derivative Provider”).

       

      RECITALS

       

      WHEREAS,
        Depositor has filed a registration statement on Form S-3 (each, a “Registration
        Statement”) with the U.S. Securities and Exchange Commission (the “Commission”)
        for purposes of offering mortgage-backed or asset-backed notes and/or
        certificates (the “Securities”) through one or more special purpose vehicles
        (each, an “Issuing Entity”);

       

      WHEREAS,
        from time to time, on or prior to the closing date of a securitization (the
        “Closing Date”) pursuant to which Securities are offered and for which the
        Derivative Provider has provided a letter in the form of Exhibit One to Addendum
        A (each, a “Securitization”), the Derivative Provider enters into certain
        derivative agreements with the Issuing Entity (or a trustee or securities
        or
        swap administrator or other person acting in a similar capacity in connection
        with such Securitization (each, an “Administrator”)), or the Derivative Provider
        enters into certain derivative agreements with the Sponsor or an affiliate
        of
        the Sponsor and such derivative agreements are assigned to the Issuing Entity
        or
        an Administrator (each such agreement entered into from and after the date
        hereof, in either case, a “Derivative Agreement”);

       

      WHEREAS,
        the Derivative Provider agrees and acknowledges that the Sponsor and the
        Depositor are required under Regulation AB (as defined herein) to disclose
        certain financial data and/or financial statements with respect to the
        Derivative Provider, depending on the applicable “significance percentage” for
        each Derivative Agreement as calculated from time to time in accordance with
        Item 1115 of Regulation AB;

       

      WHEREAS,
        the Sponsor, on behalf of itself and each Issuing Entity through which it
        effects Securitizations, the Depositor and the Derivative Provider, desire
        to
        set forth certain rights and obligations with regard to financial data and/or
        financial statements which the Sponsor and the Depositor are required to
        disclose in accordance with Regulation AB (as defined herein) and certain
        related matters.

       

      NOW,
        THEREFORE, in consideration of the mutual agreements set forth herein and
        for
        other good and valuable consideration the receipt and adequacy of which is
        hereby acknowledged, the parties hereby agree as follows:

       

      
        	
                Section
                  1.  

              	
                Definitions.

              

      

       

      Additional
        Termination Event:  With respect to any Derivative Agreement, as
        defined in the related Master Agreement.

       

      Affected
        Party:  With respect to any Derivative Agreement, as defined in the
        related Master Agreement.

       

      Business
        Day: Any day other than a Saturday, a Sunday or any day on which banking
        institutions in the states where the parties are located are authorized or
        obligated by law, executive order or governmental decree to be
        closed.

       

      Company
        Information:  As defined in Addendum A.

       

      Company
        Financial Information:  With respect to each Securitization, the
        financial data described in Item 1115(b)(1) of Regulation AB or the financial
        statements described in Item 1115(b)(2) of Regulation AB, in either case
        with
        respect to the Derivative Provider and any affiliated entities providing
        derivative instruments to the related Issuing Entity and/or Administrator;
        provided that the Derivative Provider shall not be required to calculate
        the
“significance percentage” for purposes of this Agreement.

       

      GAAP:  As
        defined in Section 3(c).

       

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

       

      Exchange
        Act Reports:  With respect to an Issuing Entity, all Distribution
        Reports on Form 10-D, Current Reports on Form 8-K and Annual Reports on Form
        10-K and any amendments thereto, required to be filed with respect to such
        Issuing Entity pursuant to the Exchange Act.

       

      Free
        Writing Prospectus: With respect to each Securitization, the free writing
        prospectus or prospectuses prepared in connection with the public offering
        and
        sale of the related Securities and used to price such Securities and referenced
        in Exhibit One to Addendum A.

       

      Master
        Agreement:  With respect to any Derivative Agreement, the ISDA Master
        Agreement referenced in such Derivative Agreement, together with any Schedule,
        Credit Support Annex and Confirmations forming a part thereof or incorporated
        therein by reference, or, if no such ISDA Master Agreement exists, the ISDA
        Master Agreement deemed to apply to such Derivative Agreement pursuant to
        its
        terms, together with any Schedule, Credit Support Annex and Confirmations
        deemed
        to form a part thereof or to be incorporated therein by reference.

       

      Prospectus
        Supplement:  With respect to each Securitization, the prospectus
        supplement prepared in connection with the public offering and sale of the
        related Securities and referenced in Exhibit One to Addendum A.

       

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

       

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

       

      
        	
                Section
                  2.  

              	
                Information
                  to be Provided by the Derivative
                  Provider.

              

      

       

      
        	
                (a)         
                   

              	
                Prior
                  to printing the Free Writing Prospectus and/or Prospectus Supplement
                  relating to each Securitization, the Derivative Provider, at its
                  own
                  expense, shall:

              

      

       

      
        	
                (i)            

              	
                provide
                  to the Depositor such information as is reasonably requested in
                  writing
                  (via fax or in electronic form or such other format as agreed upon
                  by the
                  Depositor and the Derivative Provider) by the Depositor for the
                  purpose of
                  compliance with Item 1115(a)(1) of Regulation AB or the Securities
                  Act in
                  respect of such Securitization, which information shall
                  include:

              

      

       

      
        	
                (A)            

              	
                the
                  Derivative Provider’s legal name (and any
                  d/b/a),

              

      

       

      
        	
                (B)            

              	
                the
                  organizational form of the Derivative
                  Provider,

              

      

       

      
        	
                (C)            

              	
                a
                  description of the general character of the business of the Derivative
                  Provider, and

              

      

       

      
        	
                (D)            

              	
                a
                  description of any affiliation (as set forth in Item 1119(a)) between
                  the
                  Derivative Provider and any of the following
                  parties:

              

      

       

      
        	
                (1)            

              	
                any
                  servicer (or other person acting in a similar capacity) identified
                  to the
                  Derivative Provider by the Sponsor or the
                  Depositor,

              

      

       

      
        	
                (2)            

              	
                any
                  trustee (or other person acting in a similar capacity) identified
                  to the
                  Derivative Provider by the Sponsor or the
                  Depositor,

              

      

       

      
        	
                (3)            

              	
                any
                  originator identified to the Derivative Provider by the Sponsor
                  or the
                  Depositor,

              

      

       

      
        	
                (4)            

              	
                any
                  enhancement or support provider identified to the Derivative Provider
                  by
                  the Sponsor or the Depositor, and

              

      

       

      
        	
                (5)            

              	
                any
                  other material Securitization party identified to the Derivative
                  Provider
                  by the Sponsor; and

              

      

       

      
        	
                (ii)            

              	
                if
                  reasonably requested by the Depositor for the purpose of compliance
                  with
                  Item 1115(b) of Regulation AB with respect to such Securitization,
                  provide
                  to the Depositor the Company Financial Information described in
                  Item
                  1115(b)(1) of Regulation AB or Item 1115(b)(2) of Regulation AB
                  (as
                  specified by the Depositor).

              

      

       

      
        	
                (b)            

              	
                Following
                  the Closing Date with respect to each Securitization and only for
                  so long
                  as the Depositor is required to file Exchange Act Reports in respect
                  of
                  the related Issuing Entity:

              

      

       

      
        	
                (i)            

              	
                the
                  Derivative Provider, at its own expense, shall no later than the
                  20 days
                  after the end of the calendar year, notify the Depositor in writing
                  of any
                  affiliations that develop following the Closing Date between the
                  Derivative Provider and any of the parties specified in Section
                  2(a)(i)(D), and provide to the Depositor a description of such
                  affiliations;

              

      

       

      
        	
                (ii)            

              	
                if,
                  on any Business Day the Depositor provides written notice to the
                  Derivative Provider that the “significance percentage” for any Derivative
                  Agreement relating to such Securitization (calculated separately
                  or in the
                  aggregate with other Derivative Agreements for such Securitization,
                  such
                  aggregation as determined by the Depositor in its reasonable discretion),
                  is (x) 10% or more (but less than 20%) or (y) 20% or more, in each
                  case
                  based on a reasonable good-faith determination by the Depositor
                  of the
                  “significance percentage” in accordance with Item 1115 of Regulation AB
                  (the providing of such notice, a “Derivative Disclosure Event”), the
                  Derivative Provider, at its own expense, shall within ten (10)
                  Business
                  Days (but, if such notice is given on a particular distribution
                  date,
                  within ten (10) calendar days of such distribution date) following
                  receipt
                  of such notice:

              

      

       

      
        	
                (A)            

              	
                provide
                  to the Depositor the Company Financial Information described in
                  (x) Item
                  1115(b)(1) of Regulation AB or (y) Item 1115(b)(2) of Regulation
                  AB,
                  respectively,

              

      

       

      
        	
                (B)            

              	
                with
                  respect to each Derivative Agreement entered into in connection
                  with such
                  Securitization, cause another entity to replace the Derivative
                  Provider as
                  a party to such Derivative Agreement by way of a Permitted Transfer
                  (as
                  defined in such Derivative Agreement) or, if such replacement cannot
                  be
                  effected, to enter into a replacement derivative agreement on terms
                  substantially identical to such Derivative Agreement (as determined
                  by the
                  Depositor in its reasonable discretion), which entity (1) meets
                  or exceeds
                  (or a guarantor, as applicable, for such entity meets or exceeds)
                  any
                  rating agency criteria set forth in, or otherwise applicable to,
                  such
                  Derivative Agreement (as determined by the Depositor in its reasonable
                  discretion), (2) has entered into an agreement with Sponsor and
                  Depositor
                  substantially in the form of this Agreement, (3) has agreed to
                  comply with
                  the immediately preceding clause (A) and Section 2(b)(iii), and
                  (4) has
                  been approved by the Depositor (which approval shall not be unreasonably
                  withheld),

              

      

       

      
        	
                (C)            

              	
                only
                  if sufficient to satisfy the requirements of Item 1115 of Regulation
                  AB
                  that are applicable to the Derivative Provider by the Depositor
                  in its
                  reasonable discretion, obtain a guaranty of the Derivative Provider’s
                  obligations under each Derivative Agreement entered into in connection
                  with such Securitization from an affiliate of the Derivative Provider,
                  which affiliate (1) meets or exceeds any rating agency criteria
                  set forth
                  in, or otherwise applicable to, such Derivative Agreement (as determined
                  by the Depositor in its reasonable discretion), (2) has entered
                  into an
                  agreement with the Sponsor and Depositor substantially in the form
                  of this
                  Agreement, (3) has agreed to comply with the immediately preceding
                  clause
                  (A) and Section 2(b)(iii), and (4) has been approved by the Depositor
                  (which approval shall not be unreasonably withheld),
                  or

              

      

       

      
        	
                (D)            

              	
                only
                  if sufficient to satisfy the requirements of Item 1115 of Regulation
                  AB
                  that are applicable to the Derivative Provider as determined by
                  the
                  Depositor in its reasonable discretion, post collateral in an amount
                  sufficient to reduce the “significance percentage” for purposes of Item
                  1115 of Regulation AB with respect to any Derivative Agreement
                  relating to
                  such Securitization, calculated separately or in the aggregate
                  with other
                  Derivative Agreements for such Securitization (1) to 8% if the
                  Depositor
                  has notified the Derivative Provider that the “significance percentage” is
                  10% or more (but less than 20%) or (2) to 18% if the Depositor
                  has
                  notified the Derivative Provider that the “significance percentage” is 20%
                  or more; and

              

      

       

      
        	
                (iii)            

              	
                for
                  so long (A) as the Depositor is required to file Exchange Act Reports
                  in
                  respect of the related Issuing Entity and (B) the “significance
                  percentage” for any Derivative Agreement relating to such Securitization
                  (calculated separately or in the aggregate with other Derivative
                  Agreements for such Securitization) is (x) 10% or more (but less
                  than 20%)
                  or (y) 20% or more, in each case based on a reasonable good-faith
                  determination by the Depositor of the significance percentage in
                  accordance with Item 1115 of Regulation AB, if the Derivative Provider
                  has
                  provided Company Financial Information to the Depositor pursuant
                  to
                  Section 2(a)(ii) or Section 2(b)(ii), the Derivative Provider,
                  at its own
                  expense, shall within five (5) days of the release of any updated
                  Company
                  Financial Information, provide to the Depositor such updated Company
                  Financial Information.

              

      

       

      
        	
                (c)            

              	
                The
                  Derivative Provider shall provide all Company Financial Information
                  provided pursuant to this Section 2 in Microsoft Word® format, Microsoft
                  Excel® format or another format suitable for conversion to the format
                  required for filing by the Depositor with the Commission via the
                  Electronic Data Gathering and Retrieval System (EDGAR) (for avoidance
                  of
                  doubt, Company Financial Information shall not be provided in .pdf
                  format); alternatively, if permitted by Regulation AB (as determined
                  by
                  the Sponsor in its reasonable discretion), the Derivative Provider
                  may
                  provide such Company Financial Information by providing to the
                  Depositor
                  written consent to incorporate by reference in Exchange Act Reports
                  of the
                  Depositor such Company Financial Information from reports filed
                  by the
                  Derivative Provider pursuant to the Exchange Act.  In addition,
                  the Derivative Provider shall also provide Company Financial Information
                  provided pursuant to Section 2(a)(ii) in a format appropriate for
                  use in
                  the related Free Writing Prospectus and Prospectus
                  Supplement.  If any Company Financial Information provided
                  pursuant to this Section 2 has been audited, the Derivative Provider
                  shall
                  cause, to the extent required by Regulation AB, its outside accounting
                  firm to provide to the Depositor such accounting firm’s written consent to
                  the filing or incorporation by reference in the Exchange Act Reports
                  of
                  the Depositor of such accounting firm’s report relating to its audits of
                  such Company Financial Information.  If any Company Financial
                  Information provided pursuant to this Section 2 has not been audited,
                  to
                  the extent required by Regulation AB, the Derivative Provider shall
                  provide to the Depositor an appropriate agreed-upon procedures
                  letter from
                  the Derivative Provider’s outside accounting firm in respect of such
                  Company Financial Information.

              

      

       

      
        	
                Section
                  3.  

              	
                Representations
                  and Warranties of the Derivative
                  Provider.

              

      

       

      The
        Derivative Provider represents and warrants to the Depositor, as of the date
        on
        which the Derivative Provider first provides Company Financial Information
        to
        the Depositor under Section 2(a)(ii), Section 2(b)(ii) or Section 2(b)(iii),
        that, except as disclosed in writing to the Depositor prior to such
        date:

       

      
        	
                (a)            

              	
                the
                  outside accounting firm that certifies the financial statements
                  and
                  supporting schedules included in Company Financial Information,
                  or which
                  provides a procedures letter with respect to such Company Financial
                  Information, (as applicable) is an independent registered public
                  accounting firm as required by the Securities
                  Act;

              

      

       

      
        	
                (b)            

              	
                the
                  selected financial data and summary financial information included
                  in the
                  Company Financial Information present fairly the information shown
                  therein
                  and have been compiled on a basis consistent with that of the audited
                  financial statements of the Derivative
                  Provider;

              

      

       

      
        	
                (c)            

              	
                the
                  financial statements included in the Company Financial Information
                  present
                  fairly the consolidated financial position of the Derivative Provider
                  (or
                  the entity that consolidates the Derivative Provider) and its consolidated
                  subsidiaries as of the dates indicated and the consolidated results
                  of
                  their operations and cash flows for the periods specified; except
                  as
                  otherwise stated in the Company Financial Information, such financial
                  statements have been prepared in conformity with United States
                  generally
                  accepted accounting principles (“GAAP”) applied on a
                  consistent basis; and the supporting schedules included in the
                  Company
                  Financial Information present fairly in accordance with GAAP the
                  information required to be stated therein;
                  and

              

      

       

      
        	
                (d)            

              	
                the
                  Company Financial Information and other Company Information included
                  in
                  any Free Writing Prospectus or Prospectus Supplement or referenced
                  via a
                  website link or incorporated by reference in the Registration Statement
                  (including through filing on an Exchange Act Report), at the time
                  they
                  were or hereafter are filed with the Commission, complied in all
                  material
                  respects with the requirements of Item 1115(b) of Regulation AB
                  (in the
                  case of the Company Financial Information), and did not and will
                  not
                  contain an untrue statement of a material fact or omit to state
                  a material
                  fact required to be stated therein or necessary in order to make
                  the
                  statements therein, in the light of the circumstances under which
                  they
                  were made, not misleading.

              

      

       

      
        	
                Section
                  4.  

              	
                Third
                  Party Beneficiaries.

              

      

       

      The
        Derivative Provider agrees that the terms of this Agreement shall be
        incorporated by reference into any Derivative Agreement as it relates to
        such
        Derivative Agreement so that each Issuing Entity or Administrator that is
        a
        party to a Derivative Agreement shall be an express
        third
        party beneficiary of this Agreement to the extent that it relates to such
        Derivative Agreement.

       

      
        	
                Section
                  5.  

              	
                Indemnification.

              

      

       

      
        	
                (a)            

              	
                The
                  Derivative Provider indemnification set forth in Addendum A hereto
                  is
                  incorporated by reference herein.

              

      

       

      
        	
                (b)            

              	
                In
                  connection with each Securitization that the Derivative Provider
                  participates in, on or prior to the Closing Date of such Securitization,
                  the Derivative Provider shall provide to the Depositor a letter
                  signed by
                  an authorized representative of the Derivative Provider, substantially
                  in
                  the form attached hereto as Exhibit One to Addendum A, incorporating
                  into
                  this Agreement and making a part of the indemnification provisions
                  of this
                  Agreement the Company Information provided by it for inclusion
                  in the Free
                  Writing Prospectus and the Prospectus Supplement relating to such
                  Securitization, as of the date of such Free Writing Prospectus
                  or
                  Prospectus Supplement, as applicable.  The Depositor
                  acknowledges and agrees that the Derivative Provider will not participate
                  in the preparation of the Free Writing Prospectus, the Prospectus
                  Supplement or any other offering documents prepared in connection
                  with any
                  Securitization, and the Derivative Provider will not review and
                  is not
                  responsible for any such information, other than the Company Information
                  referenced in the preceding
                  sentence.

              

      

       

      

       

      
        	
                Section
                  6.  

              	
                Additional
                  Termination Events.

              

      

       

      
        	
                (a)            

              	
                (i)
                  Any breach by the Derivative Provider of a representation or warranty
                  set
                  forth in Section 3 to the extent made as of a date prior to a Closing
                  Date, which is not cured by such Closing Date (or, in the case
                  of
                  information required under Section 2(a), the date of printing of
                  the Free
                  Writing Prospectus or Prospectus Supplement, as applicable), or
                  (ii) any
                  breach by the Derivative Provider of a representation or warranty
                  pursuant
                  to Section 3 to the extent made as of a date subsequent to such
                  Closing
                  Date, or (iii) any failure by the Derivative Provider to comply
                  with the
                  requirements of Section 2(a), Section 2(b)(ii) or so much of Section
                  2(b)(iii) as relates to Section 2(a) or 2(b)(ii), in each case
                  with
                  respect to any Securitization, shall immediately and automatically,
                  without notice, constitute an Additional Termination Event under
                  each
                  Derivative Agreement entered into in connection with such Securitization,
                  with respect to which the Derivative Provider shall be the sole
                  Affected
                  Party.

              

      

       

      
        	
                (b)            

              	
                In
                  the event that a replacement entity or replacement derivative agreement
                  has been secured in accordance with Section 2(b)(ii)(B), or a guarantor
                  has been secured in accordance with Section 2(b)(ii)(C), the Derivative
                  Provider shall promptly reimburse the Issuing Entity for all reasonable
                  incidental expenses incurred by the Issuing Entity in connection
                  with the
                  replacement of the Derivative Provider or Derivative Agreement
                  or addition
                  of such guarantor.  The provisions of this paragraph shall not
                  limit whatever rights the Issuing Entity may have under other provisions
                  of this Agreement or otherwise, whether in equity or at law, such
                  as an
                  action for damages, specific performance or injunctive
                  relief.

              

      

       

      
        	
                Section
                  7.  

              	
                Miscellaneous.

              

      

       

      
        	
                (a)            

              	
                Construction.  Throughout
                  this Agreement, as the context requires, (i) the singular tense
                  and number
                  includes the plural, and the plural tense and number includes the
                  singular, (ii) the past tense includes the present, and the present
                  tense
                  includes the past, and (iii) references to parties, sections, schedules,
                  and exhibits mean the parties, sections, schedules, and exhibits
                  of and to
                  this Agreement. The section headings in this Agreement are inserted
                  only
                  as a matter of convenience, and in no way define, limit, extend,
                  or
                  interpret the scope of this Agreement or of any particular
                  section.

              

      

       

      
        	
                (b)            

              	
                Assignment.  No
                  party to this Agreement may assign its rights under this Agreement
                  without
                  the prior written consent of the other parties hereto. Subject
                  to the
                  foregoing, this Agreement shall be binding on and inure to the
                  benefit of
                  the parties and their respective successors and permitted
                  assigns.

              

      

       

      
        	
                (c)            

              	
                Notices.  All
                  notices and other communications hereunder will be in writing (including
                  by facsimile) and effective only upon receipt, and, if sent to
                  the
                  Derivative Provider will be mailed or delivered to Wachovia Bank,
                  N.A.,
                  301 South College Street DC8, Charlotte, North Carolina 28202-0600,
                  facsimile number: (704) 715-0087, Attn: Derivatives Documentation
                  Group,
                  if sent to the Sponsor will be mailed or delivered to Nomura Credit
&
                  Capital, Inc., Two World Financial Center, Building B, 21st
                  Floor, New
                  York, New York 10281, facsimile number: (646) 587-9592, Attn: John
                  Graham,
                  with a copy to the Legal Department, and if sent to the Depositor
                  will be
                  mailed or delivered to Nomura Asset Acceptance Corporation, Two
                  World
                  Financial Center, Building B, 21st
                  Floor, New
                  York, New York 10281, facsimile number: (646) 587-9592, Attn: John
                  Graham,
                  with a copy to the Legal
                  Department.

              

      

       

      
        	
                (d)            

              	
                Governing
                  Law. This Agreement shall be governed by and construed in accordance
                  with
                  the internal laws of the State of New York without regard to the
                  conflict
                  of laws principles thereof (other than Sections 5-1401 and 5-1402
                  of the
                  New York General Obligations Law).

              

      

       

      
        	
                (e)            

              	
                Additional
                  Documents.  Each party hereto agrees to execute any and all
                  further documents and writings and to perform such other actions
                  which may
                  be or become necessary or expedient to effectuate and carry out
                  this
                  Agreement.

              

      

       

      
        	
                (f)            

              	
                Suspension
                  of Obligations. The Derivative Provider’s obligations under this Agreement
                  with respect to any Securitization, including, without limitation,
                  its
                  obligations to provide Company Information, Company Financial Information
                  or any other information required by Regulation AB, obtain a guaranty
                  of
                  it’s obligations, post collateral and secure another entity to replace
                  the
                  Derivative Provider as a party under the applicable Derivative
                  Agreement,
                  shall be terminated beginning in any such year in which the Derivative
                  Provider receives notification from the Administrator that the
                  trust
                  fund’s obligation to file periodic reports under the Exchange Act with
                  respect to such Securitization has been terminated; provided however,
                  the
                  indemnification obligations of the Derivative Provider set forth
                  in this
                  Agreement shall survive the suspension of the Derivative Provider’s other
                  obligations under this Agreement only to the extent of any failure
                  of the
                  Derivative Provider to comply with this Agreement that occurred
                  prior to
                  such suspension of the Exchange Act reporting.  This obligation
                  with respect to any Securitization shall continue to be terminated
                  unless
                  the Administrator or the Depositor notify the Derivative Provider
                  that the
                  trust fund’s obligations to file reports under the Exchange Act with
                  respect to such Securitization has
                  resumed.

              

      

       

      
        	
                (g)            

              	
                Amendment
                  and Waiver.  This Agreement may not be modified or amended
                  except by an instrument in writing signed by the parties hereto.
                  No waiver
                  of any provision of this Agreement or of any rights or obligations
                  of any
                  party under this Agreement shall be effective unless in writing
                  and signed
                  by the party or parties waiving compliance, and shall be effective
                  only in
                  the specific instance and for the specific purpose stated in that
                  writing.

              

      

       

      
        	
                (h)            

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

              

      

       

      
        	
                (i)            

              	
                Severability.  Any
                  provision hereof which is prohibited or unenforceable shall be
                  ineffective
                  only to the extent of such prohibition or unenforceability without
                  invalidating the remaining provisions
                  hereof.

              

      

       

      
        	
                (j)            

              	
                Integration.  This
                  Agreement contains the entire understanding of the parties with
                  respect to
                  the subject matter hereof. There are no restrictions, agreements,
                  promises, representations, warranties, covenants or undertakings
                  with
                  respect to the subject matter hereof other than those expressly
                  set forth
                  or referred to herein. This Agreement supersedes all prior agreements
                  and
                  understandings between the parties with respect to its subject
                  matter.

              

      

       

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      IN
        WITNESS WHEREOF, the parties hereto 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
                  CREDIT & CAPITAL, INC.

              
	 	 
	 	
                By:

              	
                /s/
                  Jeane Leschak

              
	 	
                 Name:

              	
                Jeane
                  Leschak

              
	 	
                Title:

              	
                Director

              
	 	 
	 	 
	 	
                NOMURA
                  ASSET ACCEPTANCE CORPORATION

              
	 	 
	 	
                By:

              	
                /s/
                  John P. Graham

              
	 	
                Name:

              	
                John
                  P. Graham

              
	 	
                Title:

              	
                President

              
	 	 
	 	 
	 	
                WACHOVIA
                  BANK, N.A.

              
	 	 
	 	
                By:

              	
                /s/
                  Spencer Langston

              
	 	
                Name:

              	
                Spencer
                  Langston

              
	 	
                Title:

              	
                Vice
                  President

              

      

       

       

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

       

      Addendum
        A

      

      

      [Reserved]

      

      

      
 

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    EXHIBIT
      Q

     

    ASSIGNMENT,
      ASSUMPTION AND RECOGNITION AGREEMENT

     

    This
      Assignment, Assumption and Recognition Agreement (this “AAR Agreement”) is made
      and entered into as of April 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 May 10, 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 2007-1, Mortgage Pass-Through Certificates,
      Series 2007-1 (the “Certificateholders”), Financial Security Assurance Inc. (the
“Group I Certificate Insurer”) and Ambac Assurance Corporation (the “Class
      II-A-M Certificate Insurer”) pursuant to the Pooling and Servicing Agreement,
      dated as of April 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 Group
      I
      Certificate Insurer and the Class II-A-M Certificate Insurer (in such capacity,
      the “Purchaser”).  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
      2007-1, Mortgage Pass-Through Certificates, Series 2007-1, Ambac Assurance
      Corporation and Financial Security Assurance Inc.” 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, the Group I Certificate Insurer or the Class
      II-A-M Certificate Insurer without the prior written consent of the Master
      Servicer, the Trustee, the Group I Certificate Insurer (with respect to the
      Group I Mortgage Loans) and the Class II-A-M Certificate Insurer (with respect
      to the Group II Mortgage Loans).

     

    6.        The
      Servicer hereby acknowledges that the Trustee, the Group I Certificate Insurer
      (with respect to the Group I Mortgage Loans) and the Class II-A-M Certificate
      Insurer (with respect to the Group II Mortgage Loans) acting pursuant to the
      terms of the Pooling and Servicing Agreement, have 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, the Trustee, the
      Group I Certificate Insurer (with respect to the Group I Mortgage Loans) or
      the
      Class II-A-M Certificate Insurer (with respect to the Group II Mortgage
      Loans).  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, the Group I Certificate Issuer and
      the Class II-A-M Certificate Insurer 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 2007-1 Account # 53149500

     

    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 May
      2007.

     

    “Securities
      Administrator”: Wells Fargo Bank, N.A. or any successor
      thereto.

     

    “Trust”:
      Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series
      2007-1.

     

    “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, the Group I Certificate Insurer, the Class II-A-M
      Certificate Insurer and/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, acceptable to the Trustee, the Group I Certificate Insurer
      and the Class II-A-M Certificate Insurer, 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, the Group
      I Certificate Insurer and the Class II-A-M Certificate Insurer.

     

    (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, the Master Servicer, the Group I Certificate Insurer and
      the
      Class II-A-M Certificate Insurer 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
      following language is added to the end of the definition of “REMIC Provisions”
in Article I of the Servicing Agreement:

     

    “as
      well
      as provisions of applicable state laws”.

     

    (k)  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”.

     

    (l)  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.”

     

    (m)  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”.

     

    (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, the Group I
      Certificate Insurer and the Class II-A-M Certificate Insurer an Opinion of
      Counsel, addressed to the Trustee the Depositor, the Group I Certificate Insurer
      and the Class II-A-M Certificate Insurer, 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, the Trustee, the Group
      I
      Certificate Insurer, and the Class II-A-M Certificate Insurer 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,
      the
      Trustee, the Group I Certificate Insurer, and the Class II-A-M Certificate
      Insurer 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, the Trustee, the Group I Certificate Insurer, and the Class
      II-A-M Certificate Insurer 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, the Trustee, the Group I Certificate Insurer, and
      the Class II-A-M Certificate Insurer, 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, the Trustee, the Group I
      Certificate Insurer, and the Class II-A-M Certificate Insurer in respect of
      such
      claim.  The Company shall follow any written instructions received
      from the Purchaser, Master Servicer, the Trustee, the Group I Certificate
      Insurer, and the Class II-A-M Certificate Insurer in connection with such
      claim.  The Purchaser, Master Servicer, the Trustee, the Group I
      Certificate Insurer, and the Class II-A-M Certificate Insurer 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) or (f)
      or 12.14.”

     

    (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)  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.”

     

    (ll)  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 April 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 2007-1

    Telecopier:
      (410) 715-2380

     

    (d)   
             In
      the
      case of the Group I Certificate Insurer,

     

    Financial
      Security Assurance Inc.

    31
      West
      52nd Street

    New
      York,
      New York 10019

    Attention:
      Transaction Oversight

    Re:
      NAAC
      2007-1

    

    (e)      In
      the
      case of the Class II-A-M Certificate Insurer,

     

    Ambac
      Assurance Corporation

    One
      State
      Street Plaza

    New
      York,
      New York 10004

    Attention:
      General Counsel

    

    (f)           
      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, and consented to in writing by the Group
      I Certificate Insurer and the Class II-A-M Certificate Insurer.

     

    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, the Master Servicer, the Group
      I
      Certificate Insurer and the Class II-A-M Certificate Insurer shall be considered
      third party beneficiaries to this Agreement entitled to all the rights and
      benefits accruing to the the Trustee, the Master Servicer, the Group I
      Certificate Insurer and the Class II-A-M Certificate Insurer, 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:
                

            	 	 
	Name:	
              Jeane
                Leschak

            	 
	Title:	Director	 
	 	 	 

    

     

    
      
        
          	
                  
                    NOMURA
                      ASSET ACCEPTANCE CORPORATION

                    Assignee

                  

                	 
	 	 	 
	
                  By:
                    

                	 	 
	Name:	
                  John
                    P. Graham

                	 
	Title:	President	 
	 	 	 

        

         

      

    

    
      	
              
                
                  WELLS
                    FARGO BANK, N.A.

                  Servicer

                

              

            	 
	 	 	 
	
              By:
                

            	 	 
	Name:	 	 
	Title:	 	 
	 	 	 

    

    
       

      
        ACKNOWLEDGED
          AND AGREED TO:

        HSBC
          BANK
          USA, NATIONAL ASSOCIATION

        Trustee
          for the holders of the Nomura Asset Acceptance Corporation, Alternative
          Loan
          Trust, Series 2007-1, Mortgage Pass-Through Certificates

      

       

    

    
      	
              
                
                   

                

              

            	 
	 	 	 
	
              By:
                

            	 	 
	Name:	 	 
	Title:	 	 
	 	 	 

    

     

    
      ACKNOWLEDGED
        AND AGREED TO:

      WELLS
        FARGO BANK, N.A.

      Master
        Servicer

    

     

    
      	
              
                
                   

                

              

            	 
	 	 	 
	
              By:
                

            	 	 
	Name:	 	 
	Title:	 	 
	 	 	 

    

    
 

    ATTACHMENT
      1

     

    ASSIGNED
      LOAN SCHEDULE

    
      
 

      [To
        Be
        Provided Upon Request]

       

       

    

    ATTACHMENT
      2

     

    SELLER’S
      WARRANTIES AND SERVICING AGREEMENT

     

    

    [To
      Be
      Provided Upon Request]

     

     

    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
      SaleCharge Off

     

    Was
      this loan granted a Bankruptcy deficiency or
      cramdownYes    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

            
	
               

               

            	 	 	 	 	 	 
	
               

               

            	 	 	 	 	 	 
	
               

               

            	 	 	 	 	 	 
	
               

               

            	 	 	 	 	 	 
	
               

               

            	 	 	 	 	 	 
	
               

               

            	 	 	 	 	 	 
	
               

               

            	 	 	 	 	 	 
	
               

               

            	 	 	 	 	 	 

    

    

    ATTACHMENT
      4

     

    BACK-UP
      CERTIFICATION

     

    Re:           __________
      (the “Trust”)

     

    Nomura
      Asset Acceptance Corporation, Alternative Loan Trust, Series 2007-1, Mortgage
      Pass-Through Certificates, Series 2007-1

     

    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
      April 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

     

    

     

    [TO
      BE PROVIDED UPON REQUEST]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      S

     

    FORM
      OF GROUP I POLICY

     

    
      

      ENDORSEMENT
        NO. 1 TO

      FINANCIAL
        GUARANTY INSURANCE POLICY

      

       

      
        
          	
                  FINANCIAL
                    SECURITY

                	
                  31
                    West 52nd
                    Street

                
	
                  ASSURANCE
                    INC.

                	
                  New
                    York, New York 10019

                

        

      

       

      

      
        
          	
                  TRUST:

                	
                  The
                    Trust created by the Pooling and Servicing Agreement, dated as
                    of April 1,
                    2007 among 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 and Securities Administrator
                    and HSBC Bank USA, National Association, as Trustee.

                
	 	 
	
                  INSURED

                  CERTIFICATES:

                	
                  $403,871,000
                    Nomura Asset Acceptance Corporation, Alternative Loan Trust,
                    Series
                    2007-1, Mortgage Pass-Through Certificates, Series 2007-1, Class
                    I-A-3,
                    Class I-A-4, Class I-A-5 and Class I-A-6 Certificates.

                
	 	 
	 POLICY
                  NO:	 51833-N
	 	 
	 DATE
                  OF ISSUANCE:	 May
                  10, 2007

        

      

       

      

      1.           Definitions.  For
        all purposes of this Policy, the terms specified below shall have the meanings
        or constructions provided below. Capitalized terms used herein and not otherwise
        defined herein shall have the meanings provided in the Pooling Agreement
        unless
        the context shall otherwise require.

      

      "Business
        Day" means any day
        other than (i) a Saturday or Sunday, legal holiday, or (ii) a day on
        which banking institutions in New York or Delaware, or the city in which
        the
        Corporate Trust Office of the Trustee are authorized or obligated by law,
        executive order or governmental decree to be closed.

      

      "Policy"
        means this Financial
        Guaranty Insurance Policy and includes each endorsement thereto.

      

      "Pooling
        Agreement" means the
        Pooling and Servicing Agreement, dated as of April 1, 2007 among 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 and Securities Administrator and HSBC Bank USA, National
        Association, as Trustee, as amended from time to time with the consent of
        Financial Security.

      

      "Receipt"
        and "Received"
        mean actual delivery to Financial Security and to the Fiscal Agent (as defined
        below), if any, prior to 12:00 noon, New York City time, on a Business Day;
        delivery either on a day that is not a Business Day, or after 12:00 noon,
        New
        York City time, shall be deemed to be receipt on the next succeeding Business
        Day. If any notice or certificate given hereunder by the Securities
        Administrator is not in proper form or is not properly completed, executed
        or
        delivered, or contains any misstatement, it shall be deemed not to have been
        Received, and Financial Security or its Fiscal Agent shall promptly so advise
        the Securities Administrator and the Securities Administrator may submit
        an
        amended notice.

      

      "Scheduled
        Payments" means, with respect to each Distribution Date, the distribution to
        be made to Holders in an aggregate amount equal to (i) with respect to any
        Distribution Date, the amount, if any, by which the Interest Remittance Amount
        available to be distributed to the Insured Certificates pursuant to the priority
        of payment set forth in the Pooling Agreement is less than the Interest
        Distribution Amount allocable to the Insured Certificates, (ii) with respect
        to
        any Distribution Date other than the Last Scheduled Distribution Date, the
        amount of Realized Losses, if any, allocated to any class of the Insured
        Certificates and (iii) to the extent unpaid on the Last Scheduled Distribution
        Date, after payment of all other amounts due to the Insured Certificates,
        any
        remaining Certificate Principal Balance of the Insured Certificates, in each
        case in accordance with the original terms of the Insured Certificates when
        issued and without regard to any amendment or modification of the Insured
        Certificates or the Pooling Agreement except amendments or modifications
        to
        which Financial Security has given its prior written
        consent.  Financial Security may consent to any amendment of, or
        modification to, the Pooling Agreement as permitted by the Pooling Agreement
        which affects the Insured Certificates or Financial Security; provided,
however, that no such amendment or modification shall, without the
        consent of the Holder, change the entitlement of the Holder to payment under
        this Policy of any unpaid principal of the Insured Certificates due on the
        Last
        Scheduled Distribution Date or any other Distribution Date, or any unpaid
        interest thereon due on any Distribution Date. Scheduled Payments shall not
        include, nor shall coverage be provided under this Policy in respect of,
        any
        taxes, withholding or other charge imposed by any governmental authority
        due in
        connection with the payment of any Scheduled Payment to a Holder, and Interest
        Shortfalls or Net WAC Rate Carryover Amounts that may be incurred or that
        may be
        distributable to the Insured Certificates.  Scheduled Payments shall
        not include payments that become due on an accelerated basis as a result
        of a
        default by the Issuer, an election by the Issuer to pay principal on an
        accelerated basis or any other cause, unless Financial Security elects, in
        its
        sole discretion, to pay in whole or in part such principal due upon
        acceleration, together with any accrued interest to the date of acceleration.
        In
        the event Financial Security does not so elect, this Policy will continue
        to
        guarantee payment on the Insured Certificates in accordance with their original
        terms.  Scheduled Payments shall not include any amounts due in
        respect of the Insured Certificates attributable to any increase in interest
        rate, penalty or other sum payable by the Issuer by reason of any default
        or
        event of default in respect of the Insured Certificates, or by reason of
        any
        deterioration of the creditworthiness of the Issuer.

      

      "Securities
        Administrator" means Wells Fargo Bank, N.A., and its succesors and assigns,
        in its capacity as securities administrator under the Pooling and Servicing
        Agreement.

      

      "Term
        Of This Policy" means the period from and including the Date of Issuance to
        and including the date on which (i) the Certificate Principal Balance of
        all of
        the Insured Certificates is reduced to zero after giving effect to all payments,
        (ii) any period during which any payment on the Insured Certificates could
        have
        been avoided in whole or in part as a preference payment under applicable
        bankruptcy, insolvency, receivership or similar law has expired, and (iii)
        if
        any proceedings requisite to avoidance as a preference payment have been
        commenced prior to the occurrence of (i) and (ii), a final and nonappealable
        order in resolution of each such proceeding has been entered.

       

      "Trustee"
        means HSBC Back USA, National Association, in its capacity as Trustee under
        the
        Pooling Agreement and any successor in such capacity.

      

      2.           Notices
        and Conditions to Payment in Respect of Scheduled
        Payments.  Following Receipt by Financial Security of a notice and
        certificate from the Securities Administrator, on behalf of the Trustee in
        the
        form attached as Exhibit A to this Endorsement, Financial Security will pay
        any amount payable hereunder in respect of Scheduled Payments out of the
        funds
        of Financial Security on the later to occur of (a) 12:00 noon, New York
        City time, on the second Business Day following such Receipt; and (b) 12:00
        noon, New York City time, on the Distribution Date to which such claim
        relates.  Payments due hereunder in respect of Scheduled Payments will
        be disbursed by wire transfer of immediately available funds to the Policy
        account established pursuant to the Pooling Agreement or, if no such Policy
        account has been established, to the Securities Administrator, on behalf
        of the
        Trustee.

      

      Financial
        Security shall be entitled to
        pay any amount hereunder in respect of Scheduled Payments, including any
        acceleration payment, whether or not any notice and certificate shall have
        been
        Received by Financial Security as provided above, provided, however, that
        by
        acceptance of this Policy the Securities Administrator, on behalf of the
        Trustee
        agrees to provide to Financial Security, upon Financial Security’s request to
        the Securities Administrator or the Trustee, a notice and certificate in
        respect
        of any such payments made by Financial Security.  Financial Security
        shall be entitled to pay principal hereunder on an
        accelerated basis if Financial Security shall so elect in its sole discretion,
        at any time or from time to time, in whole or in part, at an earlier
        Distribution Date than provided in the definition of "Scheduled Payments,"
        if
        such principal would have been payable under the Pooling Agreement were funds
        sufficient to make such payment available to the Securities Administrator,
        on
        behalf of the Trustee for such purpose. Scheduled Payments insured hereunder
        shall not include interest, in respect of principal paid hereunder on an
        accelerated basis, accruing from after the date of such payment of principal.
        Financial Security’s obligations hereunder in respect of Scheduled Payments
        shall be discharged to the extent funds are disbursed by Financial Security
        as
        provided herein whether or not such funds are properly applied by the Securities
        Administrator, on behalf of the Trustee.

      

      3.           Notices
        and Conditions to Payment in Respect of Scheduled Payments Avoided as Preference
        Payments.  If any Scheduled Payment is avoided as a preference
        payment under applicable bankruptcy, insolvency, receivership or similar
        law,
        Financial Security will pay such amount out of the funds of Financial Security
        on the later of (a) the date when due to be paid pursuant to the Order referred
        to below or (b) the first to occur of (i) the fourth Business Day following
        Receipt by Financial Security from the Trustee or the Securities Administrator,
        on behalf of the Trustee of (A) a certified copy of the order of the court
        or
        other governmental body which exercised jurisdiction to the effect that the
        Holder is required to return principal or interest distributed with respect
        to
        the Insured Certificates during the Term Of This Policy because such
        distributions were avoidable as preference payments under applicable bankruptcy
        law (the "Order"), (B) a certificate of the Holder that the Order has been
        entered and is not subject to any stay and (C) an assignment duly executed
        and
        delivered by the Holder, in such form as is reasonably required by Financial
        Security and provided to the Holder by Financial Security, irrevocably assigning
        to Financial Security all rights and claims of the Holder relating to or
        arising
        under the Insured Certificates against the debtor which made such preference
        payment or otherwise with respect to such preference payment or (ii) the
        date of
        Receipt by Financial Security from the Trustee, or the Securities Administrator,
        on behalf of the Trustee, of the items referred to in clauses (A), (B) and
        (C)
        above if, at least four Business Days prior to such date of Receipt, Financial
        Security shall have Received written notice from the Trustee, or the Securities
        Administrator, on behalf of the Trustee, that such items were to be delivered
        on
        such date and such date was specified in such notice. Such payment shall
        be
        disbursed to the receiver, conservator, debtor-in-possession or trustee in
        bankruptcy named in the Order and not to the Trustee, or the Securities
        Administrator, on behalf of the Trustee, or any Holder directly (unless a
        Holder
        has previously paid such amount to the receiver, conservator,
        debtor-in-possession or trustee in bankruptcy named in the Order, in which
        case
        such payment shall be disbursed to the Securities Administrator for distribution
        to such Holder upon proof of such payment reasonably satisfactory to Financial
        Security). In connection with the foregoing, Financial Security shall have
        the
        rights provided pursuant to the Pooling Agreement.

      

      4.           Governing
        Law.  This Policy shall be governed by and construed in accordance
        with the laws of the State of New York, without giving effect to the
        conflict of laws principles thereof.

      

      5.           Fiscal
        Agent.  At any time during the Term Of This Policy, Financial
        Security may appoint a fiscal agent (the "Fiscal Agent") for purposes of
        this
        Policy by written notice to the Securities Administrator on behalf of the
        Trustee at the notice address specified in the Pooling Agreement specifying
        the
        name and notice address of the Fiscal Agent.  From and after the date
        of receipt of such notice by the Securities Administrator, (i) copies of
        all
        notices and documents required to be delivered to Financial Security pursuant
        to
        this Policy shall be simultaneously delivered to the Fiscal Agent and to
        Financial Security and shall not be deemed Received until Received by both
        and
        (ii) all payments required to be made by Financial Security under this Policy
        may be made directly by Financial Security or by the Fiscal Agent on behalf
        of
        Financial Security.  The Fiscal Agent is the agent of Financial
        Security only and the Fiscal Agent shall in no event be liable to any Holder
        for
        any acts of the Fiscal Agent or any failure of Financial Security to deposit,
        or
        cause to be deposited, sufficient funds to make payments due under this
        Policy.

      

      6.           Waiver
        of Defenses.  To the fullest extent permitted by applicable law,
        Financial Security agrees not to assert, and hereby waives, for the benefit
        of
        each Holder, all rights (whether by counterclaim, setoff or otherwise) and
        defenses (including, without limitation, the defense of fraud), whether acquired
        by subrogation, assignment or otherwise, to the extent that such rights and
        defenses may be available to Financial Security to avoid payment of its
        obligations under this Policy in accordance with the express provisions of
        this
        Policy.  Nothing in this paragraph shall be construed to limit or
        otherwise impair Financial Security’s right to pursue recovery or claims (based
        on contractual rights, securities law violations, fraud or other causes of
        action) against any person or entity, or, except as provided in paragraph
        3 of
        this Endorsement, to require payment by Financial Security of any amounts
        that
        have been previously paid or that are not otherwise due in accordance with
        the
        express provisions of this Policy or the Insured
        Certificates.  Nothing in this Policy shall be construed to require
        payment to the extent any force majeure event or governmental act prevents
        Financial Security from performing its obligations under this Policy or such
        performance is otherwise rendered impossible, in which event Financial Security
        agrees to: (a) use commercially reasonable efforts to perform its obligations
        under this Policy notwithstanding such force majeure event, governmental
        act or
        impossibility of performance and (b) perform its obligations under this Policy
        promptly following cessation of such force majeure, governmental act or
        impossibility of performance.

      

      7.           Notices.  All
        notices to be given hereunder shall be in writing (except as otherwise
        specifically provided herein) and shall be mailed by registered mail or
        personally delivered or telecopied to Financial Security as
        follows:

      

      Financial
        Security Assurance
        Inc.

      31
        West 52nd
        Street

      New
        York,
        NY  10019

      Attention:  Managing
        Director – Transaction Oversight

      Re:
        Nomura Asset Acceptance
        Corporation, Alternative Loan Trust, Series2007-1

      Policy
        No.:  51833-N

      Telecopy
        No.:  (212)
        339-3518

      Confirmation:  (212)
        826-0100

      

      Financial
        Security may specify a different address or addresses by writing mailed or
        delivered to the Trustee.

      

      8.           Priorities.  In
        the event any term or provision on the face of this Policy is inconsistent
        with
        the provisions of this Endorsement, the provisions of this Endorsement shall
        take precedence and shall be binding.

      

      9.           Exclusions
        From Insurance Guaranty Funds.  This Policy is not covered by the
        Property/Casualty Insurance Security Fund specified in Article 76 of the
        New
        York Insurance Law. This Policy is not covered by the Florida Insurance Guaranty
        Association created under Part II of Chapter 631 of the Florida Insurance
        Code.  In the event Financial Security were to become insolvent, any
        claims arising under this Policy are excluded from coverage by the California
        Insurance Guaranty Association, established pursuant to Article 14.2 of Chapter
        1 of Part 2 of Division 1 of the California Insurance Code.

      

      10.           Surrender
        of Policy.  The Trustee shall surrender this Policy to Financial
        Security for cancellation upon expiration of the Term Of This
        Policy.

      

      

      IN
        WITNESS WHEREOF, FINANCIAL SECURITY
        ASSURANCE INC. has caused this Endorsement No. l to be executed by its
        Authorized Officer.

      

      

      FINANCIAL
        SECURITY ASSURANCE
        INC.

      

      

      By
                                                                           

      Authorized
        Officer

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      Exhibit
        A

      To
        Endorsement 1

      

      

      NOTICE
        OF CLAIM AND CERTIFICATE

      

      (Letterhead
        of Securities Administrator)

      

      Financial
        Security Assurance Inc.

      31
        West
        52nd
        Street

      New
        York,
        NY  10019

      

       

        
          	
                  Re:
                    Nomura Asset Acceptance Corporation, Alternative Loan Trust,
                    Series
                    2007-1, Mortgage Pass-Through Certificates, Series 2007-1, Class
                    I-A-3,
                    Class I-A-4, Class I-A-5 and Class
                    I-A-6

                

        

      

      
 

      The
        undersigned, a duly authorized
        officer of Wells Fargo Bank, N.A. (the " Securities Administrator "), hereby
        certifies to Financial Security Assurance Inc. ("Financial Security"), with
        reference to Financial Guaranty Insurance Policy No. 51833-N dated May 10,
        2007
        (the "Policy") issued by Financial Security in respect of the Nomura Asset
        Acceptance Corporation, Alternative Loan Trust, Series 2007-1, Mortgage
        Pass-Through Certificates, Series 2007-1, Class I-A-3, Class I-A-4, Class
        I-A-5
        and Class I-A-6 (the "Insured Certificates"), that:

      

      (i)           The
        Securities Administrator is acting on behalf of the Trustee for the Holders
        under the Pooling Agreement.

      

      (ii)           The
        sum of all amounts on deposit (or scheduled to be on deposit) in the
        Distribution Account and available for distribution to the Holders pursuant
        to
        the Pooling Agreement will be
        $           (the
        "Shortfall") less than the Scheduled Payments with respect to the Distribution
        Date.

      

      (iii)           The
        Securities Administrator is making a claim under the Policy for the Shortfall
        to
        be applied to distributions of principal or interest or both with respect
        to the
        Insured Certificates.

      

      (iv)           The
        Securities Administrator agrees that, following receipt of funds from Financial
        Security, it shall (a) hold such amounts in trust and apply the same
        directly to the payment of Scheduled Payments on the Insured Certificates
        when
        due; (b) not apply such funds for any other purpose; (c) not commingle
        such funds with other funds held by the Trustee and (d) maintain an
        accurate record of such payments with respect to each Insured Certificate
        and
        the corresponding claim on the Policy and proceeds thereof and, if the Insured
        Certificate is required to be surrendered or presented for such payment,
        shall
        stamp on each such Insured Certificate the legend "$[insert applicable amount]
        paid by Financial Security and the balance hereof has been cancelled and
        reissued" and then shall deliver such Insured Certificate to Financial
        Security.

      

      (v)           The
        Securities Administrator for the benefit of the Trustee, on behalf of the
        Holders, hereby assigns to Financial Security (a) the rights of the Holders
        with
        respect to the Insured Certificates to the extent of any payments under the
        Policy and (b) any claims of and amounts due to the Holders in respect of
        securities law, fraud or other claims arising out of or relating to the offer
        and sale of the Insured Certificates. The foregoing assignments are in addition
        to, and not in limitation of, rights of subrogation otherwise available to
        Financial Security in respect of such payments.  Payments to Financial
        Security in respect of the foregoing assignments shall in all cases be subject
        to and subordinate to the rights of the Holders to receive all Scheduled
        Payments in respect of the Insured Certificates.  The Securities
        Administrator for the benefit of the Trustee shall take such action and deliver
        such instruments as may be reasonably requested or required by Financial
        Security to effectuate the purpose or provisions of this clause
        (v).

      

      (vi)           The
        Securities Administrator, on its behalf, on behalf of the Trustee and on
        behalf
        of the Holders hereby appoints Financial Security as agent and attorney-in-fact
        for the Trustee and each such Holder in any legal proceeding with respect
        to the
        Insured Certificates.  The Securities Administrator on its behalf, on
        behalf of the Trustee and on behalf of the Holders, hereby agrees that, so
        long
        as a Certificate Insurer Default (as defined in the Pooling Agreement) shall
        not
        exist, Financial Security may at any time during the continuation of any
        proceeding by or against the Trust under the United States Bankruptcy Code
        or
        any other applicable bankruptcy, insolvency, receivership, rehabilitation
        or
        similar law (an "Insolvency Proceeding") direct all matters relating to such
        Insolvency Proceeding, including without limitation, (A) all matters relating
        to
        any claim in connection with an Insolvency Proceeding seeking the avoidance
        as a
        preferential transfer of any distribution made with respect to the Insured
        Certificates (a "Preference Claim"), (B) the direction of any appeal of any
        order relating to any Preference Claim, at the expense of Financial Security
        but
        subject to reimbursement as provided in the Pooling Agreement and (C) the
        posting of any surety, supersedeas or performance bond pending any such appeal.
        In addition, the Securities Administrator, on behalf of the Trustee, hereby
        agrees that Financial Security shall be subrogated to, and the Securities
        Administrator, on behalf of the Trustee, on behalf of each Holder, hereby
        delegates and assigns, to the fullest extent permitted by law, the rights
        of the
        Securities Administrator, the Trustee and each Holder in the conduct of any
        Insolvency Proceeding, including, without limitation, all rights of any party
        to
        an adversary proceeding or action with respect to any court order issued
        in
        connection with any such Insolvency Proceeding.

      

      (vii)           Payment
        should be made by wire transfer directed to Distribution Account.

      

      Unless
        the context otherwise requires,
        capitalized terms used in this Notice of Claim and Certificate and not defined
        herein shall have the meanings provided in the Policy.

      

      

      IN
        WITNESS WHEREOF, the Securities
        Administrator on behalf of the Trustee has executed and delivered this Notice
        of
        Claim and Certificate as of the
            
        day of           ,
       .

      

      
        
          	
                  WELLS
                    FARGO BANK, N.A.

                
	 
	 
	 
	
                  By        ___________________________________                                             

                
	
                  Title     ___________________________________                                            

                

        

      

      
 

       

      
        
          	
                   

                

        

      For
        Financial Security or Fiscal Agent Use Only

      

      Wire
        transfer sent on
                     
        by
                                                        

      

      Confirmation
        Number
                   

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      T

     

    FORM
      OF CLASS II-A-M POLICY

     

    
      
        	
                Insured
                  Obligations:

              	
                Policy
                  Number: AB1078BE

              
	
                Nomura
                  Asset Acceptance Corporation, Alternative Loan Trust.

                Series
                  2007-1, Mortgage Pass-Through Certificates, Class
                  II-A-M

              

      

      

      
        	 	
                Premium:

              	
                As
                  specified in the endorsement attached hereto and made a part
                  hereof.

                 

              

      

       

      Ambac
        Assurance Corporation (Ambac), a Wisconsin stock insurance corporation,
        in consideration of the payment of the premium and subject to the terms of
        this
        Policy, hereby agrees unconditionally and irrevocably to pay to the Trustee
        for
        the benefit of the Holders of the Insured Obligations, that portion of the
        Insured Amounts which shall become Due for Payment but shall be unpaid by
        reason
        of Nonpayment.

       

      Ambac
        will make such payments to the Trustee from its own funds on the later of
        (a)
        one (1) Business Day following notification to Ambac of Nonpayment or (b)
        the
        Business Day on which the Insured Amounts are Due for Payment. Such payments
        of
        principal or interest shall be made only upon presentation of an instrument
        of
        assignment in form and substance satisfactory to Ambac, transferring to Ambac
        all rights under such Insured Obligations to receive the principal of and
        interest on the Insured Obligation. Ambac shall be suhrogated to all the
        Holders' rights to payment on the Insured Obligations to the extent of the
        insurance disbursements so made. Once payments of the Insured Amounts have
        been
        made to the Trustee, Ambac shall have no further obligation hereunder in
        respect
        of such Insured Amounts.

       

      In
        the
        event the Trustee for the Insured Obligations has notice that any payment
        of
        principal or interest on an Insured Obligation which has become Due for Payment
        and which is made to a Holder by or on behalf of the Trustee has been deemed
        a
        preferential transfer and theretofore recovered from its Holder pursuant
        to the
        United States Bankruptcy Code in accordance with a final, nonappealable order
        of
        a court of competent jurisdiction, such Holder will be entitled to payment
        from
        Ambac to the extent of such recovery if sufficient funds are not otherwise
        available.

       

      This
        Policy is noncancelable by Ambac for any reason, including failure to receive
        payment of any premium due hereunder. The premium on this Policy is not
        refundable for any reason. This Policy does not insure against loss of any
        prepayment or other acceleration payment which at any time may become due
        in
        respect of any Insured Obligation, other than at the sole option of Ambac,
        nor
        against any risk other than Nonpayment, including failure of the Trustee
        to make
        any payment due Holders of Insured Amounts.

       

      To
        the
        fullest extent permitted by applicable law, Ambac hereby waives and agrees
        not
        to assert any and all rights and defenses, to the extent such rights and
        defenses may be available to Ambac, to avoid payment of its obligations under
        this Policy in accordance with the express provisions hereof.

       

      Any
        capitalized terms not defined herein shall have the meaning given such terms
        in
        the endorsement attached hereto or in the Agreement.

       

      In
        witness whereof, Ambac has caused this Policy to be affixed with its corporate
        seal and to be signed by its duly authorized officers in facsimile to become
        effective as their original signatures and binding upon Ambac by virtue of
        the
        countersignature of its duly authorized representative.

       

       

      
        	
                President

                 

                 

                 

              	
                Secretary

              
	
                Effective
                  Date:    May 10, 2007

              	
                Authorized
                  Representative:

              

      

      

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

     

    

    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 SCHEDULE

     

    
      
        
          	
                  Distribution
                    Date

                	
                  Aggregate
                    Principal Balance ($)

                
	
                  March
                    25, 2027

                	
                  608,203.93

                
	
                  April
                    25, 2027

                	
                  598,880.26

                
	
                  May
                    25, 2027

                	
                  589,690.69

                
	
                  June
                    25, 2027

                	
                  580,633.35

                
	
                  July
                    25, 2027

                	
                  571,706.39

                
	
                  August
                    25, 2027

                	
                  562,907.99

                
	
                  September
                    25, 2027

                	
                  554,236.37

                
	
                  October
                    25, 2027

                	
                  545,689.74

                
	
                  November
                    25, 2027

                	
                  537,266.37

                
	
                  December 25,
                    2027

                	
                  528,964.54

                
	
                  January
                    25, 2028

                	
                  520,782.54

                
	
                  February
                    25, 2028

                	
                  512,718.71

                
	
                  March
                    25, 2028

                	
                  504,771.39

                
	
                  April
                    25, 2028

                	
                  496,938.95

                
	
                  May
                    25, 2028

                	
                  489,219.79

                
	
                  June
                    25, 2028

                	
                  481,612.32

                
	
                  July
                    25, 2028

                	
                  474,114.98

                
	
                  August
                    25, 2028

                	
                  466,726.24

                
	
                  September
                    25, 2028

                	
                  459,444.56

                
	
                  October
                    25, 2028

                	
                  452,268.46

                
	
                  November
                    25, 2028

                	
                  445,196.45

                
	
                  December 25,
                    2028

                	
                  438,227.07

                
	
                  January
                    25, 2029

                	
                  431,358.89

                
	
                  February
                    25, 2029

                	
                  424,590.50

                
	
                  March
                    25, 2029

                	
                  417,920.48

                
	
                  April
                    25, 2029

                	
                  411,347.47

                
	
                  May
                    25, 2029

                	
                  404,870.10

                
	
                  June
                    25, 2029

                	
                  398,487.04

                
	
                  July
                    25, 2029

                	
                  392,196.95

                
	
                  August
                    25, 2029

                	
                  385,998.53

                
	
                  September
                    25, 2029

                	
                  379,890.50

                
	
                  October
                    25, 2029

                	
                  373,871.58

                
	
                  November
                    25, 2029

                	
                  367,940.53

                
	
                  December 25,
                    2029

                	
                  362,096.11

                
	
                  January
                    25, 2030

                	
                  356,337.11

                
	
                  February
                    25, 2030

                	
                  350,662.31

                
	
                  March
                    25, 2030

                	
                  345,070.55

                
	
                  April
                    25, 2030

                	
                  339,560.65

                
	
                  May
                    25, 2030

                	
                  334,131.45

                
	
                  June
                    25, 2030

                	
                  328,781.83

                
	
                  July
                    25, 2030

                	
                  323,510.66

                
	
                  August
                    25, 2030

                	
                  318,316.84

                
	
                  September
                    25, 2030

                	
                  313,199.28

                
	
                  October
                    25, 2030

                	
                  308,156.90

                
	
                  November
                    25, 2030

                	
                  303,188.65

                
	
                  December 25,
                    2030

                	
                  298,293.48

                
	
                  January
                    25, 2031

                	
                  293,470.36

                
	
                  February
                    25, 2031

                	
                  288,718.27

                
	
                  March
                    25, 2031

                	
                  284,036.21

                
	
                  April
                    25, 2031

                	
                  279,423.19

                
	
                  May
                    25, 2031

                	
                  274,878.24

                
	
                  June
                    25, 2031

                	
                  270,400.39

                
	
                  July
                    25, 2031

                	
                  265,988.71

                
	
                  August
                    25, 2031

                	
                  261,642.24

                
	
                  September
                    25, 2031

                	
                  257,360.08

                
	
                  October
                    25, 2031

                	
                  253,141.31

                
	
                  November
                    25, 2031

                	
                  248,985.03

                
	
                  December 25,
                    2031

                	
                  244,890.36

                
	
                  January
                    25, 2032

                	
                  240,856.43

                
	
                  February
                    25, 2032

                	
                  236,882.38

                
	
                  March
                    25, 2032

                	
                  232,967.36

                
	
                  April
                    25, 2032

                	
                  229,110.53

                
	
                  May
                    25, 2032

                	
                  225,311.07

                
	
                  June
                    25, 2032

                	
                  221,568.17

                
	
                  July
                    25, 2032

                	
                  217,881.02

                
	
                  August
                    25, 2032

                	
                  214,248.83

                
	
                  September
                    25, 2032

                	
                  210,670.82

                
	
                  October
                    25, 2032

                	
                  207,146.23

                
	
                  November
                    25, 2032

                	
                  203,674.29

                
	
                  December 25,
                    2032

                	
                  200,254.25

                
	
                  January
                    25, 2033

                	
                  196,885.38

                
	
                  February
                    25, 2033

                	
                  193,566.96

                
	
                  March
                    25, 2033

                	
                  190,298.25

                
	
                  April
                    25, 2033

                	
                  187,078.56

                
	
                  May
                    25, 2033

                	
                  183,907.19

                
	
                  June
                    25, 2033

                	
                  180,783.45

                
	
                  July
                    25, 2033

                	
                  177,706.66

                
	
                  August
                    25, 2033

                	
                  174,676.15

                
	
                  September
                    25, 2033

                	
                  171,691.26

                
	
                  October
                    25, 2033

                	
                  168,751.35

                
	
                  November
                    25, 2033

                	
                  165,855.77

                
	
                  December 25,
                    2033

                	
                  163,003.88

                
	
                  January
                    25, 2034

                	
                  160,195.06

                
	
                  February
                    25, 2034

                	
                  157,428.71

                
	
                  March
                    25, 2034

                	
                  154,704.21

                
	
                  April
                    25, 2034

                	
                  152,020.96

                
	
                  May
                    25, 2034

                	
                  149,378.37

                
	
                  June
                    25, 2034

                	
                  146,775.86

                
	
                  July
                    25, 2034

                	
                  144,212.87

                
	
                  August
                    25, 2034

                	
                  141,688.81

                
	
                  September
                    25, 2034

                	
                  139,203.14

                
	
                  October
                    25, 2034

                	
                  136,755.30

                
	
                  November
                    25, 2034

                	
                  134,344.76

                
	
                  December 25,
                    2034

                	
                  131,970.97

                
	
                  January
                    25, 2035

                	
                  129,633.42

                
	
                  February
                    25, 2035

                	
                  127,331.57

                
	
                  March
                    25, 2035

                	
                  125,064.92

                
	
                  April
                    25, 2035

                	
                  122,832.96

                
	
                  May
                    25, 2035

                	
                  120,635.20

                
	
                  June
                    25, 2035

                	
                  118,471.14

                
	
                  July
                    25, 2035

                	
                  116,340.29

                
	
                  August
                    25, 2035

                	
                  114,242.18

                
	
                  September
                    25, 2035

                	
                  112,176.34

                
	
                  October
                    25, 2035

                	
                  110,142.30

                
	
                  November
                    25, 2035

                	
                  108,139.60

                
	
                  December 25,
                    2035

                	
                  106,167.80

                
	
                  January
                    25, 2036

                	
                  104,226.45

                
	
                  February
                    25, 2036

                	
                  102,315.10

                
	
                  March
                    25, 2036

                	
                  100,433.32

                
	
                  April
                    25, 2036

                	
                  98,580.69

                
	
                  May
                    25, 2036

                	
                  96,756.79

                
	
                  June
                    25, 2036

                	
                  94,961.20

                
	
                  July
                    25, 2036

                	
                  93,193.50

                
	
                  August
                    25, 2036

                	
                  91,453.31

                
	
                  September
                    25, 2036

                	
                  89,740.21

                
	
                  October
                    25, 2036

                	
                  88,053.82

                
	
                  November
                    25, 2036

                	
                  86,393.75

                
	
                  December 25,
                    2036

                	
                  84,759.62

                
	
                  January
                    25, 2037

                	
                  83,151.05

                
	
                  February
                    25, 2037

                	
                  81,567.66

                
	
                  March
                    25, 2037

                	
                  80,009.11

                

        

        

      

       

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
      TWO

     

    COVERAGE
      PERCENTAGE UNDER PMI POLICY

     

    [To
      Be Provided Upon Request]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00125-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00125-of-00352.parquet"}]]