Document:

EXECUTION

       

      

      STRUCTURED
        ASSET SECURITIES CORPORATION, as Depositor,

       

      AURORA
        LOAN SERVICES LLC, as Master Servicer,

       

      and

       

      WELLS
        FARGO BANK, N.A., AS TRUSTEE

       

      ___________________________

       

      TRUST
        AGREEMENT

       

      Dated
        as
        of May 1, 2007

      ___________________________

       

      STRUCTURED
        ASSET SECURITIES CORPORATION 

      MORTGAGE
        LOAN TRUST 2007-OSI

      MORTGAGE
        PASS-THROUGH CERTIFICATES

      SERIES
        2007-OSI

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      TABLE
        OF
        CONTENTS

       

      Page

       

      
        	
                 ARTICLE
                  I DEFINITIONS

              
	 	 	 
	
                Section
                  1.01.

              	
                Definitions.

              	
                16

              
	
                Section
                  1.02.

              	
                Calculations
                  Respecting Mortgage Loans.

              	
                64

              
	
                Section
                  1.03.

              	
                Calculations
                  Respecting Accrued Interest.

              	
                64

              
	 
	
                ARTICLE
                  II DECLARATION OF TRUST; ISSUANCE OF CERTIFICATES

              
	 
	
                Section
                  2.01.

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

              	
                64

              
	
                Section
                  2.02.

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

              	
                69

              
	
                Section
                  2.03.

              	
                Representations
                  and Warranties of the Depositor.

              	
                70

              
	
                Section
                  2.04.

              	
                Discovery
                  of Breach.

              	
                72

              
	
                Section
                  2.05.

              	
                Repurchase,
                  Purchase or Substitution of Mortgage Loans.

              	
                72

              
	
                Section
                  2.06.

              	
                Grant
                  Clause.

              	
                73

              
	 
	
                ARTICLE
                  III THE CERTIFICATES

              
	 
	
                Section
                  3.01.

              	
                The
                  Certificates.

              	
                75

              
	
                Section
                  3.02.

              	
                Registration.

              	
                76

              
	
                Section
                  3.03.

              	
                Transfer
                  and Exchange of Certificates.

              	
                76

              
	
                Section
                  3.04.

              	
                Cancellation
                  of Certificates.

              	
                83

              
	
                Section
                  3.05.

              	
                Replacement
                  of Certificates.

              	
                83

              
	
                Section
                  3.06.

              	
                Persons
                  Deemed Owners.

              	
                83

              
	
                Section
                  3.07.

              	
                Temporary
                  Certificates.

              	
                83

              
	
                Section
                  3.08.

              	
                Appointment
                  of Paying Agent.

              	
                84

              
	
                Section
                  3.09.

              	
                Book-Entry
                  Certificates.

              	
                85

              
	 
	
                ARTICLE
                  IV ADMINISTRATION OF THE TRUST FUND

              
	 
	
                Section
                  4.01.

              	
                Collection
                  Account.

              	
                86

              
	
                Section
                  4.02.

              	
                Application
                  of Funds in the Collection Account.

              	
                88

              
	
                Section
                  4.03.

              	
                Reports
                  to Certificateholders.

              	
                90

              
	
                Section
                  4.04.

              	
                Certificate
                  Account.

              	
                95

              
	
                Section
                  4.05.

              	
                [Reserved].

              	
                96

              
	 
	
                ARTICLE
                  V DISTRIBUTIONS TO HOLDERS OF CERTIFICATES

              
	 
	
                Section
                  5.01.

              	
                Distributions
                  Generally.

              	
                96

              
	
                Section
                  5.02.

              	
                Distributions
                  from the Certificate Account.

              	
                97

              
	
                Section
                  5.03.

              	
                Allocation
                  of Losses.

              	
                111

              
	
                Section
                  5.04.

              	
                Advances
                  by Master Servicer, Servicers and Trustee.

              	
                112

              
	
                Section
                  5.05.

              	
                Compensating
                  Interest Payments.

              	
                113

              
	
                Section
                  5.06.

              	
                Basis
                  Risk Reserve Fund.

              	
                113

              
	
                Section
                  5.07.

              	
                Supplemental
                  Interest Trust.

              	
                114

              
	
                Section
                  5.08.

              	
                Rights
                  of Swap Counterparty.

              	
                117

              
	
                Section
                  5.09.

              	
                Termination
                  Receipts.

              	
                117

              
	
                Section
                  5.10.

              	
                Final
                  Maturity Reserve Trust.

              	
                119

              

      

       

      
        
          
          

        

        
          i

          
            

          

        

        
          
          

        

      

       

      
        	
                ARTICLE
                  VI CONCERNING THE TRUSTEE; EVENTS OF DEFAULT

              
	 
	
                Section
                  6.01.

              	
                Duties
                  of Trustee.

              	
                120

              
	
                Section
                  6.02.

              	
                Certain
                  Matters Affecting the Trustee.

              	
                122

              
	
                Section
                  6.03.

              	
                Trustee
                  Not Liable for Certificates.

              	
                124

              
	
                Section
                  6.04.

              	
                Trustee
                  May Own Certificates.

              	
                124

              
	
                Section
                  6.05.

              	
                Eligibility
                  Requirements for Trustee.

              	
                124

              
	
                Section
                  6.06.

              	
                Resignation
                  and Removal of Trustee.

              	
                125

              
	
                Section
                  6.07.

              	
                Successor
                  Trustee.

              	
                126

              
	
                Section
                  6.08.

              	
                Merger
                  or Consolidation of Trustee.

              	
                126

              
	
                Section
                  6.09.

              	
                Appointment
                  of Co-Trustee, Separate Trustee or Custodian.

              	
                127

              
	
                Section
                  6.10.

              	
                Authenticating
                  Agents.

              	
                129

              
	
                Section
                  6.11.

              	
                Indemnification
                  of Trustee.

              	
                130

              
	
                Section
                  6.12.

              	
                Fees
                  and Expenses of Trustee and Custodian.

              	
                131

              
	
                Section
                  6.13.

              	
                Collection
                  of Monies.

              	
                131

              
	
                Section
                  6.14.

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

              	
                131

              
	
                Section
                  6.15.

              	
                Additional
                  Remedies of Trustee Upon Event of Default.

              	
                136

              
	
                Section
                  6.16.

              	
                Waiver
                  of Defaults.

              	
                136

              
	
                Section
                  6.17.

              	
                Notification
                  to Holders.

              	
                137

              
	
                Section
                  6.18.

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

              	
                137

              
	
                Section
                  6.19.

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

              	
                137

              
	
                Section
                  6.20.

              	
                Preparation
                  of Tax Returns and Other Reports.

              	
                137

              
	
                Section
                  6.21.

              	
                Reporting
                  Requirements of the Commission.

              	
                145

              
	
                Section
                  6.22.

              	
                No
                  Merger.

              	
                145

              
	
                Section
                  6.23.

              	
                Indemnification
                  by the Trustee.

              	
                145

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

              
	 
	
                Section
                  7.01.

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

              	
                146

              
	
                Section
                  7.02.

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

              	
                149

              
	
                Section
                  7.03.

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

              	
                150

              
	
                Section
                  7.04.

              	
                Optional
                  Repurchase Right.

              	
                152

              
	
                Section
                  7.05.

              	
                Charged-off
                  Loans and Released Mortgage Loans.

              	
                152

              
	 
	
                ARTICLE
                  VIII RIGHTS OF CERTIFICATEHOLDERS

              
	 
	
                Section
                  8.01.

              	
                Limitation
                  on Rights of Holders.

              	
                152

              
	
                Section
                  8.02.

              	
                Access
                  to List of Holders.

              	
                153

              
	
                Section
                  8.03.

              	
                Acts
                  of Holders of Certificates.

              	
                154

              

      

       

      
        
          
          

        

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

              
	 
	
                Section
                  9.01.

              	
                Duties
                  of the Master Servicer.

              	
                155

              
	
                Section
                  9.02.

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

              	
                155

              
	
                Section
                  9.03.

              	
                Master
                  Servicer’s Financial Statements and Related Information.

              	
                156

              
	
                Section
                  9.04.

              	
                Power
                  to Act; Procedures.

              	
                156

              
	
                Section
                  9.05.

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

              	
                158

              
	
                Section
                  9.06.

              	
                Collection
                  of Taxes, Assessments and Similar Items.

              	
                159

              
	
                Section
                  9.07.

              	
                Termination
                  of Servicing Agreements; Successor Servicers.

              	
                160

              
	
                Section
                  9.08.

              	
                Master
                  Servicer Liable for Enforcement.

              	
                161

              
	
                Section
                  9.09.

              	
                No
                  Contractual Relationship Between Any Servicer and Trustee or
                  Depositor.

              	
                161

              
	
                Section
                  9.10.

              	
                Assumption
                  of Servicing Agreement by Trustee.

              	
                161

              
	
                Section
                  9.11.

              	
                Due-on-Sale
                  Clauses; Assumption Agreements.

              	
                162

              
	
                Section
                  9.12.

              	
                Release
                  of Mortgage Files.

              	
                162

              
	
                Section
                  9.13.

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

              	
                163

              
	
                Section
                  9.14.

              	
                Representations
                  and Warranties of the Master Servicer.

              	
                164

              
	
                Section
                  9.15.

              	
                Opinion.

              	
                167

              
	
                Section
                  9.16.

              	
                Standard
                  Hazard and Flood Insurance Policies.

              	
                167

              
	
                Section
                  9.17.

              	
                Presentment
                  of Claims and Collection of Proceeds.

              	
                167

              
	
                Section
                  9.18.

              	
                Reserved

              	
                168

              
	
                Section
                  9.19.

              	
                Trustee
                  To Retain Possession of Certain Documents.

              	
                168

              
	
                Section
                  9.20.

              	
                [Reserved]

              	
                168

              
	
                Section
                  9.21.

              	
                Compensation
                  to the Master Servicer.

              	
                168

              
	
                Section
                  9.22.

              	
                REO
                  Property.

              	
                168

              
	
                Section
                  9.23.

              	
                Notices
                  to the Depositor and the Trustee

              	
                169

              
	
                Section
                  9.24.

              	
                Reports
                  to the Trustee.

              	
                170

              
	
                Section
                  9.25.

              	
                Assessment
                  of Compliance and Attestation Reports..

              	
                170

              
	
                Section
                  9.26.

              	
                Annual
                  Statement of Compliance with Applicable Servicing
                  Criteria.

              	
                172

              
	
                Section
                  9.27.

              	
                Merger
                  or Consolidation.

              	
                172

              
	
                Section
                  9.28.

              	
                Resignation
                  of Master Servicer.

              	
                172

              
	
                Section
                  9.29.

              	
                Assignment
                  or Delegation of Duties by the Master Servicer.

              	
                173

              
	
                Section
                  9.30.

              	
                Limitation
                  on Liability of the Master Servicer and Others.

              	
                173

              
	
                Section
                  9.31.

              	
                Indemnification;
                  Third-Party Claims.

              	
                174

              
	
                Section
                  9.32.

              	
                Special
                  Servicing of Delinquent Mortgage Loans.

              	
                175

              
	
                Section
                  9.33.

              	
                Alternative
                  Index.

              	
                175

              
	 
	
                ARTICLE
                  X REMIC ADMINISTRATION

              
	 
	
                Section
                  10.01.

              	
                REMIC
                  Administration.

              	
                175

              
	
                Section
                  10.02.

              	
                Prohibited
                  Transactions and Activities.

              	
                179

              
	
                Section
                  10.03.

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

              	
                179

              
	
                Section
                  10.04.

              	
                REO
                  Property.

              	
                179

              

      

       

      
        
          
          

        

        
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                ARTICLE
                  XI MISCELLANEOUS PROVISIONS

              
	 
	
                Section
                  11.01.

              	
                Binding
                  Nature of Agreement; Assignment.

              	
                180

              
	
                Section
                  11.02.

              	
                Entire
                  Agreement.

              	
                181

              
	
                Section
                  11.03.

              	
                Amendment.

              	
                181

              
	
                Section
                  11.04.

              	
                Voting
                  Rights.

              	
                183

              
	
                Section
                  11.05.

              	
                Provision
                  of Information.

              	
                183

              
	
                Section
                  11.06.

              	
                Governing
                  Law.

              	
                183

              
	
                Section
                  11.07.

              	
                Notices.

              	
                184

              
	
                Section
                  11.08.

              	
                Severability
                  of Provisions.

              	
                184

              
	
                Section
                  11.09.

              	
                Indulgences;
                  No Waivers.

              	
                184

              
	
                Section
                  11.10.

              	
                Headings
                  Not To Affect Interpretation.

              	
                184

              
	
                Section
                  11.11.

              	
                Benefits
                  of Agreement.

              	
                184

              
	
                Section
                  11.12.

              	
                Special
                  Notices to the Rating Agencies and any NIMS Insurer.

              	
                185

              
	
                Section
                  11.13.

              	
                Conflicts.

              	
                186

              
	
                Section
                  11.14.

              	
                Counterparts.

              	
                186

              
	
                Section
                  11.15.

              	
                Transfer
                  of Servicing.

              	
                186

              

      

      
        
          
          

        

        
          iv

          
            

          

        

        
          
          

        

      

       

      ATTACHMENTS

       

      
        	
                Exhibit
                  A

              	
                Forms
                  of Certificates

              
	
                Exhibit
                  B-1

              	
                Form
                  of Initial Certification

              
	
                Exhibit
                  B-2

              	
                Form
                  of Interim Certification

              
	
                Exhibit
                  B-3

              	
                Form
                  of Final Certification

              
	
                Exhibit
                  B-4

              	
                Form
                  of Endorsement

              
	
                Exhibit
                  C

              	
                Request
                  for Release of Documents and Receipt

              
	
                Exhibit
                  D-l

              	
                Form
                  of Residual Certificate Transfer Affidavit (Transferee)

              
	
                Exhibit
                  D-2

              	
                Form
                  of Residual Certificate Transfer Affidavit (Transferor)

              
	
                Exhibit
                  E

              	
                List
                  of Servicing Agreements

              
	
                Exhibit
                  F

              	
                Form
                  of Rule 144A Transfer Certificate

              
	
                Exhibit
                  G

              	
                Form
                  of Purchaser’s Letter for Institutional Accredited Investors
                  

              
	
                Exhibit
                  H

              	
                Form
                  of ERISA Transfer Affidavit

              
	
                Exhibit
                  I

              	
                Monthly
                  Remittance Advice

              
	
                Exhibit
                  J

              	
                Monthly
                  Electronic Data Transmission

              
	
                Exhibit
                  K

              	
                Description
                  of Custodial Agreements

              
	
                Exhibit
                  L

              	
                [Reserved]

              
	
                Exhibit
                  M-1

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

              
	
                Exhibit
                  M-2

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

              
	
                Exhibit
                  N

              	
                Interest
                  Rate Cap Agreement

              
	
                Exhibit
                  O

              	
                Interest
                  Rate Swap Agreement

              
	
                Exhibit
                  P-1

              	
                Additional
                  Form 10-D Disclosure

              
	
                Exhibit
                  P-2

              	
                Additional
                  Form 10-K Disclosure 

              
	
                Exhibit
                  P-3

              	
                Additional
                  Form 8-K Disclosure

              
	
                Exhibit
                  P-4

              	
                Additional
                  Disclosure Notification

              
	
                Exhibit
                  Q-1

              	
                Form
                  of Back-Up Sarbanes-Oxley Certification

              
	
                Exhibit
                  Q-2

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

              
	
                Exhibit
                  R

              	
                [Reserved]

              
	
                Exhibit
                  S

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

              
	
                Exhibit
                  T

              	
                [Reserved]

              
	
                Exhibit
                  U

              	
                [Reserved]

              
	
                Exhibit
                  V

              	
                Transaction
                  Parties

              
	
                Exhibit
                  W

              	
                [Reserved]

              
	
                Exhibit
                  X

              	
                [Reserved]

              
	
                Schedule
                  A

              	
                Mortgage
                  Loan Schedule (by Mortgage Pool)

              
	
                Schedule
                  B

              	
                First
                  Payment Default Mortgage Loans

              
	
                Schedule
                  C

              	
                Projected
                  Aggregate Scheduled Principal Balance of Forty-Year Mortgage
                  Loans

              

      

       

      
        
          
          

        

        
          v

          
            

          

        

        
          
          

        

      

       

      This
        TRUST AGREEMENT, dated as of May 1, 2007 (the “Agreement”), is by and among
        STRUCTURED ASSET SECURITIES CORPORATION, a Delaware corporation, as depositor
        (the “Depositor”), WELLS
        FARGO BANK, N.A.,
        as
        trustee (the “Trustee”), and AURORA LOAN SERVICES LLC, as master servicer (the
“Master Servicer”).

       

      PRELIMINARY
        STATEMENT

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

       

      REMIC
        1:

       

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

       

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

       

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

       

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

       

      On
        each
        Distribution Date, the Trustee shall distribute the Prepayment Premiums
        collected during the preceding Prepayment Period to the Lower Tier Interest
        in
        REMIC 1 corresponding to the Mortgage Loan with respect to which such amounts
        were received.

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      REMIC
        2:   

       

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

       

      
        	
                Class
                  Designation

              	 	
                Initial
                  Principal Balance

              	 	
                 

                Interest
                  Rate

              
	
                LT2-A

              	 	
                $
                  57,241,045.34 

              	 	
                (1)

              
	
                LT2-F1

              	 	
                $
                  12,145,000.00 

              	 	
                (2)

              
	
                LT2-V1

              	 	
                $
                  12,145,000.00 

              	 	
                (3)

              
	
                LT2-F2

              	 	
                $
                  11,787,000.00 

              	 	
                (2)

              
	
                LT2-V2

              	 	
                $
                  11,787,000.00 

              	 	
                (3)

              
	
                LT2-F3

              	 	
                $
                  11,439,500.00 

              	 	
                (2)

              
	
                LT2-V3

              	 	
                $
                  11,439,500.00 

              	 	
                (3)

              
	
                LT2-F4

              	 	
                $
                  11,101,500.00 

              	 	
                (2)

              
	
                LT2-V4

              	 	
                $
                  11,101,500.00 

              	 	
                (3)

              
	
                LT2-F5

              	 	
                $
                  10,774,500.00 

              	 	
                (2)

              
	
                LT2-V5

              	 	
                $
                  10,774,500.00 

              	 	
                (3)

              
	
                LT2-F6

              	 	
                $
                  10,456,500.00 

              	 	
                (2)

              
	
                LT2-V6

              	 	
                $
                  10,456,500.00 

              	 	
                (3)

              
	
                LT2-F7

              	 	
                $
                  10,147,500.00 

              	 	
                (2)

              
	
                LT2-V7

              	 	
                $
                  10,147,500.00 

              	 	
                (3)

              
	
                LT2-F8

              	 	
                $ 
                   9,848,500.00 

              	 	
                (2)

              
	
                LT2-V8

              	 	
                $  
                  9,848,500.00 

              	 	
                (3)

              
	
                LT2-F9

              	 	
                $  
                  9,558,000.00 

              	 	
                (2)

              
	
                LT2-V9

              	 	
                $  
                  9,558,000.00 

              	 	
                (3)

              
	
                LT2-F10

              	 	
                $  
                  9,275,500.00 

              	 	
                (2)

              
	
                LT2-V10

              	 	
                $  
                  9,275,500.00 

              	 	
                (3)

              
	
                LT2-F11

              	 	
                $  
                  9,597,500.00 

              	 	
                (2)

              
	
                LT2-V11

              	 	
                $ 
                   9,597,500.00 

              	 	
                (3)

              
	
                LT2-F12

              	 	
                $ 
                   9,331,500.00 

              	 	
                (2)

              
	
                LT2-V12

              	 	
                $ 
                   9,331,500.00 

              	 	
                (3)

              
	
                LT2-F13

              	 	
                $ 
                   9,073,500.00 

              	 	
                (2)

              
	
                LT2-V13

              	 	
                $ 
                   9,073,500.00 

              	 	
                (3)

              
	
                LT2-F14

              	 	
                $  
                  8,823,500.00 

              	 	
                (2)

              
	
                LT2-V14

              	 	
                $  
                  8,823,500.00 

              	 	
                (3)

              
	
                LT2-F15

              	 	
                $ 
                   8,580,500.00 

              	 	
                (2)

              
	
                LT2-V15

              	 	
                $ 
                   8,580,500.00 

              	 	
                (3)

              
	
                LT2-F16

              	 	
                $ 
                   9,839,500.00 

              	 	
                (2)

              
	
                LT2-V16

              	 	
                $ 
                   9,839,500.00 

              	 	
                (3)

              
	
                LT2-F17

              	 	
                $
                  10,581,500.00 

              	 	
                (2)

              
	
                LT2-V17

              	 	
                $
                  10,581,500.00 

              	 	
                (3)

              
	
                LT2-F18

              	 	
                $
                  10,369,500.00 

              	 	
                (2)

              
	
                LT2-V18

              	 	
                $
                  10,369,500.00 

              	 	
                (3)

              
	
                LT2-F19

              	 	
                $
                  10,201,000.00 

              	 	
                (2)

              
	
                LT2-V19

              	 	
                $
                  10,201,000.00 

              	 	
                (3)

              

      

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      

      
        	
                Class
                  Designation

              	 	
                Initial
                  Principal Balance

              	 	
                 

                Interest
                  Rate

              
	
                LT2-F20

              	 	
                $ 
                   9,990,000.00 

              	 	
                (2)

              
	
                LT2-V20

              	 	
                $  
                  9,990,000.00 

              	 	
                (3)

              
	
                LT2-F21

              	 	
                $  
                  9,735,000.00 

              	 	
                (2)

              
	
                LT2-V21

              	 	
                $  
                  9,735,000.00 

              	 	
                (3)

              
	
                LT2-F22

              	 	
                $  
                  9,481,000.00 

              	 	
                (2)

              
	
                LT2-V22

              	 	
                $ 
                   9,481,000.00 

              	 	
                (3)

              
	
                LT2-F23

              	 	
                $
                  32,761,000.00 

              	 	
                (2)

              
	
                LT2-V23

              	 	
                $
                  32,761,000.00 

              	 	
                (3)

              
	
                LT2-F24

              	 	
                $
                  17,608,000.00 

              	 	
                (2)

              
	
                LT2-V24

              	 	
                $
                  17,608,000.00 

              	 	
                (3)

              
	
                LT2-F25

              	 	
                $
                  15,364,000.00 

              	 	
                (2)

              
	
                LT2-V25

              	 	
                $
                  15,364,000.00 

              	 	
                (3)

              
	
                LT2-F26

              	 	
                $
                  11,682,500.00 

              	 	
                (2)

              
	
                LT2-V26

              	 	
                $
                  11,682,500.00 

              	 	
                (3)

              
	
                LT2-F27

              	 	
                $  
                  9,142,500.00 

              	 	
                (2)

              
	
                LT2-V27

              	 	
                $ 
                   9,142,500.00 

              	 	
                (3)

              
	
                LT2-F28

              	 	
                $ 
                   7,238,500.00 

              	 	
                (2)

              
	
                LT2-V28

              	 	
                $  
                  7,238,500.00 

              	 	
                (3)

              
	
                LT2-F29

              	 	
                $  
                  5,798,500.00 

              	 	
                (2)

              
	
                LT2-V29

              	 	
                $  
                  5,798,500.00 

              	 	
                (3)

              
	
                LT2-F30

              	 	
                $  
                  4,740,500.00 

              	 	
                (2)

              
	
                LT2-V30

              	 	
                $  
                  4,740,500.00 

              	 	
                (3)

              
	
                LT2-F31

              	 	
                $ 
                   3,851,500.00 

              	 	
                (2)

              
	
                LT2-V31

              	 	
                $ 
                   3,851,500.00 

              	 	
                (3)

              
	
                LT2-F32

              	 	
                $  
                  3,174,500.00 

              	 	
                (2)

              
	
                LT2-V32

              	 	
                $  
                  3,174,500.00 

              	 	
                (3)

              
	
                LT2-F33

              	 	
                $  
                  3,005,500.00 

              	 	
                (2)

              
	
                LT2-V33

              	 	
                $  
                  3,005,500.00 

              	 	
                (3)

              
	
                LT2-F34

              	 	
                $  
                  2,836,000.00 

              	 	
                (2)

              
	
                LT2-V34

              	 	
                $ 
                   2,836,000.00 

              	 	
                (3)

              
	
                LT2-F35

              	 	
                $ 
                   2,708,500.00 

              	 	
                (2)

              
	
                LT2-V35

              	 	
                $ 
                   2,708,500.00 

              	 	
                (3)

              
	
                LT2-F36

              	 	
                $  
                  2,582,000.00 

              	 	
                (2)

              
	
                LT2-V36

              	 	
                $   2,582,000.00
                  

              	 	
                (3)

              
	
                LT2-F37

              	 	
                $ 
                   2,455,000.00 

              	 	
                (2)

              
	
                LT2-V37

              	 	
                $  
                  2,455,000.00 

              	 	
                (3)

              
	
                LT2-F38

              	 	
                $  
                  2,328,000.00 

              	 	
                (2)

              
	
                LT2-V38

              	 	
                $ 
                   2,328,000.00 

              	 	
                (3)

              
	
                LT2-F39

              	 	
                $ 
                   2,243,500.00 

              	 	
                (2)

              
	
                LT2-V39

              	 	
                $  
                  2,243,500.00 

              	 	
                (3)

              
	
                LT2-F40

              	 	
                $  
                  2,074,000.00 

              	 	
                (2)

              
	
                LT2-V40

              	 	
                $  
                  2,074,000.00 

              	 	
                (3)

              
	
                LT2-F41

              	 	
                $  
                  2,031,500.00 

              	 	
                (2)

              
	
                LT2-V41

              	 	
                $  
                  2,031,500.00 

              	 	
                (3)

              

      

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

      

      
        	
                Class
                  Designation

              	 	
                Initial
                  Principal Balance

              	 	
                 

                Interest
                  Rate

              
	
                LT2-F42

              	 	
                $ 
                   1,904,000.00 

              	 	
                (2)

              
	
                LT2-V42

              	 	
                $ 
                   1,904,000.00 

              	 	
                (3)

              
	
                LT2-F43

              	 	
                $  
                  1,820,500.00 

              	 	
                (2)

              
	
                LT2-V43

              	 	
                $  
                  1,820,500.00 

              	 	
                (3)

              
	
                LT2-F44

              	 	
                $ 
                   1,736,000.00 

              	 	
                (2)

              
	
                LT2-V44

              	 	
                $ 
                   1,736,000.00 

              	 	
                (3)

              
	
                LT2-F45

              	 	
                $  
                  1,608,000.00 

              	 	
                (2)

              
	
                LT2-V45

              	 	
                $ 
                   1,608,000.00 

              	 	
                (3)

              
	
                LT2-F46

              	 	
                $ 
                   1,566,000.00 

              	 	
                (2)

              
	
                LT2-V46

              	 	
                $ 
                   1,566,000.00 

              	 	
                (3)

              
	
                LT2-F47

              	 	
                $ 
                   1,481,500.00 

              	 	
                (2)

              
	
                LT2-V47

              	 	
                $ 
                   1,481,500.00 

              	 	
                (3)

              
	
                LT2-F48

              	 	
                $ 
                   1,439,500.00 

              	 	
                (2)

              
	
                LT2-V48

              	 	
                $  
                  1,439,500.00 

              	 	
                (3)

              
	
                LT2-F49

              	 	
                $  
                  1,312,000.00 

              	 	
                (2)

              
	
                LT2-V49

              	 	
                $  
                  1,312,000.00 

              	 	
                (3)

              
	
                LT2-F50

              	 	
                $  
                  1,270,000.00 

              	 	
                (2)

              
	
                LT2-V50

              	 	
                $  
                  1,270,000.00 

              	 	
                (3)

              
	
                LT2-F51

              	 	
                $  
                  1,227,000.00 

              	 	
                (2)

              
	
                LT2-V51

              	 	
                $   1,227,000.00
                  

              	 	
                (3)

              
	
                LT2-F52

              	 	
                $ 
                   1,143,000.00 

              	 	
                (2)

              
	
                LT2-V52

              	 	
                $  
                  1,143,000.00 

              	 	
                (3)

              
	
                LT2-F53

              	 	
                $ 
                   1,100,500.00 

              	 	
                (2)

              
	
                LT2-V53

              	 	
                $ 
                   1,100,500.00 

              	 	
                (3)

              
	
                LT2-F54

              	 	
                $ 
                   1,058,000.00 

              	 	
                (2)

              
	
                LT2-V54

              	 	
                $ 
                   1,058,000.00 

              	 	
                (3)

              
	
                LT2-F55

              	 	
                
                  $    
                     974,000.00 

                

              	 	
                (2)

              
	
                LT2-V55

              	 	
                $    
                   974,000.00 

              	 	
                (3)

              
	
                LT2-F56

              	 	
                $    
                   973,500.00 

              	 	
                (2)

              
	
                LT2-V56

              	 	
                $    
                   973,500.00 

              	 	
                (3)

              
	
                LT2-F57

              	 	
                $    
                   889,000.00 

              	 	
                (2)

              
	
                LT2-V57

              	 	
                $    
                   889,000.00 

              	 	
                (3)

              
	
                LT2-F58

              	 	
                $      846,000.00
                  

              	 	
                (2)

              
	
                LT2-V58

              	 	
                $    
                   846,000.00 

              	 	
                (3)

              
	
                LT2-F59

              	 	
                $    
                   825,500.00 

              	 	
                (2)

              
	
                LT2-V59

              	 	
                $    
                   825,500.00 

              	 	
                (3)

              
	
                LT2-F60

              	 	
                $    
                   774,000.00 

              	 	
                (2)

              
	
                LT2-V60

              	 	
                $    
                   774,000.00 

              	 	
                (3)

              
	
                LT2-F61

              	 	
                $    
                   737,000.00 

              	 	
                (2)

              
	
                LT2-V61

              	 	
                $    
                   737,000.00 

              	 	
                (3)

              
	
                LT2-F62

              	 	
                $    
                   700,000.00 

              	 	
                (2)

              
	
                LT2-V62

              	 	
                $      700,000.00
                  

              	 	
                (3)

              
	
                LT2-F63

              	 	
                $    
                   664,500.00 

              	 	
                (2)

              
	
                LT2-V63

              	 	
                $    
                   664,500.00 

              	 	
                (3)

              

      

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

      

      
        	
                Class
                  Designation

              	 	
                Initial
                  Principal Balance

              	 	
                 

                Interest
                  Rate

              
	
                LT2-F64

              	 	
                $     
                  633,500.00 

              	 	
                (2)

              
	
                LT2-V64

              	 	
                $     
                  633,500.00 

              	 	
                (3)

              
	
                LT2-F65

              	 	
                $    
                   601,000.00 

              	 	
                (2)

              
	
                LT2-V65

              	 	
                $    
                   601,000.00 

              	 	
                (3)

              
	
                LT2-F66

              	 	
                $     
                  571,500.00 

              	 	
                (2)

              
	
                LT2-V66

              	 	
                $     
                  571,500.00 

              	 	
                (3)

              
	
                LT2-F67

              	 	
                $     
                  543,000.00 

              	 	
                (2)

              
	
                LT2-V67

              	 	
                $     
                  543,000.00 

              	 	
                (3)

              
	
                LT2-F68

              	 	
                $     
                  517,000.00 

              	 	
                (2)

              
	
                LT2-V68

              	 	
                $     
                  517,000.00 

              	 	
                (3)

              
	
                LT2-F69

              	 	
                $     
                  490,500.00 

              	 	
                (2)

              
	
                LT2-V69

              	 	
                $     
                  490,500.00 

              	 	
                (3)

              
	
                LT2-F70

              	 	
                $     
                  467,500.00 

              	 	
                (2)

              
	
                LT2-V70

              	 	
                $     
                  467,500.00 

              	 	
                (3)

              
	
                LT2-F71

              	 	
                $  
                  8,982,500.00 

              	 	
                (2)

              
	
                LT2-V71

              	 	
                $  
                  8,982,500.00 

              	 	
                (3)

              
	
                LT2-I

              	 	
                (4)

              	 	
                (4)

              
	
                LT2-R

              	 	
                (5)

              	 	
                (5)

              

      

      

       

      
        	 	
                (1)

              	
                For
                  any Distribution Date (and the related Accrual Period) the interest
                  rate
                  for the Class LT2-A Interest shall be the Net WAC Rate (adjusted
                  to
                  account for the Final Maturity Reserve Amount).

              

      

       

      
        	 	
                (2)

              	
                For
                  any Distribution Date (and the related Accrual Period) the interest
                  rate
                  for each of these Lower Tier Interests shall be the lesser of (i)
                  the
                  REMIC Swap Rate for such Distribution Date, and (ii) the product
                  of (a)
                  the Net WAC Rate (adjusted to account for the Final Maturity Reserve
                  Amount) and (b) 2. 

              

      

       

      
        	 	
                (3)

              	
                For
                  any Distribution Date (and the related Accrual Period) the interest
                  rate
                  for each of these Lower Tier Interests shall be the excess, if
                  any, of (i)
                  the product of (a) the Net WAC Rate (adjusted to account for the
                  Final
                  Maturity Reserve Amount) and (b) 2, over (ii) the REMIC Swap Rate
                  for such
                  Distribution Date.

              

      

       

      
        	 	
                (4)

              	
                The
                  LT2-I Interest is an interest only interest that does not have
                  a principal
                  balance but has a notional amount as of any Distribution Date equal
                  to the
                  Scheduled Principal Balances of the Mortgage Loans with forty-year
                  original terms to maturity as of the first day of the related Collection
                  Period (or in the case of the first Distribution Date, as of the
                  Cut-Off
                  Date). For any Distribution Date before the Distribution Date in
                  June
                  2017, it shall bear interest for the related Accrual Period at
                  a fixed
                  rate of 0.00%, and for each Distribution Date commencing on the
                  Distribution Date in June 2017 and on each Distribution Date thereafter
                  until the Final Scheduled Distribution Date, it shall bear interest
                  for
                  the related Accrual Period at a fixed rate equal to the Final Maturity
                  Reserve Rate.

              

      

       

      
        	 	
                (5)

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

              

      

       

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

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

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

       

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

       

      REMIC
        3:   

       

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

       

      
        	
                REMIC
                  3

                Lower
                  Tier 

                Class
                  Designation

              	 	
                REMIC
                  3

                Lower
                  Tier

                Interest
                  Rate

              	 	
                Initial
                  Class 

                Principal
                  Amount

              	 	
                Corresponding
                  Class of

                Certificate(s)

              
	
                Class
                  LT3-A1

              	 	
                (1)

              	 	
                (3)

              	 	
                A1

              
	
                Class
                  LT3-A2

              	 	
                (1)

              	 	
                (3)

              	 	
                A2

              
	
                Class
                  LT3-A3

              	 	
                (1)

              	 	
                (3)

              	 	
                A3

              
	
                Class
                  LT3-A4

              	 	
                (1)

              	 	
                (3)

              	 	
                A4

              
	
                Class
                  LT3-A5

              	 	
                (1)

              	 	
                (3)

              	 	
                A5

              
	
                Class
                  LT3-M1

              	 	
                (1)

              	 	
                (3)

              	 	
                M1

              
	
                Class
                  LT3-M2

              	 	
                (1)

              	 	
                (3)

              	 	
                M2

              
	
                Class
                  LT3-M3

              	 	
                (1)

              	 	
                (3)

              	 	
                M3

              
	
                Class
                  LT3-M4

              	 	
                (1)

              	 	
                (3)

              	 	
                M4

              
	
                Class
                  LT3-M5

              	 	
                (1)

              	 	
                (3)

              	 	
                M5

              
	
                Class
                  LT3-M6

              	 	
                (1)

              	 	
                (3)

              	 	
                M6

              
	
                Class
                  LT3-M7

              	 	
                (1)

              	 	
                (3)

              	 	
                M7

              
	
                Class
                  LT3-M8

              	 	
                (1)

              	 	
                (3)

              	 	
                M8

              
	
                Class
                  LT3-M9

              	 	
                (1)

              	 	
                (3)

              	 	
                M9

              
	
                Class
                  LT3-M10

              	 	
                (1)

              	 	
                (3)

              	 	
                M10

              
	
                Class
                  LT3-B

              	 	
                (1)

              	 	
                (3)

              	 	
                B

              
	
                Class
                  LT3-P

              	 	
                (1)

              	 	
                (3)

              	 	
                P

              
	
                Class
                  LT3-Q

              	 	
                (1)

              	 	
                (4)

              	 	
                N/A

              
	
                Class
                  LT3-IO

              	 	
                (2)

              	 	
                (2)

              	 	
                N/A

              
	
                Class
                  LT3-I

              	 	
                (5)

              	 	
                (5)

              	 	
                N/A

              
	
                Class
                  LT3-R

              	 	
                (6)

              	 	
                (6)

              	 	
                R

              

      

      

      

      ___________________________

      
        	 	
                (1)

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

              

      

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

      
        	 	
                (2)

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

              

      

       

      
        	
                Distribution
                  Dates

              	
                REMIC
                  2
                  Class Designation

              
	
                2

              	
                Class
                  LT2-F1

              
	
                2-3

              	
                Class
                  LT2-F2

              
	
                2-4

              	
                Class
                  LT2-F3

              
	
                2-5

              	
                Class
                  LT2-F4

              
	
                2-6

              	
                Class
                  LT2-F5

              
	
                2-7

              	
                Class
                  LT2-F6

              
	
                2-8

              	
                Class
                  LT2-F7

              
	
                2-9

              	
                Class
                  LT2-F8

              
	
                2-10

              	
                Class
                  LT2-F9

              
	
                2-11

              	
                Class
                  LT2-F10

              
	
                2-12

              	
                Class
                  LT2-F11

              
	
                2-13

              	
                Class
                  LT2-F12

              
	
                2-14

              	
                Class
                  LT2-F13

              
	
                2-15

              	
                Class
                  LT2-F14

              
	
                2-16

              	
                Class
                  LT2-F15

              
	
                2-17

              	
                Class
                  LT2-F16

              
	
                2-18

              	
                Class
                  LT2-F17

              
	
                2-19

              	
                Class
                  LT2-F18

              
	
                2-20

              	
                Class
                  LT2-F19

              
	
                2-21

              	
                Class
                  LT2-F20

              
	
                2-22

              	
                Class
                  LT2-F21

              
	
                2-23

              	
                Class
                  LT2-F22

              
	
                2-24

              	
                Class
                  LT2-F23

              
	
                2-25

              	
                Class
                  LT2-F24

              
	
                2-26

              	
                Class
                  LT2-F25

              
	
                2-27

              	
                Class
                  LT2-F26

              
	
                2-28

              	
                Class
                  LT2-F27

              
	
                2-29

              	
                Class
                  LT2-F28

              
	
                2-30

              	
                Class
                  LT2-F29

              
	
                2-31

              	
                Class
                  LT2-F30

              
	
                2-32

              	
                Class
                  LT2-F31

              
	
                2-33

              	
                Class
                  LT2-F32

              
	
                2-34

              	
                Class
                  LT2-F33

              
	
                2-35

              	
                Class
                  LT2-F34

              
	
                2-36

              	
                Class
                  LT2-F35

              
	
                2-37

              	
                Class
                  LT2-F36

              
	
                2-38

              	
                Class
                  LT2-F37

              
	
                2-39

              	
                Class
                  LT2-F38

              
	
                2-40

              	
                Class
                  LT2-F39

              
	
                2-41

              	
                Class
                  LT2-F40

              
	
                2-42

              	
                Class
                  LT2-F41

              
	
                2-43

              	
                Class
                  LT2-F42

              
	
                2-44

              	
                Class
                  LT2-F43

              
	
                2-45

              	
                Class
                  LT2-F44

              

      

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

      

      
        	
                2-46

              	
                Class
                  LT2-F45

              
	
                2-47

              	
                Class
                  LT2-F46

              
	
                2-48

              	
                Class
                  LT2-F47

              
	
                2-49

              	
                Class
                  LT2-F48

              
	
                2-50

              	
                Class
                  LT2-F49

              
	
                2-51

              	
                Class
                  LT2-F50

              
	
                2-52

              	
                Class
                  LT2-F51

              
	
                2-53

              	
                Class
                  LT2-F52

              
	
                2-54

              	
                Class
                  LT2-F53

              
	
                2-55

              	
                Class
                  LT2-F54

              
	
                2-56

              	
                Class
                  LT2-F55

              
	
                2-57

              	
                Class
                  LT2-F56

              
	
                2-58

              	
                Class
                  LT2-F57

              
	
                2-59

              	
                Class
                  LT2-F58

              
	
                2-60

              	
                Class
                  LT2-F59

              
	
                2-61

              	
                Class
                  LT2-F60

              
	
                2-62

              	
                Class
                  LT2-F61

              
	
                2-63

              	
                Class
                  LT2-F62

              
	
                2-64

              	
                Class
                  LT2-F63

              
	
                2-65

              	
                Class
                  LT2-F64

              
	
                2-66

              	
                Class
                  LT2-F65

              
	
                2-67

              	
                Class
                  LT2-F66

              
	
                2-68

              	
                Class
                  LT2-F67

              
	
                2-69

              	
                Class
                  LT2-F68

              
	
                2-70

              	
                Class
                  LT2-F69

              
	
                2-71

              	
                Class
                  LT2-F70

              
	
                2-72

              	
                Class
                  LT2-F71

              

      

      

      ___________________________

      
        	 	
                (3)

              	
                This
                  interest shall have an initial class principal amount equal to
                  one-half of
                  the initial Class Principal Amount of its Corresponding Class of
                  Certificates.

              

      

       

      
        	 	
                (4)

              	
                This
                  interest shall have an initial class principal amount equal to
                  the excess
                  of (i) the Aggregate Pool Balance as of the Cut-off Date, over
                  (ii) the
                  aggregate initial class principal amount of each other regular
                  interest in
                  REMIC 3.

              

      

       

      
        	 	
                (5)

              	
                The
                  Class LT3-I Interest is an interest only class that does not have
                  a
                  principal balance. The Class LT3-I Interest shall evidence ownership
                  of
                  the LT2-I Interest in REMIC 2.

              

      

       

      
        	 	
                (6)

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

              

      

       

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

       

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

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

      (a)
        First, to the Class LT3-A1, Class LT3-A2, Class LT3-A3, Class LT3-A4, Class
        LT3-A5, Class LT3-M1, Class LT3-M2, Class LT3-M3, Class LT3-M4, Class
        LT3-M5, Class LT3-M6, Class LT3-M7, Class LT3-M8, Class LT3-M9, Class LT3-M10,
        Class LT3-B and Class LT3-P Interests until the principal balance of each
        such
        Lower Tier Interest equals one-half of the Class Principal Amount of the
        Corresponding Class of Certificates immediately after such Distribution Date;
        and

       

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

       

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

       

      The
        Certificates:

       

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

       

      
        	
                 

                 

                Class

                Designation

              	 	
                 

                 

                Certificate

                Interest
                  Rate

              	 	
                 

                Initial

                Class
                  Principal (or Notional) Amount 

              	 	
                 

                 

                Minimum

                Denominations

              	 
	
                Class
                  A1

              	 	 	
                (1)

              	
                 

              	
                $

              	
                297,087,000.00

              	 	
                $

              	
                25,000

              	 
	
                Class
                  A2

              	 	 	
                (2)

              	 	
                $

              	
                207,490,000.00

              	 	
                $

              	
                25,000

              	 
	
                Class
                  A3

              	 	 	
                (3)

              	
                 

              	
                $

              	
                35,520,000.00

              	 	
                $

              	
                25,000

              	 
	
                Class
                  A4

              	 	 	
                (4)

              	
                 

              	
                $

              	
                60,195,000.00

              	 	
                $

              	
                25,000

              	 
	
                Class
                  A5

              	 	 	
                (5)

              	
                 

              	
                $

              	
                24,409,000.00

              	 	
                $

              	
                25,000

              	 
	
                Class
                  M1

              	 	 	
                (6)

              	
                 

              	
                $

              	
                44,863,000.00

              	 	
                $

              	
                100,000

              	 
	
                Class
                  M2

              	 	 	
                (7)

              	
                 

              	
                $

              	
                40,208,000.00

              	 	
                $

              	
                100,000

              	 
	
                Class
                  M3

              	 	 	
                (8)

              	
                 

              	
                $

              	
                12,274,000.00

              	 	
                $

              	
                100,000

              	 
	
                Class
                  M4

              	 	 	
                (9)

              	
                 

              	
                $

              	
                15,237,000.00

              	 	
                $

              	
                100,000

              	 
	
                Class
                  M5

              	 	 	
                (10)

              	
                 

              	
                $

              	
                13,544,000.00

              	 	
                $

              	
                100,000

              	 
	
                Class
                  M6

              	 	 	
                (11)

              	
                 

              	
                $

              	
                5,925,000.00

              	 	
                $

              	
                100,000

              	 
	
                Class
                  M7

              	 	 	
                (12)

              	
                 

              	
                $

              	
                12,274,000.00

              	 	
                $

              	
                100,000

              	 
	
                Class
                  M8

              	 	 	
                (13)

              	
                 

              	
                $

              	
                8,888,000.00

              	 	
                $

              	
                100,000

              	 
	
                Class
                  M9

              	 	 	
                (14)

              	
                 

              	
                $

              	
                13,120,000.00

              	 	
                $

              	
                100,000

              	 
	
                Class
                  M10

              	 	 	
                (15)

              	
                 

              	
                $

              	
                14,813,000.00

              	 	
                $

              	
                100,000

              	 
	
                Class
                  B

              	 	 	
                (16)

              	
                 

              	
                $

              	
                8,465,000.00

              	 	
                $

              	
                100,000

              	 
	
                Class
                  X

              	 	 	
                (17)

              	
                 

              	
                $

              	
                32,167,000.00

              	 	
                $

              	
                3,217,000

              	 
	
                Class
                  R

              	 	 	
                (18)

              	
                 

              	 	
                (18)

              	
                 

              	 	
                100%

              	
                 

              
	
                Class
                  P

              	 	 	
                (19)

              	
                 

              	
                $

              	
                100
                  (20

              	
                )

              	
                $

              	
                10

              	 
	
                Class
                  LT-R

              	 	 	
                (21)

              	
                 

              	 	
                (21)

              	
                 

              	 	
                100%

              	
                 

              

      

      ____________

       

      
        	 	
                (1)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class A1 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 0.190% and (ii) with
                  respect to
                  any Distribution Date on which the Class Principal Amounts of the
                  Group 2
                  Senior Certificates are outstanding, the Pool 1 Net Funds Cap for
                  such
                  Distribution Date or, after the Distribution Date on which the
                  Class
                  Principal Amounts of the Group 2 Senior Certificates have been
                  reduced to
                  zero, the Subordinate Net Funds Cap for such Distribution
                  Date;
                  provided,
                  that if the Mortgage Loans and related property are not purchased
                  pursuant
                  to Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class A1 Certificates
                  will be LIBOR plus 0.380%. For purposes of the REMIC Provisions,
                  each
                  reference to a Net Funds Cap in clause (ii) of the preceding sentence
                  shall be deemed to be a reference to the REMIC 3 Net Funds Cap;
                  therefore,
                  on any Distribution Date on which the Certificate Interest Rate
                  for the
                  Class A1 Certificates exceeds the REMIC 3 Net Funds Cap, interest
                  accruals
                  based on such excess shall be treated as having been paid from
                  the Basis
                  Risk Reserve Fund or the Supplemental Interest Trust, as applicable;
                  on
                  any Distribution Date on which the Certificate Interest Rate on
                  the Class
                  A1 Certificates is based on a Net Funds Cap, the amount of interest
                  that
                  would have accrued on the Class A1 Certificates if the REMIC 3
                  Net Funds
                  Cap were substituted for the Net Funds Cap shall be treated as
                  having been
                  paid by the Class A1 Certificateholders to the Supplemental Interest
                  Trust, all pursuant to and as further provided in Section 10.01(n)
                  hereof.

              

      

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

       

      
        	 	
                (2)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class A2 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 0.090% and (ii) with
                  respect to
                  any Distribution Date on which the Class Principal Amount of the
                  Group 1
                  Senior Certificates is outstanding, the Pool 2 Net Funds Cap for
                  such
                  Distribution Date or, after the Distribution Date on which the
                  Class
                  Principal Amount of the Group 1 Senior Certificates has been reduced
                  to
                  zero, the Subordinate Net Funds Cap for such Distribution
                  Date;
                  provided,
                  that if the Mortgage Loans and related property are not purchased
                  pursuant
                  to Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class A2 Certificates
                  will be LIBOR plus 0.180%. For purposes of the REMIC Provisions,
                  each
                  reference to a Net Funds Cap in clause (ii) of the preceding sentence
                  shall be deemed to be a reference to the REMIC 3 Net Funds Cap;
                  therefore,
                  on any Distribution Date on which the Certificate Interest Rate
                  for the
                  Class A2 Certificates exceeds the REMIC 3 Net Funds Cap, interest
                  accruals
                  based on such excess shall be treated as having been paid from
                  the Basis
                  Risk Reserve Fund or the Supplemental Interest Trust, as applicable;
                  on
                  any Distribution Date on which the Certificate Interest Rate on
                  the Class
                  A2 Certificates is based on a Net Funds Cap, the amount of interest
                  that
                  would have accrued on the Class A2 Certificates if the REMIC 3
                  Net Funds
                  Cap were substituted for the Net Funds Cap shall be treated as
                  having been
                  paid by the Class A2 Certificateholders to the Supplemental Interest
                  Trust, all pursuant to and as further provided in Section 10.01(n)
                  hereof.

              

      

       

      
        	 	
                (3)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class A3 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 0.170% and (ii) with
                  respect to
                  any Distribution Date on which the Class Principal Amount of the
                  Group 1
                  Senior Certificates is outstanding, the Pool 2 Net Funds Cap for
                  such
                  Distribution Date or, after the Distribution Date on which the
                  Class
                  Principal Amount of the Group 1 Senior Certificates has been reduced
                  to
                  zero, the Subordinate Net Funds Cap for such Distribution
                  Date;
                  provided,
                  that if the Mortgage Loans and related property are not purchased
                  pursuant
                  to Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class A3 Certificates
                  will be LIBOR plus 0.340%. For purposes of the REMIC Provisions,
                  each
                  reference to a Net Funds Cap in clause (ii) of the preceding sentence
                  shall be deemed to be a reference to the REMIC 3 Net Funds Cap;
                  therefore,
                  on any Distribution Date on which the Certificate Interest Rate
                  for the
                  Class A3 Certificates exceeds the REMIC 3 Net Funds Cap, interest
                  accruals
                  based on such excess shall be treated as having been paid from
                  the Basis
                  Risk Reserve Fund or the Supplemental Interest Trust, as applicable;
                  on
                  any Distribution Date on which the Certificate Interest Rate on
                  the Class
                  A3 Certificates is based on a Net Funds Cap, the amount of interest
                  that
                  would have accrued on the Class A3 Certificates if the REMIC 3
                  Net Funds
                  Cap were substituted for the Net Funds Cap shall be treated as
                  having been
                  paid by the Class A3 Certificateholders to the Supplemental Interest
                  Trust, all pursuant to and as further provided in Section 10.01(n)
                  hereof.

              

      

       

      
        	 	
                (4)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class A4 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 0.200% and (ii) with
                  respect to
                  any Distribution Date on which the Class Principal Amount of the
                  Group 1
                  Senior Certificates is outstanding, the Pool 2 Net Funds Cap for
                  such
                  Distribution Date or, after the Distribution Date on which the
                  Class
                  Principal Amount of the Group 1 Senior Certificates has been reduced
                  to
                  zero, the Subordinate Net Funds Cap for such Distribution
                  Date;
                  provided,
                  that if the Mortgage Loans and related property are not purchased
                  pursuant
                  to Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class A4 Certificates
                  will be LIBOR plus 0.400%. For purposes of the REMIC Provisions,
                  each
                  reference to a Net Funds Cap in clause (ii) of the preceding sentence
                  shall be deemed to be a reference to the REMIC 3 Net Funds Cap;
                  therefore,
                  on any Distribution Date on which the Certificate Interest Rate
                  for the
                  Class A4 Certificates exceeds the REMIC 3 Net Funds Cap, interest
                  accruals
                  based on such excess shall be treated as having been paid from
                  the Basis
                  Risk Reserve Fund or the Supplemental Interest Trust, as applicable;
                  on
                  any Distribution Date on which the Certificate Interest Rate on
                  the Class
                  A4 Certificates is based on a Net Funds Cap, the amount of interest
                  that
                  would have accrued on the Class A4 Certificates if the REMIC 3
                  Net Funds
                  Cap were substituted for the Net Funds Cap shall be treated as
                  having been
                  paid by the Class A4 Certificateholders to the Supplemental Interest
                  Trust, all pursuant to and as further provided in Section 10.01(n)
                  hereof.

              

      

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

       

      
        	 	
                (5)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class A5 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 0.280% and (ii) with
                  respect to
                  any Distribution Date on which the Class Principal Amount of the
                  Group 1
                  Senior Certificates is outstanding, the Pool 2 Net Funds Cap for
                  such
                  Distribution Date or, after the Distribution Date on which the
                  Class
                  Principal Amount of the Group 1 Senior Certificates has been reduced
                  to
                  zero, the Subordinate Net Funds Cap for such Distribution
                  Date;
                  provided,
                  that if the Mortgage Loans and related property are not purchased
                  pursuant
                  to Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class A5 Certificates
                  will be LIBOR plus 0.560%. For purposes of the REMIC Provisions,
                  each
                  reference to a Net Funds Cap in clause (ii) of the preceding sentence
                  shall be deemed to be a reference to the REMIC 3 Net Funds Cap;
                  therefore,
                  on any Distribution Date on which the Certificate Interest Rate
                  for the
                  Class A5 Certificates exceeds the REMIC 3 Net Funds Cap, interest
                  accruals
                  based on such excess shall be treated as having been paid from
                  the Basis
                  Risk Reserve Fund or the Supplemental Interest Trust, as applicable;
                  on
                  any Distribution Date on which the Certificate Interest Rate on
                  the Class
                  A5 Certificates is based on a Net Funds Cap, the amount of interest
                  that
                  would have accrued on the Class A5 Certificates if the REMIC 3
                  Net Funds
                  Cap were substituted for the Net Funds Cap shall be treated as
                  having been
                  paid by the Class A5 Certificateholders to the Supplemental Interest
                  Trust, all pursuant to and as further provided in Section 10.01(n)
                  hereof.

              

      

       

      
        	 	
                (6)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class M1 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 0.290% and (ii) the
                  Subordinate
                  Net Funds Cap for such Distribution Date; provided,
                  that
                  if the Mortgage Loans and related property are not purchased pursuant
                  to
                  Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class M1 Certificates
                  will be LIBOR plus 0.435%. For purposes of the REMIC Provisions,
                  the
                  reference to “Subordinate Net Funds Cap” in clause (ii) of the preceding
                  sentence shall be deemed to be a reference to the REMIC 3 Net Funds
                  Cap;
                  therefore, on any Distribution Date on which the Certificate Interest
                  Rate
                  for the Class M1 Certificates exceeds the REMIC 3 Net Funds Cap,
                  interest
                  accruals based on such excess shall be treated as having been paid
                  from
                  the Basis Risk Reserve Fund or the Supplemental Interest Trust,
                  as
                  applicable; on any Distribution Date on which the Certificate Interest
                  Rate on the Class M1 Certificates is based on the Subordinate Net
                  Funds
                  Cap, the amount of interest that would have accrued on the Class
                  M1
                  Certificates if the REMIC 3 Net Funds Cap were substituted for
                  the
                  Subordinate Net Funds Cap shall be treated as having been paid
                  by the
                  Class M1 Certificateholders to the Supplemental Interest Trust,
                  all
                  pursuant to and as further provided in Section 10.01(n) hereof.
                  

              

      

       

      
        	 	
                (7)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class M2 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 0.300% and (ii) the
                  Subordinate
                  Net Funds Cap for such Distribution Date; provided,
                  that
                  if the Mortgage Loans and related property are not purchased pursuant
                  to
                  Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class M2 Certificates
                  will be LIBOR plus 0.450%. For purposes of the REMIC Provisions,
                  the
                  reference to “Subordinate Net Funds Cap” in clause (ii) of the preceding
                  sentence shall be deemed to be a reference to the REMIC 3 Net Funds
                  Cap;
                  therefore, on any Distribution Date on which the Certificate Interest
                  Rate
                  for the Class M2 Certificates exceeds the REMIC 3 Net Funds Cap,
                  interest
                  accruals based on such excess shall be treated as having been paid
                  from
                  the Basis Risk Reserve Fund or the Supplemental Interest Trust,
                  as
                  applicable; on any Distribution Date on which the Certificate Interest
                  Rate on the Class M2 Certificates is based on the Subordinate Net
                  Funds
                  Cap, the amount of interest that would have accrued on the Class
                  M2
                  Certificates if the REMIC 3 Net Funds Cap were substituted for
                  the
                  Subordinate Net Funds Cap shall be treated as having been paid
                  by the
                  Class M2 Certificateholders to the Supplemental Interest Trust,
                  all
                  pursuant to and as further provided in Section 10.01(n)
                  hereof.

              

      

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

       

      
        	 	
                (8)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class M3 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 0.320% and (ii) the
                  Subordinate
                  Net Funds Cap for such Distribution Date; provided,
                  that
                  if the Mortgage Loans and related property are not purchased pursuant
                  to
                  Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class M3 Certificates
                  will be LIBOR plus 0.480%. For purposes of the REMIC Provisions,
                  the
                  reference to “Subordinate Net Funds Cap” in clause (ii) of the preceding
                  sentence shall be deemed to be a reference to the REMIC 3 Net Funds
                  Cap;
                  therefore, on any Distribution Date on which the Certificate Interest
                  Rate
                  for the Class M3 Certificates exceeds the REMIC 3 Net Funds Cap,
                  interest
                  accruals based on such excess shall be treated as having been paid
                  from
                  the Basis Risk Reserve Fund or the Supplemental Interest Trust,
                  as
                  applicable; on any Distribution Date on which the Certificate Interest
                  Rate on the Class M3 Certificates is based on the Subordinate Net
                  Funds
                  Cap, the amount of interest that would have accrued on the Class
                  M3
                  Certificates if the REMIC 3 Net Funds Cap were substituted for
                  the
                  Subordinate Net Funds Cap shall be treated as having been paid
                  by the
                  Class M3 Certificateholders to the Supplemental Interest Trust,
                  all
                  pursuant to and as further provided in Section 10.01(n)
                  hereof.

              

      

       

      
        	 	
                (9)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class M4 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 0.500% and (ii) the
                  Subordinate
                  Net Funds Cap for such Distribution Date; provided,
                  that
                  if the Mortgage Loans and related property are not purchased pursuant
                  to
                  Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class M4 Certificates
                  will be LIBOR plus 0.750%. For purposes of the REMIC Provisions,
                  the
                  reference to “Subordinate Net Funds Cap” in clause (ii) of the preceding
                  sentence shall be deemed to be a reference to the REMIC 3 Net Funds
                  Cap;
                  therefore, on any Distribution Date on which the Certificate Interest
                  Rate
                  for the Class M4 Certificates exceeds the REMIC 3 Net Funds Cap,
                  interest
                  accruals based on such excess shall be treated as having been paid
                  from
                  the Basis Risk Reserve Fund or the Supplemental Interest Trust,
                  as
                  applicable; on any Distribution Date on which the Certificate Interest
                  Rate on the Class M4 Certificates is based on the Subordinate Net
                  Funds
                  Cap, the amount of interest that would have accrued on the Class
                  M4
                  Certificates if the REMIC 3 Net Funds Cap were substituted for
                  the
                  Subordinate Net Funds Cap shall be treated as having been paid
                  by the
                  Class M4 Certificateholders to the Supplemental Interest Trust,
                  all
                  pursuant to and as further provided in Section 10.01(n) hereof.
                  

              

      

       

      
        	 	
                (10)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class M5 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 0.620% and (ii) the
                  Subordinate
                  Net Funds Cap for such Distribution Date; provided,
                  that
                  if the Mortgage Loans and related property are not purchased pursuant
                  to
                  Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class M5 Certificates
                  will be LIBOR plus 0.930%. For purposes of the REMIC Provisions,
                  the
                  reference to “Subordinate Net Funds Cap” in clause (ii) of the preceding
                  sentence shall be deemed to be a reference to the REMIC 3 Net Funds
                  Cap;
                  therefore, on any Distribution Date on which the Certificate Interest
                  Rate
                  for the Class M5 Certificates exceeds the REMIC 3 Net Funds Cap,
                  interest
                  accruals based on such excess shall be treated as having been paid
                  from
                  the Basis Risk Reserve Fund or the Supplemental Interest Trust,
                  as
                  applicable; on any Distribution Date on which the Certificate Interest
                  Rate on the Class M5 Certificates is based on the Subordinate Net
                  Funds
                  Cap, the amount of interest that would have accrued on the Class
                  M5
                  Certificates if the REMIC 3 Net Funds Cap were substituted for
                  the
                  Subordinate Net Funds Cap shall be treated as having been paid
                  by the
                  Class M5 Certificateholders to the Supplemental Interest Trust,
                  all
                  pursuant to and as further provided in Section 10.01(n) hereof.
                  

              

      

      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

       

      
        	 	
                (11)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class M6 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 0.900% and (ii) the
                  Subordinate
                  Net Funds Cap for such Distribution Date; provided,
                  that
                  if the Mortgage Loans and related property are not purchased pursuant
                  to
                  Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class M6 Certificates
                  will be LIBOR plus 1.350%. For purposes of the REMIC Provisions,
                  the
                  reference to “Subordinate Net Funds Cap” in clause (ii) of the preceding
                  sentence shall be deemed to be a reference to the REMIC 3 Net Funds
                  Cap;
                  therefore, on any Distribution Date on which the Certificate Interest
                  Rate
                  for the Class M6 Certificates exceeds the REMIC 3 Net Funds Cap,
                  interest
                  accruals based on such excess shall be treated as having been paid
                  from
                  the Basis Risk Reserve Fund or the Supplemental Interest Trust,
                  as
                  applicable; on any Distribution Date on which the Certificate Interest
                  Rate on the Class M6 Certificates is based on the Subordinate Net
                  Funds
                  Cap, the amount of interest that would have accrued on the Class
                  M6
                  Certificates if the REMIC 3 Net Funds Cap were substituted for
                  the
                  Subordinate Net Funds Cap shall be treated as having been paid
                  by the
                  Class M6 Certificateholders to the Supplemental Interest Trust,
                  all
                  pursuant to and as further provided in Section 10.01(n) hereof.
                  

              

      

       

      
        	 	
                (12)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class M7 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 1.350% and (ii) the
                  Subordinate
                  Net Funds Cap for such Distribution Date; provided,
                  that
                  if the Mortgage Loans and related property are not purchased pursuant
                  to
                  Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class M7 Certificates
                  will be LIBOR plus 2.025%. For purposes of the REMIC Provisions,
                  the
                  reference to “Subordinate Net Funds Cap” in clause (ii) of the preceding
                  sentence shall be deemed to be a reference to the REMIC 3 Net Funds
                  Cap;
                  therefore, on any Distribution Date on which the Certificate Interest
                  Rate
                  for the Class M7 Certificates exceeds the REMIC 3 Net Funds Cap,
                  interest
                  accruals based on such excess shall be treated as having been paid
                  from
                  the Basis Risk Reserve Fund or the Supplemental Interest Trust,
                  as
                  applicable; on any Distribution Date on which the Certificate Interest
                  Rate on the Class M7 Certificates is based on the Subordinate Net
                  Funds
                  Cap, the amount of interest that would have accrued on the Class
                  M7
                  Certificates if the REMIC 3 Net Funds Cap were substituted for
                  the
                  Subordinate Net Funds Cap shall be treated as having been paid
                  by the
                  Class M7 Certificateholders to the Supplemental Interest Trust,
                  all
                  pursuant to and as further provided in Section 10.01(n) hereof.
                  

              

      

       

      
        	 	
                (13)

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

              

      

       

      
        	 	
                (14)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class M9 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 2.500% and (ii) the
                  Subordinate
                  Net Funds Cap for such Distribution Date; provided,
                  that if the Mortgage Loans and related property are not purchased
                  pursuant
                  to Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class M9 Certificates
                  will be LIBOR plus 3.750%. For purposes of the REMIC Provisions,
                  the
                  reference to “Subordinate Net Funds Cap” in clause (ii) of the preceding
                  sentence shall be deemed to be a reference to the REMIC 3 Net Funds
                  Cap;
                  therefore, on any Distribution Date on which the Certificate Interest
                  Rate
                  for the Class M9 Certificates exceeds the REMIC 3 Net Funds Cap,
                  interest
                  accruals based on such excess shall be treated as having been paid
                  from
                  the Basis Risk Reserve Fund or the Supplemental Interest Trust,
                  as
                  applicable; on any Distribution Date on which the Certificate Interest
                  Rate on the Class M9 Certificates is based on the Subordinate Net
                  Funds
                  Cap, the amount of interest that would have accrued on the Class
                  M9
                  Certificates if the REMIC 3 Net Funds Cap were substituted for
                  the
                  Subordinate Net Funds Cap shall be treated as having been paid
                  by the
                  Class M9 Certificateholders to the Supplemental Interest Trust,
                  all
                  pursuant to and as further provided in Section 10.01(n)
                  hereof.

              

      

      
        
          
          

        

        
          14

          
            

          

        

        
          
          

        

      

       

      
        	 	
                (15)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class M10 Certificates is the per
                  annum
                  rate equal to the lesser of (i) LIBOR plus 2.500% and (ii) the
                  Subordinate
                  Net Funds Cap for such Distribution Date; provided,
                  that if the Mortgage Loans and related property are not purchased
                  pursuant
                  to Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class M10 Certificates
                  will be LIBOR plus 3.750%. For purposes of the REMIC Provisions,
                  the
                  reference to “Subordinate Net Funds Cap” in clause (ii) of the preceding
                  sentence shall be deemed to be a reference to the REMIC 3 Net Funds
                  Cap;
                  therefore, on any Distribution Date on which the Certificate Interest
                  Rate
                  for the Class M10 Certificates exceeds the REMIC 3 Net Funds Cap,
                  interest
                  accruals based on such excess shall be treated as having been paid
                  from
                  the Basis Risk Reserve Fund or the Supplemental Interest Trust,
                  as
                  applicable; on any Distribution Date on which the Certificate Interest
                  Rate on the Class M10 Certificates is based on the Subordinate
                  Net Funds
                  Cap, the amount of interest that would have accrued on the Class
                  M10
                  Certificates if the REMIC 3 Net Funds Cap were substituted for
                  the
                  Subordinate Net Funds Cap shall be treated as having been paid
                  by the
                  Class M10 Certificateholders to the Supplemental Interest Trust,
                  all
                  pursuant to and as further provided in Section 10.01(n)
                  hereof.

              

      

       

      
        	 	
                (16)

              	
                The
                  Certificate Interest Rate with respect to any Distribution Date
                  (and the
                  related Accrual Period) for the Class B Certificates is the per
                  annum rate
                  equal to the lesser of (i) LIBOR plus 2.500% and (ii) the Subordinate
                  Net
                  Funds Cap for such Distribution Date; provided,
                  that if the Mortgage Loans and related property are not purchased
                  pursuant
                  to Section 7.01(b) on the Initial Optional Termination Date, then
                  with
                  respect to each subsequent Distribution Date the per annum rate
                  calculated
                  pursuant to clause (i) above with respect to the Class B Certificates
                  will
                  be LIBOR plus 3.750%. For purposes of the REMIC Provisions, the
                  reference
                  to “Subordinate Net Funds Cap” in clause (ii) of the preceding sentence
                  shall be deemed to be a reference to the REMIC 3 Net Funds Cap;
                  therefore,
                  on any Distribution Date on which the Certificate Interest Rate
                  for the
                  Class B Certificates exceeds the REMIC 3 Net Funds Cap, interest
                  accruals
                  based on such excess shall be treated as having been paid from
                  the Basis
                  Risk Reserve Fund or the Supplemental Interest Trust, as applicable;
                  on
                  any Distribution Date on which the Certificate Interest Rate on
                  the Class
                  B Certificates is based on the Subordinate Net Funds Cap, the amount
                  of
                  interest that would have accrued on the Class B Certificates if
                  the REMIC
                  3 Net Funds Cap were substituted for the Subordinate Net Funds
                  Cap shall
                  be treated as having been paid by the Class B Certificateholders
                  to the
                  Supplemental Interest Trust, all pursuant to and as further provided
                  in
                  Section 10.01(n) hereof.

              

      

       

      
        	 	
                (17)

              	
                For
                  purposes of the REMIC Provisions, Class X shall have an initial
                  principal
                  balance of $32,167,000.00, and the right to receive distributions
                  of such
                  amount represents a regular interest in the Upper Tier REMIC. The
                  Class X
                  Certificate shall also comprise two notional components, each of
                  which
                  represents a regular interest in the Upper Tier REMIC. The first
                  such
                  component has a notional balance that will at all times equal the
                  aggregate of the Class Principal Amounts of the Lower Tier Interests
                  in
                  REMIC 3, and, for each Distribution Date (and the related Accrual
                  Period)
                  this notional component shall bear interest at a per annum rate
                  equal to
                  the excess, if any, of (i) the weighted average of the interest
                  rates on
                  the Lower Tier Interests in REMIC 3 (other than any interest-only
                  regular
                  interest), over (ii) the Adjusted Lower Tier WAC. The second notional
                  component represents the right to receive all distributions in
                  respect of
                  (A) the Class LT3-IO Interest in REMIC 3 (the “Class LT4-I” interest) and
                  (B) the Class LT3-I Interest in REMIC 3. In addition, for purposes
                  of the
                  REMIC Provisions, the Class X Certificate shall represent beneficial
                  ownership of (i) the Basis Risk Reserve Fund; (ii) the Supplemental
                  Interest Trust, including the Swap Agreement, the Swap Account,
                  the
                  Interest Rate Cap Agreement and the Interest Rate Cap Account,
                  (iii) any
                  FPD Premium, (iv) the Final Maturity Reserve Trust and (v) an interest
                  in
                  the notional principal contracts described in Section 10.01(n)
                  hereof.

              

      

       

      
        	 	
                (18)

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

              

      

      
        
          
          

        

        
          15

          
            

          

        

        
          
          

        

      

       

      
        	 	
                (19)

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

              

      

       

      
        	 	
                (20)

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

              

      

       

      
        	 	
                (21)

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

              

      

       

      As
        of the
        Cut-off Date, the Mortgage Loans had an aggregate Scheduled Principal Balance
        of
        $846,479,045.34.

       

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

       

      ARTICLE
        I

       

      DEFINITIONS

       

      
        	
                Section
                  1.01.

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

              

      

       

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

       

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

       

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

       

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

       

      Act:
        As
        defined in Section 3.03(c).

       

      
        
          
          

        

        
          16

          
            

          

        

        
          
          

        

      

      Additional
        Collateral:
        None.

       

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

       

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

       

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

       

      Additional
        Termination Event:
        As
        defined in the Swap Agreement.

       

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

       

      Adjusted
        Lower Tier WAC:
        For any
        Distribution Date (and the related Accrual Period), an amount equal to (i)
        two,
        multiplied by (ii) the weighted average of the interest rates for such
        Distribution Date for the Class LT3-A1, Class LT3-A2, Class LT3-A3, Class
        LT3-A4, Class LT3-A5, Class LT3-M1, Class LT3-M2, Class LT3-M3, Class LT3-M4,
        Class LT3-M5, Class LT3-M6, Class LT3-M7, Class LT3-M8, Class LT3-M9, Class
        LT3-M10, Class LT3-B, Class LT3-P and Class LT3-Q Interests, weighted in
        proportion to their Class Principal Amounts as of the beginning of the related
        Accrual Period and computed by subjecting the rate on the Class LT3-Q Interest
        to a cap of 0.00%, and by subjecting the rate on each of the Class LT3-A1,
        Class
        LT3-A2, Class LT3-A3, Class LT3-A4, Class LT3-A5, Class LT3-M1, Class LT3-M2,
        Class LT3-M3, Class LT3-M4, Class LT3-M5, Class LT3-M6, Class LT3-M7, Class
        LT3-M8, Class LT3-M9, Class LT3-M10, Class LT3-B and Class LT3-P Interests
        to a
        cap that corresponds to the Certificate Interest Rate (determined by
        substituting the REMIC 3 Net Funds Cap for the applicable Net Funds Cap)
        for the
        Corresponding Class of Certificates multiplied by the quotient of (a) the
        actual
        number of days in the Accrual Period, divided by (b) 30.

       

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

       

      
        
          
          

        

        
          17

          
            

          

        

        
          
          

        

      

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

       

      Affected
        Party:
        As
        defined in the Swap Agreement.

       

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

       

      Aggregate
        Expense Rate:
        With
        respect to any Mortgage Loan, the related Servicing Fee Rate.

       

      Aggregate
        Overcollateralization Release Amount:
        With
        respect to any Distribution Date, the lesser of (x) the aggregate of the
        Principal Remittance Amounts for each Mortgage Pool for such Distribution
        Date
        and (y) the amount, if any, by which (i) the Overcollateralization Amount
        for
        such date, calculated for this purpose on the basis of the assumption that
        100%
        of the aggregate of the Principal Remittance Amounts for such Distribution
        Date
        is applied on such date in reduction of the aggregate Class Principal Amount
        of
        the LIBOR Certificates, exceeds (ii) the Targeted Overcollateralization Amount
        for such Distribution Date.

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

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

       

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

       

      Aurora:
        Aurora
        Loan Services LLC, a Delaware limited liability company.

       

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

       

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

       

      B
        Principal Distribution Amount:
        With
        respect to any Distribution Date on or after the Stepdown Date and as long
        as a
        Trigger Event is not in effect with respect to such Distribution Date, the
        amount, if any, by which (x) the sum of (i) the aggregate of the Class Principal
        Amounts of the Senior Certificates and the Class M1, Class M2, Class M3,
        Class
        M4, Class M5, Class M6, Class M7, Class M8, Class M9 and Class M10 Certificates,
        in each case after giving effect to distributions on such Distribution Date
        and
        (ii) the Class Principal Amount of the Class B Certificates immediately prior
        to
        such Distribution Date exceeds (y) the B Target Amount.

       

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

       

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

       

      Balloon
        Mortgage Loan:
        Any
        Mortgage Loan having an original term to maturity that is shorter than its
        amortization schedule, and a final Scheduled Payment that is disproportionately
        large in comparison to other Scheduled Payments.

       

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

       

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

       

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

       

      
        
          
          

        

        
          19

          
            

          

        

        
          
          

        

      

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
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      Cap
        Counterparty:
        The
        counterparty to the Supplemental Interest Trust under the Interest Rate Cap
        Agreement, and any successor in interest or assigns. Initially, the Cap
        Counterparty shall be Lehman Brothers Special Financing Inc.

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      Certificate
        Notional Amount:
        With
        respect to each Notional Certificate and any date of determination, the product
        of (i) the Class Notional Amount of such Class and (ii) the applicable
        Percentage Interest of such Certificate.

       

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

       

      Certificate
        Principal Amount:
        With
        respect to any LIBOR Certificate, the initial Certificate Principal Amount
        thereof on the Closing Date, less the amount of all principal distributions
        previously distributed with respect to such Certificate and, in the case
        of the
        Subordinate Certificates, any Applied Loss Amount previously allocated to
        such
        Certificate; provided,
        however,
        that on
        each Distribution Date on which a Subsequent Recovery is distributed, the
        Certificate Principal Amount of any Class of Subordinate Certificates whose
        Certificate Principal Amount has previously been reduced by application of
        Applied Loss Amounts will be increased, sequentially, in order of seniority,
        by
        an amount (to be applied pro
        rata
        to all
        Certificates of such Class) equal to the lesser of (1) any Deferred Amount
        for
        each such Class immediately prior to such Distribution Date and (2) the total
        amount of any Subsequent Recovery distributed on such Distribution Date to
        Certificateholders, after application for this purpose to any more senior
        Classes of Certificates. The Class X, Class R and Class LT-R Certificates
        are
        issued without Certificate Principal Amounts. For purposes of the REMIC
        provisions, the Class X Certificates are issued with an initial principal
        amount
        of $32,167,000.00 and the Class P Certificates are issued with an initial
        principal amount of $100.00.

       

      
        
          
          

        

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

       

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

       

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

       

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

       

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

       

      Charged-off
        Loan:
        As
        of any date of determination, any Second Lien Mortgage Loan serviced by Ocwen,
        as reported to the Trustee, that was delinquent in payment for a period of
        180
        days or more as of the last calendar day of the month immediately preceding
        the
        month in which such date of determination occurs, without giving effect to
        any
        grace period permitted by the related mortgage note; provided,
        however,
        that with respect to any such Second Lien Mortgage Loan, (i) an equity analysis
        performed by the related Servicer supports charge-off over foreclosure, (ii)
        the
        related Mortgaged Property has not become REO Property, (iii) there are no
        active foreclosure or other loss mitigation activities and (iv) nothing
        has come to the attention of the related Servicer of the existence of a breach
        of any of the representations and warranties of the Seller set forth in the
        Mortgage Loan Sale Agreement that adversely and materially affects the value
        of
        the related Second Lien Mortgage Loan, for which repurchase or substitution
        by
        the Seller pursuant to the Mortgage Loan Sale Agreement or Section 2.05 herein
        is reasonably likely to occur.

       

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

       

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

       

      
        
          
          

        

        
          22

          
            

          

        

        
          
          

        

      

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

       

      Class
        M Certificates:
        Collectively, the Class M1, Class M2, Class M3, Class M4, Class M5, Class
        M6,
        Class M7, Class M8, Class M9 and Class M10 Certificates.

       

      Class
        M1 Enhancement Percentage:
        For any
        Distribution Date, the fraction, expressed as a percentage, the numerator
        of
        which is the sum of (i) the aggregate Class Principal Amount of the Class
        M
        Certificates (other than the Class M1 Certificates) and the Class B Certificates
        and (ii) the Overcollateralization Amount for such Distribution Date (which,
        for
        purposes of this definition only, will not be less than zero), and the
        denominator of which is the Aggregate Pool Balance for such Distribution
        Date,
        in each case after giving effect to distributions on such Distribution
        Date.

       

      Class
        Notional Amount:
        With
        respect to the Class X Certificates, $32,167,000.00. With respect to the
        Class P
        Certificates, $100.00. 

       

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

       

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

       

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

       

      Class
        X Distributable Amount:
        With
        respect to any Distribution Date, the amount of interest that has accrued
        on the
        Class X Notional Balance, as described in the Preliminary Statement, but
        that
        has not been distributed prior to such date. In addition, such amount shall
        include the initial Overcollateralization Amount of $32,167,000.00
        ($32,167,100.00, less $100 of such amount allocated to the Class P Certificates)
        to the extent such amount has not been distributed on an earlier Distribution
        Date as part of the Aggregate Overcollateralization Release Amount.

       

      Class
        X and Class P Private Placement Memorandum:
        The
        private placement memorandum dated May 25, 2007, relating to the Class X
        and
        Class P Certificates.

       

      
        
          
          

        

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

       

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

       

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

       

      Clearstream:
        Clearstream Banking Luxembourg, and any successor thereto.

       

      Closing
        Date:
        May 30,
        2007.

       

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

       

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

       

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

       

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

       

      Commission:
        The
        United States Securities and Exchange Commission.

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
          24

          
            

          

        

        
          
          

        

      

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

       

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

       

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

       

      Cooperative
        Shares:
        Shares
        issued by a Cooperative Corporation.

       

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

       

      Corporate
        Trust Office:
        The
        principal corporate trust office of the Trustee at which, at any particular
        time, its corporate trust business with respect to this Agreement shall be
        administered, which office at the date hereof is located at 9062 Old Annapolis
        Road, Columbia, Maryland 21045, Attention: Client Service Manager—SASCO
        2007-OSI, provided
        that for
        purposes of surrender of Certificates and final payment theron the Trustee’s
        Corporate Trust Office shall be Sixth Street and Marquette Avenue, Minneapolis,
        Minnesota 55479, Attention: Client Service Manager—SASCO 2007-OSI.

       

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

       

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

       

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

       

      
        
          
          

        

        
          25

          
            

          

        

        
          
          

        

      

      

       

      
        	
                Distribution
                  Date

              	
                Loss
                  Percentage

              
	
                June
                  2009 to May 2010

              	
                1.80%
                  for the first month, plus
                  an
                  additional 1/12th
                  of
                  2.20% for each month thereafter

              
	 	 
	
                June
                  2010 to May 2011

              	
                4.00%
                  for the first month, plus
                  an
                  additional 1/12th
                  of
                  2.35% for each month thereafter

              
	 	 
	
                June
                  2011 to May 2012

              	
                6.35%
                  for the first month, plus
                  an
                  additional 1/12th
                  of
                  1.85% for each month thereafter

              
	 	 
	
                June
                  2012 to May 2013

              	
                8.20%
                  for the first month, plus
                  an
                  additional 1/12th
                  of
                  1.00% for each month thereafter

              
	 	 
	
                June
                  2013 and thereafter

              	
                9.20%

              
	 	 

      

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

       

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

       

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

       

      Custodial
        Compensation:
        With
        respect to Deutsche Bank National Trust Company, LaSalle Bank National
        Association and U.S. Bank National Association, and in their respective
        capacities as a Custodian, the fees and expenses required to be paid by the
        Trustee as described in the applicable Custodial Agreement.

       

      Custodian:
        Each
        custodian appointed by the Trustee pursuant to a Custodial Agreement, and
        any
        successor thereto. The initial Custodians are Deutsche Bank National Trust
        Company, LaSalle Bank National Association and U.S. Bank National
        Association.

       

      Cut-off
        Date:
        May 1,
        2007.

       

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

       

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

       

      Defaulting
        Party:
        As
        defined in the Swap Agreement.

       

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

       

      
        
          
          

        

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

       

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

       

      Delinquency
        Event:
        Any
        Distribution Date on which the Rolling Three Month Delinquency Rate as of
        the
        last day of the immediately preceding calendar month equals or exceeds (1)
        30.50% of the Senior Enhancement Percentage for such Distribution Date or
        (2)
        with respect to any Distribution Date on or after which the aggregate Class
        Principal Amount of the Senior Certificates has been reduced to zero, 38.25%
        of
        the Class M1 Enhancement Percentage for such Distribution Date.

       

      Delinquency
        Rate:
        With
        respect to any calendar month, the fraction, expressed as a percentage, the
        numerator of which is the aggregate outstanding principal balance of (i)
        all
        Mortgage Loans 60 days Delinquent or more (including all Mortgage Loans 60
        days
        Delinquent or more for which the Mortgagor has filed for bankruptcy after
        the
        Closing Date) and (ii) each Mortgage Loan in 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 Pool Balance for such Distribution Date determined
        as
        of last day of the related Collection Period (after giving effect to any
        prepayments received during the related Prepayment Period).

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

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

       

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

       

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

       

      Eligible
        Account:
        Either
        (i) an account or accounts maintained with a federal or state chartered
        depository institution or trust company acceptable to the Rating Agencies
        or
        (ii) an account or accounts the deposits in which are insured by the FDIC
        to the
        limits established by such corporation, provided that any such deposits not
        so
        insured shall be maintained in an account at a depository institution or
        trust
        company whose commercial paper or other short term debt obligations (or,
        in the
        case of a depository institution or trust company which is the principal
        subsidiary of a holding company, the commercial paper or other short term
        debt
        or deposit obligations of such holding company or depository institution,
        as the
        case may be) have been rated by each Rating Agency in its highest short-term
        rating category, or (iii) a segregated trust account or accounts (which shall
        be
        a “special deposit account”) maintained with the Trustee or any other federal or
        state chartered depository institution or trust company, acting in its fiduciary
        capacity, in a manner acceptable to the Trustee and the Rating Agencies.
        Eligible Accounts may bear interest.

       

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

       

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

       

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

       

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

       

      
        
          
          

        

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

       

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

       

      (vi) a
        Qualified GIC;

       

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

       

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

       

      
        
          
          

        

        
          29

          
            

          

        

        
          
          

        

      

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      Excluded
        Trust Assets:
        As
        described in the Preliminary Statement. 

       

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

       

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

       

      
        
          
          

        

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

       

      Final
        Maturity Reserve Account:
        The
        account created pursuant to Section 5.10 of this Agreement.

       

      Final
        Maturity Reserve Amount:
        For
        each Mortgage Pool and each Distribution Date on and after the Distribution
        Date
        in June 2017 up to and including the earlier of the Final Scheduled Distribution
        Date or the termination of the Trust Fund, if the aggregate Scheduled Principal
        Balance of the Mortgage Loans with forty-year original terms to maturity
        is
        greater than the amount set forth in Schedule C hereto, the lesser of (A)
        the
        product of (x) the Final Maturity Reserve Rate, (y) the aggregate outstanding
        principal balance of the Mortgage Loans with forty-year original terms to
        maturity in such Mortgage Pool for that Distribution Date and (z) a fraction,
        the numerator of which is the actual number of days in the related Accrual
        Period and the denominator of which is 360 and (B) the product of (a) the
        Final
        Maturity Reserve Shortfall for such Distribution Date and (b) a fraction,
        the
        numerator of which is the Pool Balance for the related Mortgage Pool as of
        the
        first day of the related Collection Period (not including for this purpose
        Mortgage Loans in such Mortgage Pool for which prepayments in full have been
        received and distributed in the month prior to that Distribution Date) and
        the
        denominator of which is the Aggregate Pool Balance as of the first day of
        the
        related Collection Period (not including for this purpose Mortgage Loans
        in both
        Mortgage Pools for which prepayments in full have been received and distributed
        in the month prior to that Distribution Date). For (a) each Mortgage Pool
        and each Distribution Date prior to the Distribution Date in June 2017 or
        (b) each Distribution Date on and after the Distribution Date in June 2017
        for which the aggregate Scheduled Principal Balance of the Mortgage Loans
        with
        forty-year original terms to maturity does not exceed the aggregate Scheduled
        Principal Balance in Schedule C hereto, zero. 

       

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

       

      Final
        Maturity Reserve Shortfall:
        For
        each Distribution Date, the lesser of (A) the excess of (i) the aggregate
        outstanding principal balance of the Mortgage Loans with forty-year original
        terms to maturity for that Distribution Date over (ii) the amounts on deposit
        in
        the Final Maturity Reserve Account or (B) the excess of (x) the aggregate
        Certificate Principal Amount of the Senior Certificates and the Subordinate
        Certificates after giving effect to distributions on such Distribution Date
        over
        (y) the amounts on deposit in the Final Maturity Reserve Account.

       

      Final
        Maturity Reserve Trust:
        The
        corpus of a trust created pursuant to Section 5.10 of this Agreement and
        designated as the “Final
        Maturity Reserve Trust”
        consisting of the Final Maturity Reserve Account, but which is not an asset
        of
        any REMIC.

       

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

       

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

       

      
        
          
          

        

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

       

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

       

      Five
        Percent Call Holder:
        The
        holder of the optional call rights on the Five Percent Optional Termination
        Date
        pursuant to Section 7.01(d); provided,
        that
        such holder shall also be a Servicer. On the Closing Date, the initial Five
        Percent Call Holder shall be Ocwen. 

       

      Five
        Percent Optional Termination Date:
        The
        first Distribution Date following the date on which the Aggregate Pool Balance
        is less than 5.00% of the Cut-off Date Balance.

       

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

       

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

       

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

       

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

       

      FPD
        Purchase Price:
        With
        respect to any First Payment Default Mortgage Loan, an amount equal to the
        sum
        of (a) 100.00% of the unpaid principal balance of such Mortgage Loan and
        (b)
        accrued interest thereon at the applicable Mortgage Rate from the date as
        to
        interest was last paid to (but not including) the Due Date in the Collection
        Period immediately preceding the related Distribution Date.

       

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

       

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

       

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

       

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

       

      Group
        1 Senior Certificates:
        The
        Class A1 Certificates.

       

      Group
        2 Senior Certificates:
        Collectively, the Class A2, Class A3, Class A4 and Class A5
        Certificates.

       

      
        
          
          

        

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

       

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

       

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

       

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

       

      Initial
        LIBOR Rate:
        5.320%.

       

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

       

      Initial
        Sale Date:
        The
        date on which the Mortgage Loan was sold by the related Transferor to the
        Bank
        or the Seller, as applicable, as specified in the Mortgage Loan Schedule.
        

       

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

       

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

       

      
        
          
          

        

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

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

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

       

      JPMorgan:
        JPMorgan Chase Bank, National Association.

       

      Latest
        Possible Maturity Date:
        The
        Distribution Date occurring in April 2052.

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
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      LIBOR
        Certificate:
        Any
        Class A1, Class A2, Class A3, Class A4, Class A5, Class M1, Class M2, Class
        M3,
        Class M4, Class M5, Class M6, Class M7, Class M8, Class M9, Class M10 or
        Class B
        Certificate.

       

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

       

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

       

      Liquidation
        Expenses:
        Expenses that are incurred by the Master Servicer or a Servicer in connection
        with the liquidation of any defaulted Mortgage Loan, if any, including, without
        limitation, foreclosure and rehabilitation expenses, legal expenses and
        unreimbursed amounts, if any, expended pursuant to Sections 9.06, 9.16 or
        9.22.

       

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

       

      Loan-to-Value
        Ratio:
        With
        respect to any Mortgage Loan at any date of determination, the ratio of the
        principal balance of such Mortgage Loan at the date of determination plus
        the
        principal balance of each mortgage loan senior thereto based on the most
        recent
        information available to the Seller to (a) in the case of a purchase, the
        lesser
        of the sale price of the Mortgaged Property and its appraised value at the
        time
        of sale or (b) in the case of a refinancing or modification, the appraised
        value
        of the Mortgaged Property at the time of the refinancing or
        modification.

       

      Lower
        Tier Interest:
        As
        described in the Preliminary Statement.

       

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

       

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

       

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

       

      
        
          
          

        

        
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      M1
        Target Amount:
        With
        respect to any Distribution Date, an amount equal to the lesser of (a) the
        product of (i) 58.20% and (ii) the Aggregate Pool Balance for such Distribution
        Date determined as of the last day of the related Collection Period (after
        giving effect to any prepayments received during the related Prepayment Period)
        and (b) the amount, if any, by which (i) the Aggregate Pool Balance for such
        Distribution Date determined as of the last day of the related Collection
        Period
        (after giving effect to any prepayments received during the related Prepayment
        Period) exceeds (ii) the Overcollateralization Floor.

       

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

       

      M2
        Target Amount:
        With
        respect to any Distribution Date, an amount equal to the lesser of (a) the
        product of (i) 67.70% and (ii) the Aggregate Pool Balance for such Distribution
        Date determined as of the last day of the related Collection Period (after
        giving effect to any prepayments received during the related Prepayment Period)
        and (b) the amount, if any, by which (i) the Aggregate Pool Balance for such
        Distribution Date determined as of the last day of the related Collection
        Period
        (after giving effect to any prepayments received during the related Prepayment
        Period) exceeds (ii) the Overcollateralization Floor.

       

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

       

      M3
        Target Amount:
        With
        respect to any Distribution Date, an amount equal to the lesser of (a) the
        product of (i) 70.60% and (ii) the Aggregate Pool Balance for such Distribution
        Date determined as of the last day of the related Collection Period (after
        giving effect to any prepayments received during the related Prepayment Period)
        and (b) the amount, if any, by which (i) the Aggregate Pool Balance for such
        Distribution Date determined as of the last day of the related Collection
        Period
        (after giving effect to any prepayments received during the related Prepayment
        Period) exceeds (ii) the Overcollateralization Floor.

       

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

       

      
        
          
          

        

        
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      M4
        Target Amount:
        With
        respect to any Distribution Date, an amount equal to the lesser of (a) the
        product of (i) 74.20% and (ii) the Aggregate Pool Balance for such Distribution
        Date determined as of the last day of the related Collection Period (after
        giving effect to any prepayments received during the related Prepayment Period)
        and (b) the amount, if any, by which (i) the Aggregate Pool Balance for such
        Distribution Date determined as of the last day of the related Collection
        Period
        (after giving effect to any prepayments received during the related Prepayment
        Period) exceeds (ii) the Overcollateralization Floor.

       

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

       

      M5
        Target Amount:
        With
        respect to any Distribution Date, an amount equal to the lesser of (a) the
        product of (i) 77.40% and (ii) the Aggregate Pool Balance for such Distribution
        Date determined as of the last day of the related Collection Period (after
        giving effect to any prepayments received during the related Prepayment Period)
        and (b) the amount, if any, by which (i) the Aggregate Pool Balance for such
        Distribution Date determined as of the last day of the related Collection
        Period
        (after giving effect to any prepayments received during the related Prepayment
        Period) exceeds (ii) the Overcollateralization Floor.

       

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

       

      M6
        Target Amount:
        With
        respect to any Distribution Date, an amount equal to the lesser of (a) the
        product of (i) 78.80% and (ii) the Aggregate Pool Balance for such Distribution
        Date determined as of the last day of the related Collection Period (after
        giving effect to any prepayments received during the related Prepayment Period)
        and (b) the amount, if any, by which (i) the Aggregate Pool Balance for such
        Distribution Date determined as of the last day of the related Collection
        Period
        (after giving effect to any prepayments received during the related Prepayment
        Period) exceeds (ii) the Overcollateralization Floor.

       

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

       

      
        
          
          

        

        
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      M7
        Target Amount:
        With
        respect to any Distribution Date, an amount equal to the lesser of (a) the
        product of (i) 81.70% and (ii) the Aggregate Pool Balance for such Distribution
        Date determined as of the last day of the related Collection Period (after
        giving effect to any prepayments received during the related Prepayment Period)
        and (b) the amount, if any, by which (i) the Aggregate Pool Balance for such
        Distribution Date determined as of the last day of the related Collection
        Period
        (after giving effect to any prepayments received during the related Prepayment
        Period) exceeds (ii) the Overcollateralization Floor.

       

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

       

      M8
        Target Amount:
        With
        respect to any Distribution Date, an amount equal to the lesser of (a) the
        product of (i) 83.80% and (ii) the Aggregate Pool Balance for such Distribution
        Date determined as of the last day of the related Collection Period (after
        giving effect to any prepayments received during the related Prepayment Period)
        and (b) the amount, if any, by which (i) the Aggregate Pool Balance for such
        Distribution Date determined as of the last day of the related Collection
        Period
        (after giving effect to any prepayments received during the related Prepayment
        Period) exceeds (ii) the Overcollateralization Floor.

       

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

       

      M9
        Target Amount:
        With
        respect to any Distribution Date, an amount equal to the lesser of (a) the
        product of (i) 86.90% and (ii) the Aggregate Pool Balance for such Distribution
        Date determined as of the last day of the related Collection Period (after
        giving effect to any prepayments received during the related Prepayment Period)
        and (b) the amount, if any, by which (i) the Aggregate Pool Balance for such
        Distribution Date determined as of the last day of the related Collection
        Period
        (after giving effect to any prepayments received during the related Prepayment
        Period) exceeds (ii) the Overcollateralization Floor.

       

      M10
        Principal Distribution Amount:
        With
        respect to any Distribution Date on or after the Stepdown Date and as long
        as a
        Trigger Event is not in effect with respect to such Distribution Date, the
        amount, if any, by which (x) the sum of (i) the aggregate of the Class Principal
        Amounts of the Senior Certificates and the Class M1, Class M2, Class M3,
        Class
        M4, Class M5, Class M6, Class M7, Class M8 and Class M9 Certificates, in
        each
        case after giving effect to distributions on such Distribution Date and (ii)
        the
        Class Principal Amount of the Class M10 Certificates immediately prior to
        such
        Distribution Date exceeds (y) the M10 Target Amount.

       

      
        
          
          

        

        
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      M10
        Target Amount:
        With
        respect to any Distribution Date, an amount equal to the lesser of (a) the
        product of (i) 90.40% and (ii) the Aggregate Pool Balance for such Distribution
        Date determined as of the last day of the related Collection Period (after
        giving effect to any prepayments received during the related Prepayment Period)
        and (b) the amount, if any, by which (i) the Aggregate Pool Balance for such
        Distribution Date determined as of the last day of the related Collection
        Period
        (after giving effect to any prepayments received during the related Prepayment
        Period) exceeds (ii) the Overcollateralization Floor.

       

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

       

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

       

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

       

      Master
        Servicing Fee Rate:
        0.00%
        per annum.

       

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

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

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

       

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

       

      Mortgage
        Loan:
        A
        Mortgage and the related notes or other evidences of indebtedness secured
        by
        each such Mortgage conveyed, transferred, sold, assigned to or deposited
        with
        the Trustee pursuant to Section 2.01 or Section 2.05, including without
        limitation each Mortgage Loan listed on the Mortgage Loan Schedule, as amended
        from time to time. Any Released Mortgage Loan shall not be considered a Mortgage
        Loan subject to this Agreement.

       

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

       

      Mortgage
        Loan Schedule:
        The
        schedule attached hereto as Schedule A, which shall identify each Mortgage
        Loan,
        as such schedule may be amended from time to time to reflect the addition
        of
        Mortgage Loans to, or the deletion of Mortgage Loans from, the Trust Fund.
        Such
        schedule shall set forth, among other things, the following information with
        respect to each Mortgage Loan: (i) the Mortgage Loan identifying number;
        (ii)
        the city, state and zip code of the Mortgaged Property; (iii) the original
        principal amount of the Mortgage Loan; (iv) the Mortgage Rate at origination;
        (v) the Mortgage Rate in effect immediately following the Cut-off Date; (vi)
        the
        monthly payment of principal and interest at origination; (vii) the date on
        which the first monthly payment was due on the Mortgage Loan; (viii) the
        Mortgage Pool in which such Mortgage Loan is included; (ix) the applicable
        Servicer servicing such Mortgage Loan and the applicable Servicing Fee Rate;
        (x)
        the applicable Custodian with respect to the Mortgage File related to such
        Mortgage Loan; (xi) whether such Mortgage Loan is subject to a Prepayment
        Premium for voluntary prepayments by the Mortgagor, the term during which
        such
        Prepayment Premiums are imposed and the methods of calculation of the Prepayment
        Premium; (xii) whether such Mortgage Loan is a Simple Interest Mortgage Loan;
        (xiii) a code indicating whether the Mortgaged Property was represented by
        the
        borrower, at the time of origination, as being owner-occupied; (xiv) the
        type of
        residential dwelling constituting the Mortgaged Property (i.e. single family,
        two-to-four family, PUD, condominium, condotel); (xv) the original amortization
        term; (xvi) the remaining amortization term as of the Cut-off Date; (xvii)
        the
        Loan-to-Value Ratio for first lien loans or combined Loan-to-Value Ratio
        for
        second lien loans, at origination (calculated as the ratio of (a)(x) for
        first
        lien loans, the original principal balance of the Mortgage Loan, or (y) for
        second lien loans, the sum of the original principal balance of the Mortgage
        Loan and the original principal of each senior lien thereto to (b) with respect
        to (x) purchase loans, the lesser of the sale price of the Mortgaged Property
        and its appraisal value at the time of sale or (y) refinance or modified
        loans,
        the appraisal value of the Mortgaged Property at the time of such refinancing
        or
        modification; (xviii) the stated maturity date; (xix) the last Due Date on
        which
        a monthly payment was actually applied to the unpaid stated principal balance;
        (xx) the Scheduled Principal Balance of the Mortgage Loan as of the close
        of
        business on the Cut-off Date; (xxi) a code indicating the purpose of the
        Mortgage Loan (i.e.,
        purchase financing, rate/term refinancing, cash-out refinancing); (xxii)
        a code
        indicating the documentation program (i.e.,
        full
        documentation, limited documentation, stated income documentation, no
        documentation) (The
        Depositor
        has recharacterized the applicable originator's
        documentation types for consistency purposes. Each documentation type refers
        to
        the documentation and verification as it relates to income, assets and/or
        employment, as applicable);
        (xxiii) the appraisal value of the Mortgaged Property at origination; (xxiv)
        the
        sale price of the Mortgaged Property, if applicable; (xxv) the actual unpaid
        principal balance of the Mortgage Loan as of the Cut-off Date; (xxvi) the
        type
        and term of the related Prepayment Premium; (xxvii) a code indicating the
        lien
        priority for Mortgage Loan at origination; (xxviii) with respect to each
        Adjustable Rate Mortgage Loan, the maximum Mortgage Rate, the gross margin,
        the
        next adjustment date and the periodic rate cap; (xxix) the credit score (“FICO”)
        of such Mortgage Loan at origination, or if such Mortgage Loan is greater
        than 6
        months seasoned as of the Cut-off Date, the current FICO (middle of three
        credit
        bureaus or lesser of two credit bureaus) of such Mortgage Loan. The Depositor
        shall be responsible for providing the Trustee and the Master Servicer with
        all
        amendments to the Mortgage Loan Schedule.

      
        
          
          

        

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

       

      Mortgage
        Pool:
        Any of
        Pool 1 or Pool 2, as the context requires.

       

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

       

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

       

      Mortgagor:
        The
        obligor on a Mortgage Note.

       

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

       

      
        
          
          

        

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

       

      Net
        Liquidation Proceeds:
        With
        respect to any Liquidated Mortgage Loan, the related Liquidation Proceeds
        net of
        (i) unreimbursed expenses and (ii) any unreimbursed Advances and Servicing
        Advances, if any, received and retained in connection with the liquidation
        of
        such Mortgage Loan, through insurance or condemnation proceeds, by foreclosure
        or otherwise, together with any net proceeds received on a monthly basis
        with
        respect to any properties acquired on behalf of the Certificateholders by
        foreclosure or deed in lieu of foreclosure.

       

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

       

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

       

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

       

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

       

      
        
          
          

        

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      NIMS
        Transaction:
        The
        placement of the Class X and Class P Certificates into a separate trust or
        other
        special purpose entity which will issue NIM Securities backed by all or a
        portion of such Certificates.

       

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

       

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

       

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

       

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

       

      Notional
        Amount:
        With
        respect to any Class X or Class P Certificate and any Distribution Date,
        such
        Certificate’s Percentage Interest of the Class Notional Amount of such Class of
        Certificates for such Distribution Date. 

       

      Notional
        Certificate:
        Any
        Class X or Class P Certificate.

       

      
        
          
          

        

        
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      Ocwen:
        Ocwen
        Loan Servicing, LLC.

       

      Offered
        Certificates:
        Any of
        the Senior Certificates and the Class M Certificates.

       

      Offering
        Document:
        The
        Prospectus, the Private Placement Memorandum or the Class X and Class P Private
        Placement Memorandum, as applicable.

       

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

       

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

       

      Original
        Mortgage Loan:
        As
        described in the Preliminary Statement. 

       

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

       

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

       

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

       

      Overcollateralization
        Floor:
        An
        amount equal to $4,232,395.23 (which is approximately 0.50% of the Cut-off
        Date
        Balance).

       

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

       

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

       

      
        
          
          

        

        
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      PCAOB:
        The
        Public Company Accounting Oversight Board.

       

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

       

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

       

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

       

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

       

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

       

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

       

      Pool
        1
        Maximum Interest Rate:
        For the
        Group 1 Senior Certificates, for each Distribution Date on or before the
        Distribution Date on which the aggregate Class Principal Amount of the Group
        2
        Senior Certificates has been reduced to zero, an annual rate equal to (a)
        the
        product, expressed as a percentage, of (1) the amount, if any, by which the
        weighted average of the excess of the maximum “lifetime” Mortgage Rates, as
        specified in the related Mortgage Notes for the Pool 1 Mortgage Loans exceeds
        the applicable weighted average Aggregate Expense Rate and (2) a fraction,
        the
        numerator of which is 30 and the denominator of which is the actual number
        of
        days in the Accrual Period related to such Distribution Date; plus
        (b) the
        product, expressed as a percentage, of (1) the sum of (x) the amount of any
        Net
        Swap Payment owed by the Swap Counterparty on the related Swap Payment Date
        allocable to Pool 1 (based on the applicable Pool Percentage) and (y) any
        Interest Rate Cap Amount owed by the Cap Counterparty on the related Interest
        Rate Cap Payment Date allocable to Pool 1 (based on the applicable Pool
        Percentage) divided by the Pool Balance for Pool 1 as of the first day of
        the
        related Collection Period (not including for this purpose Mortgage Loans
        in Pool
        1 for which prepayments in full have been received and distributed in the
        month
        prior to that Distribution Date) and (2) a fraction, the numerator of which
        is
        360 and the denominator of which is the actual number of days in the Accrual
        Period related to such Distribution Date; minus
        (c) the
        product, expressed as a percentage, of (1) the sum of (x) the amount of any
        Net
        Swap Payment owed to the Swap Counterparty on the related Swap Payment Date
        allocable to Pool 1 (based on the applicable Pool Percentage) and (y) any
        Final
        Maturity Reserve Amount for Pool 1 for such Distribution Date divided by
        the
        Pool Balance for Pool 1 as of the first day of the related Collection Period
        (not including for this purpose Mortgage Loans in Pool 1 for which Principal
        Prepayments in full have been deposited into the Collection Account and
        distributed therefrom in accordance with Section 5.02 during the month prior
        to
        such Distribution Date) and (2) a fraction, the numerator of which is 360
        and
        the denominator of which is the actual number of days in the Accrual Period
        related to such Distribution Date.

       

      
        
          
          

        

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

       

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

       

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

       

      Pool
        2
        Maximum Interest Rate:
        For the
        Group 2 Senior Certificates, and for each Distribution Date on or before
        the
        Distribution Date on which the Class Principal Amount of the Group 1 Senior
        Certificates has been reduced to zero, an annual rate equal to (a) the product,
        expressed as a percentage, of (1) the amount, if any, by which the weighted
        average of the excess of the maximum “lifetime” Mortgage Rates, as specified in
        the related Mortgage Notes for the Pool 2 Mortgage Loans exceeds the applicable
        weighted average Aggregate Expense Rate and (2) a fraction, the numerator
        of
        which is 30 and the denominator of which is the actual number of days in
        the
        Accrual Period related to such Distribution Date; plus
        (b) the
        product, expressed as a percentage, of (1) the sum of (x) the amount of any
        Net
        Swap Payment owed by the Swap Counterparty on the related Swap Payment Date
        allocable to Pool 2 (based on the applicable Pool Percentage) and (y) any
        Interest Rate Cap Amount owed by the Cap Counterparty on the related Interest
        Rate Cap Payment Date allocable to Pool 2 (based on the applicable Pool
        Percentage) divided by the Pool Balance for Pool 2 as of the first day of
        the
        related Collection Period (not including for this purpose Mortgage Loans
        in Pool
        2 for which prepayments in full have been received and distributed in the
        month
        prior to that Distribution Date) and (2) a fraction, the numerator of which
        is
        360 and the denominator of which is the actual number of days in the Accrual
        Period related to such Distribution Date; minus
        (c) the
        product, expressed as a percentage, of (1) the sum of (x) the amount of any
        Net
        Swap Payment owed to the Swap Counterparty on the related Swap Payment Date
        allocable to Pool 2 (based on the applicable Pool Percentage) and (y) any Final
        Maturity Reserve Amount for Pool 2 for such Distribution Date divided by
        the
        Pool Balance for Pool 2 as of the first day of the related Collection Period
        (not including for this purpose Mortgage Loans in Pool 2 for which Principal
        Prepayments in full have been deposited into the Collection Account and
        distributed therefrom in accordance with Section 5.02 during the month prior
        to
        such Distribution Date) and (2) a fraction, the numerator of which is 360
        and
        the denominator of which is the actual number of days in the Accrual Period
        related to such Distribution Date.

       

      
        
          
          

        

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

       

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

       

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

       

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

       

      
        
          
          

        

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

       

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

       

      Prepayment
        Period:
        (a)
        With respect to any Distribution Date and any Principal Prepayment in part
        in
        respect of any Mortgage Loan serviced by a Servicer, the calendar month
        immediately preceding the month in which such Distribution Date occurs; (b)
        with
        respect to any Distribution Date and any Principal Prepayment in full in
        respect
        of any Mortgage Loan serviced by JPMorgan, the period from the fifteenth
        (15th)
        day of
        the preceding calendar month through the fourteenth (14th)
        day of
        the calendar month in which the Distribution Date occurs (except in the case
        of
        the Distribution Date in June 2007, for which the related Prepayment Period
        will
        be the period from May 1, 2007 through June 14, 2007) (c) with respect to
        any
        Principal Prepayment in full in respect of any Mortgage Loan serviced by
        Ocwen,
        the period from the sixteenth (16th)
        day of
        the preceding calendar month through the fifteenth (15th)
        day of
        the calendar month in which the Distribution Date occurs (except (i) in the
        case
        of the Distribution Date in June 2007, for which the related Prepayment Period
        will be the period from May 1, 2007 through June 15, 2007 and
        (ii) in the case of a servicing transfer, for which such Principal Prepayment
        Period shall be the period from the first day of the calendar month of such
        servicing transfer through and including the fifteenth (15th) day of the
        calendar month in which the Mortgage Loans are transferred and in which such
        Distribution Date occurs)
        and (d)
        with respect to any Distribution Date and any Principal Prepayment in full
        in
        respect of any Mortgage Loan serviced by Aurora, the period from the seventeenth
        (17th)
        day of
        the preceding calendar month through the sixteenth (16th)
        day of
        the calendar month in which the Distribution Date occurs (except in the case
        of
        the Distribution Date in June 2007, for which the related Prepayment Period
        will
        be the period from May 1, 2007 through June 16, 2007).

       

      Prepayment
        Premiums:
        Any
        prepayment fees and penalties to be paid by the Mortgagor in connection with
        certain voluntary full or partial prepayments of principal on a Mortgage
        Loan.

       

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

       

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

       

      
        
          
          

        

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

       

      Principal
        Remittance Amount:
        With
        respect to each Mortgage Pool and any Distribution Date, (a) the sum of (i)
        all
        principal collected (other than Payaheads and Prepayment Premiums) or advanced
        in respect of Scheduled Payments on the Mortgage Loans in such Mortgage Pool
        during the related Collection Period whether by the applicable Servicers,
        the
        Master Servicer or the Trustee (solely in its capacity as successor master
        servicer) (less unreimbursed Advances due to the Master Servicer, any Servicer
        or the Trustee with respect to the related Mortgage Loans, to the extent
        allocable to principal, and any unreimbursed Servicing Advances to the extent
        allocable to principal or to the extent not reimbursed from amounts otherwise
        allocable to interest), (ii) all Principal Prepayments in full or in part
        received on the Mortgage Loans in such Mortgage Pool during the related
        Prepayment Period, (iii) the outstanding principal balance of each Mortgage
        Loan
        in such Mortgage Pool that was purchased from the Trust Fund by the Seller
        during the related Prepayment Period (in the case of certain Mortgage Loans
        120
        days or more delinquent) from such Mortgage Pool, (iv) the portion of the
        Purchase Price or FPD Purchase Price (excluding any FPD Premium) payable
        with
        respect to a First Payment Default Mortgage Loan) or the portion of any
        Substitution Amount paid with respect to any Deleted Mortgage Loan in such
        Mortgage Pool during the related Prepayment Period allocable to principal
        and
        (v) all Net Liquidation Proceeds, Insurance Proceeds, any Subsequent Recovery
        and other recoveries collected with respect to the Mortgage Loans in such
        Mortgage Pool during the related Prepayment Period, to the extent allocable
        to
        principal, as reduced by (b) to the extent not reimbursed from amounts otherwise
        allocable to interest, the related Pool Percentage for such date of any other
        costs, expenses or liabilities reimbursable to the Trustee, the Master Servicer,
        each Custodian and each Servicer to the extent provided in this Agreement,
        each
        Servicing Agreement and each Custodial Agreement and, with respect to the
        Trustee, to the extent the Interest Remittance Amount is less than amounts
        reimbursable to the Trustee pursuant to Section 4.04(b)(i), the product of
        (x)
        the applicable Pool Percentage for such Distribution Date and (y) any amounts
        reimbursable during the related Anniversary Year to the Trustee therefrom
        and
        not reimbursed from the Interest Remittance Amount, or otherwise; provided,
        however,
        that
        such reimbursable amounts from the Interest Remittance Amount and Principal
        Remittance Amount may not exceed $200,000 in the aggregate during any
        Anniversary Year. In the event that the Trustee incurs reimbursable amounts
        in
        excess of $200,000, it may seek reimbursement for such amounts in subsequent
        Anniversary Years, but in no event shall more than $200,000 be reimbursed
        to the
        Trustee per Anniversary Year. Notwithstanding the foregoing, costs and expenses
        incurred by the Trustee pursuant to Section 6.14(a) in connection with any
        transfer of servicing shall be excluded from the $200,000 per Anniversary
        Year
        limit on reimbursable amounts. For the avoidance of doubt, (i) the Principal
        Remittance Amount available on each Swap Payment Date for distributions to
        the
        Swap Account shall be equal to the Principal Remittance Amount on the related
        Distribution Date and (ii) the Principal Remittance Amount for each Distribution
        Date shall be calculated without regard to any distributions to the Swap
        Account
        on the related Swap Payment Date.

       

      
        
          
          

        

        
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      Private
        Placement Memorandum:
        The
        private placement memorandum dated May 25, 2007, relating to the Class B
        Certificates.

       

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

       

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

       

      Prospectus:
        The
        prospectus supplement dated May 25, 2007, together with the accompanying
        prospectus dated May 22, 2007, relating to the Offered
        Certificates.

       

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

       

      QIB:
        As
        defined in Section 3.03(c).

       

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

       

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

       

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

       

      
        
          
          

        

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

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

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

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

       

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

       

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

       

      Related
        Senior Priority:
        With
        respect to each of Group 1 Senior Certificates and the Group 2 Senior
        Certificates, the priority of distribution on the Senior Certificates relating
        to such Groups as described in Sections 5.02(e)(i)(A)(3) and 5.02(e)(i)(B)(3),
        respectively.

       

      Released
        Mortgage Loan:
        As
        of any transfer date as set forth in the related Servicing Agreement, any
        Second
        Lien Mortgage Loan serviced by Ocwen that was delinquent in payment for 30
        days
        or more after such Second Lien Mortgage Loan became a Charged-off Loan, as
        of
        the last calendar day of the month immediately preceding the month in which
        such
        transfer date occurs, without giving effect to any grace period permitted
        by the
        related mortgage note, and for which foreclosure proceedings have not been
        initiated.

       

      Released
        Mortgage Transferee:
        At any
        date of determination, the majority holder of any NIM Residual Securities
        (if
        any such NIM Residual Securities have been issued and are outstanding), or
        if no
        NIM Securities are outstanding, the majority Holder of a Class X Certificate
        or
        its designee.

       

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

       

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

       

      
        
          
          

        

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

       

      REMIC
        1:
        As
        described in the Preliminary Statement.

       

      REMIC
        2:
        As
        described in the Preliminary Statement.

       

      REMIC
        3:
        As
        described in the Preliminary Statement.

       

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

       

      REMIC
        4:
        As
        described in the Preliminary Statement.

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

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

       

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

       

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

       

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

       

      Rule
        144A:
        Rule
        144A under the Securities Act.

       

      Rules:
        As
        defined in Section 6.20(c).

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
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      Second
        Lien Mortgage Loan:
        Any
        Mortgage Loan secured by mortgages or deeds of trust or similar security
        instruments creating a junior lien on the related Mortgaged
        Property

       

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

       

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

       

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

       

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

       

      Seller
        Remittance Amount:
        With
        respect to each Servicer, the meaning assigned to such term in the related
        Servicing Agreement.

       

      Senior
        Certificate:
        Any
        Class A1, Class A2, Class A3, Class A4 or Class A5 Certificate. 

       

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

       

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

       

      
        
          
          

        

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

       

      Senior
        Target Amount:
        With
        respect to any Distribution Date, an amount equal to the lesser of (a) the
        product of (i) 47.60% and (ii) the Aggregate Pool Balance for such Distribution
        Date determined as of the last day of the related Collection Period (after
        giving effect to any prepayments received during the related Prepayment Period)
        and (b) the amount, if any, by which (i) the Aggregate Pool Balance for such
        Distribution Date determined as of the last day of the related Collection
        Period
        (after giving effect to any prepayments received during the related Prepayment
        Period) exceeds (ii) the Overcollateralization Floor.

       

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

       

      Servicers:
        As of
        the Closing Date, Aurora, JPMorgan and Ocwen or any of their successors in
        interest. 

       

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

       

      Servicing
        Advances:
        All
        customary, reasonable and necessary “out of pocket” costs and expenses other
        than Advances (including reasonable attorneys’ fees and disbursements) incurred
        in the performance by a Servicer of its servicing obligations, including,
        but
        not limited to, the cost of (a) the preservation, inspection, restoration
        and
        protection of the Mortgaged Property, (b) any enforcement or administrative
        or
        judicial proceedings, including foreclosures, (c) the management and liquidation
        of the Mortgaged Property if the Mortgaged Property is acquired in satisfaction
        of the Mortgage, (d) taxes, assessments, water rates, sewer rents and other
        charges which are or may become a lien upon the Mortgaged Property and fire
        and
        hazard insurance coverage and (e) any losses sustained by a Servicer with
        respect to the liquidation of the Mortgaged Property.

       

      Servicing
        Agreement:
        Each
        servicing agreement, subservicing agreement or reconstituted servicing agreement
        identified on Exhibit E hereto, dated as of May 1, 2007, among the Seller,
        the
        Master Servicer and one of the above-named Servicers, and any other servicing
        agreement entered into between a successor servicer and the Seller pursuant
        to
        the terms of this Agreement. 

       

      
        
          
          

        

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

       

      Servicing
        Fee:
        As to
        any Distribution Date and each Mortgage Loan (other than a Charged-off Loan
        or
        Released Mortgage Loan, except as described below), a monthly fee payable
        to the
        related Servicer out of interest collections received at any time attributable
        to the monthly payment from the related Mortgage Loan equal to the product
        of
        (a) one-twelfth of the Servicing Fee Rate and (b) the Scheduled Principal
        Balance of such Mortgage Loan as of the first day of the related Collection
        Period. No Servicing Fee will accrue with respect to any Charged-off Loan
        (except to the extent the related Servicer receives any proceeds with respect
        to
        such Charged-off Loan, but prior to such Mortgage Loan becoming a Released
        Mortgage Loan) or Released Mortgage Loan. 

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      Stepdown
        Date:
        The
        earlier of (i) the first Distribution Date following the Distribution Date
        on
        which the Class Principal Amounts of the Senior Certificates have each been
        reduced to zero or (ii) the later to occur of (x) the Distribution Date in
        June
        2010 and (y) the first Distribution Date on which the Senior Enhancement
        Percentage (calculated for this purpose after giving effect to payments or
        other
        recoveries in respect of the Mortgage Loans during the related Collection
        Period, but before giving effect to distributions on the Certificates on
        such
        Distribution Date) is greater than or equal to 52.40%.

       

      
        
          
          

        

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

       

      Subordinate
        Certificate:
        Any
        Class M or Class B Certificate.

       

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

       

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

       

      Subordinate
        Priority:
        To the
        Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class
        M8,
        Class M9, Class M10 and Class B Certificates, sequentially, in that
        order.

       

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

       

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

       

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

       

      
        
          
          

        

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

       

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

       

      Swap
        Agreement:
        The
        interest rate swap agreement dated May 30, 2007 entered into by the Trustee
        on
        behalf of the Supplemental Interest Trust and the Swap Counterparty, which
        agreement provides for, among other things, a Net Swap Payment to be paid
        pursuant to the conditions provided therein, together with any schedules,
        confirmations, Credit Support Annex or other agreements relating thereto,
        attached hereto as Exhibit O.

       

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

       

      Swap
        Counterparty:
        The
        counterparty to the Supplemental Interest Trust under the Swap Agreement,
        and
        any successor in interest or assigns. Initially, the Swap Counterparty shall
        be
        Lehman Brothers Special Financing Inc.

       

      Swap
        Counterparty Trigger Event:
        The
        occurrence of any of (i) a Swap Default with respect to which the Swap
        Counterparty is a Defaulting Party, (ii) a Termination Event (other than
        a
        Termination Event of Illegality or Tax Event as such terms are defined in
        the
        Swap Agreement) with respect to which the Swap Counterparty is the sole Affected
        Party or (iii) an Additional Termination Event with respect to which the
        Swap
        Counterparty is the sole Affected Party.

       

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

       

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

       

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

       

      Swap
        Replacement Receipts:
        As
        defined in Section 5.09.

       

      
        
          
          

        

        
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      Swap
        Replacement Receipts Account:
        As
        defined in Section 5.09.

       

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

       

      Swap
        Termination Receipts:
        As
        defined in Section 5.09(a).

       

      Swap
        Termination Receipts Account:
        As
        defined in Section 5.09(a).

       

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

       

      Targeted
        Overcollateralization Amount:
        For any
        Distribution Date prior to the Stepdown Date, an amount equal to $32,167,045.34
        (or approximately 3.80% of the Cut-off Date Balance). For any Distribution
        Date
        on or after the Stepdown Date and provided a Trigger Event is not in effect,
        an
        amount equal to the greater of (i) the lesser of (a) $32,167,045.34 (or
        approximately 3.80% of the Cut-off Date Balance) and (b) 7.60% of the Aggregate
        Pool Balance for such Distribution Date determined as of the last day of
        the
        related Collection Period (after giving effect to any prepayments received
        during the related Prepayment Period) and (ii) the Overcollateralization
        Floor.
        With respect to any Distribution Date on or after the Stepdown Date and provided
        a Trigger Event is in effect, an amount equal to the Targeted
        Overcollateralization Amount for the immediately preceding Distribution
        Date.

       

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

       

      Termination
        Event:
        As
        defined in the Swap Agreement.

       

      Termination
        Price:
        As
        defined in Section 7.01.

       

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

       

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

       

      Transfer
        Agreements:
        Not
        applicable.

       

      Transferors:
        BNC
        Mortgage LLC, Residential Mortgage Assistance Enterprise LLC, Lehman Brothers
        Bank, FSB and Mortgage Lenders Network USA, Inc.

       

      
        
          
          

        

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

       

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

       

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

       

      Trustee:
        Wells
        Fargo Bank, N.A., not in its individual capacity but solely as Trustee, or
        any
        successor in interest, or if any successor trustee shall be appointed as
        herein
        provided, then such successor in interest or successor trustee, as the case
        may
        be.

       

      Trustee
        Fee:
        As to
        any Distribution Date, any investment earnings from amounts on deposit in
        the
        Certificate Account.

       

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

       

      Underwriter:
        Lehman
        Brothers Inc. 

       

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

       

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

       

      Upper
        Tier REMIC:
        REMIC
        4.

       

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

       

      
        
          
          

        

        
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      Wells
        Fargo:
        Wells
        Fargo Bank, N.A.

       

      
        	
                Section
                  1.02.

              	
                Calculations
                  Respecting Mortgage Loans. 

              

      

       

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

       

      
        	
                Section
                  1.03.

              	
                Calculations
                  Respecting Accrued Interest. 

              

      

       

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

       

      ARTICLE
        II

       

      DECLARATION
        OF TRUST;

      ISSUANCE
        OF CERTIFICATES

       

      
        	
                Section
                  2.01.

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

              

      

       

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

       

      
        
          
          

        

        
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      Concurrently
        with the execution of this Agreement, the Swap Agreement and the Interest
        Rate
        Cap Agreement shall be delivered to the Trustee. In connection therewith,
        the
        Depositor hereby directs the Trustee (solely in its capacity as such) and
        the
        Trustee is hereby authorized to execute and deliver the Swap Agreement and
        the
        Interest Rate Cap Agreement (each on behalf of the Supplemental Interest
        Trust)
        for the benefit of, the Certificateholders. The Seller, the Master Servicer,
        the
        Depositor, the Servicers and the Certificateholders (by their acceptance
        of such
        Certificates) acknowledge and agree that the Trustee is executing and delivering
        the Swap Agreement and the Interest Rate Cap Agreement solely in its capacity
        as
        Trustee of the Supplemental Interest Trust and the Trust Fund and not in
        its
        individual capacity. The Trustee shall have no duty or responsibility to
        enter
        into any other swap agreement or interest rate cap agreement upon the expiration
        or termination of the Swap Agreement or the Interest Rate Cap Agreement,
        other
        than as provided in Sections 5.09(a) and (b), respectively.

       

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

       

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

       

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

       

      
        
          
          

        

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

       

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

       

      (i) with
        respect to each Mortgage Loan, the original Mortgage Note endorsed without
        recourse in proper form to the order of the Trustee as shown on Exhibit B-4
        hereto, or in blank (in each case, with all necessary intervening endorsements,
        as applicable) or with respect to any lost Mortgage Note, a lost note affidavit
        stating that the original Mortgage Note was lost, misplaced or destroyed,
        together with a copy of the related Mortgage Note;

       

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

       

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

       

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

       

      
        
          
          

        

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

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

       

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

       

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

       

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

       

      (f) The
        issuing entity is hereby named Structured Asset Securities Corporation Mortgage
        Loan Trust 2007-OSI.

       

      
        
          
          

        

        
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                Section
                  2.02.

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

              

      

       

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

       

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

       

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

       

      
        
          
          

        

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

       

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

       

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

       

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

       

      
        	
                Section
                  2.03.

              	
                Representations
                  and Warranties of the Depositor.

              

      

       

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

       

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

       

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

       

      
        
          
          

        

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

       

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

       

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

       

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

       

      
        
          
          

        

        
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      (b) [Reserved.]
        

       

      
        	
                Section
                  2.04.

              	
                Discovery
                  of Breach. 

              

      

       

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

       

      
        	
                Section
                  2.05.

              	
                Repurchase,
                  Purchase or Substitution of Mortgage Loans.

              

      

       

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

       

      
        
          
          

        

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

       

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

       

      
        	
                Section
                  2.06.

              	
                Grant
                  Clause. 

              

      

       

      (a) It
        is
        intended that the conveyance of the Depositor’s right, title and interest in and
        to property constituting the Trust Fund pursuant to this Agreement shall
        constitute, and shall be construed as, a sale of such property and not a
        grant
        of a security interest to secure a loan. However, if such conveyance is deemed
        to be in respect of a loan, it is intended that: (1) the rights and obligations
        of the parties shall be established pursuant to the terms of this Agreement;
        (2)
        the Depositor hereby grants to the Trustee for the benefit of the Holders
        of the
        Certificates a first priority security interest to secure repayment of an
        obligation in an amount equal to the aggregate Class Principal Amount of
        the
        Certificates (or the aggregate principal balance of the Lower Tier REMIC
        1
        Uncertificated Regular Interests, if applicable) in all of the Depositor’s
        right, title and interest in, to and under, whether now owned or hereafter
        acquired, the Trust Fund, the Supplemental Interest Trust, the Final Maturity
        Reserve Trust and all proceeds of any 

       

      
        
          
          

        

        
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      and
        all
        property constituting the Trust Fund, the Supplemental Interest Trust and
        the
        Final Maturity Reserve Trust to secure payment of the Certificates or Lower
        Tier
        REMIC 1 Uncertificated Regular Interests, as applicable (such security interest
        being, to the extent of the assets that constitute the Supplemental Interest
        Trust, pari
        passu
        with the
        security interest as provided in clause (4) below); (3) this Agreement shall
        constitute a security agreement under applicable law; and (4) the Swap
        Counterparty shall be deemed, during the term of such agreement and while
        such
        agreement is the property of the Trustee, to have a security interest in
        all of
        the assets that constitute the Supplemental Interest Trust, but only to the
        extent of such Swap Counterparty’s right to payment under the Swap Agreement
        (such security interest being pari
        passu
        with the
        security interest as provided in clause (2) above). If such conveyance is
        deemed
        to be in respect of a loan and the trust created by this Agreement terminates
        prior to the satisfaction of the claims of any Person holding any Certificate
        or
        Lower Tier REMIC 1 Uncertificated Regular Interests, as applicable, the security
        interest created hereby shall continue in full force and effect and the Trustee
        shall be deemed to be the collateral agent for the benefit of such Person,
        and
        all proceeds shall be distributed as herein provided.

       

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

       

      
        
          
          

        

        
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      ARTICLE
        III

       

      THE
        CERTIFICATES

       

      
        	
                Section
                  3.01.

              	
                The
                  Certificates. 

              

      

       

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

       

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

       

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

       

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

       

      
        
          
          

        

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

       

      
        	
                Section
                  3.02.

              	
                Registration.
                  

              

      

       

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

       

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

       

      
        	
                Section
                  3.03.

              	
                Transfer
                  and Exchange of Certificates. 

              

      

       

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

       

      
        
          
          

        

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

       

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

       

      
        
          
          

        

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
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      (ii) No
        transfer of an ERISA-Restricted Trust Certificate shall be made prior to
        the
        termination of the Swap Agreement, the Interest Rate Cap Agreement and the
        Final
        Maturity Reserve Trust, unless the Trustee shall have received a representation
        letter from the transferee of such Certificate, substantially in the form
        set
        forth in Exhibit H, to the effect that either (i) such transferee is neither
        a
        Plan nor a Person acting on behalf of any such Plan or using the assets of
        any
        such Plan to effect such transfer or (ii) the acquisition and holding of
        the
        ERISA-Restricted Trust Certificate are eligible for exemptive relief under
        the
        statutory exemption for nonfiduciary service providers under Section 408(b)(17)
        of ERISA or Section 4975(d)(26) of the Code, Prohibited Transaction Class
        Exemption (“PTCE”) 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60 or PTCE 96-23 or
        some other applicable exemption. Notwithstanding anything else to the contrary
        herein, prior to the termination of the Swap Agreement, the Interest Rate
        Cap
        Agreement and the Final Maturity Reserve Trust, any purported transfer of
        an
        ERISA-Restricted Trust Certificate on behalf of a Plan without the delivery
        to
        the Trustee of a representation letter as described above shall be void and
        of
        no effect. If the ERISA-Restricted Trust Certificate is a Book-Entry
        Certificate, prior to the termination of the Swap Agreement, the Interest
        Rate
        Cap Agreement and the Final Maturity Reserve Trust, the transferee will be
        deemed to have made a representation as provided in clause (i) or (ii) of
        this
        paragraph, as applicable.

       

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

       

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

       

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

       

      
        
          
          

        

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

       

      Prior
        to
        and as a condition of the registration of any transfer, sale or other
        disposition of a Residual Certificate, the proposed transferee shall deliver
        to
        the Trustee or Certificate Registrar an affidavit in substantially the form
        attached hereto as Exhibit D-1 representing and warranting, among other things,
        that such transferee is neither a Disqualified Organization, an agent or
        nominee
        acting on behalf of a Disqualified Organization, nor a Non-Permitted Foreign
        Holder (any such transferee, a “Permitted Transferee”), and the proposed
        transferor shall deliver to the Trustee an affidavit in substantially the
        form
        attached hereto as Exhibit D-2. In addition, the Trustee may (but shall have
        no
        obligation to) require, prior to and as a condition of any such transfer,
        the
        delivery by the proposed transferee of an Opinion of Counsel, addressed to
        the
        Depositor, the Master Servicer, any NIMS Insurer and the Trustee satisfactory
        in
        form and substance to the Depositor, that such proposed transferee or, if
        the
        proposed transferee is an agent or nominee, the proposed beneficial owner,
        is
        not a Disqualified Organization, agent or nominee thereof, or a Non-Permitted
        Foreign Holder. Notwithstanding the registration in the Certificate Register
        of
        any transfer, sale, or other disposition of a Residual Certificate to a
        Disqualified Organization, an agent or nominee thereof, or Non-Permitted
        Foreign
        Holder, such registration shall be deemed to be of no legal force or effect
        whatsoever and such Disqualified Organization, agent or nominee thereof,
        or
        Non-Permitted Foreign Holder shall not be deemed to be a Certificateholder
        for
        any purpose hereunder, including, but not limited to, the receipt of
        distributions on such Residual Certificate. The Trustee shall not be under
        any
        liability to any person for any registration or transfer of a Residual
        Certificate to a Disqualified Organization, agent or nominee thereof or
        Non-permitted Foreign Holder or for the maturity of any payments due on such
        Residual Certificate to the Holder thereof or for taking any other action
        with
        respect to such Holder under the provisions of the Agreement, so long as
        the
        transfer was effected in accordance with this Section 3.03(f), unless a
        Responsible Officer of the Trustee shall have actual knowledge at the time
        of
        such transfer or the time of such payment or other action that the transferee
        is
        a Disqualified Organization, or an agent or nominee thereof, or Non-permitted
        Foreign Holder. The Trustee shall be entitled, but not obligated, to recover
        from any Holder of a Residual Certificate that was a Disqualified Organization,
        agent or nominee thereof, or Non-permitted Foreign Holder at the time it
        became
        a Holder or any subsequent time it became a Disqualified Organization, agent
        or
        nominee thereof, or Non-permitted Foreign Holder, all payments made on such
        Residual Certificate at and after either such times (and all costs and expenses,
        including but not limited to attorneys’ fees, incurred in connection therewith).
        Any payment (not including any such costs and expenses) so recovered by the
        Trustee shall be paid and delivered to the last preceding Holder of such
        Residual Certificate.

       

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

       

      
        
          
          

        

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

       

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

       

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

       

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

       

      
        
          
          

        

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

       

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

       

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

       

      
        
          
          

        

        
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                Section
                  3.04.

              	
                Cancellation
                  of Certificates. 

              

      

       

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

       

      
        	
                Section
                  3.05.

              	
                Replacement
                  of Certificates. 

              

      

       

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

       

      
        	
                Section
                  3.06.

              	
                Persons
                  Deemed Owners. 

              

      

       

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

       

      
        	
                Section
                  3.07.

              	
                Temporary
                  Certificates. 

              

      

       

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

       

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

       

      
        
          
          

        

        
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                Section
                  3.08.

              	
                Appointment
                  of Paying Agent. 

              

      

       

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

       

      (b) Any
        Paying Agent (if other than the Trustee) shall comply with its reporting
        obligations under Regulation AB with respect to the Trust Fund in form and
        substance similar to those of the Trustee pursuant to Section 6.20(d)(iv)
        and
        Section 9.25, and the related assessment of compliance and attestation shall
        cover, at a minimum, the elements of the servicing criteria applicable to
        the
        Paying Agent indicated in Exhibit S attached hereto. For so long as the
        Depositor is subject to Exchange Act reporting requirements with respect
        to the
        Trust, the Paying Agent (if other than the Trustee) shall give prior written
        notice to the Sponsor, the Master Servicer, the Trustee and the Depositor
        of the
        appointment of any Subcontractor by it and a written description (in form
        and
        substance reasonably satisfactory to the Sponsor and the Depositor) of the
        role
        and function of each Subcontractor utilized by the Paying Agent, as applicable,
        specifying (A) the identity of each such Subcontractor and (B) which elements
        of
        the servicing criteria set forth under Item 1122(d) of Regulation AB will
        be
        addressed in assessments of compliance provided by each such Subcontractor.
        In
        addition, for so long as the Depositor is subject to Exchange Act reporting
        requirements with respect to the Trust, the Paying Agent (if other than the
        Trustee) shall notify the Sponsor, the Master Servicer, the Trustee and the
        Depositor within five (5) calendar days of knowledge thereof (i) of any legal
        proceedings pending against the Paying Agent of the type described in Item
        1117
        (§ 229.1117) of Regulation AB, (ii) any merger, consolidation or sale of
        substantially all of the assets of the Paying Agent and (iii) if the Paying
        Agent shall become (but only to the extent not previously disclosed) at any
        time
        an affiliate of any of the parties listed on Exhibit V hereto or any of their
        affiliates. On or before June 1st
        of each
        year, the Depositor shall furnish any change in the information in Exhibit
        V to
        the Paying Agent and the Trustee.

       

      
        
          
          

        

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

       

      
        	
                Section
                  3.09.

              	
                Book-Entry
                  Certificates. 

              

      

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
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      ARTICLE
        IV

       

      ADMINISTRATION
        OF THE TRUST FUND

       

      
        	
                Section
                  4.01.

              	
                Collection
                  Account. 

              

      

       

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

       

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

       

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

       

      
        
          
          

        

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

       

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

       

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

       

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

       

      (iv) all
        Insurance Proceeds;

       

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

       

      (vi) any
        Seller Remittance Amounts remitted by a Servicer;

       

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

       

      
        
          
          

        

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

       

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

       

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

       

      
        	
                Section
                  4.02.

              	
                Application
                  of Funds in the Collection Account.

              

      

       

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

       

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

       

      
        
          
          

        

        
          88

          
            

          

        

        
          
          

        

      

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

       

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

       

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

       

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

       

      (vi) to
        pay to
        the Seller any Seller Remittance Amount;

       

      (vii) to
        pay to
        the Depositor or the Seller, as applicable, with respect to each Mortgage
        Loan
        or REO Property acquired in respect thereof that has been purchased pursuant
        to
        this Agreement, all amounts received thereon and not distributed on the date
        on
        which the related repurchase was effected, and to pay to the applicable Person
        any Advances and Servicing Advances to the extent specified in the definition
        of
        Purchase Price (or FPD Purchase Price and FPD Premium, in the case of a First
        Payment Default Loan);

       

      
        
          
          

        

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

       

      (ix) to
        make
        payments to the Trustee for deposit into the Certificate Account in the amounts
        and in the manner provided herein;

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      
        	
                Section
                  4.03.

              	
                Reports
                  to Certificateholders. 

              

      

       

      (a) On
        each
        Distribution Date, the Trustee shall have prepared (based solely on information
        provided by the Master Servicer, the Swap Counterparty and the Cap Counterparty)
        and shall make available to the Paying Agent, any NIMS Insurer, the Swap
        Counterparty, the Cap Counterparty, the Seller and each Certificateholder
        a
        report (the “Distribution Date Statement”) setting forth the following
        information (on the basis of Mortgage Loan level information obtained from
        the
        Master Servicer):

       

      
        
          
          

        

        
          90

          
            

          

        

        
          
          

        

      

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

       

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

       

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

       

      (iv) (A) the
        aggregate amount of any Advances required to be made with respect to the
        related
        Collection Period by or on behalf of the Servicers (or the Master Servicer),
        (B) the aggregate amount of such Advances actually made, and (C) the
        amount, if any, by which (A) above exceeds (B) above;

       

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

       

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

       

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

       

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

       

      (ix) the
        amount of the Servicing Fees paid during the Collection Period to which such
        distribution relates;

       

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

       

      
        
          
          

        

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

       

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

       

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

       

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

       

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

       

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

       

      (xvii) the
        Overcollateralization Amount after giving effect to the distributions made
        on
        such Distribution Date; 

       

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

       

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

       

      (xx) whether
        a
        Trigger Event is in effect for that Distribution Date; 

       

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

       

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

       

      
        
          
          

        

        
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      (xxiii) the
        amount of FPD Premiums, if any, for such Distribution Date; and

       

      (xxiv) the
        amount of any deposit in the Final Maturity Reserve Account, and, on the
        earlier
        of the Distribution Date in June 2037 and the termination of the Trust Fund,
        the
        amount distributed from the Final Maturity Reserve Account.

       

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

       

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

       

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

       

      The
        Trustee shall make such report and any additional loan level information
        (and,
        at its option, any additional files containing the same information in an
        alternative format) available each month to any NIMS Insurer, Certificateholders
        and the Rating Agencies via the Trustee’s internet website. The Trustee’s
        internet website shall initially be located at “www.ctslink.com.”
        Assistance in using the website can be obtained by calling the Trustee’s
        customer service desk at 1-866-846-4526. Such parties that are unable to
        use the
        website are entitled to have a paper copy mailed to them via first class
        mail by
        calling the customer service desk and requesting that a copy be mailed to
        them.
        The Trustee shall have the right to change the way such statements are
        distributed in order to make such distribution more convenient and/or more
        accessible to the above parties and the Trustee shall provide timely and
        adequate notification to all above parties regarding any such
        changes.

       

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

       

      
        
          
          

        

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

       

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

       

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

       

      
        
          
          

        

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

       

      
        	
                Section
                  4.04.

              	
                Certificate
                  Account. 

              

      

       

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

       

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

       

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

       

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

       

      (iii) to
        make
        payments of any investment income or earnings on the Certificate Account
        to (A)
        Deutsche Bank National Trust Company, LaSalle Bank National Association and
        U.S.
        Bank National Association, in their respective capacities as Custodians,
        in
        payment of their respective Custodial Compensation, if due and (B) then any
        remaining amounts of investment income or earnings to itself; 

       

      
        
          
          

        

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

       

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

       

      (c) Funds
        in
        the Certificate Account may be invested by the Trustee in Eligible Investments
        (which may be obligations of the Trustee or its affiliates). If invested,
        all
        such investments must be payable on demand or mature no later than one Business
        Day prior to the next Distribution Date (unless such investments are obligations
        of the Trustee, in which case such investments may mature on the related
        Distribution Date), and shall not be sold or disposed of prior to their
        maturity. All such Eligible Investments will be made in the name of the Trustee
        (in its capacity as such) or its nominee. All income and gain realized from
        any
        such investment for each Distribution Date shall be compensation (1) to Deutsche
        Bank National Trust Company, LaSalle Bank National Association and U.S. Bank
        National Association in their respective capacities as Custodians, in payment
        of
        their respective Custodial Compensation, if due, and (2) to the Trustee,
        any
        income and gain remaining. Subject to the preceding sentence, all income
        and
        gain realized from any such investment for each Distribution Date shall be
        subject to withdrawal by the Trustee from time to time. The amount of any
        losses
        incurred in respect of any such investments shall be paid by the Trustee
        for
        deposit in the Certificate Account out of its own funds, without any right
        of
        reimbursement therefor, immediately as realized.

       

      
        	
                Section
                  4.05.

              	
                [Reserved].

              

      

       

      ARTICLE
        V

       

      DISTRIBUTIONS
        TO HOLDERS OF CERTIFICATES

       

      
        	
                Section
                  5.01.

              	
                Distributions
                  Generally. 

              

      

       

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

       

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

       

      
        
          
          

        

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

       

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

       

      
        	
                Section
                  5.02.

              	
                Distributions
                  from the Certificate Account. 

              

      

       

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

       

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

       

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

       

      
        
          
          

        

        
          97

          
            

          

        

        
          
          

        

      

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

       

      (iii) on
        the
        Distribution Date in June 2017 and each Distribution Date
        thereafter:

       

      (A) for
        deposit into the Final Maturity Reserve Account, the Final Maturity Reserve
        Amount for Pool 1 for such Distribution Date; and

       

      (B) for
        deposit into the Final Maturity Reserve Account, the Final Maturity Reserve
        Amount for Pool 2 to the extent not paid from subsection 5.02(c)(iii)(A)
        below
        for such Distribution Date;

       

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

       

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

       

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

       

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

       

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

       

      (iii) on
        the
        Distribution Date in June 2017 and each Distribution Date
        thereafter:

       

      (A) for
        deposit into the Final Maturity Reserve Account, the Final Maturity Reserve
        Amount for Pool 2 for such Distribution Date; and

       

      
        
          
          

        

        
          98

          
            

          

        

        
          
          

        

      

      (B) for
        deposit into the Final Maturity Reserve Account, the Final Maturity Reserve
        Amount for Pool 1 to the extent not paid from subsection 5.02(b)(iii)(A)
        above
        for such Distribution Date;

       

      (iv) concurrently,
        on a pro
        rata
        basis,
        to each Class of the Group 2 Senior Certificates, Current Interest and any
        Carryforward Interest for each such Class and such Distribution Date;
provided,
        however,
        that
        any shortfall in Current Interest and Carryforward Interest shall be allocated
        among such Classes in proportion to the amount of
        Current Interest and Carryforward Interest that would otherwise be distributable
        thereon; and 

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
          99

          
            

          

        

        
          
          

        

      

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
          100

          
            

          

        

        
          
          

        

      

      (3) sequentially,
        to the Class A2, Class A3, Class A4 and Class A5 Certificates, in that order,
        until the Class Principal Amount of each such Class has been reduced to zero;
        and

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
          101

          
            

          

        

        
          
          

        

      

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

       

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

       

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

       

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

       

      
        
          
          

        

        
          102

          
            

          

        

        
          
          

        

      

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
          103

          
            

          

        

        
          
          

        

      

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

       

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

       

      (M) to
        the
        Class M10 Certificates, an amount equal to the lesser of (x) the excess of
        (a)
        the aggregate of the Principal Distribution Amounts for Pool 1 and Pool 2
        for
        such Distribution Date over (b) the amount paid to the Supplemental Interest
        Trust for deposit into the Swap Account or distributed to the Senior
        Certificates and the Class M1, Class M2, Class M3, Class M4, Class M5, Class
        M6,
        Class M7, Class M8 and Class M9 Certificates on such date pursuant to clauses
        (A) through (L) above, and (y) the M10 Principal Distribution Amount for
        such
        date, until the Class Principal Amount of such Class has been reduced to
        zero;

       

      (N) to
        the
        Class B Certificates, an amount equal to the lesser of (x) the excess of
        (a) the
        aggregate of the Principal Distribution Amounts for Pool 1 and Pool 2 for
        such
        Distribution Date over (b) the amount paid to the Supplemental Interest Trust
        for deposit into the Swap Account or distributed to the Senior Certificates
        and
        the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7,
        Class
        M8, Class M9 and Class M10 Certificates on such date pursuant to clauses
        (A)
        through (M) above, and (y) the B Principal Distribution Amount for such date,
        until the Class Principal Amount of such Class has been reduced to zero;
        and

       

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

       

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

       

      
        
          
          

        

        
          104

          
            

          

        

        
          
          

        

      

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
          105

          
            

          

        

        
          
          

        

      

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

       

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

       

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

       

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

       

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

       

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

       

      (K) to
        the
        Class M10 Certificates, in reduction of their Class Principal Amount, until
        the
        aggregate of the Class Principal Amounts of such Class and the Senior
        Certificates and the Class M1, Class M2, Class M3, Class M4, Class M5, Class
        M6,
        Class M7, Class M8 and Class M9 Certificates, after giving effect to
        distributions on such Distribution Date, equals the M10 Target Amount;
        and

       

      (L) to
        the
        Class B Certificates, in reduction of their Class Principal Amount, until
        the
        aggregate of the Class Principal Amounts of such Class and the Senior
        Certificates and the Class M1, Class M2, Class M3, Class M4, Class M5, Class
        M6,
        Class M7, Class M8, Class M9 and Class M10 Certificates, after giving effect
        to
        distributions on such Distribution Date, equals the B Target
        Amount;

       

      
        
          
          

        

        
          106

          
            

          

        

        
          
          

        

      

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      (g) On
        each
        Distribution Date (or, with respect to clauses (i), (ii), (ix) and (x) below,
        on
        the related Swap Payment Date), the Trustee, after making all distributions
        pursuant to Section 5.02(f), shall distribute the Swap Amount for such date
        as
        follows:

       

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

       

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

       

      
        
          
          

        

        
          107

          
            

          

        

        
          
          

        

      

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
          108

          
            

          

        

        
          
          

        

      

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      
        
          
          

        

        
          109

          
            

          

        

        
          
          

        

      

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

       

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

       

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

       

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

       

      (j) On
        the
        earlier of the Distribution Date in June 2037 and the termination of the
        Trust
        Fund, the Trustee, after making the distributions pursuant to Sections 5.02(f),
        (g) and (h) above, shall distribute the funds on deposit in the Final Maturity
        Reserve Account in the following order of priority: 

       

      (i) to
        the
        Senior Certificates, concurrently, in proportion to their respective Class
        Principal Amounts, after giving effect to principal distributions on such
        Distribution Date, in reduction of their respective Class Principal Amounts,
        until the Class Principal Amount of each such Class has been reduced to zero;
        provided,
        that
        all
        amounts distributable to the Group 1 Senior Certificates and the Group 2
        Senior
        Certificates shall first be made from amounts on deposit in the Final Maturity
        Reserve Account in respect of the Pool 1 Mortgage Loans and the Pool 2 Mortgage
        Loans, respectively, and then from the unrelated Mortgage Pool to the extent
        not
        paid;

       

      (ii) to
        the
        Subordinate Certificates, in accordance with the Subordinate Priority, after
        giving effect to principal distributions on such Distribution Date, in reduction
        of their respective Class Principal Amounts, until the Class Principal Amount
        of
        each such Class has been reduced to zero;

       

      (iii) to
        the
        LIBOR Certificates, any Current Interest and Carryforward Interest for each
        such
        Class, to the extent unpaid, in accordance with the priorities set forth
        in
        Sections 5.02(d)(i) and (d)(ii);

       

      (iv) to
        the
        Subordinate Certificates, in accordance with the Subordinate Priority, any
        Deferred Amounts for each such Class, to the extent unpaid;

       

      (v) to
        the
        LIBOR Certificates, any Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls
        for each such Class, to the extent unpaid, in accordance with the priorities
        set
        forth in Sections 5.02(f)(iv)(A) and (f)(iv)(B); and

       

      (vi) to
        the
        Class X Certificates, any remaining amount.

       

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

       

      
        
          
          

        

        
          110

          
            

          

        

        
          
          

        

      

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

       

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

       

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

       

      
        	
                Section
                  5.03.

              	
                Allocation
                  of Losses. 

              

      

       

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

       

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

       

      (ii) to
        the
        Class M10 Certificates, until the Class Principal Amount thereof has been
        reduced to zero;

       

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

       

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

       

      
        
          
          

        

        
          111

          
            

          

        

        
          
          

        

      

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      
        	
                Section
                  5.04.

              	
                Advances
                  by Master Servicer, Servicers and Trustee.

              

      

       

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

       

      
        
          
          

        

        
          112

          
            

          

        

        
          
          

        

      

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

       

      
        	
                Section
                  5.05.

              	
                Compensating
                  Interest Payments. 

              

      

       

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

       

      
        	
                Section
                  5.06.

              	
                Basis
                  Risk Reserve Fund. 

              

      

       

      (a) On
        the
        Closing Date, the Trustee shall establish and maintain in its name, in trust
        for
        the benefit of the Certificateholders, a Basis Risk Reserve Fund, into which
        Lehman Brothers Holdings Inc. (“LBH”) shall initially deposit $1,000. The Basis
        Risk Reserve Fund shall be an Eligible Account, and funds on deposit therein
        shall be held separate and apart from, and shall not be commingled with,
        any
        other monies, including, without limitation, other monies of the Trustee
        held
        pursuant to this Agreement.

       

      (b) The
        Trustee (or Paying Agent) shall make withdrawals from the Basis Risk Reserve
        Fund to make distributions pursuant to Section 5.02(f)(iv) hereof in accordance
        with the Distribution Date reports. Notwithstanding the foregoing, the initial
        deposit of $1,000 made pursuant to subsection (a) above may be applied by
        the
        Trustee (or Paying Agent) to make such distributions.

       

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

       

      
        
          
          

        

        
          113

          
            

          

        

        
          
          

        

      

      
        	
                Section
                  5.07.

              	
                Supplemental
                  Interest Trust. 

              

      

       

      (a) A
        separate trust is hereby established (the “Supplemental Interest Trust”), the
        corpus of which shall be held by the Trustee, in trust, for the benefit of
        the
        Certificateholders. The Trustee, as trustee of the Supplemental Interest
        Trust,
        shall establish an account (the “Swap Account”), into which LBH shall initially
        deposit $1,000. The Swap Account shall be an Eligible Account, and funds
        on
        deposit therein shall be held separate and apart from, and shall not be
        commingled with, any other monies, including, without limitation, other monies
        of the Trustee held pursuant to this Agreement. After payment in full to
        the
        Swap Counterparty of any Net Swap Payments or Swap Termination Payments owed
        to
        it pursuant to the Swap Agreement, any funds remaining in such fund upon
        termination of the Swap Account shall be released to Holders of the Class
        X
        Certificates pursuant to Sections 5.02(g)(xi) and 5.02(g)(xii).

       

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

       

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

       

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

       

      (e) The
        Trustee shall deposit into the Interest Rate Cap Account any amounts received
        from the Cap Counterparty under the Interest Rate Cap Agreement and shall
        distribute from the Interest Rate Cap Account any Interest Rate Cap Amount
        pursuant to Section 5.02(h) or 5.02(m), as applicable.

       

      
        
          
          

        

        
          114

          
            

          

        

        
          
          

        

      

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

       

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

       

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

       

      
        
          
          

        

        
          115

          
            

          

        

        
          
          

        

      

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

       

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

       

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

       

      (l) It
        is the
        intention of the parties hereto that, for federal and state income and state
        and
        local franchise tax purposes, the Supplemental Interest Trust be disregarded
        as
        an entity separate from the holder of the Class X Certificates unless and
        until
        the date when either (a) there is more than one Class X Certificateholder
        or (b)
        any Class of Certificates in addition to the Class X Certificates is
        recharacterized as an equity interest in the Supplemental Interest Trust
        for
        federal income tax purposes. The Trustee shall not be responsible for any
        entity
        level tax reporting for the Supplemental Interest Trust.

       

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

       

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

       

      
        
          
          

        

        
          116

          
            

          

        

        
          
          

        

      

      
        	
                Section
                  5.08.

              	
                Rights
                  of Swap Counterparty. 

              

      

       

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

       

      
        	
                Section
                  5.09.

              	
                Termination
                  Receipts. 

              

      

       

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

       

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

       

      
        
          
          

        

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

       

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

       

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

       

      
        
          
          

        

        
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        	Section
                5.10.	
                Final
                  Maturity Reserve Trust. 

              

      

       

      (a) A
        separate trust is hereby established (the “Final Maturity Reserve Trust”), the
        corpus of which shall be held, in trust, for the Certificateholders. The
        Trustee, on behalf of the Final Maturity Reserve Trust, shall establish an
        account (the “Final Maturity Reserve Account”), into which LBH 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 monies, including, without limitation,
        other
        monies of the Trustee held pursuant to this Agreement.

       

      (b) The
        Trustee shall deposit into the Final Maturity Reserve Trust any Final Maturity
        Reserve Amount pursuant to Sections 5.02(b)(iii) and 5.02(c)(iii). The Trustee
        shall distribute the funds in the Final Maturity Reserve Account pursuant
        to
        Section 5.02(j). Notwithstanding the foregoing, the initial deposit of $1,000
        made pursuant to subsection (a) above may be applied by the Trustee to make
        any
        such distributions.

       

      (c) Funds
        in
        the Final Maturity Reserve Account shall be invested in Eligible Investments.
        Any earnings on such amounts shall be distributed pursuant to Section 5.02(j).
        The Class X Certificates shall evidence ownership of the Final Maturity Reserve
        Trust for federal income tax purposes and LBH on behalf of the Holder thereof
        shall direct the Trustee, in writing, as to investment of amounts on deposit
        therein. LBH shall be liable for any losses incurred on such investments.
        In the
        absence of written instructions from the Class X Certificateholders as to
        investment of funds on deposit in the Final Maturity Reserve Account, such
        funds
        shall be invested in Wells Fargo Advantage Prime Money Market Fund or a
        comparable investment vehicle. 

       

      (d) Upon
        termination of the Trust Fund, any amounts remaining in the Final Maturity
        Reserve Account shall be distributed pursuant to the priorities in Section
        5.02(j).

       

      (e) It
        is the
        intention of the parties hereto that, for federal and state income and state
        and
        local franchise tax purposes, the Final Maturity Reserve Trust be disregarded
        as
        an entity separate from the holder of the Class X Certificates unless and
        until
        the date when either (a) there is more than one Class X Certificateholder
        or (b)
        any Class of Certificates in addition to the Class X Certificates is
        recharacterized as an equity interest in the Final Maturity Reserve Trust
        for
        federal income tax purposes. The Trustee shall not be responsible for any
        entity
        level tax reporting for the Final Maturity Reserve Trust.

       

      (f) 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 Class X Certificateholder and as having
        received the amount of the principal payment from the Class X Certificateholder
        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 Amount 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
        5.10(f).

       

      
        
          
          

        

        
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      ARTICLE
        VI

       

      CONCERNING
        THE TRUSTEE; EVENTS OF DEFAULT

       

      
        	
                Section
                  6.01.

              	
                Duties
                  of Trustee. 

              

      

       

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

       

      (b) The
        Trustee, upon receipt of all resolutions, certificates, statements, opinions,
        reports, documents, orders or other instruments furnished to the Trustee
        which
        are specifically required to be furnished pursuant to any provision of this
        Agreement, shall examine them to determine whether they are on their face
        in the
        form required by this Agreement; provided,
        however,
        that the
        Trustee shall not be responsible for the accuracy or content of any such
        resolution, certificate, statement, opinion, report, document, order or other
        instrument furnished by the Master Servicer, any Servicer, the Swap Counterparty
        or the Cap Counterparty to the Trustee pursuant to this Agreement, and shall
        not
        be required to recalculate or verify any numerical information furnished
        to the
        Trustee pursuant to this Agreement. Subject to the immediately preceding
        sentence, if any such resolution, certificate, statement, opinion, report,
        document, order or other instrument is found not to conform on its face to
        the
        form required by this Agreement in a material manner the Trustee shall notify
        the Person providing such resolutions, certificates, statements, opinions,
        reports or other documents of the non-conformity, and if the instrument is
        not
        corrected to the Trustee’s satisfaction, the Trustee will provide notice thereof
        to the Certificateholders and any NIMS Insurer and will, at the expense of
        the
        Trust Fund, which expense shall be reasonable given the scope and nature
        of the
        required action, take such further action as directed by the Certificateholders
        and any NIMS Insurer.

       

      (c) The
        Trustee shall not have any liability arising out of or in connection with
        this
        Agreement, except for its negligence or willful misconduct. No provision
        of this
        Agreement shall be construed to relieve the Trustee from liability for its
        own
        negligent action, its own negligent failure to act or its own willful
        misconduct; provided,
        however,
        that:

       

      (i) The
        Trustee shall not be liable with respect to any action taken, suffered or
        omitted to be taken by it in good faith in accordance with the direction
        of the
        Holders as provided in Section 6.18 hereof;

       

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

       

      
        
          
          

        

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

       

      (iv) The
        Trustee shall not be responsible for any act or omission of the Master Servicer,
        any Servicer, the Depositor, the Seller, any Custodian, the Cap Counterparty
        or
        the Swap Counterparty.

       

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

       

      (e) The
        Trustee shall not be personally liable with respect to any action taken,
        suffered or omitted to be taken by it in good faith in accordance with the
        direction of any NIMS Insurer or the Certificateholders of any Class holding
        Certificates which evidence, as to such Class, Percentage Interests aggregating
        not less than 25% as to the time, method and place of conducting any proceeding
        for any remedy available to the Trustee or exercising any trust or power
        conferred upon the Trustee under this Agreement.

       

      (f) The
        Trustee shall not be required to perform services under this Agreement, or
        to
        expend or risk its own funds or otherwise incur financial liability for the
        performance of any of its duties hereunder or the exercise of any of its
        rights
        or powers if there is reasonable ground for believing that the timely payment
        of
        its fees and expenses or the repayment of such funds or adequate indemnity
        against such risk or liability is not reasonably assured to it, and none
        of the
        provisions contained in this Agreement shall in any event require the Trustee
        to
        perform, or be responsible for the manner of performance of, any of the
        obligations of the Master Servicer or any Servicer under this Agreement or
        any
        Servicing Agreement except during such time, if any, as the Trustee shall
        be the
        successor to, and be vested with the rights, duties, powers and privileges
        of,
        the Master Servicer in accordance with the terms of this Agreement.

       

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

       

      
        
          
          

        

        
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      (h) The
        Trustee shall not have any duty (A) to see to any recording, filing, or
        depositing of this Agreement or any agreement referred to herein or any
        financing statement or continuation statement evidencing a security interest,
        or
        to see to the maintenance of any such recording or filing or depositing or
        to
        any rerecording, refiling or redepositing of any thereof, (B) to see to any
        insurance or claim under any Insurance Policy, and (C) to see to the payment
        or
        discharge of any tax, assessment, or other governmental charge or any lien
        or
        encumbrance of any kind owing with respect to, assessed or levied against,
        any
        part of the Trust Fund, the Supplemental Interest Trust or the Final Maturity
        Reserve Trust other than from funds available in the Collection Account or
        the
        Certificate Account, as applicable. Except as otherwise provided herein,
        the
        Trustee shall not have any duty to confirm or verify the contents of any
        reports or certificates of the Master Servicer, any Servicer, the Swap
        Counterparty or the Cap Counterparty delivered to the Trustee pursuant to
        this
        Agreement believed by the Trustee to be genuine and to have been signed or
        presented by the proper party or parties.

       

      (i) The
        Trustee shall not be liable in its individual capacity for an error of judgment
        made in good faith by a Responsible Officer or other officers of the Trustee
        unless it shall be proved that the Trustee was negligent in ascertaining
        the
        pertinent facts.

       

      (j) Notwithstanding
        anything in this Agreement to the contrary, none of the Trustee or any Paying
        Agent shall be liable for special, indirect or consequential losses or damages
        of any kind whatsoever (including, but not limited to, lost profits), even
        if
        the Paying Agent or the Trustee, as applicable, has been advised of the
        likelihood of such loss or damage and regardless of the form of
        action.

       

      (k) The
        Trustee shall not be construed to render the Trustee an agent of the Master
        Servicer or any Servicer.

       

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

       

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

       

      
        	
                Section
                  6.02.

              	
                Certain
                  Matters Affecting the Trustee. 

              

      

       

      Except
        as
        otherwise provided in Section 6.01:

       

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

       

      
        
          
          

        

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

       

      (c) The
        Trustee shall not be personally liable for any action taken, suffered or
        omitted
        by it in good faith and reasonably believed by it to be authorized or within
        the
        discretion or rights or powers conferred upon it by this Agreement;

       

      (d) Unless
        an
        Event of Default shall have occurred and be continuing, the Trustee shall
        not be
        bound to make any investigation into the facts or matters stated in any
        resolution, certificate, statement, instrument, opinion, report, notice,
        request, consent, order, approval, bond or other paper or document (provided
        the
        same appears regular on its face), unless requested in writing to do so by
        any
        NIMS Insurer or the Holders of at least a majority in Class Principal Amount
        (or
        Class Notional Amount or Percentage Interest) of each Class of Certificates
        or,
        if such Classes have been retired pursuant to a Section 7.01(c) Purchase
        Event,
        the LTURI-holder; provided,
        however,
        that, if
        the payment within a reasonable time to the Trustee of the costs, expenses
        or
        liabilities likely to be incurred by it in the making of such investigation
        is,
        in the opinion of the Trustee not reasonably assured to the Trustee by the
        security afforded to it by the terms of this Agreement, the Trustee may require
        reasonable indemnity against such expense or liability or payment of such
        estimated expenses from any NIMS Insurer or the Certificateholders, as
        applicable, as a condition to proceeding. The reasonable expense thereof
        shall
        be paid by the party requesting such investigation and if not reimbursed
        by the
        requesting party shall be reimbursed to the Trustee by the Trust
        Fund;

       

      (e) The
        Trustee may execute any of the trusts or powers hereunder or perform any
        duties
        hereunder either directly or by or through agents, custodians or attorneys,
        which agents, custodians or attorneys shall have any and all of the rights,
        powers, duties and obligations of the Trustee conferred on them by such
        appointment, provided that the Trustee shall continue to be responsible for
        its
        duties and obligations hereunder to the extent provided herein, and provided
        further that the Trustee shall not be responsible for any misconduct or
        negligence on the part of any such agent or attorney appointed with due care
        by
        the Trustee;

       

      (f) The
        Trustee shall not be under any obligation to exercise any of the trusts or
        powers vested in it by this Agreement or to institute, conduct or defend
        any
        litigation hereunder or in relation hereto, in each case at the request,
        order
        or direction of any of the Certificateholders or any NIMS Insurer pursuant
        to
        the provisions of this Agreement, unless such Certificateholders or any NIMS
        Insurer shall have offered to the Trustee reasonable security or indemnity
        against the costs, expenses and liabilities which may be incurred therein
        or
        thereby;

       

      (g) The
        right
        of the Trustee to perform any discretionary act enumerated in this Agreement
        shall not be construed as a duty, and the Trustee shall not be answerable
        for
        other than its negligence or willful misconduct in the performance of such
        act;
        and

       

      
        
          
          

        

        
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      (h) The
        Trustee shall not be required to give any bond or surety in respect of the
        execution of the Trust Fund, the Supplemental Interest Trust or the Final
        Maturity Reserve Trust created hereby or the powers granted
        hereunder.

       

      
        	
                Section
                  6.03.

              	
                Trustee
                  Not Liable for Certificates. 

              

      

       

      The
        Trustee makes no representations as to the validity or sufficiency of this
        Agreement, any Servicing Agreement, any Custodial Agreement, the Interest
        Rate
        Cap Agreement or the Swap Agreement, the Certificates (other than the
        certificate of authentication on the Certificates) or the Lower Tier REMIC
        1
        Uncertificated Regular Interests, or of any Mortgage Loan, or related document
        save that the Trustee represents that, assuming due execution and delivery
        by
        the other parties hereto, this Agreement has been duly authorized, executed
        and
        delivered by it and constitutes its valid and binding obligation, enforceable
        against it in accordance with its terms except that such enforceability may
        be
        subject to (A) applicable bankruptcy and insolvency laws and other similar
        laws
        affecting the enforcement of the rights of creditors generally, and (B) general
        principles of equity regardless of whether such enforcement is considered
        in a
        proceeding in equity or at law. The Trustee shall not be accountable for
        the use
        or application by the Depositor of funds paid to the Depositor in consideration
        of the assignment of the Mortgage Loans to the Trust Fund by the Depositor
        or
        for the use or application of any funds deposited into the Collection Account,
        the Certificate Account, any Escrow Account or any other fund or account
        maintained with respect to the Certificates. The Trustee shall not be
        responsible for the legality or validity of this Agreement, any Servicing
        Agreement, any Custodial Agreement, the Swap Agreement, the Interest Rate
        Cap
        Agreement or the Mortgage Loan Sale Agreement or the validity, priority,
        perfection or sufficiency of the security for the Certificates or the Lower
        Tier
        REMIC 1 Uncertificated Regular Interests issued or intended to be issued
        hereunder. The Trustee shall not have any responsibility for filing any
        financing or continuation statement in any public office at any time or to
        otherwise perfect or maintain the perfection of any security interest or
        lien
        granted to it hereunder or to record this Agreement.

       

      
        	
                Section
                  6.04.

              	
                Trustee
                  May Own Certificates. 

              

      

       

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

       

      
        	
                Section
                  6.05.

              	
                Eligibility
                  Requirements for Trustee. 

              

      

       

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

       

      
        
          
          

        

        
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                Section
                  6.06.

              	
                Resignation
                  and Removal of Trustee. 

              

      

       

      (a) The
        Trustee may at any time resign and be discharged from the trust hereby created
        by giving written notice thereof to the Depositor, the Swap Counterparty,
        the
        Cap Counterparty, any NIMS Insurer and the Master Servicer. Upon receiving
        such
        notice of resignation, the Depositor will promptly appoint a successor trustee
        acceptable to any NIMS Insurer by written instrument, one copy of which
        instrument shall be delivered to the resigning Trustee, one copy to the
        successor trustee and one copy to each of the Master Servicer and any NIMS
        Insurer. If no successor trustee shall have been so appointed and shall have
        accepted appointment within 30 days after the giving of such notice of
        resignation, the resigning Trustee may petition any court of competent
        jurisdiction for the appointment of a successor trustee.

       

      (b) If
        at any
        time (i) the Trustee shall cease to be eligible in accordance with the
        provisions of Section 6.05 and shall fail to resign after written request
        therefor by the Depositor or any NIMS Insurer, (ii) the Trustee shall become
        incapable of acting, or shall be adjudged a bankrupt or insolvent, or a receiver
        of the Trustee of its property shall be appointed, or any public officer
        shall
        take charge or control of the Trustee or of its property or affairs for the
        purpose of rehabilitation, conservation or liquidation, (iii) the Trustee
        shall
        fail to observe or perform in any material respect any of the covenants or
        agreements of the Trustee contained in this Agreement, including any failure
        to
        provide the information, reports, assessments or attestations required pursuant
        to Subsection 9.25(a) or 9.25(b) hereof, (iv) a tax is imposed or threatened
        with respect to the Trust Fund by any state in which the Trustee or the Trust
        Fund held by the Trustee is located, (v) the continued use of the Trustee
        would
        result in a downgrading of the rating by any Rating Agency of any Class of
        Certificates with a rating, (vi) the Paying Agent shall fail to provide the
        information required pursuant to Subsection 3.08(b) hereof or (vii) the
        Depositor desires to replace the Trustee with a successor trustee, then the
        Depositor, the Master Servicer or any NIMS Insurer shall remove the Trustee
        or
        the Paying Agent, as applicable, and the Depositor shall appoint a successor
        trustee acceptable to any NIMS Insurer and the Master Servicer by written
        instrument, one copy of which instrument shall be delivered to the Trustee
        so
        removed, one copy to the successor trustee and one copy to each of the Master
        Servicer and any NIMS Insurer.

       

      (c) The
        Holders of more than 50% of the Class Principal Amount (or Class Notional
        Amount
        or Percentage Interest) of each Class of Certificates (or any NIMS Insurer
        in
        the event of failure of the Trustee to perform its obligations hereunder)
        may at
        any time upon 30 days’ written notice to the Trustee and to the Depositor remove
        the Trustee by such written instrument, signed by such Holders or their
        attorney-in-fact duly authorized (or by any NIMS Insurer), one copy of which
        instrument shall be delivered to the Depositor, one copy to the Trustee,
        one
        copy each to the Master Servicer and any NIMS Insurer; the Depositor shall
        thereupon appoint a successor trustee in accordance with this Section mutually
        acceptable to the Depositor, the Master Servicer and any NIMS
        Insurer.

       

      
        
          
          

        

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

       

      
        	
                Section
                  6.07.

              	
                Successor
                  Trustee. 

              

      

       

      (a) Any
        successor trustee appointed as provided in Section 6.06 shall execute,
        acknowledge and deliver to the Depositor, the Master Servicer, any NIMS Insurer,
        the Swap Counterparty and to its predecessor trustee an instrument accepting
        such appointment hereunder, and thereupon the resignation or removal of the
        predecessor trustee, shall become effective and such successor trustee, without
        any further act, deed or conveyance, shall become fully vested with all the
        rights, powers, duties and obligations of its predecessor hereunder, with
        like
        effect as if originally named as trustee herein. A predecessor trustee (or
        its
        custodian) shall deliver to the Trustee or any successor trustee (or assign
        to
        the Trustee its interest under any Custodial Agreement, to the extent permitted
        thereunder), all Mortgage Files and documents and statements related to each
        Mortgage File held by it hereunder, and shall duly assign, transfer, deliver
        and
        pay over to the successor trustee the entire Trust Fund, together with all
        necessary instruments of transfer and assignment or other documents properly
        executed necessary to effect such transfer and such of the records or copies
        thereof maintained by the predecessor trustee in the administration hereof
        as
        may be requested by the successor trustee and shall thereupon be discharged
        from
        all duties and responsibilities under this Agreement. In addition, the Master
        Servicer and the predecessor trustee shall execute and deliver such other
        instruments and do such other things as may reasonably be required to more
        fully
        and certainly vest and confirm in the successor trustee all such rights,
        powers,
        duties and obligations. 

       

      (b) No
        successor trustee shall accept appointment as provided in this Section 6.07
        unless at the time of such appointment such successor trustee shall be eligible
        under the provisions of Section 6.05.

       

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

       

      (d) Upon
        the
        resignation or removal of the Trustee pursuant to this Section 6.07, the
        Trustee
        shall deliver the amounts held in its possession for the benefit of the
        Certificateholders to the successor trustee upon the appointment of the
        successor trustee.

       

      
        	
                Section
                  6.08.

              	
                Merger
                  or Consolidation of Trustee. 

              

      

       

      Any
        Person into which the Trustee may be merged or with which it may be
        consolidated, or any Person resulting from any merger, conversion or
        consolidation to which the Trustee shall be a party, or any Persons succeeding
        to the corporate trust business of the Trustee, shall be the successor to
        the
        Trustee hereunder, without the execution or filing of any paper or any further
        act on the part of any of the parties hereto, anything herein to the contrary
        notwithstanding, provided
        that,
        such Person shall be eligible under the provisions of Section 6.05. Unless
        and
        until a Form 15 suspension notice shall have been filed, as a condition to
        a
        succession to the Trustee under this Agreement by any Person (i) into which
        the
        Trustee may be merged or consolidated, or (ii) which may be appointed as
        a
        successor to the Trustee, the Trustee shall notify the Sponsor, the Master
        Servicer and the Depositor, at least 15 calendar days prior to the effective
        date of such succession or appointment, of such succession or appointment
        and
        shall furnish to the Sponsor, the Master Servicer and the Depositor in writing
        and in form and substance reasonably satisfactory to the Sponsor, the Master
        Servicer and the Depositor, all information reasonably necessary for the
        Trustee
        to accurately and timely report, pursuant to Section 6.20, the event under
        Item
        6.02 of Form 8-K pursuant to the Exchange Act (if such reports under the
        Exchange Act are required to be filed under the Exchange Act). 

       

      
        
          
          

        

        
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                Section
                  6.09.

              	
                Appointment
                  of Co-Trustee, Separate Trustee or Custodian.
                  

              

      

       

      (a) Notwithstanding
        any other provisions hereof, at any time, the Trustee, the Depositor or the
        Certificateholders evidencing more than 50% of the Class Principal Amount
        (or
        Class Notional Amount or Percentage Interest) of every Class of
        Certificates shall
        have the power from time to time to appoint one or more Persons, approved
        by the
        Trustee and any NIMS Insurer, to act either as co-trustees jointly with the
        Trustee, or as separate trustees, or as custodians, for the purpose of holding
        title to, foreclosing or otherwise taking action with respect to any Mortgage
        Loan outside the state where the Trustee has its principal place of business
        where such separate trustee or co-trustee is necessary or advisable (or the
        Trustee has been advised by the Master Servicer that such separate trustee
        or
        co-trustee is necessary or advisable) under the laws of any state in which
        a
        property securing a Mortgage Loan is located or for the purpose of otherwise
        conforming to any legal requirement, restriction or condition in any state
        in
        which a property securing a Mortgage Loan is located or in any state in which
        any portion of the Trust Fund is located. The separate Trustees, co-trustees,
        or
        custodians so appointed shall be trustees or custodians for the benefit of
        all
        the Certificateholders and shall have such powers, rights and remedies as
        shall
        be specified in the instrument of appointment; provided,
        however,
        that no
        such appointment shall, or shall be deemed to, constitute the appointee an
        agent
        of the Trustee. The obligation of the Trustee to make Advances pursuant to
        Sections 5.04 and 6.14 hereof shall not be affected or assigned by the
        appointment of a co-trustee. Notwithstanding the foregoing, if such co-custodian
        or co-trustee is determined to be a Servicing Function Participant, no such
        co-custodian or co-trustee shall be vested with any powers, rights and remedies
        under this Agreement unless such party has agreed to comply with all Regulation
        AB requirements set forth under this Agreement or the Custodial Agreements,
        as
        applicable.

       

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

       

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

       

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

       

      
        
          
          

        

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

       

      (iv)  the
        Trustee or the Certificateholders evidencing more than 50% of the Aggregate
        Voting Interests of the Certificates may at any time accept the resignation
        of
        or remove any separate trustee, co-trustee or custodian, so appointed by
        it or
        them, if such resignation or removal does not violate the other terms of
        this
        Agreement.

       

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

       

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

       

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

       

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

       

      (g) The
        Trustee shall pay the reasonable compensation of the co-trustees requested
        by
        the Trustee to be so appointed (which compensation shall not reduce any
        compensation payable to the Trustee ) and, if paid by the Trustee, shall
        be a
        reimbursable expense pursuant to Section 6.12.

       

      (h) Notwithstanding
        the foregoing, for so long as reports are required to be filed with the
        Commission under the Exchange Act with respect to the Trust, the Trustee
        shall
        not utilize any Subcontractor for the performance of its duties hereunder
        if
        such Subcontractor would be “participating in the servicing function” within the
        meaning of Item 1122 of Regulation AB and for which the Trustee does not
        elect
        to take responsibility for assessing compliance with the Servicing Criteria
        in
        accordance with Regulation AB Telephone Interpretation 17.06, without (a)
        giving
        notice to the Seller, the Master Servicer, the Sponsor and the Depositor
        and (b)
        requiring any such Subcontractor to provide to the Trustee an assessment
        report
        as provided in Section 9.25(a) and an attestation report as provided in Section
        9.25(b), which reports the Trustee shall include in its assessment and
        attestation reports. The Trustee shall indemnify the Sponsor, the Depositor
        and
        the Master Servicer and any director, officer, employee or agent of each
        of the
        Sponsor, the Depositor and the Master Servicer and hold them harmless against
        any and all claims, losses, damages, penalties, fines, forfeitures, reasonable
        and necessary legal fees and related costs, judgments, and any other costs,
        fees
        and expenses that any of them may sustain arising out of or based upon the
        failure by the Trustee (i) to give notice of the engagement of any Subcontractor
        or (ii) to require any Subcontractor to provide the Trustee, the Master Servicer
        and the Depositor the information, when and as required, pursuant to this
        Section 6.09(h). This indemnity shall survive the termination of this Agreement
        or the earlier resignation or removal of the Trustee.

       

      
        
          
          

        

        
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                Section
                  6.10.

              	
                Authenticating
                  Agents. 

              

      

       

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

       

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

       

      (c) Any
        Authenticating Agent may at any time resign by giving at least 30 days’ advance
        written notice of resignation to the Trustee, any NIMS Insurer and the
        Depositor. The Trustee may at any time terminate the agency of any
        Authenticating Agent by giving written notice of termination to such
        Authenticating Agent, any NIMS Insurer and the Depositor. Upon receiving
        a
        notice of resignation or upon such a termination, or in case at any time
        any
        Authenticating Agent shall cease to be eligible in accordance with the
        provisions of this Section 6.10, the Trustee may appoint a successor
        Authenticating Agent, shall give written notice of such appointment to the
        Depositor and any NIMS Insurer and shall mail notice of such appointment
        to all
        Holders of Certificates. Any successor Authenticating Agent upon acceptance
        of
        its appointment hereunder shall become vested with all the rights, powers,
        duties and responsibilities of its predecessor hereunder, with like effect
        as if
        originally named as Authenticating Agent. No successor Authenticating Agent
        shall be appointed unless eligible under the provisions of this Section 6.10.
        No
        Authenticating Agent shall have responsibility or liability for any action
        taken
        by it as such at the direction of the Trustee. Any Authenticating Agent shall
        be
        entitled to reasonable compensation for its services and, if paid by the
        Trustee, it shall be a reimbursable expense pursuant to Section
        6.12.

       

      
        
          
          

        

        
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                Section
                  6.11.

              	
                Indemnification
                  of Trustee. 

              

      

       

      The
        Trustee and its directors, officers, employees and agents shall be entitled
        to
        indemnification from the Trust Fund for any loss, liability or expense incurred
        in connection with any legal proceeding or incurred without negligence or
        willful misconduct on their part (it being understood that the negligence
        or
        willful misconduct of any Custodian shall not constitute negligence or willful
        misconduct on the part of the Trustee or any of its directors, officers,
        employees or agents for such purpose) arising out of, or in connection with,
        the
        acceptance or administration of the trusts created hereunder or in connection
        with the performance of its duties hereunder or under the Swap Agreement,
        the
        Interest Rate Cap Agreement, the Mortgage Loan Sale Agreement, any Servicing
        Agreement or any Custodial Agreement, including any applicable fees and expenses
        payable pursuant to Section 6.12 and the costs and expenses of defending
        themselves against any claim in connection with the exercise or performance
        of
        any of their powers or duties hereunder, provided that:

       

      (i) with
        respect to any such claim, the Trustee shall have given the Depositor, the
        Master Servicer, any NIMS Insurer and the Holders written notice thereof
        promptly after a Responsible Officer of the Trustee shall have knowledge
        thereof
provided
        that the
        failure to provide such prompt written notice shall not affect the Trustee’s
        right to indemnification hereunder;

       

      (ii) while
        maintaining control over its own defense, the Trustee shall cooperate and
        consult fully with the Depositor, the Master Servicer and any NIMS Insurer
        in
        preparing such defense; and

       

      (iii) notwithstanding
        anything to the contrary in this Section 6.11, the Trust Fund shall not be
        liable for settlement of any such claim by the Trustee entered into without
        the
        prior consent of the Depositor, the Master Servicer and any NIMS Insurer,
        which
        consent shall not be unreasonably withheld.

       

      The
        Trustee shall be further indemnified by the Seller for and held harmless
        against, any loss, liability or expense arising out of, or in connection
        with,
        the provisions set forth in the fifth paragraph of Section 2.01(a) hereof,
        including, without limitation, all costs, liabilities and expenses (including
        reasonable legal fees and expenses) of investigating and defending itself
        against any claim, action or proceeding, pending or threatened, relating
        to the
        provisions of such paragraph.

       

      
        
          
          

        

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

       

      
        	
                Section
                  6.12.

              	
                Fees
                  and Expenses of Trustee and Custodian.

              

      

       

      The
        Trustee shall be entitled to any investment income and earnings on the
        Certificate Account (other than any amounts required to be deducted in respect
        of the Custodial Compensation as provided in Section 4.04(c)). Each of Deutsche
        Bank National Trust Company, LaSalle Bank National Association and U.S. Bank
        National Association, in their respective capacities as a Custodian, shall
        be
        entitled to the Custodial Compensation provided for in the applicable Custodial
        Agreement which shall be paid by the Trustee as invoiced by each such Custodian
        first from investment income and earnings on the Certificate Account and,
        if
        insufficient to pay the Custodial Compensation, as a corporate obligation
        of the
        Trustee. The Trustee shall be entitled to reimbursement of all reasonable
        expenses, disbursements and advances incurred or made by the Trustee in
        accordance with this Agreement (including fees and expenses of its counsel
        and
        all persons not regularly in its employment and any amounts described in
        Section
        10.01 to which the Trustee is entitled as provided therein), except for
        expenses, disbursements and advances that either (i) do not constitute
“unanticipated expenses” within the meaning of Treasury Regulation Section
        1.860G-1(b)(3)(ii) or (ii) arise from its negligence, bad faith or willful
        misconduct. If the Custodial Compensation is not fully paid from (i) the
        Trustee’s own funds or (ii) investment income and earnings on amounts on deposit
        in the Certificate Account then prior to any distribution to Certificateholders
        pursuant to Section 5.02 hereof, the Trust Fund shall immediately reimburse
        the
        Trustee, or the applicable Custodian, as applicable, upon demand for any
        such
        shortfall from amounts on deposit in the Certificate Account. To the extent
        required under Section 20 of the related Custodial Agreement, the Trustee
        is
        hereby authorized to pay any indemnification amounts from amounts on deposit
        in
        the Certificate Account prior to any distributions to Certificateholders
        pursuant to Section 5.02 hereof.

       

      
        	
                Section
                  6.13.

              	
                Collection
                  of Monies. 

              

      

       

      Except
        as
        otherwise expressly provided in this Agreement, the Trustee may demand payment
        or delivery of, and shall receive and collect, all money and other property
        payable to or receivable by it pursuant to this Agreement. The Trustee shall
        hold all such money and property received by it as part of the Trust Fund
        and
        shall distribute it as provided in this Agreement. If the Trustee shall not
        have
        timely received amounts to be remitted with respect to the Mortgage Loans
        from
        the Master Servicer, the Trustee shall request the Master Servicer to make
        such
        distribution as promptly as practicable or legally permitted. If the Trustee
        shall subsequently receive any such amounts, it may withdraw such
        request.

       

      
        	
                Section
                  6.14.

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

              

      

       

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

       

      
        
          
          

        

        
          131

          
            

          

        

        
          
          

        

      

      (i) Any
        failure by the Master Servicer to furnish to the Trustee the Mortgage Loan
        data
        sufficient to prepare the reports described in Section 4.03(a) (other than
        with
        respect to the information referred to in clauses (xix), (xx) and (xxi) of
        such
        Section 4.03(a)) which continues unremedied for a period of two (2) Business
        Days after the date upon which written notice of such failure shall have
        been
        given to such Master Servicer by the Trustee, or to such Master Servicer
        and the
        Trustee by any NIMS Insurer or by the Holders of not less than 25% of the
        Class
        Principal Amount or Class Notional Amount of each Class of Certificates affected
        thereby; or

       

      (ii) Any
        failure by the Master Servicer to duly perform, within the required time
        period
        and without notice, its obligations to provide any certifications required
        pursuant to Sections 9.25 and 9.26; or

       

      (iii) Except
        with respect to those items listed in clause (ii) above, any failure by the
        Master Servicer to duly perform, within the required time period, without
        notice
        or grace period, its obligations to provide any information, data or materials
        required to be provided hereunder pursuant to Sections 9.23 and 9.29(b),
        including any items required to be included in any Exchange Act report;
        or

       

      (iv) Any
        failure on the part of the Master Servicer duly to observe or perform in
        any
        material respect any other of the covenants or agreements on the part of
        the
        Master Servicer contained in this Agreement which continues unremedied for
        a
        period of 30 days after the date on which written notice of such failure,
        requiring the same to be remedied, shall have been given to the Master Servicer
        by the Trustee, or to the Master Servicer and the Trustee by the Holders
        of more
        than 50% of the Aggregate Voting Interests of the Certificates or by any
        NIMS
        Insurer; or

       

      (v) A
        decree
        or order of a court or agency or supervisory authority having jurisdiction
        for
        the appointment of a conservator or receiver or liquidator in any insolvency,
        readjustment of debt, marshalling of assets and liabilities or similar
        proceedings, or for the winding-up or liquidation of its affairs, shall have
        been entered against the Master Servicer, and such decree or order shall
        have
        remained in force undischarged or unstayed for a period of 60 days or any
        Rating
        Agency reduces or withdraws or threatens to reduce or withdraw the rating
        of the
        Certificates because of the financial condition or loan servicing capability
        of
        such Master Servicer; or

       

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

       

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

       

      
        
          
          

        

        
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      (viii) The
        Master Servicer shall be dissolved, or shall dispose of all or substantially
        all
        of its assets, or consolidate with or merge into another entity or shall
        permit
        another entity to consolidate or merge into it, such that the resulting entity
        does not meet the criteria for a successor servicer as specified in Section
        9.27
        hereof; or

       

      (ix) If
        a
        representation or warranty set forth in Section 9.14 hereof shall prove to
        be
        incorrect as of the time made in any respect that materially and adversely
        affects the interests of the Certificateholders, and the circumstance or
        condition in respect of which such representation or warranty was incorrect
        shall not have been eliminated or cured within 30 days after the date on
        which
        written notice of such incorrect representation or warranty shall have been
        given to the Master Servicer by the Trustee, or to the Master Servicer and
        the
        Trustee by the Holders of more than 50% of the Aggregate Voting Interests
        of the
        Certificates or by any NIMS Insurer; or

       

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

       

      (xi) The
        Master Servicer has notice or actual knowledge that any Servicer at any time
        is
        not either a Fannie Mae- or Freddie Mac- approved Seller/Servicer, and the
        Master Servicer has not terminated the rights and obligations of such Servicer
        under the applicable Servicing Agreement and replaced such Servicer with
        a
        Fannie Mae- or Freddie Mac -approved servicer within 60 days of the date
        the
        Master Servicer receives such notice or acquires such actual knowledge;
        or

       

      (xii) After
        receipt of notice from the Trustee or any NIMS Insurer, any failure of the
        Master Servicer to remit to the Trustee any payment required to be made to
        the
        Trustee for the benefit of Certificateholders under the terms of this Agreement,
        including any Advance, on any Master Servicer Remittance Date which such
        failure
        continues unremedied for a period of one Business Day after the date upon
        which
        notice of such failure shall have been given to the Master Servicer by the
        Trustee.

       

      If
        an
        Event of Default described in clauses (i) through (xii) of this Section shall
        occur, then, in each and every case, subject to applicable law, so long as
        any
        such Event of Default shall not have been remedied within any period of time
        prescribed by this Section, the Trustee, by notice in writing to the Master
        Servicer may, and shall, if so directed by any NIMS Insurer or the
        Certificateholders evidencing more than 50% of the Class Principal Amount
        (or
        Class Notional Amount) of each Class of Certificates, terminate all of the
        rights and obligations of the Master Servicer hereunder and in and to the
        Mortgage Loans and the proceeds thereof. If an Event of Default described
        in
        clause (xii) of this Section shall occur, then, in each and every case, subject
        to applicable law, so long as such Event of Default shall not have been remedied
        within the time period prescribed by clause (xii) of this Section 6.14, the
        Trustee, by notice in writing to the Master Servicer, shall promptly terminate
        all of the rights and obligations of the Master Servicer hereunder and in
        and to
        the Mortgage Loans and the proceeds thereof. On or after the receipt by

       

      
        
          
          

        

        
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      the
        Master Servicer of such written notice, all authority and power of the Master
        Servicer, and only in its capacity as Master Servicer under this Agreement,
        whether with respect to the Mortgage Loans or otherwise, shall pass to and
        be
        vested in the Trustee; provided,
        however,
        the
        parties acknowledge that notwithstanding the preceding sentence there may
        be a
        transition period, not to exceed 90 days, in order to effect the transfer
        of the
        Master Servicing obligations to the Trustee; provided,
        further,
        the
        obligation to make Advances by the Trustee shall be effective upon the Trustee
        providing notice of the termination to the Master Servicer pursuant to this
        Section 6.14. The Trustee is hereby authorized and empowered to execute and
        deliver, on behalf of the defaulting Master Servicer as attorney-in-fact
        or
        otherwise, any and all documents and other instruments, and to do or accomplish
        all other acts or things necessary or appropriate to effect the purposes
        of such
        notice of termination, whether to complete the transfer and endorsement or
        assignment of the Mortgage Loans and related documents or otherwise. The
        defaulting Master Servicer agrees to cooperate with the Trustee in effecting
        the
        termination of the defaulting Master Servicer’s responsibilities and rights
        hereunder as Master Servicer including, without limitation, notifying Servicers
        of the assignment of the master servicing function and providing the Trustee
        or
        its designee all documents and records in electronic or other form reasonably
        requested by it to enable the Trustee or its designee to assume the defaulting
        Master Servicer’s functions hereunder and the transfer to the Trustee for
        administration by it of all amounts which shall at the time be or should
        have
        been deposited by the defaulting Master Servicer in the Collection Account
        maintained by such defaulting Master Servicer and any other account or fund
        maintained with respect to the Certificates or thereafter received with respect
        to the Mortgage Loans. The Master Servicer being terminated (or the Trust
        Fund,
        if the Master Servicer is unable to fulfill its obligations hereunder) as
        a
        result of an Event of Default shall bear all costs of a master servicing
        transfer, including but not limited to those of the Trustee reasonably allocable
        to specific employees and overhead, legal fees and expenses, accounting and
        financial consulting fees and expenses, and costs of amending the Agreement,
        if
        necessary.

       

      The
        Trustee shall be entitled to be reimbursed from the Master Servicer (or by
        the
        Trust Fund, if the Master Servicer is unable to fulfill its obligations
        hereunder) for all costs associated with the transfer of master servicing
        from
        the predecessor Master Servicer, including, without limitation, any costs
        or
        expenses associated with the complete transfer of all master servicing data
        and
        the completion, correction or manipulation of such servicing data as may
        be
        required by the Trustee to correct any errors or insufficiencies in the master
        servicing data or otherwise to enable the Trustee to master service the Mortgage
        Loans properly and effectively. If the terminated Master Servicer does not
        pay
        such reimbursement within thirty (30) days of its receipt of an invoice
        therefore, such reimbursement shall be an expense of the Trust and the Trustee
        shall be entitled to withdraw such reimbursement from amounts on deposit
        in the
        Certificate Account pursuant to Section 4.04(b); provided that the terminated
        Master Servicer shall reimburse the Trust for any such expense incurred by
        the
        Trust; and provided, further, that the Trustee shall decide whether and to
        what
        extent it is in the best interest of the Certificateholders to pursue any
        remedy
        against any party obligated to make such reimbursement.

       

      Notwithstanding
        the termination of its activities as Master Servicer, each terminated Master
        Servicer shall continue to be entitled to reimbursement to the extent provided
        in Section 4.02 to the extent such reimbursement relates to the period prior
        to
        such Master Servicer’s termination.

       

      
        
          
          

        

        
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      If
        any
        Event of Default shall occur, the Trustee, upon a Responsible Officer of
        the
        Trustee becoming aware of the occurrence thereof, shall promptly notify any
        NIMS
        Insurer, the Swap Counterparty, the Cap Counterparty and each Rating Agency
        of
        the nature and extent of such Event of Default. The Trustee shall immediately
        give written notice to the Master Servicer upon the Master Servicer’s failure to
        remit funds to the Trustee on the Master Servicer Remittance Date. 

       

      (b) On
        and
        after the time the Master Servicer receives a notice of termination from
        the
        Trustee pursuant to Section 6.14(a) or the Trustee receives the resignation
        of
        the Master Servicer evidenced by an Opinion of Counsel pursuant to Section
        9.28,
        the Trustee, unless another master servicer shall have been appointed, shall
        be
        the successor in all respects to the Master Servicer in its capacity as such
        under this Agreement and the transactions set forth or provided for herein
        and
        shall have all the rights and powers and be subject to all the responsibilities,
        duties and liabilities relating thereto and arising thereafter placed on
        the
        Master Servicer hereunder, including the obligation to make Advances;
provided,
        however,
        that
        any failure to perform such duties or responsibilities caused by the Master
        Servicer’s or the Trustee’s failure to provide information required by this
        Agreement shall not be considered a default by the Trustee hereunder. In
        addition, the Trustee shall have no responsibility for any act or omission
        of
        the Master Servicer prior to the issuance of any notice of termination. The
        Trustee shall have no liability relating to the representations and warranties
        of the Master Servicer set forth in Section 9.14. In the Trustee’s capacity as
        such successor, the Trustee shall have the same limitations on liability
        herein
        granted to the Master Servicer. As compensation therefor, the Trustee shall
        be
        entitled to receive all compensation payable to the Master Servicer under
        this
        Agreement, including the Master Servicing Fee.

       

      (c) Notwithstanding
        the above, the Trustee may, if it shall be unwilling to continue to so act,
        or
        shall, if it is unable to so act, request the Trustee to appoint, petition
        a
        court of competent jurisdiction to appoint, or appoint on its own behalf
        any
        established housing and home finance institution servicer, master servicer,
        servicing or mortgage servicing institution having a net worth of not less
        than
        $15,000,000 and meeting such other standards for a successor master servicer
        as
        are set forth in this Agreement, as the successor to such Master Servicer
        in the
        assumption of all of the responsibilities, duties or liabilities of the Master
        Servicer hereunder; provided,
        the
        appointment of any successor master servicer shall be approved by the NIMS
        Insurer. Such successor master servicer shall have no responsibility for
        any act
        or omission of the Master Servicer prior to such successor’s assumption of the
        Master Servicer’s rights and obligations hereunder and such successor master
        servicer shall also have no liability relating to the representations and
        warranties of the Master Servicer set forth in Section 9.14. Any entity
        designated by the Trustee as a successor master servicer may be an Affiliate
        of
        the Trustee; provided,
        however,
        that,
        unless such Affiliate meets the net worth requirements and other standards
        set
        forth herein for a successor master servicer, the Trustee, in its individual
        capacity shall agree, at the time of such designation, to be and remain liable
        to the Trust Fund for such Affiliate’s actions and omissions in performing its
        duties hereunder. In connection with such appointment and assumption, the
        Trustee may make such arrangements for the compensation of such successor
        out of
        payments on Mortgage Loans as it and such successor shall agree; provided,
        however,
        that no
        such compensation shall be in excess of that permitted to the Master Servicer
        hereunder. The Trustee and such successor shall take such actions, consistent
        with this Agreement, as shall be necessary to effectuate any such succession
        and
        may make other 

       

      
        
          
          

        

        
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      arrangements
        with respect to the servicing to be conducted hereunder which are not
        inconsistent herewith. The Master Servicer shall cooperate with the Trustee
        and
        any successor master servicer in effecting the termination of the Master
        Servicer’s responsibilities and rights hereunder including, without limitation,
        notifying Mortgagors of the assignment of the master servicing functions
        and
        providing the Trustee and successor master servicer, as applicable, all
        documents and records in electronic or other form reasonably requested by
        it to
        enable it to assume the Master Servicer’s functions hereunder and the transfer
        to the Trustee or such successor master servicer, as applicable, all amounts
        which shall at the time be or should have been deposited by the Master Servicer
        in the Collection Account and any other account or fund maintained with respect
        to the Certificates or the Lower Tier REMIC 1 Uncertificated Regular Interests
        or thereafter be received with respect to the Mortgage Loans. Neither the
        Trustee nor any other successor master servicer shall be deemed to be in
        default
        hereunder by reason of any failure to make, or any delay in making, any
        distribution hereunder or any portion thereof caused by (i) the failure of
        the
        Master Servicer to deliver, or any delay in delivering, cash, documents or
        records to it, (ii) the failure of the Master Servicer to cooperate as required
        by this Agreement, (iii) the failure of the Master Servicer to deliver the
        Mortgage Loan data to the Trustee as required by this Agreement or (iv)
        restrictions imposed by any regulatory authority having jurisdiction over
        the
        Master Servicer. 

       

      
        	
                Section
                  6.15.

              	
                Additional
                  Remedies of Trustee Upon Event of Default.

              

      

       

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

       

      
        	
                Section
                  6.16.

              	
                Waiver
                  of Defaults. 

              

      

       

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

       

      
        
          
          

        

        
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                Section
                  6.17.

              	
                Notification
                  to Holders. 

              

      

       

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

       

      
        	
                Section
                  6.18.

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

              

      

       

      Subject
        to the provisions of Section 8.01 hereof, during the continuance of any Event
        of
        Default, Holders of Certificates evidencing not less than 25% of the Class
        Principal Amount (or Class Notional Amount or Percentage Interest) of each
        Class
        of Certificates affected thereby may, with the consent of any NIMS Insurer,
        direct the time, method and place of conducting any proceeding for any remedy
        available to the Trustee, or exercising any trust or power conferred upon
        the
        Trustee, under this Agreement; provided,
        however,
        that the
        Trustee shall be under no obligation to pursue any such remedy, or to exercise
        any of the trusts or powers vested in it by this Agreement (including, without
        limitation, (i) the conducting or defending of any administrative action
        or
        litigation hereunder or in relation hereto and (ii) the terminating of the
        Master Servicer or any successor master servicer from its rights and duties
        as
        master servicer hereunder) at the request, order or direction of any of the
        Certificateholders or any NIMS Insurer, unless such Certificateholders or
        any
        NIMS Insurer shall have offered to the Trustee reasonable security or indemnity
        against the cost, expenses and liabilities which may be incurred therein
        or
        thereby; and, provided further, that, subject to the provisions of Section
        8.01,
        the Trustee shall have the right to decline to follow any such direction
        if the
        Trustee, in accordance with an Opinion of Counsel acceptable to any NIMS
        Insurer, determines that the action or proceeding so directed may not lawfully
        be taken or if the Trustee in good faith determines that the action or
        proceeding so directed would involve it in personal liability for which it
        is
        not indemnified to its satisfaction or be unjustly prejudicial to the
        non-assenting Certificateholders.

       

      
        	
                Section
                  6.19.

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

              

      

       

      In
        the
        event that a Responsible Officer of the Trustee shall have actual knowledge
        of
        any action or inaction of the Master Servicer that would become an Event
        of
        Default upon the Master Servicer’s failure to remedy the same after notice, the
        Trustee shall give notice thereof to the Master Servicer, any NIMS Insurer,
        the
        Swap Counterparty and the Cap Counterparty, as applicable.

       

      
        	
                Section
                  6.20.

              	
                Preparation
                  of Tax Returns and Other Reports.

              

      

       

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

       

      
        
          
          

        

        
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      (b) The
        Trustee shall prepare and file with the Internal Revenue Service (“IRS”), on
        behalf of the Trust Fund and each of the REMICs specified in the Preliminary
        Statement, an application for an employer identification number on IRS Form
        SS-4
        or by any other acceptable method. The Trustee shall also file a Form 8811
        as
        required. The Trustee, upon receipt from the IRS of the Notice of Taxpayer
        Identification Number Assigned, shall upon request promptly forward a copy
        of
        such notice to the Trustee and the Depositor. The Trustee shall have no
        obligation to verify the information in any Form 8811 or Form SS-4
        filing.

       

      (c) The
        Depositor shall prepare or cause to be prepared the initial current report
        on
        Form 8-K. Thereafter, the Trustee shall, in accordance with industry standards
        and the rules of the Commission as in effect from time to time (the “Rules”),
        prepare and file with the Commission via the Electronic Data Gathering and
        Retrieval System (“EDGAR”), the reports listed in subsections (d) through (g) of
        this Section 6.20 in respect of the Trust Fund as and to the extent required
        under the Exchange Act.

       

      (d) Reports
        Filed on Form 10-D. 

       

      (i)  Within
        15
        days after each Distribution Date (subject to permitted extensions under
        the
        Exchange Act), the Trustee shall prepare and file on behalf of the Trust
        Fund
        any Form 10-D required by the Exchange Act, in form and substance as required
        by
        the Exchange Act. The Trustee shall file each Form 10-D with a copy of the
        related Distribution Date Statement attached thereto. Any disclosure in addition
        to the Distribution Date Statement that is required to be included on Form
        10-D
        (“Additional Form 10-D Disclosure”) shall be determined and prepared by and at
        the direction of the Depositor pursuant to the following paragraph and the
        Trustee will have no duty or liability for any failure hereunder to determine
        or
        prepare any Additional Form 10-D Disclosure, except as set forth in the next
        paragraph.

       

      (ii)  As
        set
        forth on Exhibit P-1 hereto, within five calendar days after the related
        Distribution Date, (A) certain parties to the Structured Asset Securities
        Corporation Mortgage Loan Trust 2007-OSI transaction shall be required to
        provide to the Depositor and the Trustee, to the extent known by a responsible
        officer thereof, in EDGAR-compatible form (which may be Word or Excel documents
        easily convertible to EDGAR format), or in such other form as otherwise agreed
        upon by the Trustee and such party, the form and substance of any Additional
        Form 10-D Disclosure, if applicable, and include with such Additional Form
        10-D
        Disclosure an Additional Disclosure Notification in the form attached hereto
        as
        Exhibit P-4 and (B) the Depositor will approve, as to form and substance,
        or
        disapprove, as the case may be, the inclusion of the Additional Form 10-D
        Disclosure on Form 10-D. The Sponsor will be responsible for any reasonable
        fees
        and expenses assessed or incurred by the Trustee in connection with including
        any Additional Form 10-D Disclosure on Form 10-D pursuant to this
        paragraph.

       

      
        
          
          

        

        
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      (iii)  After
        preparing the Form 10-D, the Trustee shall forward electronically a copy
        of the
        Form 10-D to the Exchange Act Signing Party for review and approval. If the
        Master Servicer is the Exchange Act Signing Party and the Form 10-D includes
        Additional Form 10-D Disclosure, then the Form 10-D shall also be electronically
        distributed to the Depositor for review and approval. No later than two Business
        Days prior to the 15th
        calendar
        day after the related Distribution Date, a duly authorized representative
        of the
        Exchange Act Signing Party shall sign the Form 10-D and return an electronic
        or
        fax copy of such signed Form 10-D (with an original executed hard copy to
        follow
        by overnight mail) to the Trustee. If a Form 10-D cannot be filed on time
        or if
        a previously filed Form 10-D needs to be amended, the Trustee will follow
        the
        procedures set forth in subsection (g)(ii) of this Section 6.20. Promptly
        (but
        no later than one Business Day) after the deadline for filing such report
        with
        the Commission, the Trustee will make available on its internet website a
        final
        executed copy of each Form 10-D prepared and filed by the Trustee. Each party
        to
        this Agreement acknowledges that the performance by the Trustee of its duties
        under this Section 6.20(d) related to the timely preparation and filing of
        Form
        10-D is contingent upon such parties strictly observing all applicable deadlines
        in the performance of their duties under this Section 6.20(d). The Trustee
        shall
        have no liability for any loss, expense, damage, claim arising out of or
        with
        respect to any failure to properly prepare and/or timely file such Form 10-D,
        where such failure results from the Trustee’s inability or failure to obtain or
        receive, on a timely basis, any information from any other party hereto needed
        to prepare, arrange for execution or file such Form 10-D, not resulting from
        its
        own negligence, bad faith or willful misconduct.

       

      (iv) Form
        10-D
        requires the registrant to indicate (by checking "yes" or "no") that it “(1) has
        filed all reports required to be filed by Section 13 or 15(d) of the Exchange
        Act during the preceding 12 months (or for such shorter period that the
        registrant was required to file such reports), and (2) has been subject to
        such
        filing requirements for the past 90 days.” Unless the Depositor has given the
        Trustee prior notice as provided below, at the date of filing of each report
        on
        Form 10-D, the Depositor shall be deemed to represent to the Trustee that,
        as of
        such date, the Depositor has filed all such required reports during the
        preceding 12 months and that it has been subject to such filing requirement
        for
        the past 90 days. The Depositor shall notify the Trustee in writing, no later
        than the fifth calendar day after the related Distribution Date with respect
        to
        the filing of a report on Form 10-D if the answer to the questions should
        be
“no.” The Trustee shall be entitled to rely on such representations in
        preparing, executing and/or filing any such report.

       

      (e) Reports
        Filed on Form 10-K.

       

      
        
          
          

        

        
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      (i) Unless
        and until a Form 15 suspension notice shall have been filed, within 90 days
        after the end of each fiscal year of the Trust Fund or such earlier date
        as may
        be required by the Exchange Act (the “10-K Filing Deadline”) (it being
        understood that the fiscal year for the Trust Fund ends on December
        31st
        of each
        year), commencing in March 2008, the Trustee shall prepare and file on behalf
        of
        the Trust Fund a Form 10-K, in form and substance as required by the Exchange
        Act. Each such Form 10-K shall include the following items, in each case
        to the
        extent they have been delivered to the Trustee within the applicable time
        frames
        set forth in this Agreement and in the related Servicing Agreements and the
        related Custodial Agreements, (A) an annual compliance statement for each
        Servicer, each Additional Servicer and the Master Servicer, as described
        under
        Section 9.26 hereof and in each Servicing Agreement, (B)(I) the annual reports
        on assessment of compliance with servicing criteria for each Servicer, the
        Custodians, each Additional Servicer, the Master Servicer, any Servicing
        Function Participant, the Paying Agent (if other than the Trustee) and the
        Trustee (each, a “Reporting Servicer”), as described under Section 9.25(a)
        hereof and in each Servicing Agreement and Custodial Agreement, and (II)
        if any
        Reporting Servicer’s report on assessment of compliance with servicing criteria
        described under Section 9.25(a) hereof or in each Servicing Agreement or
        Custodial Agreement identifies any material instance of noncompliance,
        disclosure identifying such instance of noncompliance, or if any Reporting
        Servicer’s report on assessment of compliance with servicing criteria described
        under Section 9.25(a) hereof or in any Servicing Agreement or Custodial
        Agreement is not included as an exhibit to such Form 10-K, disclosure that
        such
        report is not included and an explanation why such report is not included,
        (C)(I) the registered public accounting firm attestation report for each
        Reporting Servicer, as described under Section 9.25(b) hereof and in each
        Servicing Agreement and Custodial Agreement and (II) if any registered public
        accounting firm attestation report described under Section 9.25(b) hereof
        or in
        any Servicing Agreement or Custodial Agreement identifies any material instance
        of noncompliance, disclosure identifying such instance of noncompliance,
        or if
        any such registered public accounting firm attestation report is not included
        as
        an exhibit to such Form 10-K, disclosure that such report is not included
        and an
        explanation why such report is not included, and (D) a Sarbanes-Oxley
        Certification. Any disclosure or information in addition to (A) through (D)
        above that is required to be included on Form 10-K (“Additional Form 10-K
        Disclosure”) shall be determined and prepared by and at the direction of the
        Depositor pursuant to the following paragraph and the Trustee will have no
        duty
        or liability for any failure hereunder to determine or prepare any Additional
        Form 10-K Disclosure, except as set forth in the next paragraph. 

       

      (ii) As
        set
        forth on Exhibit P-2 hereto, no later than March 15 of each year that the
        Trust
        Fund is subject to the Exchange Act reporting requirements, commencing in
        2008,
        (A) certain parties to the Structured Asset Securities Corporation Mortgage
        Loan
        Trust 2007-OSI transaction shall be required to provide to the Depositor
        and the
        Trustee, to the extent known by a responsible officer thereof, in
        EDGAR-compatible form (which may be Word or Excel documents easily convertible
        to EDGAR format), or in such other form as otherwise agreed upon by the Trustee
        and such party, the form and substance of any Additional Form 10-K Disclosure,
        if applicable, and include with such Additional Form 10-K Disclosure, an
        Additional Disclosure Notification in the form attached hereto as Exhibit
        P-4
        and (B) the Depositor will approve, as to form and substance, or disapprove,
        as
        the case may be, the inclusion of the Additional Form 10-K Disclosure on
        Form
        10-K. The Trustee has no duty under this Agreement to monitor or enforce
        the
        performance by the parties listed on Exhibit P-2 of their duties under this
        paragraph or proactively solicit or procure from such parties any Form 10-K
        Disclosure Information. The Sponsor will be responsible for any reasonable
        fees
        and expenses assessed or incurred by the Trustee in connection with including
        any Additional Form 10-K Disclosure on Form 10-K pursuant to this paragraph.
        

       

      
        
          
          

        

        
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      (iii) After
        preparing the Form 10-K, the Trustee shall forward electronically a copy
        of the
        Form 10-K to the Exchange Act Signing Party for review and approval. If the
        Master Servicer is the Exchange Act Signing Party and the Form 10-K includes
        Additional Form 10-K Disclosure, then the Form 10-K shall also be electronically
        distributed to the Depositor for review and approval. No later than the close
        of
        business New York City time on the fourth Business Day prior to the 10-K
        Filing
        Deadline, a senior officer of the Exchange Act Signing Party shall sign the
        Form
        10-K and return an electronic or fax copy of such signed Form 10-K (with
        an
        original executed hard copy to follow by overnight mail) to the Trustee.
        If a
        Form 10-K cannot be filed on time or if a previously filed Form 10-K needs
        to be
        amended, the Trustee will follow the procedures set forth in subsection (g)
        of
        this Section 6.20. Promptly (but no later than one Business Day) after the
        deadline for filing such report with the Commission, the Trustee will make
        available on its internet website a final executed copy of each Form 10-K
        prepared and filed by the Trustee. The parties to this Agreement acknowledge
        that the performance by the Trustee of its duties under this Section 6.20(e)
        related to the timely preparation and filing of Form 10-K is contingent upon
        such parties (and any Additional Servicer or Servicing Function Participant)
        strictly observing all applicable deadlines in the performance of their duties
        under this Section 6.20(e), Section 9.25(a), Section 9.25(b) and Section
        9.26.
        The Trustee shall have no liability for any loss, expense, damage, claim
        arising
        out of or with respect to any failure to properly prepare and/or timely file
        such Form 10-K, where such failure results from the Trustee’s inability or
        failure to obtain or receive, on a timely basis, any information from any
        other
        party hereto needed to prepare, arrange for execution or file such Form 10-K,
        not resulting from its own negligence, bad faith or willful
        misconduct.

       

      (iv) Each
        Form
        10-K shall include the Sarbanes-Oxley Certification. The Trustee (including
        in
        its capacity as Paying Agent, if applicable) and the Paying Agent (if other
        than
        the Trustee) and, if the Depositor is the Exchange Act Signing Party, the
        Master
        Servicer, shall, and the Paying Agent (if other than the Trustee), the Trustee
        (including in its capacity as Paying Agent, if applicable) and the Master
        Servicer (if applicable) shall cause any Servicing Function Participant engaged
        by it to, provide to the Person who signs the Sarbanes-Oxley Certification
        (the
“Certifying Person”), by March 15 of each year in which the Trust Fund is
        subject to the reporting requirements of the Exchange Act (each, a “Back-Up
        Certification”), (x) in the case of the Master Servicer, in the form attached
        hereto as Exhibit Q-1, (y) in the case of the Trustee, the form attached
        hereto
        as Exhibit Q-2, and (z) in the case of the Paying Agent (if other than the
        Trustee), such other form as agreed to between it and the Exchange Act Signing
        Party, upon which the Certifying Person, the entity for which the Certifying
        Person acts as an officer, and such entity’s officers, directors and Affiliates
        (collectively with the Certifying Person, “Certification Parties”) can
        reasonably rely. The senior officer of the Exchange Act Signing Party shall
        serve as the Certifying Person on behalf of the Trust Fund. In the event
        the
        Master Servicer, the Trustee, the Paying Agent or any Servicing Function
        Participant engaged by such parties is terminated or resigns pursuant to
        the
        terms of this Agreement, such party or Servicing Function Participant shall
        provide a Back-Up Certification to the Certifying Person pursuant to this
        Section 6.20(e)(iv) with respect to the period of time it was subject to
        this
        Agreement.

       

      
        
          
          

        

        
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      (v)  Each
        person (including their officers or directors) that signs any Form 10-K
        Certification shall be entitled to indemnification from the Trust Fund for
        any
        liability or expense incurred by it in connection with such certification,
        other
        than any liability or expense attributable to such Person’s own bad faith,
        negligence or willful misconduct. The provisions of this subsection shall
        survive any termination of this Agreement and the resignation or removal
        of such
        Person.

       

      (vi) Form
        10-K
        requires the registrant to indicate (by checking "yes" or "no") that it “(1) has
        filed all reports required to be filed by Section 13 or 15(d) of the Exchange
        Act during the preceding 12 months (or for such shorter period that the
        registrant was required to file such reports), and (2) has been subject to
        such
        filing requirements for the past 90 days.” Unless the Depositor has given the
        Trustee prior notice as provided below, at the date of filing of each report
        on
        Form 10-K, the Depositor shall be deemed to represent to the Trustee that,
        as of
        such date, the Depositor has filed all such required reports during the
        preceding 12 months and that it has been subject to such filing requirement
        for
        the past 90 days. The Depositor shall notify the Trustee in writing, no later
        than March 15th
        with
        respect to the filing of a report on Form 10-K, if the answer to the questions
        should be “no.” The Trustee shall be entitled to rely on such representations in
        preparing, executing and/or filing any such report.

       

      (f) Reports
        Filed on Form 8-K.

       

      (i) During
        any year in which the Trust Fund is subject to Exchange Act reporting, within
        four Business Days after the occurrence of an event requiring disclosure
        on Form
        8-K (each such event, a “Reportable Event”), and if requested by the Depositor,
        the Trustee shall prepare and file on behalf of the Trust Fund any Form 8-K,
        as
        required by the Exchange Act; provided
        that the
        Depositor shall file the initial Form 8-K in connection with the issuance
        of the
        Certificates. Any disclosure or information related to a Reportable Event
        or
        that is otherwise required to be included on Form 8-K (“Form 8-K Disclosure
        Information”) shall be determined and prepared by and at the direction of the
        Depositor pursuant to the following paragraph and the Trustee will have no
        duty
        or liability for any failure hereunder to determine or prepare any Form 8-K
        Disclosure Information or any Form 8-K, except as set forth in the next
        paragraph. 

       

      
        
          
          

        

        
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      (ii)  As
        set
        forth on Exhibit P-3 hereto, for so long as the Trust Fund is subject to
        the
        Exchange Act reporting requirements, no later than Noon New York City time
        on
        the second Business Day after the occurrence of a Reportable Event (A) certain
        parties to the Structured Asset Securities Corporation Mortgage Loan Trust
        2007-OSI transaction shall provide to the Depositor and the Trustee, to the
        extent known by a responsible officer thereof, in EDGAR-compatible form (which
        may be Word or Excel documents easily convertible to EDGAR format), or in
        such
        other form as otherwise agreed upon by the Trustee and such party, the form
        and
        substance of any Form 8-K Disclosure Information, if applicable, and include
        with such Form 8-K Disclosure Information, an Additional Disclosure Notification
        in the form attached hereto as Exhibit P-4 and (B) the Depositor will approve,
        as to form and substance, or disapprove, as the case may be, the inclusion
        of
        the Form 8-K Disclosure Information. The Trustee has no duty under this
        Agreement to monitor or enforce the performance by the parties listed on
        Exhibit
        P-3 of their duties under this paragraph or proactively solicit or procure
        from
        such parties any Form 8-K Disclosure Information. The Sponsor will be
        responsible for any reasonable fees and expenses assessed or incurred by
        the
        Trustee in connection with including any Form 8-K Disclosure Information
        on Form
        8-K pursuant to this paragraph. 

       

      (iii)  After
        preparing the Form 8-K, the Trustee shall forward electronically, no later
        than
        Noon New York City time on the third Business Day after the Reportable Event,
        a
        copy of the Form 8-K to the Exchange Act Signing Party for review and approval.
        If the Master Servicer is the Exchange Act Signing Party, then the Form 8-K
        shall also be electronically distributed to the Depositor for review and
        approval. No later than Noon New York City time on the fourth Business Day
        after
        the Reportable Event, a senior officer of the Exchange Act Signing Party
        shall
        sign the Form 8-K and return an electronic or fax copy of such signed Form
        8-K
        (with an original executed hard copy to follow by overnight mail) to the
        Trustee. If a Form 8-K cannot be filed on time or if a previously filed Form
        8-K
        needs to be amended, the Trustee will follow the procedures set forth in
        subsection (g) of this Section 6.20. Promptly (but no later than one Business
        Day) after the deadline for filing such Form 8-K with the Commission, the
        Trustee will make available on its internet website a final executed copy
        of
        each Form 8-K prepared and filed by it pursuant to this Section 6.20(f).
        The
        parties to this Agreement acknowledge that the performance by the Trustee
        of its
        duties under this Section 6.20(f) related to the timely preparation and filing
        of Form 8-K is contingent upon such parties strictly observing all applicable
        deadlines in the performance of their duties under this Section 6.20(f).
        The
        Trustee shall have no liability for any loss, expense, damage or claim arising
        out of or with respect to any failure to properly prepare and/or timely file
        such Form 8-K, where such failure results from the Trustee’s inability or
        failure to obtain or receive, on a timely basis, any information from any
        other
        party hereto needed to prepare, arrange for execution or file such Form 8-K,
        not
        resulting from its own negligence, bad faith or willful misconduct.

       

      (g) Suspension
        of Reporting Obligations; Amendments; Late Filings.

       

      
        
          
          

        

        
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      (i) On
        or
        before January 30th
        of the
        first year in which the Trustee is able to do so under applicable law, unless
        otherwise directed by the Depositor, the Trustee shall prepare and file a
        Form
        15 relating to the automatic suspension of reporting in respect of the Trust
        Fund under the Exchange Act. The Paying Agent is entitled to assume that
        a Form
        15 will be filed for such year unless the Trustee notifies the Paying Agent
        that
        a Form 15 will not be filed.

       

      (ii) In
        the
        event that the Trustee becomes aware that it will be unable to timely file
        with
        the Commission all or any required portion of any Form 8-K, 10-D or 10-K
        required to be filed by this Agreement because required disclosure information
        was either not delivered to it or delivered to it after the delivery deadlines
        set forth in this Agreement or for any other reason, the Trustee will promptly
        notify the Depositor. In the case of Form 10-D and 10-K, the parties to this
        Agreement and each Servicer will cooperate to prepare and file a Form 12b-25
        and
        a 10-D/A and 10-K/A as applicable, pursuant to Rule 12b-25 of the Exchange
        Act.
        In the case of Form 8-K, the Trustee will, upon receipt of all required Form
        8-K
        Disclosure Information and upon the approval and direction of the Depositor,
        include such disclosure information on the next Form 10-D. In the event that
        any
        previously filed Form 8-K, 10-D or 10-K needs to be amended with respect
        to an
        additional disclosure item, the Trustee will notify the Depositor and any
        applicable party affected thereby and such parties will cooperate to prepare
        any
        necessary 8-K/A, 10-D/A or 10-K/A. Any Form 15, Form 12b-25 or any amendment
        to
        Form 8-K, 10-D or 10-K shall be signed by a senior officer or a duly authorized
        representative, as applicable, of the Exchange Act Signing Party. The parties
        to
        this Agreement acknowledge that the performance by the Trustee of its duties
        under this Section 6.20(g) related to the timely preparation and filing of
        Form
        15, a Form 12b-25 or any amendment to Form 8-K, 10-D or 10-K is contingent
        upon
        each such party performing its duties under this Section. The Trustee shall
        have
        no liability for any loss, expense, damage, claim arising out of or with
        respect
        to any failure to properly prepare and/or timely file any such Form 15, Form
        12b-25 or any amendments to Forms 8-K, 10-D or 10-K, where such failure results
        from the Trustee’s inability or failure to obtain or receive, on a timely basis,
        any information from any other party hereto needed to prepare, arrange for
        execution or file such Form 15, Form 12b-25 or any amendments to Forms 8-K,
        10-D
        or 10-K, not resulting from its own negligence, bad faith or willful
        misconduct.

       

      (h) Any
        party
        that signs any Exchange Act report that the Trustee is required to file shall
        provide to the Trustee prompt notice of the execution of such Exchange Act
        report along with the name and contact information for the person signing
        such
        report and shall promptly deliver to the Trustee the original executed signature
        page for such report. In addition, each of the parties agrees to provide
        to the
        Trustee such additional information related to such party as the Trustee
        may
        reasonably request, including evidence of the authorization of the person
        signing any certification or statement, financial information and reports,
        and
        such other information related to such party or its performance hereunder.
        

       

      (i) The
        Depositor and the Master Servicer, by mutual agreement, shall determine which
        of
        the Depositor or the Master Servicer shall be the initial Exchange Act Signing
        Party. Upon such determination, the Depositor shall timely notify the Trustee,
        and such notice shall provide contact information for the Exchange Act Signing
        Party. If the Depositor and Master Servicer, at any time, mutually agree to
        change the identity of the Exchange Act Signing Party, the Depositor shall
        provide timely notice to the Trustee of any such change. Any notice delivered
        pursuant to this Section 6.20 may be by fax or electronic copy notwithstanding
        the notice provisions of Section 11.07.

       

      
        
          
          

        

        
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                Section
                  6.21.

              	
                Reporting
                  Requirements of the Commission.

              

      

       

      Each
        of
        the parties hereto acknowledges and agrees that the purpose of Sections 6.01
        and
        6.20 of this Agreement is to facilitate compliance by the Sponsor, the Master
        Servicer and the Depositor with the provisions of Regulation AB, as such
        may be
        amended or clarified from time to time. Therefore, each of the parties agrees
        that (a) the obligations of the parties hereunder shall be interpreted in
        such a
        manner as to accomplish compliance with Regulation AB, (b) the parties’
obligations hereunder will be supplemented and modified as necessary to be
        consistent with any such amendments, interpretive advice or guidance, convention
        or consensus among active participants in the asset-backed securities markets,
        advice of counsel, or otherwise in respect of the requirements of Regulation
        AB
        and (c) the parties shall comply with reasonable requests made by the Sponsor,
        the Master Servicer, the Depositor or the Trustee for delivery of additional
        or
        different information, to the extent that such information is available or
        reasonably attainable within such time frame as may be requested, as the
        Sponsor, the Master Servicer, the Depositor or the Trustee may determine
        in good
        faith is necessary to comply with the provisions of Regulation AB.

       

      
        	
                Section
                  6.22.

              	
                No
                  Merger. 

              

      

       

      The
        Trustee shall not cause or otherwise knowingly permit the assets of the Trust
        Fund to be merged or consolidated with any other entity, except as a result
        of a
        final judicial determination.

       

      
        	
                Section
                  6.23.

              	
                Indemnification
                  by the Trustee. 

              

      

       

      The
        Trustee agrees to indemnify the Depositor and the Master Servicer, and each
        of
        their respective directors, officers, employees and agents and the Trust
        Fund
        and hold each of them harmless from and against any losses, damages, penalties,
        fines, forfeitures, legal fees and expenses and related costs, judgments,
        and
        any other costs, fees and expenses that any of them may sustain arising out
        of
        or based upon the engagement of any Subcontractor in violation of Section
        6.01(l) or any failure by the Trustee to deliver when and as required
        information pursuant to Section 6.01(m), the disclosure applicable to the
        Trustee pursuant to Sections 6.20(c)(ii), 6.20(d)(ii) and 6.20(e)(ii), the
        certification applicable to the Trustee pursuant to Section 6.20(d)(iv) or
        any
        assessment of compliance pursuant to Section 9.25(a). 

       

      
        
          
          

        

        
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      ARTICLE
        VII

       

      PURCHASE
        OF MORTGAGE LOANS AND

      TERMINATION
        OF THE TRUST FUND

       

      
        	
                Section
                  7.01.

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

              

      

       

      (a) The
        respective obligations and responsibilities of the Trustee and the Master
        Servicer created hereby (other than the obligation of the Trustee to make
        payments to Certificateholders and the Swap Counterparty as set forth in
        Section
        7.02, the obligation of the Master Servicer to make a final remittance to
        the
        Trustee pursuant to Section 4.01 and the obligations of the Master Servicer
        to
        the Trustee pursuant to Sections 9.10, 9.14 and 9.31) shall terminate on
        the
        earliest of (i) the final payment or other liquidation of the last Mortgage
        Loan
        remaining in the Trust Fund and the disposition of all REO Property, (ii)
        the
        sale of the property held by the Trust Fund in accordance with Sections 7.01(b)
        or (d) and (iii) the Latest Possible Maturity Date (each, a “Trust Fund
        Termination Event”); provided,
        however,
        that in
        no event shall the Trust Fund created hereby continue beyond the expiration
        of
        21 years from the death of the last survivor of the descendants of Joseph
        P.
        Kennedy, the late Ambassador of the United States to the Court of St. James’s,
        living on the date hereof. Upon the occurrence of a Trust Fund Termination
        Event, each REMIC shall be terminated in a manner that shall qualify as a
        “qualified liquidation” under the REMIC Provisions.

       

      (b) On
        any
        Distribution Date occurring on or after the Initial Optional Termination
        Date
        but occurring before the Five Percent Optional Termination Date, the Master
        Servicer or LTURI-holder, as applicable, with the prior written consent of
        any
        NIMS Insurer and the Seller, which consent shall not be unreasonably withheld,
        has the option to cause the Trust Fund to adopt a plan of complete liquidation
        pursuant to Section 7.03(a)(i) hereof to sell all of its property. Upon exercise
        of such option, the property of the Trust Fund shall be sold to the Master
        Servicer at a price (the “Termination Price”) equal to the sum of (i) 100% of
        the unpaid principal balance of each Mortgage Loan on the day of such purchase
        plus interest accrued thereon at the applicable Mortgage Rate with respect
        to
        any Mortgage Loan to the Due Date in the Collection Period immediately preceding
        the related Distribution Date to the date of such repurchase, (ii) the fair
        market value of any REO Property and any other property held by any REMIC,
        such
        fair market value to be determined by an independent appraiser or appraisers
        mutually agreed upon by the Master Servicer, any NIMS Insurer and the Trustee
        (reduced, in the case of REO Property, by (1) reasonably anticipated disposition
        costs and (2) any amount by which the fair market value as so reduced exceeds
        the outstanding principal balance of the related Mortgage Loan plus interest
        accrued thereon at the applicable Net Mortgage Rate to the date of such
        purchase), (iii) any unreimbursed Servicing Advances, (iv) any Net Swap Payments
        then remaining unpaid and any Swap Termination Payment payable to the Swap
        Counterparty as a result of a termination pursuant to this Section 7.01 and
        (v)
        any amounts on deposit in the Final Maturity Reserve Account; provided,
        however, if
        there
        are any NIM Securities outstanding, the Master Servicer may only exercise
        its
        option after receiving the prior written consent of the holders of such NIM
        Securities and, if such consent is given, the Termination Price shall also
        include an amount equal to the sum of (1) any accrued interest on the NIM
        Securities, (2) the 

       

      
        
          
          

        

        
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      unpaid
        principal balance of any such NIM Securities and (3) any other reimbursable
        expenses owed by the issuer of the NIM Securities, including any amounts
        owed to
        the NIMS Insurer (the “NIM Redemption Amount”). The Master Servicer, each
        Servicer, the Trustee and the Custodians shall be reimbursed from the
        Termination Price for any Mortgage Loan or related REO Property for any Advances
        made or other amounts advanced with respect to the Mortgage Loans that are
        reimbursable to any such entity under this Agreement, the applicable Servicing
        Agreement or Custodial Agreement, together with any accrued and unpaid
        compensation and any other amounts due to the Master Servicer or the Trustee
        hereunder or the Servicers or the Custodians. If the Master Servicer fails
        to
        exercise such option, the NIMS Insurer will have the right to cause the Master
        Servicer to exercise such option, to the extent provided in the insurance
        agreement related to the NIM Securities among the Master Servicer, the Trustee
        and the NIMS Insurer, so long as such NIMS Insurer is insuring the NIM
        Securities or is owed any amounts in connection with such guaranty of the
        NIM
        Securities. If the NIMS Insurer directs the Master Servicer to exercise its
        right to cause the Trust Fund to adopt a plan of complete liquidation as
        described above, then (i) the Master Servicer shall cause the Trust Fund
        to
        adopt a plan of complete liquidation as described above, (ii) the NIMS Insurer
        shall remit the Termination Price in immediately available funds to the Master
        Servicer at least three Business Days prior to the applicable Distribution
        Date
        and, upon receipt of such funds from the NIMS Insurer, the Master Servicer
        shall
        promptly deposit such funds in the Collection Account and (iii) upon termination
        of the Trust Fund, the Trustee will transfer the property of the Trust Fund
        to
        the NIMS Insurer. The NIMS Insurer shall be obligated to reimburse the Master
        Servicer and the Trustee for its reasonable out-of-pocket expenses incurred
        in
        connection with its termination of the Trust Fund at the direction of the
        NIMS
        Insurer and shall indemnify and hold harmless the Master Servicer and the
        Trustee for any losses, liabilities or expenses any claims arising out of
        resulting from or relating to the Master Servicer’s termination of the Trust
        Fund at the direction of the NIMS Insurer, except to the extent such losses,
        liabilities or expenses arise out of or result from the Master Servicer’s
        negligence, bad faith or willful misconduct.

       

      (c) (i)
        On
        any Distribution Date on or after the Initial Optional Termination Date but
        occurring before the Five Percent Optional Termination Date and provided
        there
        are no NIM Securities outstanding (and no amounts are owed to the NIMS Insurer
        hereunder or with respect to the NIM Securities), the Master Servicer, with
        the
        prior written consent of the Seller, which consent shall not be unreasonably
        withheld, has the option to purchase all of the Lower Tier REMIC 1
        Uncertificated Regular Interests (the “Regular Interest Purchase Option”). Upon
        exercise of such option, the Lower Tier REMIC 1 Uncertificated Regular Interests
        shall be sold to the Master Servicer at a price (the “Lower Tier REMIC 1
        Uncertificated Regular Interests Purchase Price”) equal to the sum of (i) 100%
        of the unpaid principal balance of each Mortgage Loan on the day of such
        purchase plus interest accrued thereon at the applicable Mortgage Rate with
        respect to any Mortgage Loan to the Due Date in the Collection Period
        immediately preceding the related Distribution Date to the date of such
        repurchase and (ii) the fair market value of any REO Property and any other
        property held by any REMIC, such fair market value to be determined by an
        independent appraiser or appraisers mutually agreed upon by the Master Servicer,
        any NIMS Insurer and the Trustee (reduced, in the case of REO Property, by
        (1)
        reasonably anticipated disposition costs and (2) any amount by which the
        fair
        market value as so reduced exceeds the outstanding principal balance of the
        related Mortgage Loan plus interest accrued thereon at the applicable Net
        Mortgage Rate to the date of such purchase). If the Master Servicer elects
        to
        exercise such option, each REMIC created pursuant to this Agreement (other
        than
        REMIC 1) shall be terminated in such a manner so that the termination of
        each
        such REMIC shall qualify as a “qualified liquidation” under the REMIC Provisions
        and the Lower Tier REMIC 1 Uncertificated Regular Interests and the Class
        LT-R
        Certificates will evidence the entire beneficial interest in the property
        of the
        Trust Fund. 

       

      
        
          
          

        

        
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      (ii) On
        any
        Distribution Date occurring on or after the Five Percent Optional Termination
        Date and provided there are no NIM Securities outstanding (and no amounts
        are
        owed to the NIMS Insurer hereunder or with respect to the NIM Securities),
        the
        Five Percent Call Holder, with the prior written consent of the Seller, which
        consent shall not be unreasonably withheld, has the Regular Interest Purchase
        Option. Upon exercise of such option, the Lower Tier REMIC 1 Uncertificated
        Regular Interests shall be sold to the Five Percent Call Holder at the Lower
        Tier REMIC 1 Uncertificated Regular Interests Purchase Price. If the Five
        Percent Call Holder elects to exercise such option, each REMIC created pursuant
        to this Agreement (other than REMIC 1) shall be terminated in such a manner
        so
        that the termination of each such REMIC shall qualify as a “qualified
        liquidation” under the REMIC Provisions and the Lower Tier REMIC 1
        Uncertificated Regular Interests and the Class LT-R Certificates will evidence
        the entire beneficial interest in the property of the Trust Fund. 

       

      (iii) Following
        a purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests pursuant
        to this subsection, the Trust Fund (and REMIC 1) will remain outstanding
        and
        final payment on the Certificates (other than the Class LT-R Certificates)
        will
        be made in accordance with Sections 7.03(a)(iii) and 5.02. The Trust Fund
        will
        terminate upon the occurrence of a Trust Fund Termination Event, in accordance
        with Section 7.01(a).

       

      (d) On
        any
        Distribution Date occurring on or after the Five Percent Optional Termination
        Date, the Five Percent Call Holder or LTURI-holder, as applicable, with the
        prior written consent of any NIMS Insurer and the Seller, which consent shall
        not be unreasonably withheld, has the option to cause the Trust Fund to adopt
        a
        plan of complete liquidation pursuant to Section 7.03(a)(i) hereof to sell
        all
        of its property. Upon exercise of such option, the property of the Trust
        Fund
        shall be sold to the Five Percent Call Holder at the Termination Price;
provided,
        however, if
        there
        are any NIM Securities outstanding, the Five Percent Call Holder may only
        exercise its option after receiving the prior written consent of the holders
        of
        such NIM Securities and, if such consent is given, the Termination Price
        shall
        also include the NIM Redemption Amount. The Master Servicer, each Servicer,
        the
        Trustee and the Custodians shall be reimbursed from the Termination Price
        for
        any Mortgage Loan or related REO Property for any Advances made or other
        amounts
        advanced with respect to the Mortgage Loans that are reimbursable to any
        such
        entity under this Agreement, the applicable Servicing Agreement or Custodial
        Agreement, together with any accrued and unpaid compensation and any other
        amounts due to the Master Servicer or the Trustee hereunder or the Servicers
        or
        the Custodians. If the NIMS Insurer directs the Five Percent Call Holder
        to
        exercise its right to cause the Trust Fund to adopt a plan of complete
        liquidation as described above, then (i) the Five Percent Call Holder shall
        cause the Trust Fund to adopt a plan of complete liquidation as described
        above,
        (ii) the NIMS Insurer shall remit the Termination Price in immediately available
        funds to the Master Servicer at least three Business Days prior to the
        applicable Distribution Date and, upon receipt of such funds from the NIMS
        Insurer, the Master Servicer shall promptly deposit such funds in the Collection
        Account and (iii) upon termination of the Trust Fund, the Trustee will transfer
        the property of the Trust Fund to the NIMS Insurer. The NIMS Insurer shall
        be
        obligated to reimburse the Five Percent Call Holder, the Master Servicer
        and the
        Trustee for their reasonable out-of-pocket expenses incurred in connection
        with
        its termination of the Trust Fund at the direction of the NIMS Insurer and
        shall
        indemnify and hold harmless the Five Percent Call Holder, the Master Servicer
        and the Trustee for any losses, liabilities or expenses any claims arising
        out
        of resulting from or relating to the Five Percent Call Holder’s termination of
        the Trust Fund at the direction of the NIMS Insurer, except to the extent
        such
        losses, liabilities or expenses arise out of or result from the Five Percent
        Call Holder’s negligence, bad faith or willful misconduct.

       

      
        
          
          

        

        
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                Section
                  7.02.

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

              

      

       

      (a) Notice
        of
        any Trust Fund Termination Event and notice of the purchase of the Lower
        Tier
        REMIC 1 Uncertificated Regular Interests, specifying the Distribution Date
        upon
        which the final distribution to the Certificates (other than the Class LT-R
        Certificates, in the case of a purchase of the Lower Tier REMIC 1 Uncertificated
        Regular Interests) shall be made, shall be given by the Trustee by first
        class
        mail to Certificateholders mailed promptly (and in no event later than five
        Business Days) (x) after the Trustee has received notice from the Master
        Servicer, the Five Percent Call Holder or the LTURI-holder, as applicable,
        of
        its election to cause (1) the sale of all of the property of the Trust Fund
        pursuant to Sections 7.01(b) or (d), as applicable, or (2) the purchase of
        the
        Lower Tier REMIC 1 Uncertificated Regular Interests pursuant to Section 7.01(c),
        or (y) upon the final payment or other liquidation of the last Mortgage Loan
        or
        REO Property in the Trust Fund. In the case of a Trust Fund Termination Event,
        the Trustee shall also give notice to the Master Servicer, the Swap
        Counterparty, the Cap Counterparty and the Certificate Registrar at the time
        notice is given to Holders.

       

      In
        the
        case of a Trust Fund Termination Event, such notice shall specify (A) the
        Distribution Date upon which final distribution on the Certificates or Lower
        Tier REMIC 1 Uncertificated Regular Interests of all amounts required to
        be
        distributed to Certificateholders pursuant to Section 5.02 will be made upon
        presentation and surrender of the Certificates at the Corporate Trust Office,
        and (B) that the Record Date otherwise applicable to such Distribution Date
        is
        not applicable, distribution being made only upon presentation and surrender
        of
        the Certificates at the office or agency of the Trustee therein specified.
        Upon
        any such Trust Fund Termination Event, the duties of the Certificate Registrar
        with respect to the Certificates or Lower Tier REMIC 1 Uncertificated Regular
        Interests shall terminate and the Trustee shall terminate or request the
        Master
        Servicer to terminate, the Collection Account it maintains, the Certificate
        Account and any other account or fund maintained with respect to the
        Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests, subject
        to
        the Trustee’s obligation hereunder to hold all amounts payable to
        Certificateholders in trust without interest pending such payment. 

      

      In
        the
        case of a purchase of the Lower Tier REMIC 1 Uncertificated Regular Interests,
        such notice shall specify (A) the Distribution Date upon which final
        distribution on the Certificates (other than the Class LT-R Certificates)
        of all
        amounts required to be distributed to Certificateholders pursuant to Section
        5.02 (other than any distributions to the Class LT-R Certificates in respect
        of
        REMIC 1) will be made upon presentation and surrender of the Certificates
        (other
        than the Class LT-R Certificates) at the Corporate Trust Office, and (B)
        that
        the Record Date otherwise applicable to such Distribution Date is not
        applicable, distribution being made only upon presentation and surrender
        of the
        Certificates (other than the Class LT-R Certificates) at the office or agency
        of
        the Trustee therein specified. Upon any such purchase of the Lower Tier REMIC
        1
        Uncertificated Regular Interests, the duties of the Certificate Registrar
        with
        respect to the Certificates other than the Class LT-R Certificate shall
        terminate but the Trustee shall not terminate or request the Master Servicer
        to
        terminate, the Collection Account it maintains, the Certificate Account and
        any
        other account or fund maintained with respect to the Certificates, subject
        to
        the Trustee’s obligation hereunder to hold all amounts payable to
        Certificateholders in trust without interest pending such payment. For all
        Distribution Dates following the Distribution Date on which the Master Servicer
        or Five Percent Call Holder, as applicable, purchases the Lower Tier REMIC
        1
        Uncertificated Regular Interests, all amounts that would be distributed on
        the
        Certificates (other than the Class LT-R Certificate and exclusive of amounts
        payable from any fund held outside of REMIC 1) absent such purchase shall
        be
        payable to the LTURI-holder.

      

      
        
          
          

        

        
          149

          
            

          

        

        
          
          

        

      

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

       

      (c) Any
        reasonable expenses incurred by the Trustee in connection with any Trust
        Fund
        Termination Event or any purchase of the Lower Tier REMIC 1 Uncertificated
        Regular Interests shall be reimbursed from proceeds received from such
        termination or purchase.

       

      
        	
                Section
                  7.03.

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

              

      

       

      (a) Any
        termination of the Trust Fund pursuant to Section 7.01(a) or any termination
        of
        a REMIC pursuant to Section 7.01(c) shall be effected in accordance with
        the
        following additional requirements, unless the Trustee seeks (at the request
        of
        the party exercising the option to purchase all of the Mortgage Loans pursuant
        to Sections 7.01(b) or (d), as applicable, or at the request of the party
        exercising the option to purchase all of the Lower Tier REMIC 1 Uncertificated
        Regular Interests pursuant to Section 7.01(c)), and subsequently receives,
        an
        Opinion of Counsel (at the expense of such requesting party), addressed to
        the
        Trustee and any NIMS Insurer to the effect that the failure to comply with
        the
        requirements of this Section 7.03 will not result in an Adverse REMIC
        Event:

       

      
        
          
          

        

        
          150

          
            

          

        

        
          
          

        

      

      (i) Within
        89
        days prior to the time of the making of the final payment on the Certificates
        (other than the Class LT-R Certificates, in the case of a purchase of the
        Lower
        Tier REMIC 1 Uncertificated Regular Interests), upon notification by the
        Master
        Servicer, the Trustee, any NIMS Insurer or an Affiliate of the Seller that
        it
        intends to exercise its option to cause the termination of the Trust Fund
        or
        purchase the Lower Tier REMIC 1 Uncertificated Regular Interests, the Trustee
        shall adopt a plan of complete liquidation prepared by the Depositor on behalf
        of each REMIC (other than REMIC 1, in the case of a purchase of the Lower
        Tier
        REMIC 1 Uncertificated Regular Interests), meeting the requirements of a
        qualified liquidation under the REMIC Provisions;

       

      (ii) Any
        sale
        of the assets of the Trust Fund or the Lower Tier REMIC 1 Uncertificated
        Regular
        Interests pursuant to Section 7.02 shall be a sale for cash and shall occur
        at
        or after the time of adoption of such a plan of complete liquidation and
        prior
        to the time of making of the final payment on the Certificates (other than
        the
        Class LT-R Certificates, in the case of a purchase of the Lower Tier REMIC
        1
        Uncertificated Regular Interests);

       

      (iii) On
        the
        date specified for final payment of the Certificates (other than the Class
        LT-R
        Certificates, in the case of a purchase of the Lower Tier REMIC 1 Uncertificated
        Regular Interests), the Trustee shall make final distributions of principal
        and
        interest on such Certificates and shall pay, in the case of a Trust Fund
        Termination Event, any Net Swap Payment then remaining unpaid and any Swap
        Termination Payment owed to the Swap Counterparty on the related Swap Payment
        Date (in each case to the extent not paid on previous Swap Payment Dates)
        in
        accordance with Section 5.01 and Section 5.02. In the case of a Trust Fund
        Termination Event, and, after payment of, or provision for any outstanding
        expenses, the Trustee shall distribute or credit, or cause to be distributed
        or
        credited, to the Holders of the Residual Certificates all cash on hand after
        such final payment (other than cash retained to meet claims), and the Trust
        Fund
        (and each REMIC) shall terminate at that time; and

       

      (iv) In
        no
        event may the final payment on the Certificates or the final distribution
        or
        credit to the Holders of the Residual Certificates in respect of the residual
        interest in any liquidated REMIC be made after the 89th day from the date
        on
        which the plan of complete liquidation for such REMIC is adopted.

       

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

       

      (c)  In
        connection with the termination of the Trust Fund, or a Section 7.01(c) Purchase
        Event, the Trustee may request an Opinion of Counsel addressed to the Trustee
        (at the expense of the Depositor) to the effect that all the requirements
        of a
        qualified liquidation under the REMIC Provisions have been met.

       

      
        
          
          

        

        
          151

          
            

          

        

        
          
          

        

      

      
        	
                Section
                  7.04.

              	
                Optional
                  Repurchase Right.

              

      

       

      The
        NIMS
        Insurer, if any, may repurchase any Distressed Mortgage Loan for a purchase
        price equal to the outstanding principal balance of such Mortgage Loan, plus
        accrued interest thereon to the date of repurchase plus any unreimbursed
        Advances, Servicing Advances or Servicing Fees allocable to such Distressed
        Mortgage Loan. Any such repurchase shall be accomplished by the NIMS Insurer’s
        remittance of the purchase price for the Distressed Mortgage Loan to the
        Master
        Servicer for deposit into the Collection Account. The NIMS Insurer shall
        not use
        any procedure in selecting Distressed Mortgage Loans to be repurchased which
        would be materially adverse to Certificateholders.

       

      
        	
                Section
                  7.05.

              	
                Charged-off
                  Loans and Released Mortgage
                  Loans.

              

      

       

      Notwithstanding
        anything to the contrary contained in this Agreement, each Charged-off Loan
        that
        becomes a Released Mortgage Loan shall be released from the Trust Fund as
        soon
        as practicable after becoming a Released Mortgage Loan and shall no longer
        be an
        asset of any REMIC. Each Released Mortgage Loan shall be transferred to the
        Released Mortgage Transferee, without recourse. Thereafter (i) the Released
        Mortgage Transferee shall be entitled to any amounts subsequently received
        in
        respect of any such Released Mortgage Loans, (ii) the Released Mortgage
        Transferee may designate any servicer to service any such Released Mortgage
        Loan
        and (iii) the Released Mortgage Transferee may sell any such Released Mortgage
        Loan to a third party. For purposes of compliance with the REMIC Provisions,
        any
        such Released Mortgage Loan transferred to the Released Mortgage Transferee
        pursuant to this Section 7.05 and having any value as of the date of such
        transfer shall be treated as having been transferred by the related REMIC
        as
        additional compensation for services provided to such REMIC.

       

      ARTICLE
        VIII

       

      RIGHTS
        OF
        CERTIFICATEHOLDERS

       

      
        	
                Section
                  8.01.

              	
                Limitation
                  on Rights of Holders. 

              

      

       

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

       

      
        
          
          

        

        
          152

          
            

          

        

        
          
          

        

      

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

       

      
        	
                Section
                  8.02.

              	
                Access
                  to List of Holders. 

              

      

       

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

       

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

       

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

       

      
        
          
          

        

        
          153

          
            

          

        

        
          
          

        

      

      
        	
                Section
                  8.03.

              	
                Acts
                  of Holders of Certificates. 

              

      

       

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

       

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

       

      (c) The
        ownership of Certificates or Lower Tier REMIC 1 Uncertificated Regular Interests
        (whether or not such Certificates or Lower Tier REMIC 1 Uncertificated Regular
        Interests shall be overdue and notwithstanding any notation of ownership
        or
        other writing thereon made by anyone other than the Trustee) shall be proved
        by
        the Certificate Register, and none of the Trustee, the Master Servicer, the
        NIMS
        Insurer, or the Depositor shall be affected by any notice to the
        contrary.

       

      (d) Any
        request, demand, authorization, direction, notice, consent, waiver or other
        action by the Holder of any Certificate or Lower Tier REMIC 1 Uncertificated
        Regular Interest shall bind every future Holder of the same Certificate or
        Lower
        Tier REMIC 1 Uncertificated Regular Interest and the Holder of every Certificate
        or Lower Tier REMIC 1 Uncertificated Regular Interest issued upon the
        registration of transfer thereof or in exchange therefor or in lieu thereof, in
        respect of anything done, omitted or suffered to be done by the Trustee or
        the
        Master Servicer in reliance thereon, whether or not notation of such action
        is
        made upon such Certificate or Lower Tier REMIC 1 Uncertificated Regular
        Interest.

       

      
        
          
          

        

        
          154

          
            

          

        

        
          
          

        

      

       

      ARTICLE
        IX

       

      ADMINISTRATION
        AND SERVICING OF MORTGAGE LOANS BY THE MASTER SERVICER 

       

      
        	
                Section
                  9.01.

              	
                Duties
                  of the Master Servicer. 

              

      

       

      The
        Certificateholders, by their purchase and acceptance of the Certificates
        or
        Lower Tier REMIC 1 Uncertificated Regular Interests, appoint Aurora Loan
        Services LLC, as Master Servicer. For and on behalf of the Depositor, the
        Trustee and the Certificateholders, the Master Servicer shall master service
        the
        Mortgage Loans in accordance with the provisions of this Agreement and the
        provisions of each Servicing Agreement. 

       

      
        	
                Section
                  9.02.

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

              

      

       

      (a) The
        Master Servicer, at its expense, shall maintain in effect a Master Servicer
        Fidelity Bond and a Master Servicer Errors and Omissions Insurance Policy,
        affording coverage with respect to all directors, officers, employees and
        other
        Persons acting on such Master Servicer’s behalf, and covering errors and
        omissions in the performance of the Master Servicer’s obligations hereunder. The
        Master Servicer Errors and Omissions Insurance Policy and the Master Servicer
        Fidelity Bond shall be in such form and amount that would be consistent with
        coverage customarily maintained by master servicers of mortgage loans similar
        to
        the Mortgage Loans and the Master Servicer shall provide the Trustee and
        any
        NIMS Insurer upon request, with a copy of such policy and fidelity bond.
        The
        Master Servicer shall (i) require each Servicer to maintain an Errors and
        Omissions Insurance Policy and a Servicer Fidelity Bond in accordance with
        the
        provisions of the applicable Servicing Agreement, (ii) cause each Servicer
        to
        provide to the Master Servicer certificates evidencing that such policy and
        bond
        is in effect and to furnish to the Master Servicer any notice of cancellation,
        non-renewal or modification of the policy or bond received by it, as and
        to the
        extent provided in the applicable Servicing Agreement, and (iii) furnish
        copies
        of such policies and of the certificates and notices referred to in clause
        (ii)
        to the Trustee upon request.

       

      (b) The
        Master Servicer shall promptly report to the Trustee and any NIMS Insurer
        any
        material changes that may occur in the Master Servicer Fidelity Bond or the
        Master Servicer Errors and Omissions Insurance Policy and shall furnish to
        the
        Trustee and any NIMS Insurer, on request, certificates evidencing that such
        bond
        and insurance policy are in full force and effect. The Master Servicer shall
        promptly report to the Trustee and any NIMS Insurer all cases of embezzlement
        or
        fraud, if such events involve funds relating to the Mortgage Loans. The total
        losses, regardless of whether claims are filed with the applicable insurer
        or
        surety, shall be disclosed in such reports together with the amount of such
        losses covered by insurance. If a bond or insurance claim report is filed
        with
        any of such bonding companies or insurers, the Master Servicer shall promptly
        furnish a copy of such report to the Trustee and any NIMS Insurer. Any amounts
        relating to the Mortgage Loans collected by the Master Servicer under any
        such
        bond or policy shall be promptly remitted by the Master Servicer to the Trustee
        for deposit into the Certificate Account. Any amounts relating to the Mortgage
        Loans collected by the applicable Servicer under any such bond or policy
        shall
        be remitted to the Master Servicer to the extent provided in the applicable
        Servicing Agreement.

       

      
        
          
          

        

        
          155

          
            

          

        

        
          
          

        

      

      
        	
                Section
                  9.03.

              	
                Master
                  Servicer’s Financial Statements and Related Information.
                  

              

      

       

      For
        each
        year this Agreement is in effect, the Master Servicer shall submit to the
        Trustee, any NIMS Insurer, each Rating Agency and the Depositor a copy of
        its
        annual unaudited financial statements on or prior to March 31 of each year,
        beginning in March 2008. Such financial statements shall include a balance
        sheet, income statement, statement of retained earnings, statement of additional
        paid_in capital, statement of changes in financial position and all related
        notes and schedules and shall be in comparative form, certified by a nationally
        recognized firm of Independent Accountants to the effect that such statements
        were examined and prepared in accordance with generally accepted accounting
        principles applied on a basis consistent with that of the preceding
        year.

       

      
        	
                Section
                  9.04.

              	
                Power
                  to Act; Procedures. 

              

      

       

      (a) The
        Master Servicer shall master service the Mortgage Loans and shall have full
        power and authority, subject to the REMIC Provisions and the provisions of
        Article X hereof, and each Servicer shall have full power and authority (to
        the
        extent provided in the applicable Servicing Agreement) to do any and all
        things
        that it may deem necessary or desirable in connection with the servicing
        and
        administration of the Mortgage Loans, including but not limited to the power
        and
        authority (i) to execute and deliver, on behalf of the Certificateholders
        and
        the Trustee, customary consents or waivers and other instruments and documents,
        (ii) to consent to transfers of any Mortgaged Property and assumptions of
        the
        Mortgage Notes and related Mortgages, (iii) to collect any Insurance Proceeds
        and Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion
        of the ownership of the Mortgaged Property securing any Mortgage Loan, in
        each
        case, in accordance with the provisions of this Agreement and the applicable
        Servicing Agreement, as applicable; provided that the Master Servicer shall
        not
        take, or knowingly permit any Servicer to take, any action that is inconsistent
        with or prejudices the interests of the Trust Fund or the Certificateholders
        in
        any Mortgage Loan or the rights and interests of the Depositor, the Trustee,
        the
        Certificateholders under this Agreement. The Master Servicer shall represent
        and
        protect the interests of the Trust Fund in the same manner as it protects
        its
        own interests in mortgage loans in its own portfolio in any claim, proceeding
        or
        litigation regarding a Mortgage Loan and shall not make or knowingly permit
        any
        Servicer to make any modification, waiver or amendment of any term of any
        Mortgage Loan that would cause an Adverse REMIC Event. Without limiting the
        generality of the foregoing, the Master Servicer in its own name or in the
        name
        of a Servicer, and each Servicer, to the extent such authority is delegated
        to
        such Servicer under the applicable Servicing Agreement, is hereby authorized
        and
        empowered by the Trustee when the Master Servicer or such Servicer, as the
        case
        may be, believes it appropriate in its best judgment and in accordance with
        Accepted Servicing Practices and the applicable Servicing Agreement, to execute
        and deliver, on behalf of itself and the Certificateholders, the Trustee
        or any
        of them, any and all instruments of satisfaction or cancellation, or of partial
        or full release or discharge and all other comparable instruments, with respect
        to the Mortgage Loans and with respect to the Mortgaged Properties. The Trustee
        shall furnish to the Master Servicer, upon request, with any powers of attorney
        empowering the Master Servicer or any Servicer to execute and deliver
        instruments of satisfaction or cancellation, 

       

      
        
          
          

        

        
          156

          
            

          

        

        
          
          

        

      

      or
        of
        partial or full release or discharge, and to foreclose upon or otherwise
        liquidate Mortgaged Property, and to appeal, prosecute or defend in any court
        action relating to the Mortgage Loans or the Mortgaged Property, in accordance
        with the applicable Servicing Agreement and this Agreement, and the Trustee
        shall execute and deliver such other documents, as the Master Servicer may
        request, necessary or appropriate to enable the Master Servicer to master
        service the Mortgage Loans and carry out its duties hereunder and to allow
        each
        Servicer to service the Mortgage Loans, in each case in accordance with Accepted
        Servicing Practices (and the Trustee shall have no liability for misuse of
        any
        such powers of attorney by the Master Servicer or any Servicer). If the Master
        Servicer or the Trustee has been advised that it is likely that the laws
        of the
        state in which action is to be taken prohibit such action if taken in the
        name
        of the Trustee or that the Trustee would be adversely affected under the
“doing
        business” or tax laws of such state if such action is taken in its name, then
        upon request of the Trustee the Master Servicer shall join with the Trustee
        in
        the appointment of a co-trustee pursuant to Section 6.09 hereof. In no event
        shall the Master Servicer, without the Trustee’s written consent: (i) initiate
        any action, suit or proceeding solely under the Trustee’s name without
        indicating the Master Servicer in its applicable, representative capacity,
        so
        long as the jurisdictional and procedural rules will allow for this insertion
        to
        occur, (ii) initiate any action, suit or proceeding not directly relating
        to the
        servicing of a Mortgage Loan (including but not limited to actions, suits
        or
        proceedings against Certificateholders, or against the Depositor or the Seller
        for breaches of representations and warranties) solely under the Trustee’s name,
        (iii) engage counsel to represent the Trustee in any action, suit or proceeding
        not directly relating to the servicing of a Mortgage Loan (including but
        not
        limited to actions, suits or proceedings against Certificateholders, or against
        the Depositor or the Seller for breaches of representations and warranties),
        or
        (iv) prepare, execute or deliver any government filings, forms, permits,
        registrations or other documents or take any action with the intent to cause,
        and that actually causes, the Trustee to be registered to do business in
        any
        state. The Master Servicer shall indemnify the Trustee for any and all costs,
        liabilities and expenses incurred by the Trustee in connection with the
        negligent or willful misuse of such powers of attorney by the Master Servicer.
        In the performance of its duties hereunder, the Master Servicer shall be
        an
        independent contractor and shall not, except in those instances where it
        is
        taking action in the name of the Trustee on behalf of the Trust Fund, be
        deemed
        to be the agent of the Trustee.

       

      (b) In
        master
        servicing and administering the Mortgage Loans, the Master Servicer shall
        employ
        procedures and exercise the same care that it customarily employs and exercises
        in master servicing and administering loans for its own account, giving due
        consideration to Accepted Servicing Practices where such practices do not
        conflict with this Agreement. Consistent with the foregoing, the Master Servicer
        may, and may permit any Servicer to, in its discretion (i) waive any late
        payment charge (but not any Prepayment Premium, except as set forth below)
        and
        (ii) extend the due dates for payments due on a Mortgage Note. In the event
        of
        any such modification, the Master Servicer shall calculate the Scheduled
        Payment
        for such Mortgage Loan based on the modified terms of the Mortgage Loan and
        shall only be required to make Advances pursuant to Section 5.04 to the extent
        of the new Scheduled Payment. Notwithstanding anything to the contrary in
        this
        Agreement, the Master Servicer shall not make or knowingly permit any
        modification, waiver or amendment of any material term of any Mortgage Loan,
        unless: (1) such Mortgage Loan is in default or default by the related Mortgagor
        is, in the reasonable judgment of the Master Servicer or the related Servicer,
        reasonably foreseeable, (2) in the case of a waiver of a Prepayment Premium,
        if
        (a) such Mortgage Loan is in default or default by the related Mortgagor
        is, in
        the reasonable judgment of the Master Servicer or the related Servicer,
        reasonably foreseeable, and such waiver would maximize recovery of total
        proceeds taking into account the value of such Prepayment Premium and the
        related Mortgage Loan or (b) if the prepayment is not a result of a refinancing
        by the related Servicer or any of its affiliates and (i) the collection of
        the
        Prepayment Premium would be in violation of applicable laws or (ii) the
        collection of such Prepayment Premium would be considered “predatory” pursuant
        to written guidance published or issued by any applicable federal, state
        or
        local regulatory authority acting in its official capacity and having
        jurisdiction over such matters and (3) such modification, waiver or amendment
        would not cause an Adverse REMIC Event.

       

      
        
          
          

        

        
          157

          
            

          

        

        
          
          

        

      

      (c) As
        an
        alternative to permitting a modification or effectuating a foreclosure or
        other
        conversion of the ownership of a Mortgaged Property, the Master Servicer
        may, at
        its option, purchase any Mortgage Loan that has become one hundred and twenty
        (120) days or more delinquent in payment (including, for the avoidance of
        doubt,
        any Mortgage Loan with respect to which the related borrower is in Bankruptcy);
        provided,
        however,
        that
        (i) the Master Servicer promptly notifies the related Servicer of its intention
        to purchase any such delinquent Mortgage Loan prior to its purchase and (ii)
        the
        Master Servicer shall exercise any such option to purchase a Mortgage Loan
        within sixty (60) days after any such Mortgage Loan has become one hundred
        and
        twenty (120) days delinquent. The price at which the Master Servicer shall
        purchase any such delinquent Mortgage Loan shall equal the Purchase Price
        and
        such amount shall be deposited into the Collection Account on the date of
        purchase pursuant to Section 4.01(d)(viii). Upon receipt by the Trustee of
        a
        written certification from the Master Servicer that the Master Servicer has
        exercised such option and deposited the full amount of the Purchase Price
        of the
        related Mortgage Loan in the Collection Account and delivery of a Request
        for
        Release of Documents (on the form attached hereto as Exhibit C or in the
        form
        attached to the related Custodial Agreement), the applicable Custodian shall
        release the related Mortgage File to or upon the order of the Master Servicer,
        and at the written request of the Master Servicer the Trustee shall execute
        and
        deliver such instruments of transfer or assignment, in each case without
        recourse, representation or warranty, as shall be necessary to vest title
        to
        such Mortgage Loan in the Master Servicer or its designee, which instruments
        shall be prepared by the Master Servicer. 

       

      
        	
                Section
                  9.05.

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

              

      

       

      (a) Each
        Servicing Agreement requires the applicable Servicer, respectively, to service
        the Mortgage Loans in accordance with the provisions thereof. References
        in this
        Agreement to actions taken or to be taken by the Master Servicer include
        actions
        taken or to be taken by a Servicer on behalf of the Master Servicer. Any
        fees
        and other amounts payable to a Servicer shall be deducted from amounts remitted
        to the Master Servicer by such Servicer (to the extent permitted by the
        applicable Servicing Agreement) and shall not be an obligation of the Trust
        Fund, the Trustee or the Master Servicer.

       

      (b) The
        Master Servicer shall not be required to (i) take any action with respect
        to the
        servicing of any Mortgage Loan that the related Servicer is not required
        to take
        under the related Servicing Agreement and (ii) cause a Servicer to take any
        action or refrain from taking any action if the related Servicing Agreement
        does
        not require such Servicer to take such action or refrain from taking such
        action; in both cases notwithstanding any provision of this Agreement that
        requires the Master Servicer to take such action or cause such Servicer to
        take
        such action.

       

      
        
          
          

        

        
          158

          
            

          

        

        
          
          

        

      

      (c) The
        Master Servicer, for the benefit of the Trustee, any NIMS Insurer and the
        Certificateholders, shall enforce the obligations of each Servicer under
        the
        related Servicing Agreement, and shall, in the event that a Servicer fails
        to
        perform its obligations in accordance therewith, terminate the rights and
        obligations of such Servicer thereunder and either act as servicer of the
        related Mortgage Loans or cause the other parties hereto to enter into a
        Servicing Agreement (and such parties hereby agree to execute and deliver
        any
        such successor Servicing Agreement), with a successor Servicer. Such
        enforcement, including, without limitation, the legal prosecution of claims,
        termination of Servicing Agreements and the pursuit of other appropriate
        remedies, shall be in such form and carried out to such an extent and at
        such
        time as the Master Servicer, in its good faith business judgment, would require
        were it the owner of the related Mortgage Loans. The Master Servicer shall
        pay
        the costs of such enforcement at its own expense, and shall be reimbursed
        therefor initially (i) from a general recovery resulting from such enforcement
        only to the extent, if any, that such recovery exceeds all amounts due in
        respect of the related Mortgage Loans, (ii) from a specific recovery of costs,
        expenses or attorneys’ fees against the party against whom such enforcement is
        directed, and then, (iii) to the extent that such amounts are insufficient
        to
        reimburse the Master Servicer for the costs of such enforcement, from the
        Collection Account.

       

      (d) The
        Master Servicer shall be entitled to conclusively rely on any certifications
        or
        other information provided by the Servicers under the terms of the applicable
        Servicing Agreement or relating to Section 9.04(b) of this Agreement, in
        its
        preparation of any certifications, filings or reports, in accordance with
        the
        terms hereof or as may be required by applicable law or regulation.

       

      
        	
                Section
                  9.06.

              	
                Collection
                  of Taxes, Assessments and Similar Items.

              

      

       

      (a) To
        the
        extent provided in the applicable Servicing Agreement, the Master Servicer
        shall
        cause each Servicer to establish and maintain one or more custodial accounts
        at
        a depository institution (which may be a depository institution with which
        the
        Master Servicer or any Servicer establishes accounts in the ordinary course
        of
        its servicing activities), the accounts of which are insured to the maximum
        extent permitted by the FDIC (each, an “Escrow Account”) and to deposit therein
        any collections of amounts received with respect to amounts due for taxes,
        assessments, water rates, standard hazard insurance policy premiums, Payaheads,
        if applicable, or any comparable items for the account of the Mortgagors.
        Withdrawals from any Escrow Account may be made (to the extent amounts have
        been
        escrowed for such purpose) only in accordance with the applicable Servicing
        Agreement. Each Servicer shall be entitled to all investment income not required
        to be paid to Mortgagors on any Escrow Account maintained by such Servicer.
        The
        Master Servicer shall make (or cause to be made) to the extent provided in
        the
        applicable Servicing Agreement advances to the extent necessary in order
        to
        effect timely payment of taxes, water rates, assessments, standard hazard
        insurance policy premiums or comparable items in connection with the related
        Mortgage Loan (to the extent that the Mortgagor is required, but fails, to
        pay
        such items), provided that it or the applicable Servicer has determined that
        the
        funds so advanced are recoverable from escrow payments, reimbursement pursuant
        to Section 4.02 or otherwise.

       

      
        
          
          

        

        
          159

          
            

          

        

        
          
          

        

      

      (b) Costs
        incurred by the Master Servicer or by any Servicer in effecting the timely
        payment of taxes and assessments on the properties subject to the Mortgage
        Loans
        may be added to the amount owing under the related Mortgage Note where the
        terms
        of the Mortgage Note so permit; provided,
        however,
        that the
        addition of any such cost shall not be taken into account for purposes of
        calculating the distributions to be made to Certificateholders. Such costs,
        to
        the extent that they are unanticipated, extraordinary costs, and not ordinary
        or
        routine costs shall be recoverable as a Servicing Advance by the Master Servicer
        pursuant to Section 4.02.

       

      
        	
                Section
                  9.07.

              	
                Termination
                  of Servicing Agreements; Successor Servicers.
                  

              

      

       

      (a) The
        Master Servicer shall be entitled to terminate the rights and obligations
        of any
        Servicer under the applicable Servicing Agreement in accordance with the
        terms
        and conditions of such Servicing Agreement and without any limitation by
        virtue
        of this Agreement other than seeking the NIMS Insurer’s consent to such
        termination; provided,
        however,
        that in
        the event of termination of any Servicing Agreement by the Master Servicer,
        the
        Master Servicer shall provide for the servicing of the Mortgage Loans by
        a
        successor Servicer to be appointed as provided in the applicable Servicing
        Agreement and with the consent of the NIMS Insurer.

       

      The
        parties acknowledge that notwithstanding the preceding sentence, there may
        be a
        transition period, not to exceed 90 days, in order to effect the transfer
        of
        servicing to a successor Servicer. The Master Servicer shall be entitled
        to be
        reimbursed from each Servicer (or by the Trust Fund, if the Servicer is unable
        to fulfill its obligations hereunder) for all costs associated with the transfer
        of servicing from the predecessor servicer, including without limitation,
        any
        costs or expenses associated with the complete transfer of all servicing
        data
        and the completion, correction or manipulation of such servicing data, as
        may be
        required by the Master Servicer to correct any errors or insufficiencies
        in the
        servicing data or otherwise to enable the Master Servicer to service the
        Mortgage Loans properly and effectively.

       

      (b) If
        the
        Master Servicer acts as a successor Servicer, it will not assume liability
        for
        the representations and warranties of a Servicer, if any, that it replaces.
        The
        Master Servicer shall use reasonable efforts to have the successor Servicer
        assume liability for the representations and warranties made by the terminated
        Servicer in the related Servicing Agreement, and in the event of any such
        assumption by the successor Servicer, the Trustee or the Master Servicer,
        as
        applicable, may, in the exercise of its business judgment, release the
        terminated Servicer from liability for such representations and
        warranties.

       

      (c) If
        the
        Master Servicer acts as a successor Servicer, it will have the same obligations
        to make Advances as the Servicer under the related Servicing Agreement and
        to
        reimburse the successor Servicer for unreimbursed Advances if required by
        the
        Servicing Agreement but will have no obligation to make an Advance if it
        determines in its reasonable judgment that such Advance is non-recoverable.
        To
        the extent that the Master Servicer is unable to find a successor Servicer
        that
        is willing to service the Mortgage Loans for the Servicing Fee because of
        the
        obligation of the Servicer to make Advances regardless of whether such Advance
        is recoverable, the applicable Servicing Agreement may be amended to provide
        that the successor Servicer shall have no obligation to make an Advance if
        it
        determines in its reasonable judgment that such Advance is non-recoverable
        and
        provides an Officer’s Certificate to such effect to the Master Servicer, the
        Trustee and any NIMS Insurer.

       

      
        
          
          

        

        
          160

          
            

          

        

        
          
          

        

      

      
        	
                Section
                  9.08.

              	
                Master
                  Servicer Liable for Enforcement.

              

      

       

      Notwithstanding
        anything contained in any Servicing Agreement to the contrary, the Master
        Servicer shall remain obligated and liable to the Trustee and the
        Certificateholders in accordance with the provisions of this Agreement, to
        the
        extent of its obligations hereunder, without diminution of such obligation
        or
        liability by virtue of such Servicing Agreements. The Master Servicer shall
        use
        commercially reasonable efforts to ensure that the Mortgage Loans are serviced
        in accordance with the provisions of this Agreement and shall use commercially
        reasonable efforts to enforce the provisions of each Servicing Agreement
        for the
        benefit of the Certificateholders and any NIMS Insurer. The Master Servicer
        shall be entitled to enter into any agreement with any Servicer for
        indemnification of the Master Servicer and nothing contained in this Agreement
        shall be deemed to limit or modify such indemnification. Except as expressly
        set
        forth herein, the Master Servicer shall have no liability under this Agreement
        or otherwise to any party for the acts or omissions of any Servicer in the
        performance by such Servicer of its obligations under the related Servicing
        Agreement. The parties to this Agreement hereby agree and any third party
        beneficiaries to this Agreement shall be deemed to have agreed that,
        notwithstanding anything in this Agreement or any other agreement relating
        to
        the Mortgage Loans to the contrary, the Master Servicer shall not be under
        any
        liability under this Agreement or otherwise to any party for any acts or
        omissions of the Servicers or for information the Servicers have provided
        or has
        been required to provide to the Master Servicer relating to Section
        9.04(b).

       

      
        	
                Section
                  9.09.

              	
                No
                  Contractual Relationship Between Any Servicer and Trustee or Depositor.
                  

              

      

       

      Any
        Servicing Agreement that may be entered into and any other transactions or
        services relating to the Mortgage Loans involving any Servicer in its capacity
        as such and not as an originator shall be deemed to be between such Servicer,
        the Seller and the Master Servicer, and the Trustee, any NIMS Insurer and
        the
        Depositor shall not be deemed parties thereto and shall have no obligations,
        duties or liabilities with respect to such Servicer except as set forth in
        Section 9.10 hereof, but shall have rights thereunder as third party
        beneficiaries. It is furthermore understood and agreed by the parties hereto
        that the obligations of any Servicer are set forth in their entirety in such
        Servicer’s related Servicing Agreement and such Servicer has no obligations
        under and is not otherwise bound by the terms of this Agreement.

       

      
        	
                Section
                  9.10.

              	
                Assumption
                  of Servicing Agreement by Trustee.

              

      

       

      (a) In
        the
        event the Master Servicer shall for any reason no longer be the Master Servicer
        (including by reason of any Event of Default under this Agreement), after
        a
        period not to exceed ninety days after the issuance of any notice pursuant
        to
        Section 6.14 or Section 9.28, as applicable, the Trustee shall thereupon
        assume
        all of the rights and obligations of such Master Servicer hereunder and under
        each Servicing Agreement entered into with respect to the Mortgage Loans.
        The
        Trustee, its designee or any successor master servicer appointed by the Trustee
        shall be deemed to have assumed all of the Master Servicer’s interest herein and
        therein to the same extent as if such Servicing Agreement had been assigned
        to
        the assuming party, except that the Master Servicer shall not thereby be
        relieved of any liability or obligations of the Master Servicer under such
        Servicing Agreement accruing prior to its replacement as Master Servicer,
        and
        shall be liable to the Trustee and any NIMS Insurer, and hereby agrees to
        indemnify and hold harmless the Trustee and any NIMS Insurer from and against
        all costs, damages, expenses and liabilities (including reasonable attorneys’
fees) incurred by the Trustee or any NIMS Insurer as a result of such liability
        or obligations of the Master Servicer and in connection with the Trustee’s (or
        other successor master servicer’s ) assumption (but not its performance, except
        to the extent that costs or liability of the Trustee (or other successor
        master
        servicer’s ) are created or increased as a result of negligent or wrongful acts
        or omissions of the Master Servicer prior to its replacement as Master Servicer)
        of the Master Servicer’s obligations, duties or responsibilities
        thereunder.

       

      
        
          
          

        

        
          161

          
            

          

        

        
          
          

        

      

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

       

      
        	
                Section
                  9.11.

              	
                Due-on-Sale
                  Clauses; Assumption Agreements.

              

      

       

      To
        the
        extent provided in the applicable Servicing Agreement, to the extent Mortgage
        Loans contain enforceable due-on-sale clauses, the Master Servicer shall
        cause
        the related Servicer to enforce such clauses in accordance with the applicable
        Servicing Agreement. If applicable law prohibits the enforcement of a
        due-on-sale clause or such clause is otherwise not enforced in accordance
        with
        the applicable Servicing Agreement, and, as a consequence, a Mortgage Loan
        is
        assumed, the original Mortgagor may be released from liability in accordance
        with the applicable Servicing Agreement.

       

      
        	
                Section
                  9.12.

              	
                Release
                  of Mortgage Files. 

              

      

       

      (a) Upon
        (i)
        becoming aware of the payment in full of any Mortgage Loan or (ii) the receipt
        by the Master Servicer of a notification that payment in full has been or
        will
        be escrowed in a manner customary for such purposes, the Master Servicer
        shall,
        or shall cause the related Servicer to, promptly notify the Trustee (or the
        applicable Custodian) by a certification (which certification shall include
        a
        statement to the effect that all amounts received in connection with such
        payment that are required to be deposited in the Collection Account maintained
        by the Master Servicer pursuant to Section 4.01 have been or will be so
        deposited) of a Servicing Officer and shall request (on the form attached
        hereto
        as Exhibit C or on the form attached to the Custodial Agreement) the Trustee
        or
        the applicable Custodian, to deliver to the applicable Servicer the related
        Mortgage File. Upon receipt of such certification and request, the Trustee
        or
        the applicable Custodian (with the consent, and at the direction of the
        Trustee), shall promptly release the related Mortgage File to the applicable
        Servicer and neither the Trustee nor the related Custodian shall have any
        further responsibility with regard to such Mortgage File. Upon any such payment
        in full, the Master Servicer is authorized, and each Servicer, to the extent
        such authority is provided for under the applicable Servicing Agreement,
        is
        authorized, to give, as agent for the Trustee, as the mortgagee under the
        Mortgage that secured the Mortgage Loan, an instrument of satisfaction (or
        assignment of mortgage without recourse) regarding the Mortgaged Property
        subject to the Mortgage, which instrument of satisfaction or assignment,
        as the
        case may be, shall be delivered to the Person or Persons entitled thereto
        against receipt therefor of such payment, it being understood and agreed
        that no
        expenses incurred in connection with such instrument of satisfaction or
        assignment, as the case may be, shall be chargeable to the Collection
        Account.

       

      
        
          
          

        

        
          162

          
            

          

        

        
          
          

        

      

      (b) From
        time
        to time and as appropriate for the servicing or foreclosure of any Mortgage
        Loan
        and in accordance with Accepted Servicing Practices and the applicable Servicing
        Agreement, the Trustee shall execute such documents as shall be prepared
        and
        furnished to the Trustee by the Master Servicer, or by a Servicer (in form
        reasonably acceptable to the Trustee) and as are necessary to the prosecution
        of
        any such proceedings. The Trustee or the applicable Custodian, shall, upon
        request of the Master Servicer, or of a Servicer, and delivery to the Trustee
        or
        the applicable Custodian, of a request for release of documents and a receipt
        signed by a Servicing Officer substantially in the form of Exhibit C, release
        the related Mortgage File held in its possession or control to the Master
        Servicer (or the applicable Servicer). Such receipt shall obligate the Master
        Servicer or Servicer to return the Mortgage File to the Trustee or the
        applicable Custodian, as applicable, when the need therefor by the Master
        Servicer or Servicer no longer exists unless the Mortgage Loan shall be
        liquidated, in which case, upon receipt of a certificate of a Servicing Officer
        similar to that hereinabove specified, the receipt shall be released by the
        Trustee or the applicable Custodian, as applicable, to the Master Servicer
        (or
        the applicable Servicer).

       

      
        	
                Section
                  9.13.

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

              

      

       

      (a) The
        Master Servicer shall transmit, or cause the applicable Servicer to transmit,
        to
        the Trustee such documents and instruments coming into the possession of
        the
        Master Servicer or such Servicer from time to time as are required by the
        terms
        hereof or of the applicable Servicing Agreement to be delivered to the Trustee
        or the applicable Custodian. Any funds received by the Master Servicer or
        by a
        Servicer in respect of any Mortgage Loan or which otherwise are collected
        by the
        Master Servicer or a Servicer as Liquidation Proceeds or Insurance Proceeds
        in
        respect of any Mortgage Loan shall be held for the benefit of the Trustee
        and
        the Certificateholders subject to the Master Servicer’s right to retain or
        withdraw from the Collection Account the Master Servicing Fee and other amounts
        provided in this Agreement and to the right of each Servicer to retain its
        Servicing Fee and other amounts as provided in the related Servicing Agreement.
        The Master Servicer shall, and shall (to the extent provided in the applicable
        Servicing Agreement) cause each Servicer to, provide access to information
        and
        documentation regarding the Mortgage Loans (i) to the Trustee, any NIMS Insurer,
        their respective agents and accountants at any time upon reasonable request
        and
        during normal business hours, and (ii) to Certificateholders that are savings
        and loan associations, banks or insurance companies, the Office of Thrift
        Supervision, the FDIC and the supervisory agents and examiners of such Office
        and Corporation or examiners of any other federal or state banking or insurance
        regulatory authority, in each case to the extent so required by applicable
        regulations of the Office of Thrift Supervision or such other regulatory
        authority, such access to be afforded without charge but only upon reasonable
        request in writing and during normal business hours at the offices of the
        Master
        Servicer designated by it. In fulfilling such a request the Master Servicer
        shall not be responsible for determining the sufficiency of such
        information.

       

      
        
          
          

        

        
          163

          
            

          

        

        
          
          

        

      

      (b) All
        Mortgage Files and funds collected or held by, or under the control of, the
        Master Servicer, or any Servicer, in respect of any Mortgage Loans, whether
        from
        the collection of principal and interest payments or from Liquidation Proceeds
        or Insurance Proceeds, shall be held by the Master Servicer, or by any Servicer,
        for and on behalf of the Trustee and the Certificateholders and shall be
        and
        remain the sole and exclusive property of the Trustee; provided,
        however,
        that the
        Master Servicer and each Servicer shall be entitled to setoff against, and
        deduct from, any such funds any amounts that are properly due and payable
        to the
        Master Servicer or such Servicer under this Agreement or the applicable
        Servicing Agreement and shall be authorized to remit such funds to the Trustee
        in accordance with this Agreement.

       

      (c) The
        Master Servicer hereby acknowledges that concurrently with the execution
        of this
        Agreement, the Trustee shall own or, to the extent that a court of competent
        jurisdiction shall deem the conveyance of the Mortgage Loans from the Seller
        to
        the Depositor not to constitute a sale, the Trustee shall have a security
        interest in the Mortgage Loans and in all Mortgage Files representing such
        Mortgage Loans and in all funds and investment property now or hereafter
        held
        by, or under the control of, a Servicer or the Master Servicer that are
        collected by any Servicer or the Master Servicer in connection with the Mortgage
        Loans, whether as scheduled installments of principal and interest or as
        full or
        partial prepayments of principal or interest or as Liquidation Proceeds or
        Insurance Proceeds or otherwise, and in all proceeds of the foregoing and
        proceeds of proceeds (but excluding any fee or other amounts to which a Servicer
        is entitled under the applicable Servicing Agreement, or the Master Servicer
        or
        the Depositor is entitled to hereunder); and the Master Servicer agrees that
        so
        long as the Mortgage Loans are assigned to and held by the Trustee or the
        applicable Custodian, all documents or instruments constituting part of the
        Mortgage Files, and such funds relating to the Mortgage Loans which come
        into
        the possession or custody of, or which are subject to the control of, the
        Master
        Servicer or any Servicer shall be held by the Master Servicer or such Servicer
        for and on behalf of the Trustee as the Trustee’s agent and bailee for purposes
        of perfecting the Trustee’s security interest therein as provided by the
        applicable Uniform Commercial Code or other applicable laws.

       

      (d) The
        Master Servicer agrees that it shall not, and shall not authorize any Servicer
        to, create, incur or subject any Mortgage Loans, or any funds that are deposited
        in any Custodial Account, Escrow Account or the Collection Account, or any
        funds
        that otherwise are or may become due or payable to the Trustee, to any claim,
        lien, security interest, judgment, levy, writ of attachment or other
        encumbrance, nor assert by legal action or otherwise any claim or right of
        setoff against any Mortgage Loan or any funds collected on, or in connection
        with, a Mortgage Loan.

       

      
        	
                Section
                  9.14.

              	
                Representations

                  and Warranties of the Master Servicer.

              

      

       

      (a) The
        Master Servicer hereby represents and warrants to the Depositor, any NIMS
        Insurer and the Trustee, for the benefit of the Certificateholders, as of
        the
        Closing Date that:

       

      
        
          
          

        

        
          164

          
            

          

        

        
          
          

        

      

      (i) it
        is
        validly existing and in good standing under the laws of the state of its
        formation, and as Master Servicer has full power and authority to transact
        any
        and all business contemplated by this Agreement and to execute, deliver and
        comply with its obligations under the terms of this Agreement, the execution,
        delivery and performance of which have been duly authorized by all necessary
        company action on the part of the Master Servicer;

       

      (ii) the
        execution and delivery of this Agreement by the Master Servicer and its
        performance and compliance with the terms of this Agreement will not (A)
        violate
        the Master Servicer’s certificate of formation or limited liability company
        agreement, (B) violate any law or regulation or any administrative decree
        or
        order to which it is subject or (C) constitute a default (or an event which,
        with notice or lapse of time, or both, would constitute a default) under,
        or
        result in the breach of, any material contract, agreement or other instrument
        to
        which the Master Servicer is a party or by which it is bound or to which
        any of
        its assets are subject, which violation, default or breach would materially
        and
        adversely affect the Master Servicer’s ability to perform its obligations under
        this Agreement;

       

      (iii) this
        Agreement constitutes, assuming due authorization, execution and delivery
        hereof
        by the other respective parties hereto, a legal, valid and binding obligation
        of
        the Master Servicer, enforceable against it in accordance with the terms
        hereof,
        except as such enforcement may be limited by bankruptcy, insolvency,
        reorganization, moratorium and other laws affecting the enforcement of
        creditors’ rights in general, and by general equity principles (regardless of
        whether such enforcement is considered in a proceeding in equity or at
        law);

       

      (iv) the
        Master Servicer is not in default with respect to any order or decree of
        any
        court or any order or regulation of any federal, state, municipal or
        governmental agency to the extent that any such default would materially
        and
        adversely affect its performance hereunder;

       

      (v) the
        Master Servicer is not a party to or bound by any agreement or instrument
        or
        subject to any certificate of formation or limited liability company agreement
        provision, or any other company restriction or any judgment, order, writ,
        injunction, decree, law or regulation that may materially and adversely affect
        its ability as Master Servicer to perform its obligations under this Agreement
        or that requires the consent of any third person to the execution of this
        Agreement or the performance by the Master Servicer of its obligations under
        this Agreement; 

       

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

       

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

       

      
        
          
          

        

        
          165

          
            

          

        

        
          
          

        

      

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

       

      (ix) the
        consummation of the transactions contemplated by this Agreement are in the
        ordinary course of business of the Master Servicer;

       

      (x) the
        Master Servicer has obtained an Errors and Omissions Insurance Policy and
        a
        Fidelity Bond in accordance with Section 9.02 each of which is in full force
        and
        effect, and each of which provides at least such coverage as is required
        hereunder; and

       

      (xi) the
        information about the Master Servicer under the heading “The Master Servicer” in
        the Offering Documents relating to the Master Servicer does not include an
        untrue statement of a material fact and does not omit to state a material
        fact,
        with respect to the statements made, necessary in order to make the statements
        in light of the circumstances under which they were made not
        misleading.

       

      (b) It
        is
        understood and agreed that the representations and warranties set forth in
        this
        Section 9.14 shall survive the execution and delivery of this Agreement.
        The
        Master Servicer shall indemnify the Depositor, the Trustee and any NIMS Insurer
        and hold them harmless against any loss, damages, penalties, fines, forfeitures,
        legal fees and related costs, judgments, and other costs and expenses resulting
        from any claim, demand, defense or assertion based on or grounded upon, or
        resulting from, a breach of the Master Servicer’s representations and warranties
        contained in Section 9.14(a). It is understood and agreed that the enforcement
        of the obligation of the Master Servicer set forth in this Section to indemnify
        the Depositor, the Trustee and any NIMS Insurer as provided in this Section
        constitutes the sole remedy (other than as set forth in Section 6.14) of
        the
        Depositor, the Trustee and any NIMS Insurer, respecting a breach of the
        foregoing representations and warranties. Such indemnification shall survive
        any
        termination of the Master Servicer as Master Servicer hereunder, and any
        termination of this Agreement.

       

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

       

      (c) It
        is
        understood and agreed that the representations and warranties of the Depositor
        set forth in Sections 2.03(a)(i) through (vi) shall survive the execution
        and
        delivery of this Agreement. The Depositor shall indemnify the Master Servicer
        and hold it harmless against any loss, damages, penalties, fines, forfeitures,
        legal fees and related costs, judgments, and other costs and expenses resulting
        from any claim, demand, defense or assertion based on or grounded upon, or
        resulting from, a breach of the Depositor’s representations and warranties
        contained in Sections 2.03(a)(i) through (vi) hereof. It is understood and
        agreed that the enforcement of the obligation of the Depositor set forth
        in this
        Section to indemnify the Master Servicer as provided in this Section constitutes
        the sole remedy hereunder of the Master Servicer respecting a breach by the
        Depositor of the representations and warranties in Sections 2.03(a)(i) through
        (vi) hereof.

       

      
        
          
          

        

        
          166

          
            

          

        

        
          
          

        

      

      (d) Any
        cause
        of action against the Master Servicer relating to or arising out of the breach
        of any representations and warranties made in this Section shall accrue upon
        discovery of such breach by either the Depositor, the Master Servicer, the
        Trustee or any NIMS Insurer or notice thereof by any one of such parties
        to the
        other parties. Notwithstanding anything in this Agreement to the contrary,
        the
        Master Servicer shall not be liable for special, indirect or consequential
        losses or damages of any kind whatsoever (including, but not limited to,
        lost
        profits).

       

      
        	
                Section
                  9.15.

              	
                Opinion.
                  

              

      

       

      On
        or
        before the Closing Date, the Master Servicer shall cause to be delivered
        to the
        Depositor, the Seller, the Trustee, the Swap Counterparty and any NIMS Insurer
        one or more Opinions of Counsel, dated the Closing Date, in form and substance
        reasonably satisfactory to the Depositor and Lehman Brothers Inc., as to
        the due
        authorization, execution and delivery of this Agreement by the Master Servicer
        and the enforceability thereof. 

       

      
        	
                Section
                  9.16.

              	
                Standard
                  Hazard and Flood Insurance Policies.

              

      

       

      For
        each
        Mortgage Loan (other than a Cooperative Loan), the Master Servicer shall
        maintain, or cause to be maintained by each Servicer, standard fire and casualty
        insurance and, where applicable, flood insurance, all in accordance with
        the
        provisions of this Agreement and the related Servicing Agreement, as applicable.
        It is understood and agreed that such insurance shall be with insurers meeting
        the eligibility requirements set forth in the applicable Servicing Agreement
        and
        that no earthquake or other additional insurance is to be required of any
        Mortgagor or to be maintained on property acquired in respect of a defaulted
        loan, other than pursuant to such applicable laws and regulations as shall
        at
        any time be in force and as shall require such additional
        insurance.

       

      Pursuant
        to Section 4.01, any amounts collected by the Master Servicer, or by any
        Servicer, under any insurance policies maintained pursuant to this Section
        9.16
        or any Servicing Agreement (other than amounts to be applied to the restoration
        or repair of the property subject to the related Mortgage or released to
        the
        Mortgagor in accordance with the applicable Servicing Agreement) shall be
        deposited into the Collection Account, subject to withdrawal pursuant to
        Section
        4.02. Any cost incurred by the Master Servicer or any Servicer in maintaining
        any such insurance if the Mortgagor defaults in its obligation to do so shall
        be
        added to the amount owing under the Mortgage Loan where the terms of the
        Mortgage Loan so permit; provided,
        however,
        that the
        addition of any such cost shall not be taken into account for purposes of
        calculating the distributions to be made to Certificateholders and shall
        be
        recoverable by the Master Servicer or such Servicer pursuant to Section
        4.02.

       

      
        	
                Section
                  9.17.

              	
                Presentment
                  of Claims and Collection of Proceeds.

              

      

       

      The
        Master Servicer shall cause each Servicer (to the extent provided in the
        applicable Servicing Agreement) to, prepare and present on behalf of the
        Trustee
        and the Certificateholders all claims under the Insurance Policies with respect
        to the Mortgage Loans, and take such actions (including the negotiation,
        settlement, compromise or enforcement of the insured’s claim) as shall be
        necessary to realize recovery under such policies. Any proceeds disbursed
        to the
        Master Servicer (or disbursed to a Servicer and remitted to the Master Servicer)
        in respect of such policies or bonds shall be promptly deposited in the
        Collection Account or the Custodial Account upon receipt, except that any
        amounts realized that are to be applied to the repair or restoration of the
        related Mortgaged Property as a condition requisite to the presentation of
        claims on the related Mortgage Loan to the insurer under any applicable
        Insurance Policy need not be so deposited (or remitted).

       

      
        
          
          

        

        
          167

          
            

          

        

        
          
          

        

      

      
        	
                Section
                  9.18.

              	
                Reserved
                  

              

      

       

      
        	
                Section
                  9.19.

              	
                Trustee
                  To Retain Possession of Certain Documents.

              

      

       

      Until
        all
        amounts distributable in respect of the Certificates have been distributed
        in
        full and the Master Servicer otherwise has fulfilled its obligations under
        this
        Agreement, the Trustee (or the Custodian) shall retain possession and custody
        of
        each Mortgage File in accordance with and subject to the terms and conditions
        of
        this Agreement. The Master Servicer shall promptly deliver or cause each
        Servicer to deliver to the Trustee (or the Custodian), upon the execution
        or
        receipt thereof the originals of such documents or instruments that constitute
        portions of the Mortgage File that come into the possession of the Master
        Servicer or any Servicer from time to time.

       

      
        	
                Section
                  9.20.

              	
                [Reserved]
                  

              

      

       

      
        	
                Section
                  9.21.

              	
                Compensation
                  to the Master Servicer. 

              

      

       

      The
        Master Servicer shall be entitled to withdraw from the Collection Account,
        subject to Section 5.05, the Master Servicing Fee to the extent permitted
        by
        Section 4.02. Servicing compensation in the form of assumption fees, if any,
        late payment charges, as collected, if any, or otherwise (but not including
        any
        Prepayment Premium) shall be retained by the Master Servicer (or the applicable
        Servicer) and shall not be deposited in the Collection Account. If the Master
        Servicer does not retain or withdraw the Master Servicing Fee from the
        Collection Account as provided herein, the Master Servicer shall be entitled
        to
        direct the Trustee to pay the Master Servicing Fee to such Master Servicer
        by
        withdrawal from the Certificate Account to the extent that payments have
        been
        received with respect to the applicable Mortgage Loan. The Master Servicer
        shall
        be required to pay all expenses incurred by it in connection with its activities
        hereunder and shall not be entitled to reimbursement therefor except as provided
        in this Agreement. Pursuant to Section 4.01(e), all income and gain realized
        from any investment of funds in the Collection Account shall be for the benefit
        of the Master Servicer as additional compensation. The provisions of this
        Section 9.21 are subject to the provisions of Section 6.14.

       

      
        	
                Section
                  9.22.

              	
                REO
                  Property. 

              

      

       

      (a) In
        the
        event the Trust Fund acquires ownership of any REO Property in respect of
        any
        Mortgage Loan, the deed or certificate of sale shall be issued to the Trustee,
        or to its nominee, on behalf of the Certificateholders. The Master Servicer
        shall use its reasonable best efforts to sell, or cause the applicable Servicer,
        to the extent provided in the applicable Servicing Agreement any REO Property
        as
        expeditiously as possible and in accordance with the provisions of this
        Agreement and the related Servicing Agreement, as applicable, but in all
        events
        within the time period, and subject to the conditions set forth in Article
        X
        hereof. Pursuant to its efforts to sell such REO Property, the Master Servicer
        shall protect and conserve, or cause the applicable Servicer to protect and
        conserve, such REO Property in the manner and to such extent required by
        the
        applicable Servicing Agreement, subject to Article X hereof.

       

      
        
          
          

        

        
          168

          
            

          

        

        
          
          

        

      

      (b) The
        Master Servicer shall deposit or cause to be deposited all funds collected
        and
        received by it, or recovered from any Servicer, in connection with the operation
        of any REO Property in the Collection Account.

       

      (c) The
        Master Servicer and each Servicer, upon the final disposition of any REO
        Property, shall be entitled to reimbursement for any related unreimbursed
        Advances and other unreimbursed advances as well as any unpaid Master Servicing
        Fees or Servicing Fees from Liquidation Proceeds received in connection with
        the
        final disposition of such REO Property; provided,
        that
        (without
        limitation of any other right of reimbursement that the Master Servicer or
        any
        Servicer shall have hereunder) any such unreimbursed Advances as well as
        any
        unpaid Net Master Servicing Fees or Servicing Fees may be reimbursed or paid,
        as
        the case may be, prior to final disposition, out of any net rental income
        or
        other net amounts derived from such REO Property.

       

      (d) The
        Liquidation Proceeds from the final disposition of the REO Property, net
        of any
        payment to the Master Servicer and the applicable Servicer as provided above,
        shall be deposited in the Collection Account on or prior to the Determination
        Date in the month following receipt thereof and be remitted by wire transfer
        in
        immediately available funds on the next succeeding Master Servicer Remittance
        Date to the Trustee for deposit into the Certificate Account.

       

      
        	
                Section
                  9.23.

              	
                Notices
                  to the Depositor and the Trustee

              

      

       

      (a) The
        Master Servicer shall promptly notify the Trustee, the Sponsor and the Depositor
        (i) of any legal proceedings pending against the Master Servicer of the type
        described in Item 1117 (§ 229.1117) of Regulation AB and (ii) if the Master
        Servicer shall become (but only to the extent not previously disclosed to
        the
        Master Servicer and the Depositor) at any time an affiliate of any of the
        parties listed on Exhibit V to this Agreement. On or before March 1st
        of each
        year, the Depositor shall distribute the information in Exhibit V hereto
        to the
        Master Servicer.

       

      (b) Not
        later
        than three Business Days prior to the Distribution Date of each month, the
        Master Servicer shall provide to the Trustee, the Sponsor and the Depositor
        notice of the occurrence of any material modifications, extensions or waivers
        of
        terms, fees, penalties or payments relating to the Mortgage Loans during
        the
        related Collection Period or that have cumulatively become material over
        time
        (Item 1121(a)(11) of Regulation AB) along with all information, data, and
        materials related thereto as may be required to be included in the related
        Distribution Report on Form 10-D. The parties to this Agreement acknowledge
        that
        the performance by the Master Servicer of its duties under this Section 9.23(b)
        related to the timely preparation and delivery of such information is contingent
        upon each applicable Servicer strictly observing all requirements and deadlines
        in the performance of their duties under their related Servicing Agreements.
        The
        Master Servicer shall have no liability for any loss, expense, damage or
        claim
        arising out of or with respect to any failure to properly prepare and/or
        timely
        deliver all such information where such failure results from the Master
        Servicer’s inability or failure to obtain or receive, on a timely basis, any
        information from any Servicer needed to prepare or deliver such information,
        which failure does not result from the Master Servicer’s own negligence, bad
        faith or willful misconduct.

       

      
        
          
          

        

        
          169

          
            

          

        

        
          
          

        

      

      
        	
                Section
                  9.24.

              	
                Reports
                  to the Trustee. 

              

      

       

      (a) Not
        later
        than 30 days after each Distribution Date, the Master Servicer shall, upon
        request, forward to the Trustee and any NIMS Insurer a statement, deemed
        to have
        been certified by a Servicing Officer, setting forth the status of the
        Collection Account maintained by the Master Servicer as of the close of business
        on the related Distribution Date, indicating that all distributions required
        by
        this Agreement to be made by the Master Servicer have been made (or if any
        required distribution has not been made by the Master Servicer, specifying
        the
        nature and status thereof) and showing, for the period covered by such
        statement, the aggregate of deposits into and withdrawals from the Collection
        Account maintained by the Master Servicer. Copies of such statement shall
        be
        provided by the Master Servicer, upon request, to the Depositor, Attention:
        Contract Finance, any NIMS Insurer and any Certificateholders (or by the
        Trustee
        at the Master Servicer’s expense if the Master Servicer shall fail to provide
        such copies to the Certificateholders (unless (i) the Master Servicer shall
        have
        failed to provide the Trustee with such statement or (ii) the Trustee shall
        be
        unaware of the Master Servicer’s failure to provide such
        statement)).

       

      (b) Not
        later
        than two Business Days following each Distribution Date, the Master Servicer
        shall deliver to one Person designated by the Depositor (and upon request
        from
        the NIMS Insurer, the Depositor shall forward a copy to the NIMS Insurer),
        in a
        format consistent with other electronic loan level reporting supplied by
        the
        Master Servicer in connection with similar transactions, “loan level”
information with respect to the Mortgage Loans as of the related Determination
        Date, to the extent that such information has been provided to the Master
        Servicer by the Servicers or by the Depositor.

       

      (c) All
        information, reports and statements prepared by the Master Servicer under
        this
        Agreement shall be based on information supplied to the Master Servicer by
        the
        Servicers without independent verification thereof and the Master Servicer
        shall
        be entitled to rely on such information.

       

      
        	
                Section
                  9.25.

              	
                Assessment
                  of Compliance and Attestation Reports..

              

      

       

      (a) Assessment
        of Compliance

       

      (i) By
        March
        15 of each year, commencing in March 2008, the Master Servicer, the Paying
        Agent
        (if other than the Trustee) and the Trustee, each at its own expense, shall
        furnish, and each such party shall cause any Servicing Function Participant
        engaged by it to furnish, each at its own expense, to the Sponsor, the
        Depositor, the Master Servicer and the Trustee, a report on an assessment
        of
        compliance with the Relevant Servicing Criteria that contains (A) a statement
        by
        such party of its responsibility for assessing compliance with the Relevant
        Servicing Criteria, (B) a statement that such party used the Servicing Criteria
        to assess compliance with the Relevant Servicing Criteria, (C) such party’s
        assessment of compliance with the Relevant Servicing Criteria as of and for
        the
        fiscal year covered by the Form 10-K required to be filed pursuant to Section
        6.20(e), including, if there has been any material instance of noncompliance
        with the Relevant Servicing Criteria, a discussion of each such failure and
        the
        nature and status thereof, and (D) a statement that a registered public
        accounting firm has issued an attestation report on such party’s assessment of
        compliance with the Relevant Servicing Criteria as of and for such period.
        In
        the event that the Trustee and the Paying Agent are the same party, the Relevant
        Servicing Criteria of the Paying Agent shall be included in the Trustee’s
        report.

      

      
        
          
          

        

        
          170

          
            

          

        

        
          
          

        

      

      (ii) When
        the
        Master Servicer, the Paying Agent (if other than the Trustee) and the Trustee
        (or any Servicing Function Participant engaged by it) submit their assessments
        to the Sponsor, the Depositor, the Master Servicer and the Trustee, such
        parties
        will also at such time include the assessment (and attestation pursuant to
        subsection (b) of this Section 9.25) of each Servicing Function Participant
        engaged by it and shall indicate to the Trustee what Relevant Servicing Criteria
        will be addressed in any such reports prepared by any such Servicing Function
        Participant.

      

      (iii) Promptly
        after receipt of each report on assessment of compliance, the Trustee shall
        confirm that the assessments, taken as a whole, address all applicable Servicing
        Criteria and taken individually address the Relevant Servicing Criteria (and
        disclose the inapplicability of the Servicing Criteria not determined to
        be
        Relevant Criteria) for each party as set forth on Exhibit S and on any similar
        exhibit set forth in each Servicing Agreement in respect of each Servicer,
        and
        the Custodial Agreement in respect of the Custodians, and shall notify the
        Depositor of any exceptions. By way of clarification and for the avoidance
        of
        doubt, it is acknowledged that the Trustee shall rely exclusively on Exhibit
        S
        and on any similar exhibit set forth in each Servicing Agreement and each
        Custodial Agreement to determine such applicable Servicing Criteria and Relevant
        Servicing Criteria, as the case may be, and shall not otherwise be reporting
        on
        the content of or sufficiency of such assessments.

      

      (b) Attestation
        Reports

       

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

       

      
        
          
          

        

        
          171

          
            

          

        

        
          
          

        

      

      (ii) Promptly
        after receipt of such report from the Master Servicer, the Paying Agent (if
        other than the Trustee), the Trustee or any Servicing Function Participant
        engaged by such parties, the Trustee shall confirm that each assessment
        submitted pursuant subsection (a) of this Section 9.25 is coupled with an
        attestation meeting the requirements of this Section and notify the Depositor
        of
        any exceptions.

       

      (c) The
        Master Servicer’s, Trustee’s and Paying Agent’s obligation to provide
        assessments of compliance and attestations under this Section 9.25 shall
        terminate upon the filing of a Form 15 suspension notice on behalf of the
        Trust
        Fund. 

       

      
        	
                Section
                  9.26.

              	
                Annual
                  Statement of Compliance with Applicable Servicing Criteria.
                  

              

      

       

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

       

      
        	
                Section
                  9.27.

              	
                Merger
                  or Consolidation. 

              

      

       

      Any
        Person into which the Master Servicer may be merged or consolidated, or any
        Person resulting from any merger, conversion, other change in form or
        consolidation to which the Master Servicer shall be a party, or any Person
        succeeding to the business of the Master Servicer, shall be the successor
        to the
        Master Servicer hereunder, without the execution or filing of any paper or
        any
        further act on the part of any of the parties hereto, anything herein to
        the
        contrary notwithstanding; provided,
        however,
        that the
        successor or resulting Person to the Master Servicer shall be a Person that
        shall be qualified and approved to service mortgage loans for Fannie Mae
        or
        Freddie Mac and shall have a net worth of not less than
        $15,000,000.

       

      
        	
                Section
                  9.28.

              	
                Resignation
                  of Master Servicer. 

              

      

       

      Except
        as
        otherwise provided in Sections 9.27 and 9.29 hereof, the Master Servicer
        shall
        not resign from the obligations and duties hereby imposed on it unless it
        determines that the Master Servicer’s duties hereunder are no longer permissible
        under applicable law or are in material conflict by reason of applicable
        law
        with any other activities carried on by it and cannot be cured. Any such
        determination permitting the resignation of the Master Servicer shall be
        evidenced by an Opinion of Counsel that shall be Independent to such effect
        delivered to the Trustee and any NIMS Insurer. No such resignation shall
        become
        effective until the Trustee shall have assumed, or a successor master servicer
        acceptable to any NIMS Insurer and the Trustee shall have been appointed
        by the
        Trustee and until such successor shall have assumed, the Master Servicer’s
        responsibilities and obligations under this Agreement. Notice of such
        resignation shall be given promptly by the Master Servicer and the Depositor
        to
        the Trustee and any NIMS Insurer.

       

      
        
          
          

        

        
          172

          
            

          

        

        
          
          

        

      

      
        	
                Section
                  9.29.

              	
                Assignment
                  or Delegation of Duties by the Master Servicer.
                  

              

      

       

      (a)
        Except as expressly provided herein, the Master Servicer shall not assign
        or
        transfer any of its rights, benefits or privileges hereunder to any other
        Person, or delegate to or subcontract with, or authorize or appoint any
        Subservicer, Subcontractor or other Person to perform any of the duties,
        covenants or obligations to be performed by the Master Servicer hereunder;
        provided,
        however,
        that the
        Master Servicer shall have the right without the prior written consent of
        the
        Trustee, any NIMS Insurer or the Depositor to delegate or assign to or
        subcontract with or authorize or appoint an Affiliate of the Master Servicer
        to
        perform and carry out any duties, covenants or obligations to be performed
        and
        carried out by the Master Servicer hereunder. In no case, however, shall
        any
        such delegation, subcontracting or assignment to an Affiliate of the Master
        Servicer relieve the Master Servicer of any liability hereunder. Notice of
        such
        permitted assignment, and the name of any such affiliated Subcontractor or
        Subservicer shall be given promptly by the Master Servicer to the Depositor,
        the
        Trustee and any NIMS Insurer. If, pursuant to any provision hereof, the duties
        of the Master Servicer are transferred to a successor master servicer, the
        entire amount of the Master Servicing Fees and other compensation payable
        to the
        Master Servicer pursuant hereto, including amounts payable to or permitted
        to be
        retained or withdrawn by the Master Servicer pursuant to Section 9.21 hereof,
        shall thereafter be payable to such successor master servicer.

       

      (b)
        Notwithstanding the foregoing, for so long as reports are required to be
        filed
        with the Commission under the Exchange Act with respect to the Trust, the
        Master
        Servicer shall not utilize any Subcontractor for the performance of its duties
        hereunder if such Subcontractor would be “participating in the servicing
        function” within the meaning of Item 1122 of Regulation AB without (a) giving
        notice to the Trustee and the Depositor and (b) requiring any such Subcontractor
        to provide to the Master Servicer an attestation report as provided for in
        Section 9.25(b) and an assessment report as provided in Section 9.25(a),
        which
        reports the Master Servicer shall include in its attestation and assessment
        reports. 

       

      
        	
                Section
                  9.30.

              	
                Limitation
                  on Liability of the Master Servicer and Others.
                  

              

      

       

      (a) The
        Master Servicer undertakes to perform such duties and only such duties as
        are
        specifically set forth in this Agreement. 

       

      (b) No
        provision of this Agreement shall be construed to relieve the Master Servicer
        from liability for its own negligent action, its own negligent failure to
        act or
        its own willful misconduct; provided,
        however,
        that
        the duties and obligations of the Master Servicer shall be determined solely
        by
        the express provisions of this Agreement, the Master Servicer shall not be
        liable except for the performance of such duties and obligations as are
        specifically set forth in this Agreement; no implied covenants or obligations
        shall be read into this Agreement against the Master Servicer and, in absence
        of
        bad faith on the part of the Master Servicer, the Master Servicer may
        conclusively rely, as to the truth of the statements and the correctness
        of the
        opinions expressed therein, upon any certificates or opinions furnished to
        the
        Master Servicer and conforming to the requirements of this
        Agreement.

       

      
        
          
          

        

        
          173

          
            

          

        

        
          
          

        

      

      (c) None
        of
        the Master Servicer, the Seller or the Depositor or any of the directors,
        officers, employees or agents of any of them shall be under any liability
        to the
        Trustee or the Certificateholders for any action taken or for refraining
        from
        the taking of any action in good faith pursuant to this Agreement, or for
        errors
        in judgment; provided,
        however,
        that
        this provision shall not protect the Master Servicer, the Seller or the
        Depositor or any such person against any liability that would otherwise be
        imposed by reason of willful misfeasance, bad faith or negligence in its
        performance of its duties or by reason of reckless disregard for its obligations
        and duties under this Agreement. The Master Servicer and any director, officer,
        employee or agent of any of them shall be entitled to indemnification by
        the
        Trust Fund and will be held harmless against any loss, liability or expense
        incurred in connection with any legal action relating to this Agreement or
        the
        Certificates other than any loss, liability or expense incurred by reason
        of
        willful misfeasance, bad faith or negligence in the performance of its duties
        hereunder or by reason of reckless disregard of his or its obligations and
        duties hereunder. The Master Servicer, the Seller and the Depositor and any
        director, officer, employee or agent of any of them may rely in good faith
        on
        any document of any kind prima facie properly executed and submitted by any
        Person respecting any matters arising hereunder. The Master Servicer, the
        Seller
        and the Depositor shall be under no obligation to appear in, prosecute or
        defend
        any legal action that is not incidental to its duties to master service the
        Mortgage Loans in accordance with this Agreement and that in its opinion
        may
        involve it in any expenses or liability; provided,
        however,
        that the
        Master Servicer may in its sole discretion undertake any such action that
        it may
        deem necessary or desirable in respect to this Agreement and the rights and
        duties of the parties hereto and the interests of the Certificateholders
        hereunder. In such event, the legal expenses and costs of such action and
        any
        liability resulting therefrom shall be expenses, costs and liabilities of
        the
        Trust Fund and the Master Servicer shall be entitled to be reimbursed therefor
        out of the Collection Account it maintains as provided by Section
        4.02.

       

      The
        Master Servicer shall not be liable for any acts or omissions of any Servicer.
        The Master Servicer shall not be under any liability under this Agreement
        or any
        other agreement relating to the Mortgage Loans or the Certificates, including
        with respect to any third-party beneficiaries thereof, for any losses,
        liabilities or expenses incurred in connection with any action taken, suffered
        or omitted to be taken by the Master Servicer in accordance with the direction
        of any NIMS Insurer, other than for any losses, liabilities or expenses
        resulting from the negligence or willful misconduct of the Master Servicer.
        

       

      
        	
                Section
                  9.31.

              	
                Indemnification;
                  Third-Party Claims. 

              

      

       

      The
        Master Servicer agrees to indemnify the Depositor, the Sponsor, the Trustee
        (including in its capacity as Certificate Registrar and the Paying Agent)
        and
        any NIMS Insurer and their respective officers, directors, agents and
        affiliates, and hold each of them harmless against any and all claims, losses,
        penalties, fines, forfeitures, reasonable legal fees and related costs,
        judgments, and any other costs, liability, fees and expenses that the Depositor,
        the Sponsor, the Trustee or any NIMS Insurer may sustain arising out of or
        based
        upon (a) any material breach by the Master Servicer of any if its obligations
        hereunder, including particularly its obligations to provide any reports
        under
        Section 9.25(a), Section 9.25(b) or Section 9.26 or any information, data
        or
        materials required to be included in any Exchange Act report, (b) any material
        misstatement or omission in any information, data or materials provided by
        the
        Master Servicer, or (c) the negligence, bad faith or willful misconduct of
        the
        Master Servicer in connection with its performance hereunder. The Depositor,
        the
        Sponsor, the Trustee and any NIMS Insurer shall immediately notify the Master
        Servicer if a claim is made by a third party with respect to this Agreement
        or
        the Mortgage Loans entitling the Depositor, the Sponsor, the Trustee or any
        NIMS
        Insurer to indemnification hereunder, whereupon the Master Servicer shall
        assume
        the defense of any such claim and pay all expenses in connection therewith,
        including counsel fees, and promptly pay, discharge and satisfy any judgment
        or
        decree which may be entered against it or them in respect of such claim.
        This
        indemnification shall survive the termination of this Agreement or the
        termination of the Master Servicer as a party to this Agreement.

       

      
        
          
          

        

        
          174

          
            

          

        

        
          
          

        

      

      
        	
                Section
                  9.32.

              	
                Special
                  Servicing of Delinquent Mortgage Loans.

              

      

       

      If
        permitted under the terms of the applicable Servicing Agreement, the Seller
        may
        appoint, pursuant to the terms of the applicable Servicing Agreement and
        with
        the written consent of the NIMS Insurer, a special servicer to special service
        any Distressed Mortgage Loans. Any applicable termination fee related to
        the
        termination of the related Servicer and the appointment of any special servicer
        shall be paid by the Seller from its own funds, without right of reimbursement
        from the Trust Fund. Any fees paid to any such special servicer shall not
        exceed
        the Servicing Fee Rate.

       

      
        	
                Section
                  9.33.

              	
                Alternative
                  Index. 

              

      

       

      In
        the
        event that the Index for any Mortgage Loan, as specified in the related Mortgage
        Note, becomes unavailable for any reason, the Master Servicer shall select
        an
        alternative index, which in all cases shall be an index that constitutes
        a
        qualified rate on a regular interest under the REMIC Provisions, in accordance
        with the terms of such Mortgage Note or, if such Mortgage Note does not make
        provision for the selection of an alternative index in such event, the Master
        Servicer shall, subject to applicable law, select an alternative index based
        on
        information comparable to that used in connection with the original Index
        and,
        in either case, such alternative index shall thereafter be the Index for
        such
        Mortgage Loan.

       

      ARTICLE
        X

       

      REMIC
        ADMINISTRATION

       

      
        	
                Section
                  10.01.

              	
                REMIC
                  Administration.

              

      

       

      (a) REMIC
        elections as set forth in the Preliminary Statement shall be made on Forms
        1066
        or other appropriate federal tax or information return for the taxable year
        ending on the last day of the calendar year in which the Certificates are
        issued. The regular interests and residual interest in each REMIC shall be
        as
        designated in the Preliminary Statement. For purposes of such designations,
        the
        interest rate of any regular interest that is computed by taking into account
        the weighted average of the Net Mortgage Rates of the Mortgage Loans shall
        be
        reduced by the amount of any expense paid by the Trust to the extent that
        (i)
        such expense was not taken into account in computing the Net Mortgage Rate
        of
        any Mortgage Loan, (ii) such expense does not constitute an “unanticipated
        expense” of a REMIC within the meaning of Treasury Regulation Section
        1.860G-1(b)(3)(ii) and (iii) the amount of such expense was not taken into
        account in computing the interest rate of a more junior class of regular
        interests.

       

      
        
          
          

        

        
          175

          
            

          

        

        
          
          

        

      

      (b) The
        Closing Date is hereby designated as the “Startup Day” of each REMIC within the
        meaning of section 860G(a)(9) of the Code. The latest possible maturity date
        for
        purposes of Treasury Regulation 1.860G-1(a)(4) will be the Latest Possible
        Maturity Date.

       

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

       

      (d) The
        Trustee shall prepare, sign and file, all of each REMIC’s federal and
        appropriate state tax and information returns as such REMIC’s direct
        representative. The expenses of preparing and filing such returns shall be
        borne
        by the Trustee.

       

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

       

      
        
          
          

        

        
          176

          
            

          

        

        
          
          

        

      

      The
        Trustee shall be entitled to receive reasonable compensation from the Trust
        for
        the performance of its duties under this subsection (e); provided,
        however,
        that
        such compensation shall not exceed $5,000 per year.

       

      (f) The
        Trustee, the Master Servicer and the Holders of Certificates shall take any
        action or cause any REMIC to take any action within their respective control
        and
        scope of their duties necessary to create or maintain the status of any REMIC
        as
        a REMIC under the REMIC Provisions and shall assist each other as necessary
        to
        create or maintain such status. Neither the Trustee, the Master Servicer
        nor the
        Holder of any Residual Certificate shall knowingly take any action, cause
        any
        REMIC to take any action or fail to take (or fail to cause to be taken) any
        action within their respective control and scope of their respective duties
        that, under the REMIC Provisions, if taken or not taken, as the case may
        be,
        could result in an Adverse REMIC Event unless the Trustee, any NIMS Insurer
        and
        the Master Servicer have received an Opinion of Counsel addressed to the
        Trustee
        (at the expense of the party seeking to take such action) to the effect that
        the
        contemplated action will not result in an Adverse REMIC Event. In addition,
        prior to taking any action with respect to any REMIC or the assets therein,
        or
        causing any REMIC to take any action, which is not expressly permitted under
        the
        terms of this Agreement, any Holder of a Residual Certificate will consult
        with
        the Trustee, the Master Servicer, any NIMS Insurer or their respective
        designees, in writing, with respect to whether such action could cause an
        Adverse REMIC Event to occur with respect to any REMIC, and no such Person
        shall
        take any such action or cause any REMIC to take any such action as to which
        the
        Trustee, the Master Servicer or any NIMS Insurer has advised it in writing that
        an Adverse REMIC Event could occur.

       

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

       

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

       

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

       

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

       

      (k) On
        or
        before October 15 of each calendar year beginning in 2008, the Trustee shall
        deliver to any NIMS Insurer an Officer’s Certificate stating, without regard to
        any actions taken by any party other than the Trustee, the Trustee’s compliance
        with provisions of this Section 10.01. 

       

      
        
          
          

        

        
          177

          
            

          

        

        
          
          

        

      

      (l) The
        Trustee shall treat each of the Basis Risk Reserve Fund, the Supplemental
        Interest Trust and the Final Maturity Reserve Trust as an outside reserve
        fund
        within the meaning of Treasury Regulation Section 1.860G-2(h) that is owned
        by
        the Holders of the Class X Certificates and that is not an asset of any REMIC
        and all amounts deposited into the Basis Risk Reserve Fund, the Supplemental
        Interest Trust or the Final Maturity Reserve Trust shall be treated as amounts
        distributed to the Class X Certificateholders. 

       

      (m) For
        federal income tax purposes, upon any sale of the property held by the Trust
        Fund pursuant to Sections 7.01(b) or (d), any NIM Redemption Amount paid
        by the
        Master Servicer shall not be treated as a portion of the purchase price paid
        for
        such property but shall instead be treated as an amount paid by the Master
        Servicer to the Holder of the Class X Certificates in exchange for an interest
        in the Class X Certificates immediately before the purchase of the property
        held
        by the Trust Fund.

       

      (n) The
        Trustee shall treat the beneficial owners of Certificates (other than the
        Class
        P, Class X, Class LT-R and Class R Certificates) as having entered into a
        notional principal contract with respect to the beneficial owners of the
        Class X
        Certificates. Pursuant to each such notional principal contract, all beneficial
        owners of LIBOR Certificates shall be treated as having agreed to pay, on
        each
        Distribution Date, to the beneficial owners of the Class X Certificates an
        aggregate amount equal to the excess, if any, of (i) the amount payable on
        such
        Distribution Date on the interest in the Upper Tier REMIC corresponding to
        such
        Class of Certificates over
        (ii)
        the
        amount payable on such Class of Certificates on such Distribution Date (such
        excess, a “Class I Shortfall”). A Class I Shortfall payable from interest
        collections shall be allocated to each Class of Certificates to the extent
        that
        interest accrued on such Class for the related Accrual Period at the Certificate
        Interest Rate for a Class, computed by substituting “REMIC 3 Net Funds Cap” for
        the applicable “Net Funds Cap” in the definition thereof, exceeds the amount of
        interest accrued for the related Accrual Period based on the applicable Net
        Funds Cap, and a Class I Shortfall payable from principal collections shall
        be
        allocated to the most subordinate Class of Certificates with an outstanding
        principal balance to the extent of such balance. In addition, pursuant to
        such
        notional principal contract, the beneficial owner of the Class X Certificates
        shall be treated as having agreed to pay Basis Risk Shortfalls and Unpaid
        Basis
        Risk Shortfalls to the Owners of the LIBOR Certificates in accordance with
        the
        terms of this Agreement. Any payments to the Certificates in light of the
        foregoing shall not be payments with respect to a “regular interest” in a REMIC
        within the meaning of Code Section 860G(a)(1). However, any payment from
        the
        Certificates of a Class I Shortfall shall be treated for tax purposes as
        having
        been received by the beneficial owners of such Certificates in respect of
        their
        Interests in the Upper Tier REMIC and as having been paid by such beneficial
        owners to the Supplemental Interest Trust pursuant to the notional principal
        contract. Thus,
        each Certificate (other than a Class P, Class R and Class LT-R Certificates)
        shall be treated as representing not only ownership of regular interests
        in the
        Upper Tier REMIC, but also ownership of an interest in (and obligations with
        respect to) a notional principal contract. For tax purposes, the notional
        principal contract shall be deemed to have a value in favor of the Certificates
        entitled to receive Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls
        of
        $42,323.95 as of the Closing Date.

       

      (o) Notwithstanding
        the priority and sources of payments set forth in Article V hereof or otherwise,
        the Trustee shall account for all distributions on the Certificates as set
        forth
        in this Section 10.01. In no event shall any payments of Basis Risk Shortfalls
        or Unpaid Basis Risk Shortfalls provided for in this Section 10.01 be treated
        as
        payments with respect to a “regular interest” in a REMIC within the meaning of
        Code Section 860G(a)(1).

       

      
        
          
          

        

        
          178

          
            

          

        

        
          
          

        

      

      
        	
                Section
                  10.02.

              	
                Prohibited
                  Transactions and Activities. 

              

      

       

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

       

      
        	
                Section
                  10.03.

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

              

      

       

      Upon
        the
        occurrence of an Adverse REMIC Event due to the negligent performance by
        the
        Trustee of its duties and obligations set forth herein, the Trustee shall
        indemnify any NIMS Insurer, the Holder of the related Residual Certificate
        or
        the Trust Fund, as applicable, against any and all losses, claims, damages,
        liabilities or expenses (“Losses”) resulting from such negligence; provided,
        however,
        that the
        Trustee shall not be liable for any such Losses attributable to the action
        or
        inaction of the Master Servicer, the Depositor, the Class X Certificateholders
        or the Holder of such Residual Certificate, as applicable, or for any such
        Losses resulting from misinformation provided by the Holder of such Residual
        Certificate on which the Trustee has relied. The foregoing shall not be deemed
        to limit or restrict the rights and remedies of the Holder of such Residual
        Certificate now or hereafter existing at law or in equity. Notwithstanding
        the
        foregoing, however, in no event shall the Trustee have any liability pursuant
        to
        this Section (1) for any action or omission that is taken in accordance with
        and
        in compliance with the express terms of, or which is expressly permitted
        by the
        terms of, this Agreement or any Servicing Agreement, (2) for any Losses other
        than arising out of a negligent performance by the Trustee of its duties
        and
        obligations set forth herein, and (3) for any special or consequential damages
        to Certificateholders (in addition to payment of principal and interest on
        the
        Certificates); provided,
        however,
        that
        this sentence shall not apply in connection with any failure by the Trustee
        to
        comply with the provisions of Subsections 6.01(l) hereof and Subsections
        9.25(a)
        or (b) hereof. In addition, the Trustee shall not have any liability for
        the
        actions or failure to act of any other party hereto.

       

      
        	
                Section
                  10.04.

              	
                REO
                  Property. 

              

      

       

      (a) Notwithstanding
        any other provision of this Agreement, the Master Servicer, acting on behalf
        of
        the Trustee hereunder, shall not, except to the extent provided in the
        applicable Servicing Agreement, knowingly permit any Servicer to, rent, lease,
        or otherwise earn income on behalf of any REMIC with respect to any REO Property
        which might cause an Adverse REMIC Event unless the Master Servicer has advised,
        or has caused the applicable Servicer to advise, the Trustee and any NIMS
        Insurer in writing to the effect that, under the REMIC Provisions, such action
        would not result in an Adverse REMIC Event.

       

      
        
          
          

        

        
          179

          
            

          

        

        
          
          

        

      

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

       

      ARTICLE
        XI

       

      MISCELLANEOUS
        PROVISIONS

       

      
        	
                Section
                  11.01.

              	
                Binding
                  Nature of Agreement; Assignment.

              

      

       

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

       

      
        
          
          

        

        
          180

          
            

          

        

        
          
          

        

      

      
        	
                Section
                  11.02.

              	
                Entire
                  Agreement. 

              

      

       

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

       

      
        	
                Section
                  11.03.

              	
                Amendment.
                  

              

      

       

      (a) On
        or
        prior to a Section 7.01(c) Purchase Event, this Agreement may be amended
        from
        time to time by the Depositor, the Master Servicer and the Trustee, with
        the
        consent of any NIMS Insurer, but without the consent of the Swap Counterparty
        (except to the extent that the rights or obligations of (1) the Swap
        Counterparty hereunder or (2) the Swap Counterparty under the Swap Agreement
        are
        affected thereby, and except to the extent the ability of the Trustee on
        behalf
        of the Supplemental Interest Trust and the Trust Fund to perform fully and
        timely its obligations under the Swap Agreement is adversely affected, in
        which
        case prior written consent of the Swap Counterparty is required) and without
        notice to or the consent of any of the Holders, (i) to cure any ambiguity,
        (ii)
        to cause the provisions herein to conform to or be consistent with or in
        furtherance of the statements made with respect to the Certificates, the
        Trust
        Fund or this Agreement in any Offering Document, or to correct or supplement
        any
        provision herein which may be inconsistent with any other provisions herein
        or
        with the provisions of any Servicing Agreement, (iii) to make any other
        provisions with respect to matters or questions arising under this Agreement
        or
        (iv) to add, delete, or amend any provisions to the extent necessary or
        desirable to comply with any requirements imposed by the Code and the REMIC
        Provisions as evidenced by an Opinion of Counsel. No such amendment effected
        pursuant to the preceding sentence shall, as evidenced by an Opinion of Counsel,
        result in an Adverse REMIC Event, nor shall such amendment effected pursuant
        to
        clause (iii) of such sentence adversely affect in any material respect the
        interests of any Holder. Prior to entering into any amendment without the
        consent of Holders pursuant to this paragraph, the Trustee, any NIMS Insurer
        and
        the Swap Counterparty shall be provided with an Opinion of Counsel addressed
        to
        the Trustee, any NIMS Insurer and the Swap Counterparty (at the expense of
        the
        party requesting such amendment) to the effect that such amendment is permitted
        under this Section. Any such amendment shall be deemed not to adversely affect
        in any material respect any Holder, if the Trustee receives written confirmation
        from each Rating Agency that such amendment will not cause such Rating Agency
        to
        reduce then current rating assigned to the Certificates.

       

      (b) On
        or
        prior to a Section 7.01(c) Purchase Event, this Agreement may also be amended
        from time to time by the Depositor, the Master Servicer and the Trustee,
        with
        the consent of any NIMS Insurer, but without the consent of the Swap
        Counterparty (except to the extent that the rights or obligations of (1)
        the
        Swap Counterparty hereunder or (2) the Swap Counterparty under the Swap
        Agreement are affected thereby, and except to the extent the ability of the
        Trustee on behalf of the Supplemental Interest Trust and the Trust Fund to
        perform fully and timely its obligations under the Swap Agreement is adversely
        affected, in which case prior written consent of the Swap Counterparty is
        required) and with the consent of the Holders of not less than 66-2/3% of
        the
        Class Principal Amount (or Class Notional Amount or Percentage Interest)
        of each
        Class of Certificates affected thereby for the purpose of adding any provisions
        to or changing in any manner or eliminating any of the provisions of this
        Agreement or of modifying in any manner the rights of the Holders; provided,
        however,
        that no
        such amendment shall be made unless the Trustee and any NIMS Insurer receives
        an
        Opinion of Counsel addressed to the Trustee and the NIMS Insurer, at the
        expense
        of the party requesting the change, that such change will not cause an Adverse
        REMIC Event; and provided further, that no such amendment may (i) reduce
        in any
        manner the amount of, or delay the timing of, payments received on Mortgage
        Loans which are required to be distributed on any Certificate, without the
        consent of the Holder of such Certificate or (ii) reduce the aforesaid
        percentages of Class Principal Amount (or Class Notional Amount or Percentage
        Interest) of Certificates of each Class, the Holders of which are required
        to
        consent to any such amendment without the consent of the Holders of 100%
        of the
        Class Principal Amount (or Class Notional Amount or Percentage Interest)
        of each
        Class of Certificates affected thereby. For purposes of this paragraph,
        references to “Holder” or “Holders” shall be deemed to include, in the case of
        any Class of Book-Entry Certificates, the related Certificate Owners.

       

      
        
          
          

        

        
          181

          
            

          

        

        
          
          

        

      

      (c) After
        a
        Section 7.01(c) Purchase Event but on or prior to a Trust Fund Termination
        Event, this Agreement may be amended from time to time by the Depositor,
        the
        Master Servicer, the LTURI-holder, any NIMS Insurer and the Trustee, but
        without
        the consent of the Swap Counterparty (except to the extent that the rights
        or
        obligations of (1) the Swap Counterparty hereunder or (2) the Swap Counterparty
        under the Swap Agreement are affected thereby, and except to the extent the
        ability of the Trustee on behalf of the Supplemental Interest Trust and the
        Trust Fund to perform fully and timely its obligations under the Swap Agreement
        is adversely affected, in which case prior written consent of the Swap
        Counterparty, as applicable, is required). Prior to entering into any amendment
        without the consent of Holders pursuant to this paragraph, the Trustee and
        the
        Swap Counterparty shall be provided with an Opinion of Counsel addressed
        to the
        Trustee, any NIMS Insurer and the Swap Counterparty (at the expense of the
        party
        requesting such amendment) to the effect that such amendment is permitted
        under
        this Section and will not result in an Adverse REMIC Event.

       

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

       

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

       

      (f) Notwithstanding
        anything to the contrary in any Servicing Agreement, the Trustee shall not
        consent to any amendment of any Servicing Agreement unless (i) such amendment
        is
        effected pursuant to the standards provided in Section 11.03(a) or 11.03(b)
        with
        respect to amendment of this Agreement and (ii) except for a Permitted Servicing
        Amendment, any such amendment pursuant to Section 11.03(a)(iii) shall not
        be
        materially inconsistent with the provisions of such Servicing Agreement.
        

       

      
        
          
          

        

        
          182

          
            

          

        

        
          
          

        

      

      (g) Notwithstanding
        anything to the contrary in this Section 11.03, this Agreement may be amended
        from time to time by the Depositor, the Master Servicer and the Trustee to
        the
        extent necessary, in the judgment of the Depositor and its counsel, to comply
        with the Rules.

       

      
        	
                Section
                  11.04.

              	
                Voting
                  Rights. 

              

      

       

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

       

      
        	
                Section
                  11.05.

              	
                Provision
                  of Information. 

              

      

       

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

       

      (b) The
        Trustee shall provide to any person to whom a Prospectus was delivered, upon
        the
        request of such person specifying the document or documents requested, (i)
        a
        copy (excluding exhibits) of any report on Form 8-K or Form 10-K filed with
        the
        Securities and Exchange Commission pursuant to Section 6.20(c) and (ii) a
        copy
        of any other document incorporated by reference in the Prospectus. Any
        reasonable out-of-pocket expenses incurred by the Trustee in providing copies
        of
        such documents shall be reimbursed by the Depositor.

       

      (c) On
        each
        Distribution Date, the Trustee shall deliver or cause to be delivered by
        first
        class mail or make available on its website to the Depositor, Attention:
        Contract Finance, a copy of the report delivered to Certificateholders pursuant
        to Section 4.03.

       

      
        	
                Section
                  11.06.

              	
                Governing
                  Law. 

              

      

       

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

       

      
        
          
          

        

        
          183

          
            

          

        

        
          
          

        

      

      
        	
                Section
                  11.07.

              	
                Notices.
                  

              

      

       

      All
        demands, notices and communications hereunder shall be in writing and shall
        be
        deemed to have been duly given when received by (a) in the case of the
        Depositor, Structured Asset Securities Corporation, 745 Seventh Avenue, 13th
        Floor, New York, NY 10019, Attention: Mortgage Finance SASCO 2007-OSI,
        (b) in the case of the Seller, Lehman Brothers Holdings Inc., 745 Seventh
        Avenue, 13th Floor, New York, NY 10019, Attention: Mortgage Finance SASCO
        2007-OSI, (c)  in the case of the Trustee, the Corporate Trust Office, (d)
        in the case of the Master Servicer, Aurora Loan Services LLC, 10350 Park
        Meadows
        Drive, Littleton, Colorado 80124; Attention: Master Servicing, SASCO 2007-OSI,
        (e) in the case of the Swap Counterparty, at the address therefore set forth
        in
        the Swap Agreement and (f) in the case of the Cap Counterparty, at the address
        therefore set forth in the Interest Rate Cap Agreement or, as to each party,
        such other address as may hereafter be furnished by such party to the other
        parties in writing. All demands, notices and communications to a party hereunder
        shall be in writing and shall be deemed to have been duly given when delivered
        to such party at the relevant address, facsimile number or electronic mail
        address set forth above or at such other address, facsimile number or electronic
        mail address as such party may designate from time to time by written notice
        in
        accordance with this Section 11.07.

      

      
        	
                Section
                  11.08.

              	
                Severability
                  of Provisions. 

              

      

       

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

       

      
        	
                Section
                  11.09.

              	
                Indulgences;
                  No Waivers. 

              

      

       

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

       

      
        	
                Section
                  11.10.

              	
                Headings
                  Not To Affect Interpretation. 

              

      

       

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

       

      
        	
                Section
                  11.11.

              	
                Benefits
                  of Agreement.

              

      

       

      The
        Depositor shall promptly notify the Custodians and the Trustee in writing
        of the
        issuance of any Class of NIMS Securities insured by a NIMS Insurer and the
        identity of such NIMS Insurer. Thereafter, any such NIMS Insurer shall be
        deemed
        a third-party beneficiary of this Agreement to the same extent as if it were
        a
        party hereto, and shall be subject to and have the right to enforce the
        provisions of this Agreement so long as the NIMS Securities remaining
        outstanding or such NIMS Insurer is owed amounts in respect of its guarantee
        of
        certain payments on such NIMS Securities. The Five Percent Call Holder and
        Ocwen
        shall each be a third party beneficiary of this Agreement. Nothing in this
        Agreement or in the Certificates, express or implied, shall give to any Person,
        other than the parties to this Agreement and their successors hereunder,
        the
        Swap Counterparty and its successors and assignees under the Swap Agreement,
        the
        Holders of the Certificates and the NIMS Insurer, any benefit or any legal
        or
        equitable right, power, remedy or claim under this Agreement, except to the
        extent specified in Sections 5.08 and 11.15, as applicable.

       

      
        
          
          

        

        
          184

          
            

          

        

        
          
          

        

      

      
        	
                Section
                  11.12.

              	
                Special
                  Notices to the Rating Agencies and any NIMS Insurer.
                  

              

      

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      

       

      
        
          
          

        

        
          185

          
            

          

        

        
          
          

        

      

      If
        to
        S&P, to:

      

      Standard
        & Poor’s Ratings Services

      55
        Water
        Street

      New
        York,
        New York 10041

      Attention:
        Residential Mortgages

      

      If
        to
        Moody’s, to:

       

      Moody’s
        Investor Service, Inc.

      99
        Church
        Street

      New
        York,
        New York 10007

      Attention:
        Residential Mortgages

       

      If
        to
        Fitch, to:

       

      Fitch,
        Inc.

      One
        State
        Street Plaza

      New
        York,
        New York 10004

      Attention:
        Residential Mortgages

      

      (c) The
        Trustee shall provide or make available to the Rating Agencies and the NIMS
        Insurer reports prepared pursuant to Section 4.03. In addition, the Trustee
        shall, at the expense of the Trust Fund, make available to each Rating Agency
        and any NIMS Insurer such information as such Rating Agency or such NIMS
        Insurer, as applicable, may reasonably request regarding the Certificates
        or the
        Trust Fund, to the extent that such information is reasonably available to
        the
        Trustee.

       

      
        	
                Section
                  11.13.

              	
                Conflicts.
                  

              

      

       

      To
        the
        extent that the terms of this Agreement conflict with the terms of any Servicing
        Agreement, the applicable Servicing Agreement shall govern, unless such
        provisions shall adversely affect the Trustee or the Trust Fund.

       

      
        	
                Section
                  11.14.

              	
                Counterparts.
                  

              

      

       

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

       

      
        	
                Section
                  11.15.

              	
                Transfer
                  of Servicing. 

              

      

       

      The
        Seller agrees that it shall provide written notice to the Master Servicer,
        the
        Swap Counterparty, any NIMS Insurer and the Trustee thirty days prior to
        any
        proposed transfer or assignment by such Seller of its rights under any Servicing
        Agreement or of the servicing thereunder or delegation of its rights or duties
        thereunder or any portion thereof to any other Person other than the initial
        Servicer under such Servicing Agreement; provided that the Seller shall not
        be
        required to provide prior notice of (i) any transfer of servicing that
        occurs within three months of the Closing Date or to an entity that is a
        Servicer on the Closing Date or (ii) any assignment of any Servicing rights
        from the Seller to an affiliate of the Seller. In addition, the ability of
        the
        Seller to transfer or assign its rights and delegate its duties under any
        Servicing Agreement or to transfer the servicing thereunder to a successor
        servicer shall be subject to the following conditions:

       

      
        
          
          

        

        
          186

          
            

          

        

        
          
          

        

      

      (i) Satisfaction
        of the conditions to such transfer as set forth in the applicable Servicing
        Agreement including, without limitation, receipt of written consent of any
        NIMS
        Insurer and the Master Servicer to such transfer;

       

      (ii) Such
        successor servicer must be qualified to service loans for Fannie Mae or Freddie
        Mac, and must be a member in good standing of MERS;

       

      (iii) Such
        successor servicer must satisfy the seller/servicer eligibility standards
        in the
        applicable Servicing Agreement, exclusive of any experience in mortgage loan
        origination;

       

      (iv) Such
        successor servicer must execute and deliver to the Trustee and the Master
        Servicer an agreement, in form and substance reasonably satisfactory to the
        Trustee and the Master Servicer, that contains an assumption by such successor
        servicer of the due and punctual performance and observance of each covenant
        and
        condition to be performed and observed by the applicable Servicer under the
        applicable Servicing Agreement or, in the case of a transfer of servicing
        to a
        party that is already a Servicer pursuant to this Agreement, an agreement
        to add
        the related Mortgage Loans to the Servicing Agreement already in effect with
        such Servicer;

       

      (v) If
        the
        successor servicer is not a Servicer of Mortgage Loans at the time of the
        transfer, there must be delivered to the Trustee, the Master Servicer and
        any
        NIMS Insurer a letter from each Rating Agency to the effect that such transfer
        of servicing will not result in a qualification, withdrawal or downgrade
        of the
        then-current rating of any of the Certificates; and

       

      (vi) The
        Seller shall, at its cost and expense, take such steps, or cause the terminated
        Servicer to take such steps, as may be necessary or appropriate to effectuate
        and evidence the transfer of the servicing of the Mortgage Loans to such
        successor servicer, including, but not limited to, the following: (A) to
        the
        extent required by the terms of the Mortgage Loans and by applicable federal
        and
        state laws and regulations, the Seller shall cause the prior Servicer to
        timely
        mail to each obligor under a Mortgage Loan any required notices or disclosures
        describing the transfer of servicing of the Mortgage Loans to the successor
        servicer; (B) prior to the effective date of such transfer of servicing,
        the
        Seller shall cause the prior Servicer to transmit to any related insurer
        notification of such transfer of servicing; (C) on or prior to the effective
        date of such transfer of servicing, the Seller shall cause the prior Servicer
        to
        deliver to the successor servicer all Mortgage Loan Documents and any related
        records or materials; (D) on or prior to the effective date of such transfer
        of
        servicing, the Seller shall cause the prior Servicer to transfer to the
        successor servicer, all funds held by the prior Servicer in 

       

      
        
          
          

        

        
          187

          
            

          

        

        
          
          

        

      

      respect
        of the Mortgage Loans; (E) on or prior to the effective date of such transfer
        of
        servicing, the Seller shall cause the prior Servicer to, after the effective
        date of the transfer of servicing to the successor servicer, continue to
        forward
        to such successor servicer, within one Business Day of receipt, the amount
        of
        any payments or other recoveries received by the prior Servicer, and to notify
        the successor servicer of the source and proper application of each such
        payment
        or recovery; and (F) the Seller shall cause the prior Servicer to, after
        the
        effective date of transfer of servicing to the successor servicer, continue
        to
        cooperate with the successor servicer to facilitate such transfer in such
        manner
        and to such extent as the successor servicer may reasonably request.
        Notwithstanding the foregoing, the prior Servicer shall be obligated to perform
        the items listed above to the extent provided in the applicable Servicing
        Agreement.

       

      
        
          
          

        

        
          188

          
            

          

        

        
          
          

        

      

      

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

       

      STRUCTURED
        ASSET SECURITIES

      CORPORATION,
        as Depositor

       

      By:
        /s/ Ellen V.
        Kiernan                                    

      Name:
        Ellen V. Kiernan

      Title:
        Senior Vice President 

       

      WELLS
        FARGO BANK, N.A.,
        

      as
        Trustee

      

      

      By:
        /s/ Michael
        Pinzon                                      

      Name:
        Michael Pinzon

      Title:
        Vice President

      

      

      AURORA
        LOAN SERVICES LLC, as Master 

      Servicer

      

      

      By:
        /s/ Linda A.
        Sherman                                  

      Name:
        Linda A. Sherman

      Title:
        Senior Vice President

      

      

      

      

      Solely
        for purposes of Sections 5.07(c), 6.11 and 11.15, 

      accepted
        and agreed to by:

       

      LEHMAN
        BROTHERS HOLDINGS INC.

       

       

      By:
        /s/ Angel P.
        Lau                                                

      Name:
        Angel P. Lau

      Title:
        Authorized Signatory

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

      

    

    
      
        
          EXHIBIT
            A

           

          FORMS
            OF
            CERTIFICATES

          

          

          
            
              
              

            

            
              A-1

              
                

              

            

            
              
              

            

          

          EXHIBIT
            B-1

           

          FORM
            OF
            INITIAL CERTIFICATION

           

                                              

          Date

           

           

          Wells
            Fargo Bank, N.A., as Trustee

          9062
            Old
            Annapolis Road

          Columbia,
            Maryland 21045

          

          Structured
            Asset Securities Corporation

          745
            Seventh Avenue, 13th Floor

          New
            York,
            New York 10019

           

          [SERVICERS]

           

          
            	 	
                    Re:

                  	
                    Trust
                      Agreement dated as of May 1, 2007 (the “Trust Agreement”), by and among
                      Structured Asset Securities Corporation, as Depositor, Wells
                      Fargo Bank,
                      N.A., as Trustee, and Aurora Loan Services LLC, as Master Servicer
                      with
                      respect to Structured Asset Securities Corporation Mortgage
                      Loan Trust
                      2007-OSI 

                    Mortgage
                      Pass-Through Certificates, Series
                      2007-OSI

                  

          

           

          Ladies
            and Gentlemen:

           

          In
            accordance with Section 2.02(a) of the Trust Agreement, subject to review
            of the
            contents thereof, the undersigned, as the Custodian, hereby certifies
            that it
            has received the documents listed in Section 2.01(b) of the Trust Agreement
            for
            each Mortgage File pertaining to each Mortgage Loan listed on Schedule
            A, to the
            Trust Agreement, subject to any exceptions noted on Schedule I
            hereto.

           

          Capitalized
            words and phrases used herein and not otherwise defined herein shall
            have the
            respective meanings assigned to them in the Trust Agreement. This Certificate
            is
            subject in all respects to the terms of Section 2.02 of the Trust Agreement
            and
            the Trust Agreement sections cross-referenced therein.

           

          [Custodian]

          

          By:_____________________________________

          Name:
            

          Title:

          

          
            
              
              

            

            
              B-1-1

              
                

              

            

            
              
              

            

          

          SCHEDULE
            I

           

          
            
              
              

            

            
              B-1-2

              
                

              

            

            
              
              

            

          

          EXHIBIT
            B-2

           

           

          FORM
            OF
            INTERIM CERTIFICATION

           

                                                 

          Date

           

          Wells
            Fargo Bank, N.A., as Trustee

          9062
            Old
            Annapolis Road

          Columbia,
            Maryland 21045

          

          Structured
            Asset Securities Corporation

          745
            Seventh Avenue, 13th Floor

          New
            York,
            New York 10019

           

          [SERVICERS]

           

          
            	 	
                    Re:

                  	
                    Trust
                      Agreement dated as of May 1, 2007 (the “Trust Agreement”), by and among
                      Structured Asset Securities Corporation, as Depositor, Wells
                      Fargo Bank,
                      N.A., as Trustee, and Aurora Loan Services LLC, as Master Servicer
                      with
                      respect to Structured Asset Securities Corporation Mortgage
                      Loan Trust
                      2007-OSI 

                    Mortgage
                      Pass-Through Certificates, Series
                      2007-OSI

                  

          

           

          Ladies
            and Gentlemen:

           

          In
            accordance with Section 2.02(b) of the Trust Agreement, the undersigned,
            as
            Custodian, hereby certifies that as to each Mortgage Loan listed in the
            Mortgage
            Loan Schedule (other than any Mortgage Loan paid in full or listed on
            Schedule I
            hereto) it has received the applicable documents listed in Section 2.01(b)
            of
            the Trust Agreement.

           

          The
            undersigned hereby certifies that as to each Mortgage Loan identified
            on the
            Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule
            I
            hereto, it has reviewed the documents listed in Section 2.01(b) of the
            Trust
            Agreement and has determined that each such document appears regular
            on its face
            and appears to relate to the Mortgage Loan identified in such
            document.

           

          Capitalized
            words and phrases used herein shall have the respective meanings assigned
            to
            them in the Trust Agreement. This Certificate is qualified in all respects
            by
            the terms of said Trust Agreement including, but not limited to, Section
            2.02(b).

           

          [Custodian]

          

          By:_____________________________________

          Name:
            

          Title:

          
            
              
              

            

            
              B-2-1

              
                

              

            

            
              
              

            

          

          SCHEDULE
            I

           

          
            
              
              

            

            
              B-2-2

              
                

              

            

            
              
              

            

          

          EXHIBIT
            B-3

           

          FORM
            OF
            FINAL CERTIFICATION

           

                                             

          Date

           

          Wells
            Fargo Bank, N.A., as Trustee

          9062
            Old
            Annapolis Road

          Columbia,
            Maryland 21045

          

          Structured
            Asset Securities Corporation

          745
            Seventh Avenue, 13th Floor

          New
            York,
            New York 10019

           

          [SERVICERS]

           

          
            	 	
                    Re:

                  	
                    Trust
                      Agreement dated as of May 1, 2007 (the “Trust Agreement”), by and among
                      Structured Asset Securities Corporation, as Depositor, Wells
                      Fargo Bank,
                      N.A., as Trustee, and Aurora Loan Services LLC, as Master Servicer
                      with
                      respect to Structured Asset Securities Corporation Mortgage
                      Loan Trust
                      2007-OSI 
Mortgage
                      Pass-Through Certificates, Series
                      2007-OSI

                  

          

           

          Ladies
            and Gentlemen:

           

          In
            accordance with Section 2.02(d) of the Trust Agreement, the undersigned,
            as
            Custodian on behalf of the Trustee, hereby certifies that as to each
            Mortgage
            Loan listed in the Mortgage Loan Schedule (other than any Mortgage Loan
            paid in
            full or listed on Schedule I hereto) it has received the applicable documents
            listed in Section 2.01(b) of the Trust Agreement.

           

          The
            undersigned hereby certifies that as to each Mortgage Loan identified
            in the
            Mortgage Loan Schedule, other than any Mortgage Loan listed on Schedule
            I
            hereto, it has reviewed the documents listed in Section 2.01(b) of the
            Trust
            Agreement and has determined that each such document appears to be complete
            and,
            based on an examination of such documents, the information set forth
            in items
            (i) through (vi) of the definition of Mortgage Loan Schedule is correct.
            

           

          Capitalized
            words and phrases used herein shall have the respective meanings assigned
            to
            them in the Trust Agreement. This Certificate is qualified in all respects
            by
            the terms of said Trust Agreement.

           

          [Custodian]

          

          By:_____________________________________

          Name:

          Title:
            

          
            
              
              

            

            
              B-3-1

              
                

              

            

            
              
              

            

          

          SCHEDULE
            I

           

          
            
              
              

            

            
              B-3-2

              
                

              

            

            
              
              

            

          

          EXHIBIT
            B-4

           

          FORM
            OF
            ENDORSEMENT

           

          Pay
            to
            the order of Wells Fargo Bank, N.A., as Trustee (the “Trustee”) under the Trust
            Agreement dated as of May 1, 2007 by and among Structured Asset Securities
            Corporation, as Depositor, the Trustee, and Aurora Loan Services LLC,
            as Master
            Servicer relating to Structured Asset Securities Corporation Mortgage
            Loan Trust
            2007-OSI Mortgage Pass-Through Certificates, Series 2007-OSI, without
            recourse.

           

          __________________________________

          [current
            signatory on note]

           

          By:_______________________________

          Name:

          Title:

          
            
              
              

            

            
              B-4-1

              
                

              

            

            
              
              

            

          

          EXHIBIT
            C

           

          

          REQUEST
            FOR RELEASE OF DOCUMENTS AND RECEIPT

           

                                             

          Date

           

          [Addressed
            to Trustee

          or,
            if
            applicable, the Custodian]

           

          In
            connection with the administration of the mortgages held by you as Trustee
            under
            a certain Trust Agreement dated as of May 1, 2007 by and among Structured
            Asset
            Securities Corporation, as Depositor, you, as Trustee, and Aurora Loan
            Services
            LLC, as Master Servicer (the “Trust Agreement”), the undersigned [Servicer]
            [Master Servicer] hereby requests a release of the Mortgage File held
            by you as
            Trustee with respect to the following described Mortgage Loan for the
            reason
            indicated below.

           

          Mortgagor’s
            Name:

           

          Address:

           

          Loan
            No.:

           

          Reason
            for requesting file:

           

          1. Mortgage
            Loan paid in full. (The Servicer hereby certifies that all amounts received
            in
            connection with the loan have been or will be credited to the Certificate
            Account pursuant to the Trust Agreement.)

           

          2. The
            Mortgage Loan is being foreclosed.

           

          3. Mortgage
            Loan substituted. (The Servicer hereby certifies that a Qualifying Substitute
            Mortgage Loan has been assigned and delivered to you along with the related
            Mortgage File pursuant to the Trust Agreement.)

           

          4. Mortgage
            Loan repurchased. (The [Servicer] [Master Servicer] hereby certifies
            that the
            Purchase Price (or FPD Purchase Price (in the case of a First Payment
            Default
            Mortgage Loan)) has been credited to the Certificate Account or Collection
            Account, as applicable, pursuant to the Trust Agreement.)

           

          5. Other.
            (Describe)

           

          The
            undersigned acknowledges that the above Mortgage File will be held by
            the
            undersigned in accordance with the provisions of the Trust Agreement
            and will be
            returned to you within ten (10) days of our receipt of the Mortgage File,
            except
            if the Mortgage Loan has been paid in full, or repurchased or substituted
            for a
            Qualifying Substitute Mortgage Loan (in which case the Mortgage File
            will be
            retained by us permanently) and except if the Mortgage Loan is being
            foreclosed
            (in which case the Mortgage File will be returned when no longer required
            by us
            for such purpose).

           

          
            
              
              

            

            
              C-1

              
                

              

            

            
              
              

            

          

          Capitalized
            terms used herein shall have the meanings ascribed to them in the Trust
            Agreement.

           

          _____________________________________

          [Name
            of
            Servicer]

           

          By:__________________________________

          Name:

          Title:
            Servicing Officer

           

          
            
              
              

            

            
              C-2

              
                

              

            

            
              
              

            

          

          EXHIBIT
            D-1

           

          FORM
            OF
            RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEREE)

           

          
            	
                    STATE
                      OF

                  	
                    )

                  
	 	
                    )
                      ss.:

                  
	
                    COUNTY
                      OF

                  	
                    )

                  
	 	 

          

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

           

          
            	 	
                    1.

                  	
                    That
                      he [she] is [title of officer] ________________________ of
                      [name of
                      Purchaser] _________________________________________ (the “Purchaser”), a
                      _______________________ [description of type of entity] duly
                      organized and
                      existing under the laws of the [State of __________] [United
                      States], on
                      behalf of which he [she] makes this
                      affidavit.

                  

          

           

          
            	 	
                    2.

                  	
                    That
                      the Purchaser’s Taxpayer Identification Number is
                                 .

                  

          

           

          
            	 	
                    3.

                  	
                    That
                      the Purchaser is not a “disqualified organization” within the meaning of
                      Section 860E(e)(5) of the Internal Revenue Code of 1986, as
                      amended (the
                      “Code”) and will not be a “disqualified organization” as of [date of
                      transfer], and that the Purchaser is not acquiring a Residual
                      Certificate
                      (as defined in the Agreement) for the account of, or as agent
                      (including a
                      broker, nominee, or other middleman) for, any person or entity
                      from which
                      it has not received an affidavit substantially in the form
                      of this
                      affidavit. For these purposes, a “disqualified organization” means the
                      United States, any state or political subdivision thereof,
                      any foreign
                      government, any international organization, any agency or instrumentality
                      of any of the foregoing (other than an instrumentality if all
                      of its
                      activities are subject to tax and a majority of its board of
                      directors is
                      not selected by such governmental entity), any cooperative
                      organization
                      furnishing electric energy or providing telephone service to
                      persons in
                      rural areas as described in Code Section 1381(a)(2)(C), any
“electing
                      large partnership” within the meaning of Section 775 of the Code, or any
                      organization (other than a farmers’ cooperative described in Code Section
                      521) that is exempt from federal income tax unless such organization
                      is
                      subject to the tax on unrelated business income imposed by
                      Code Section
                      511.

                  

          

           

          
            	 	
                    4.

                  	
                    That
                      the Purchaser either (x) is not, and on __________________
                      [date of
                      transfer] will not be, an employee benefit plan or other retirement
                      arrangement subject to Section 406 of the Employee Retirement
                      Income
                      Security Act of 1974, as amended (“ERISA”), or Section 4975 of the Code
                      (“Code”), (collectively, a “Plan”) or a person acting on behalf of any
                      such Plan or investing the assets of any such Plan to acquire
                      a Residual
                      Certificate; (y) if the Residual Certificate has been the subject
                      of an
                      ERISA-Qualifying Underwriting, is an insurance company that
                      is purchasing
                      the Residual Certificate with funds contained in an “insurance company
                      general account” as defined in Section V(e) of Prohibited Transaction
                      Class Exemption (“PTCE”) 95-60 and the purchase and holding of the
                      Residual Certificate are covered under Sections I and III of
                      PTCE 95-60;
                      or (z) herewith delivers to the Trustee an opinion of counsel
                      (a “Benefit
                      Plan Opinion”) satisfactory to the Trustee, and upon which the Trustee,
                      the Master Servicer, any Servicer, the Depositor and any NIMS
                      Insurer
                      shall be entitled to rely, to the effect that the purchase
                      or holding of
                      such Residual Certificate by the Investor will not result in
                      any
                      non-exempt prohibited transactions under Title I of ERISA or
                      Section 4975
                      of the Code and will not subject the Trustee, the Depositor,
                      the Master
                      Servicer, any Servicer or any NIMS Insurer to any obligation
                      in addition
                      to those undertaken by such entities in the Trust Agreement,
                      which opinion
                      of counsel shall not be an expense of the Trust Fund or any
                      of the above
                      parties.

                  

          

           

          
            
              
              

            

            
              D-1-1

              
                

              

            

            
              
              

            

          

          
            	 	
                    5.

                  	
                    That
                      the Purchaser hereby acknowledges that under the terms of the
                      Trust
                      Agreement (the “Agreement”) by and among Structured Asset Securities
                      Corporation, as Depositor, Wells Fargo Bank, N.A., as Trustee,
                      and Aurora
                      Loan Services LLC, as Master Servicer, dated as of May 1, 2007,
                      no
                      transfer of the Residual Certificate shall be permitted to
                      be made to any
                      person unless the Depositor and Trustee have received a certificate
                      from
                      such transferee containing the representations in paragraphs
                      3 and 4
                      hereof.

                  

          

           

          
            	 	
                    6.

                  	
                    That
                      the Purchaser does not hold REMIC residual securities as nominee
                      to
                      facilitate the clearance and settlement of such securities
                      through
                      electronic book-entry changes in accounts of participating
                      organizations
                      (such entity, a “Book-Entry
                      Nominee”).

                  

          

           

          
            	 	
                    7.

                  	
                    That
                      the Purchaser does not have the intention to impede the assessment
                      or
                      collection of any federal, state or local taxes legally required
                      to be
                      paid with respect to such Residual
                      Certificate.

                  

          

           

          
            	 	
                    8.

                  	
                    That
                      the Purchaser will not transfer a Residual Certificate to any
                      person or
                      entity (i) as to which the Purchaser has actual knowledge that
                      the
                      requirements set forth in paragraph 3, paragraph 6 or paragraph
                      10 hereof
                      are not satisfied or that the Purchaser has reason to believe
                      does not
                      satisfy the requirements set forth in paragraph 7 hereof, and
                      (ii) without
                      obtaining from the prospective Purchaser an affidavit substantially
                      in
                      this form and providing to the Trustee a written statement
                      substantially
                      in the form of Exhibit D-2 to the
                      Agreement.

                  

          

           

          
            	 	
                    9.

                  	
                    That
                      the Purchaser understands that, as the holder of a Residual
                      Certificate,
                      the Purchaser may incur tax liabilities in excess of any cash
                      flows
                      generated by the interest and that it intends to pay taxes
                      associated with
                      holding such Residual Certificate as they become
                      due.

                  

          

           

          
            	 	
                    10.

                  	
                    That
                      the Purchaser (i) is not a Non-U.S. Person or (ii) is a Non-U.S.
                      Person
                      that holds a Residual Certificate in connection with the conduct
                      of a
                      trade or business within the United States and has furnished
                      the
                      transferor and the Trustee with an effective Internal Revenue
                      Service Form
                      W-8ECI (Certificate of Foreign Person’s Claim for Exemption From
                      Withholding on Income Effectively Connected With the Conduct
                      of a Trade or
                      Business in the United States) or successor form at the time
                      and in the
                      manner required by the Code or (iii) is a Non-U.S. Person that
                      has
                      delivered to both the transferor and the Trustee an opinion
                      of a
                      nationally recognized tax counsel to the effect that the transfer
                      of such
                      Residual Certificate to it is in accordance with the requirements
                      of the
                      Code and the regulations promulgated thereunder and that such
                      transfer of
                      a Residual Certificate will not be disregarded for federal
                      income tax
                      purposes. “Non-U.S. Person” means an individual, corporation, partnership
                      or other person other than (i) a citizen or resident of the
                      United States;
                      (ii) a corporation, partnership or other entity created or
                      organized in or
                      under the laws of the United States or any state thereof, including
                      for
                      this purpose, the District of Columbia; (iii) an estate that
                      is subject to
                      U.S. federal income tax regardless of the source of its income;
                      (iv) a
                      trust if a court within the United States is able to exercise
                      primary
                      supervision over the administration of the trust and one or
                      more United
                      States trustees have authority to control all substantial decisions
                      of the
                      trust; and, (v) to the extent provided in Treasury regulations,
                      certain
                      trusts in existence on August 20, 1996 that are treated as
                      United States
                      persons prior to such date and elect to continue to be treated
                      as United
                      States persons.

                  

          

           

          
            
              
              

            

            
              D-1-2

              
                

              

            

            
              
              

            

          

          
            	 	
                    11.

                  	
                    That
                      the Purchaser agrees to such amendments of the Trust Agreement
                      as may be
                      required to further effectuate the restrictions on transfer
                      of any
                      Residual Certificate to such a “disqualified organization,” an agent
                      thereof, a Book-Entry Nominee, or a person that does not satisfy
                      the
                      requirements of paragraph 7 and paragraph 10
                      hereof.

                  

          

           

          
            	 	
                    12.

                  	
                    That
                      the Purchaser consents to the designation of the Trustee as
                      its agent to
                      act as “tax matters person” of the Trust Fund pursuant to the Trust
                      Agreement.

                  

          

           

          
            
              
              

            

            
              D-1-3

              
                

              

            

            
              
              

            

          

          IN
            WITNESS WHEREOF, the Purchaser has caused this instrument to be executed
            on its
            behalf, pursuant to authority of its Board of Directors, by its [title
            of
            officer] this _____ day of __________, 20__.

           

          _________________________________

          [Name
            of
            Purchaser]

           

          By:______________________________

          Name:
            

          Title:
            

           

          Personally
            appeared before me the above-named [name of officer] ________________,
            known or
            proved to me to be the same person who executed the foregoing instrument
            and to
            be the [title of officer] _________________ of the Purchaser, and acknowledged
            to me that he [she] executed the same as his [her] free act and deed
            and the
            free act and deed of the Purchaser.

           

          Subscribed
            and sworn before me this _____ day of __________, 20__.

           

          NOTARY
            PUBLIC

           

          ______________________________

           

          COUNTY
            OF_____________________

           

          STATE
            OF______________________

           

          My
            commission expires the _____ day of __________, 20__.

           

          

          
            
              
              

            

            
              D-1-4

              
                

              

            

            
              
              

            

          

          EXHIBIT
            D-2

           

          FORM
            OF
            RESIDUAL CERTIFICATE TRANSFER AFFIDAVIT (TRANSFEROR)

           

          ____________________________

          Date

           

          
            	 	
                    Re:

                  	
                    Structured
                      Asset Securities Corporation Mortgage Loan Trust 2007-OSI 

                    Mortgage
                      Pass-Through Certificates, Series 2007-OSI                           

                  

          

           

          _______________________
            (the “Transferor”) has reviewed the attached affidavit of
            _____________________________ (the “Transferee”), and has no actual knowledge
            that such affidavit is not true and has no reason to believe that the
            information contained in paragraph 7 thereof is not true, and has no
            reason to
            believe that the Transferee has the intention to impede the assessment
            or
            collection of any federal, state or local taxes legally required to be
            paid with
            respect to a Residual Certificate. In addition, the Transferor has conducted
            a
            reasonable investigation at the time of the transfer and found that the
            Transferee had historically paid its debts as they came due and found
            no
            significant evidence to indicate that the Transferee will not continue
            to pay
            its debts as they become due.

           

          Very
            truly yours,

           

          _______________________________

          Name:

          Title:

          
            
              
              

            

            
              D-2-1

              
                

              

            

            
              
              

            

          

          EXHIBIT
            E

           

          LIST
            OF
            SERVICING AGREEMENTS

          

          
            	 	
                    1.

                  	
                    Securitization
                      Servicing Agreement dated as of May 1, 2007, by and among LBH,
                      as seller,
                      Ocwen Loan Servicing, LLC, as servicer, and the Master
                      Servicer.

                  

          

           

          
            	 	
                    2.

                  	
                    Securitization
                      Servicing Agreement dated as of May 1, 2007, by and among LBH,
                      as
                      seller, JP Morgan Bank, National Association, as servicer, and
                      the Master Servicer.

                  

          

           

          
            	 	
                    3.

                  	
                    Servicing
                      Agreement dated as of May 1, 2007, by and among LBH, as seller,
                      Aurora
                      Loan Services LLC, as servicer, and the Master
                      Servicer.

                  

          

           

          

          
            
              
              

            

            
              E-1

              
                

              

            

            
              
              

            

          

          EXHIBIT
            F

           

          FORM
            OF
            RULE 144A TRANSFER CERTIFICATE

           

          
            	 	
                    Re:

                  	
                    Structured
                      Asset Securities Corporation Mortgage Loan Trust 2007-OSI 

                    Mortgage
                      Pass-Through Certificates, Series
                      2007-OSI                             

                  

          

          

          Reference
            is hereby made to the Trust Agreement dated as of May 1, 2007 (the “Trust
            Agreement”) by and among Structured Asset Securities Corporation, as Depositor,
            Wells Fargo Bank, N.A., as Trustee, and Aurora Loan Services LLC, as
            Master
            Servicer. Capitalized terms used but not defined herein shall have the
            meanings
            given to them in the Trust Agreement.

           

          This
            letter relates to $__________ initial Certificate Balance of Class     
            Certificates
            which are held in the form of Definitive Certificates registered in the
            name of
                                
            (the
“Transferor”). The Transferor has requested a transfer of such Definitive
            Certificates for Definitive Certificates of such Class registered in
            the name of
            [insert name of transferee].

           

          In
            connection with such request, and in respect of such Certificates, the
            Transferor hereby certifies that such Certificates are being transferred
            in
            accordance with (i) the transfer restrictions set forth in the Trust
            Agreement
            and the Certificates and (ii) Rule 144A under the Securities Act to a
            purchaser
            that the Transferor reasonably believes is a “qualified institutional buyer”
within the meaning of Rule 144A purchasing for its own account or for
            the
            account of a “qualified institutional buyer,” which purchaser is aware that the
            sale to it is being made in reliance upon Rule 144A, in a transaction
            meeting
            the requirements of Rule 144A and in accordance with any applicable securities
            laws of any state of the United States or any other applicable
            jurisdiction.

           

          This
            certificate and the statements contained herein are made for your benefit
            and
            the benefit of the Placement Agent and the Depositor.

           

          _____________________________________

          [Name
            of
            Transferor]

           

          By:__________________________________

          Name:

          Title:

           

          Dated:
            ___________, ____

          
            
              
              

            

            
              F-1

              
                

              

            

            
              
              

            

          

          EXHIBIT
            G

           

          FORM
            OF
            PURCHASER’S LETTER FOR

          INSTITUTIONAL
            ACCREDITED INVESTORS

           

                                         

          Date

           

          Dear
            Sirs:

           

          In
            connection with our proposed purchase of $______________ principal amount
            of
            Structured Asset Securities Corporation Mortgage Loan Trust 2007-OSI
            Mortgage
            Pass-Through Certificates, Series 2007-OSI, Class B Certificates (the
“Privately
            Offered Certificates”) of the Structured Asset Securities Corporation (the
“Depositor”), we confirm that:

           

          
            	
                    (1)

                  	
                    We
                      understand that the Privately Offered Certificates have not
                      been, and will
                      not be, registered under the Securities Act of 1933, as amended
                      (the
                      “Securities Act”), and may not be sold except as permitted in the
                      following sentence. We agree, on our own behalf and on behalf
                      of any
                      accounts for which we are acting as hereinafter stated, that
                      if we should
                      sell any Privately Offered Certificates within two years of
                      the later of
                      the date of original issuance of the Privately Offered Certificates
                      or the
                      last day on which such Privately Offered Certificates are owned
                      by the
                      Depositor or any affiliate of the Depositor (which includes
                      the Placement
                      Agent) we will do so only (A) to the Depositor, (B) to “qualified
                      institutional buyers” (within the meaning of Rule 144A under the
                      Securities Act) in accordance with Rule 144A under the Securities
                      Act
                      (“QIBs”), (C) pursuant to the exemption from registration provided
                      by Rule
                      144 under the Securities Act, or (D) to an institutional “accredited
                      investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) of
                      Regulation D under the Securities Act that is not a QIB (an
“Institutional
                      Accredited Investor”) which, prior to such transfer, delivers to the
                      Trustee under the Trust Agreement dated as of May 1, 2007 by
                      and among the
                      Depositor, Aurora Loan Services LLC, as Master Servicer, and
                      Wells Fargo
                      Bank, N.A., as Trustee (the “Trustee”), a signed letter in the form of
                      this letter; and we further agree, in the capacities stated
                      above, to
                      provide to any person purchasing any of the Privately Offered
                      Certificates
                      from us a notice advising such purchaser that resales of the
                      Privately
                      Offered Certificates are restricted as stated
                      herein.

                  

          

           

          
            	
                    (2)

                  	
                    We
                      understand that, in connection with any proposed resale of
                      any Privately
                      Offered Certificates to an Institutional Accredited Investor,
                      we will be
                      required to furnish to the Trustee and the Depositor a certification
                      from
                      such transferee in the form hereof to confirm that the proposed
                      sale is
                      being made pursuant to an exemption from, or in a transaction
                      not subject
                      to, the registration requirements of the Securities Act. We
                      further
                      understand that the Privately Offered Certificates purchased
                      by us will
                      bear a legend to the foregoing
                      effect.

                  

          

           

          
            
              
              

            

            
              G-1

              
                

              

            

            
              
              

            

          

          
            	
                    (3)

                  	
                    We
                      are acquiring the Privately Offered Certificates for investment
                      purposes
                      and not with a view to, or for offer or sale in connection
                      with, any
                      distribution in violation of the Securities Act. We have such
                      knowledge
                      and experience in financial and business matters as to be capable
                      of
                      evaluating the merits and risks of our investment in the Privately
                      Offered
                      Certificates, and we and any account for which we are acting
                      are each able
                      to bear the economic risk of such
                      investment.

                  

          

           

          
            	
                    (4)

                  	
                    We
                      are an Institutional Accredited Investor and we are acquiring
                      the
                      Privately Offered Certificates purchased by us for our own
                      account or for
                      one or more accounts (each of which is an Institutional Accredited
                      Investor) as to each of which we exercise sole investment
                      discretion.

                  

            	 	 

            	
                    (5)

                  	We have received such information as we deem
                    necessary in
                    order to make our investment decision.

            	 	 

            	
                    (6)

                  	If we are acquiring ERISA-Restricted Certificates,
                    we
                    understand that in accordance with ERISA, the Code and the Exemption,
                    no
                    Plan and no person acting on behalf of such a Plan may acquire
                    such
                    Certificate except in accordance with Section 3.03(d) of the
                    Trust
                    Agreement.

          

           

          Terms
            used in this letter which are not otherwise defined herein have the respective
            meanings assigned thereto in the Trust Agreement.

          
            
              
              

            

            
              G-2

              
                

              

            

            
              
              

            

          

          You
            and
            the Depositor are entitled to rely upon this letter and are irrevocably
            authorized to produce this letter or a copy hereof to any interested
            party in
            any administrative or legal proceeding or official inquiry with respect
            to the
            matters covered hereby.

           

          Very
            truly yours,

           

          __________________________________

          [Purchaser]

           

          By:
            ________________________________

          Name:
            

          Title:

           

          
            
              
              

            

            
              G-3

              
                

              

            

            
              
              

            

          

          EXHIBIT
            H

           

          FORM
            OF
            ERISA TRANSFER AFFIDAVIT

           

          
            	
                    STATE
                      OF NEW YORK

                  	
                    )

                  
	 	
                    )
                      ss:

                  
	
                    COUNTY
                      OF NEW YORK

                  	
                    )

                  

          

           

          The
            undersigned, being first duly sworn, deposes and says as follows:

           

          1. The
            undersigned is the ______________________ of (the “Investor”), a [corporation
            duly organized] and existing under the laws of __________, on behalf
            of which he
            makes this affidavit.

           

          2. In
            the
            case of an ERISA-Restricted Certificate, the Investor either (x) is not,
            and on
            __________________ [date of transfer] will not be, an employee benefit
            plan or
            other retirement arrangement subject to Section 406 of the Employee Retirement
            Income Security Act of 1974, as amended (“ERISA”), or Section 4975 of the
            Internal Revenue Code of 1986, as amended (the “Code”), (collectively, a “Plan”)
            or a person acting on behalf of any such Plan or investing the assets
            of any
            such Plan to acquire a Certificate; (y) if the Certificate has been the
            subject
            of an ERISA-Qualifying Underwriting, is an insurance company that is
            purchasing
            the Certificate with funds contained in an “insurance company general account”
as defined in Section V(e) of Prohibited Transaction Class Exemption
            (“PTCE”)
            95-60 and the purchase and holding of the Certificate are covered under
            Sections
            I and III of PTCE 95-60; or (z) herewith delivers to the Trustee an opinion
            of
            counsel (a “Benefit Plan Opinion”) satisfactory to the Trustee, and upon which
            the Trustee, the Master Servicer, any Servicer, the Depositor and any
            NIMS
            Insurer shall be entitled to rely, to the effect that the purchase or
            holding of
            such Certificate by the Investor will not result in any non-exempt prohibited
            transactions under Title I of ERISA or Section 4975 of the Code and will
            not
            subject the Trustee, the Depositor, the Master Servicer, any Servicer
            or any
            NIMS Insurer to any obligation in addition to those undertaken by such
            entities
            in the Trust Agreement, which opinion of counsel shall not be an expense
            of the
            Trust Fund or any of the above parties.

           

          3. In
            the
            case of an ERISA-Restricted Trust Certificate, prior to the termination
            of the
            Swap Agreement and the Interest Rate Cap Agreement, either (i) the Investor
            is
            neither a Plan nor a person acting on behalf of any such Plan or using
            the
            assets of any such Plan to effect such transfer or (ii) the acquisition
            and
            holding of the ERISA-Restricted Trust Certificate are eligible for exemptive
            relief under the statutory exemption for nonfiduciary service providers
            under
            Section 408(b)(17) of ERISA and Section 4975(d)(20) of the Code, PTCE
            84-14,
            PTCE 90-1, PTCE 91-38, PTCE 95-60 or PTCE 96-23 or some other applicable
            exemption.

           

          
            
              
              

            

            
              H-1

              
                

              

            

            
              
              

            

          

          4. The
            Investor hereby acknowledges that under the terms of the Trust Agreement
            (the
“Agreement”) by and among Structured Asset Securities Corporation, as Depositor,
            Wells Fargo Bank, N.A., as Trustee, and Aurora Loan Services LLC, as
            Master
            Servicer, dated as of May 1, 2007, no transfer of the ERISA-Restricted
            Certificates or the ERISA-Restricted Trust Certificates shall be permitted
            to be
            made to any person unless the Trustee have received a certificate from
            such
            transferee in the form hereof.

           

          
            
              
              

            

            
              H-2

              
                

              

            

            
              
              

            

          

          IN
            WITNESS WHEREOF, the Investor has caused this instrument to be executed
            on its
            behalf, pursuant to proper authority, by its duly authorized officer,
            duly
            attested, this ____ day of _______________, 20___.

           

          _________________________________

          [Investor]

           

          By:______________________________

          Name:

          Title:

           

          ATTEST:

           

          

           

          _____________________________

           

          
            	
                    STATE
                      OF 

                  	
                    )

                  
	 	
                    )
                      ss:

                  
	
                    COUNTY
                      OF

                  	
                    )

                  
	 	 

          

          Personally
            appeared before me the above-named ________________, known or proved
            to me to be
            the same person who executed the foregoing instrument and to be the
            ____________________ of the Investor, and acknowledged that he executed
            the same
            as his free act and deed and the free act and deed of the Investor.

           

          Subscribed
            and sworn before me this _____ day of _________ 20___.

           

          ______________________________

          NOTARY
            PUBLIC

           

          My
            commission expires the

          _____
            day
            of __________, 20___.

           

          

           

          
            
              
              

            

            
              H-3

              
                

              

            

            
              
              

            

          

          EXHIBIT
            I

           

          MONTHLY
            REMITTANCE ADVICE

           

          
            
              
              

            

            
              I-1

              
                

              

            

            
              
              

            

          

          EXHIBIT
            J

           

          MONTHLY
            ELECTRONIC DATA TRANSMISSION

           

          
            
              
              

            

            
              J-1

              
                

              

            

            
              
              

            

          

          EXHIBIT
            K

           

          DESCRIPTION
            OF CUSTODIAL AGREEMENTS

           

          
            	 	
                    1.

                  	
                    Custodial
                      Agreement dated as of May 1, 2007 between LaSalle Bank National
                      Association, as Custodian, and Wells Fargo Bank, N.A., as
                      Trustee.

                  

          

          

          
            	 	
                    2.

                  	
                    Custodial
                      Agreement dated as of May 1, 2007 between Deutsche Bank National
                      Trust
                      Company, as Custodian, and Wells Fargo Bank, N.A., as
                      Trustee.

                  

          

          

          
            	 	
                    3.

                  	
                    Custodial
                      Agreement dated as of May 1, 2007 between U.S. Bank National
                      Association,
                      as Custodian, and Wells Fargo Bank, N.A., as
                      Trustee.

                  

          

          
 

          
            
              
              

            

            
              K-1

              
                

              

            

            
              
              

            

          

          EXHIBIT
            L

           

          [RESERVED]

           

          
            
              
              

            

            
              L-1

              
                

              

            

            
              
              

            

          

          EXHIBIT
            M-1

           

          FORM
            OF
            TRANSFER CERTIFICATE

          FOR
            TRANSFER FROM RESTRICTED GLOBAL SECURITY

          TO
            REGULATION S GLOBAL SECURITY

          (Transfers
            pursuant to § 3.03(h)(B)

                                
            of the
            Agreement)                            

           

          
            	 	
                    Re:

                  	
                    Structured
                      Asset Securities Corporation Mortgage Loan Trust 2007-OSI 

                    Mortgage
                      Pass-Through Certificates Series
                      2007-OSI                              

                  

            	 	 	 

          

          Reference
            is hereby made to the Trust Agreement (the “Agreement”) by and among Structured
            Asset Securities Corporation, as Depositor, Aurora Loan Services LLC,
            as Master
            Servicer, and Wells Fargo Bank, N.A., as Trustee, dated as of May 1,
            2007.
            Capitalized terms used but not defined herein shall have the meanings
            given to
            them in the Agreement.

           

          This
            letter relates to U.S. $                            
            aggregate
            principal amount of Securities which are held in the form of a Restricted
            Global
            Security with DTC in the name of [name of transferor]                                                       
            (the
“Transferor”) to effect the transfer of the Securities in exchange for an
            equivalent beneficial interest in a Regulation S Global Security.

           

          In
            connection with such request, the Transferor does hereby certify that
            such
            transfer has been effected in accordance with the transfer restrictions
            set
            forth in the Agreement and the Securities and in Zrequirements
            of the United States Securities Act of 1933, as amended; and

           

          e.
            the
            transferee is not a U.S. person (as defined in Regulation S).

           

          
            
              
              

            

            
              M-1-1

              
                

              

            

            
              
              

            

          

          You
            are
            entitled to rely upon this letter and are irrevocably authorized to produce
            this
            letter or a copy hereof to any interested party in any administrative
            or legal
            proceedings or official inquiry with respect to the matters covered hereby.
            Terms used in this certificate have the meanings set forth in Regulation
            S.

           

          

                                                                      
            

          [Name
            of
            Transferor]

          

          

          By:
                                                                    

          Name:

          Title:

           

          Date:             
              ,
                   

          

          

          

          
            
              
              

            

            
              M-1-2

              
                

              

            

            
              
              

            

          

          EXHIBIT
            M-2

          

          FORM
            OF
            TRANSFER CERTIFICATE FOR TRANSFER 

          FROM
            REGULATION S GLOBAL SECURITY

          TO
            RESTRICTED GLOBAL SECURITY

          (Transfers
            pursuant to § 3.03(h)(C)

                                    of
            the
            Agreement)                          

           

          
            	 	
                    Re:

                  	
                    Structured
                      Asset Securities Corporation Mortgage Loan Trust 2007-OSI 

                    Mortgage
                      Pass-Through Certificates Series
                      2007-OSI                              

                  

            	 	 	 

          

          Reference
            is hereby made to the Trust Agreement (the “Agreement”) by and among Structured
            Asset Securities Corporation, as Depositor, Aurora Loan Services LLC,
            as Master
            Servicer, and Wells Fargo Bank, N.A., as Trustee, dated as of May 1,
            2007.
            Capitalized terms used but not defined herein shall have the meanings
            given to
            them in the Agreement.

           

          This
            letter relates to U.S. $                            
            aggregate
            principal amount of Securities which are held in the form of a Regulations
            S
            Global Security in the name of [name of transferor]                                                       
            (the
            “Transferor”) to effect the transfer of the Securities in exchange for an
            equivalent beneficial interest in a Restricted Global Security.

           

          In
            connection with such request, and in respect of such Securities, the
            Transferor
            does hereby certify that such Securities are being transferred in accordance
            with (i) the transfer restrictions set forth in the Agreement and the
            Securities
            and (ii) Rule 144A under the United States Securities Act of 1933, as
            amended,
            to a transferee that the Transferor reasonably believes is purchasing
            the
            Securities for its own account or an account with respect to which the
            transferee exercises sole investment discretion, the transferee and any
            such
            account is a qualified institutional buyer within the meaning of Rule
            144A, in a
            transaction meeting the requirements of Rule 144A and in accordance with
            any
            applicable securities laws of any state of the United States or any other
            jurisdiction.

           

                                                                      
            

          [Name
            of
            Transferor]

          

          By:                                                        

          Name:

          Title:

           

          Date:             
              ,
                   

           

          

          

           

          
            
              
              

            

            
              M-2-1

              
                

              

            

            
              
              

            

          

          EXHIBIT
            N

          

          INTEREST
            RATE CAP AGREEMENT

          

          

          
            
              
              

            

            
              N-1

              
                

              

            

            
              
              

            

          

          EXHIBIT
            O

          

          INTEREST
            RATE SWAP AGREEMENT

          

          
            
              
              

            

            
              O-1

              
                

              

            

            
              
              

            

          

          EXHIBIT
            P-1

          

          
            	
                    ADDITIONAL
                      FORM 10-D DISCLOSURE

                  
	
                    Item
                      on Form 10-D

                  	
                    Party
                      Responsible 

                  
	
                    Item
                      1: Distribution and Pool Performance Information

                     

                  	 
	
                    Information
                      included in the Distribution Date Statement

                  	
                    Servicer(1)

                    Master
                      Servicer

                     

                  
	
                    Any
                      information required by 1121 which is NOT included on the Distribution
                      Date Statement

                  	
                    Depositor

                  
	
                    Item
                      2: Legal Proceedings

                     

                    Any
                      legal proceeding pending against the following entities or
                      their
                      respective property, that is material to Certificateholders,
                      including any
                      proceedings known to be contemplated by governmental
                      authorities:

                  	 
	
                    ▪
                      Issuing Entity (Trust Fund)

                  	
                    Trustee,
                      Master Servicer and Depositor

                  
	
                    ▪
                      Sponsor (Seller)

                  	
                    Seller
                      (if a party to the Trust Agreement) or Depositor

                  
	
                    ▪
                      Depositor

                  	
                    Depositor

                  
	
                    ▪
                      Trustee

                  	
                    Trustee

                  
	
                    ▪
                      Master Servicer

                  	
                    Master
                      Servicer

                  
	
                    ▪
                      Custodian

                  	
                    Custodian(2)

                  
	
                    ▪
                      1110(b) Originator

                  	
                    Depositor

                  
	
                    ▪
                      Any 1108(a)(2) Servicer (other than the Master Servicer)

                  	
                    Servicer(1)

                  
	
                    ▪
                      Any other party contemplated by 1100(d)(1)

                  	
                    Depositor

                  
	
                    Item
                      3: Sale of Securities and Use of Proceeds

                    Information
                      from Item 2(a) of Part II of Form 10-Q:

                     

                    With
                      respect to any sale of securities by the sponsor, depositor
                      or issuing
                      entity, that are backed by the same asset pool or are otherwise
                      issued by
                      the issuing entity, whether or not registered, provide the
                      sales and use
                      of proceeds information in Item 701 of Regulation S-K. Pricing
                      information
                      can be omitted if securities were not registered.

                  	
                    Depositor

                  

          

          
            
              
              

            

            
              P-1-1

              
                

              

            

            
              
              

            

          

          

          
            	
                    ADDITIONAL
                      FORM 10-D DISCLOSURE

                  
	
                    Item
                      on Form 10-D

                  	
                    Party
                      Responsible 

                  
	
                    Item
                      4: Defaults Upon Senior Securities

                     

                    Information
                      from Item 3 of Part II of Form 10-Q:

                     

                    Report
                      the occurrence of any Event of Default (after expiration of
                      any grace
                      period and provision of any required notice)

                  	
                    Trustee

                  
	
                    Item
                      5: Submission of Matters to a Vote of Security
                      Holders

                     

                    Information
                      from Item 4 of Part II of Form 10-Q

                  	
                    Trustee

                  
	
                    Item
                      6: Significant Obligors of Pool Assets

                     

                    Item
                      1112(b) - Significant
                      Obligor Financial Information*

                  	
                    Depositor

                  
	
                    *This
                      information need only be reported on the Form 10-D for the
                      distribution
                      period in which updated information is required pursuant to
                      the
                      Item.

                  	 
	
                    Item
                      7: Significant Enhancement Provider Information

                     

                    Item
                      1114(b)(2) - Credit Enhancement Provider Financial
                      Information*

                  	 
	
                    ▪
                      Determining applicable disclosure threshold

                  	
                    Depositor

                  
	
                    ▪
                      Requesting required financial information (including any required
                      accountants’ consent to the use thereof) or effecting incorporation by
                      reference

                  	
                    Depositor

                  
	
                    Item
                      1115(b) - Derivative Counterparty Financial
                      Information*

                  	 
	
                    ▪
                      Determining current maximum probable exposure

                  	
                    Depositor

                  
	
                    ▪
                      Determining current significance percentage

                  	
                    Depositor

                  
	
                    ▪
                      Requesting required financial information (including any required
                      accountants’ consent to the use thereof) or effecting incorporation by
                      reference

                  	
                    Depositor

                  
	
                    *This
                      information need only be reported on the Form 10-D for the
                      distribution
                      period in which updated information is required pursuant to
                      the
                      Items.

                  	 
	
                    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

                  

          

          
            
              
              

            

            
              P-1-2

              
                

              

            

            
              
              

            

          

          

          
            	
                    ADDITIONAL
                      FORM 10-D DISCLOSURE

                  
	
                    Item
                      on Form 10-D

                  	
                    Party
                      Responsible 

                  
	
                    Item
                      9: Exhibits

                  	 
	
                    Monthly
                      Statement to Certificateholders

                  	
                    Trustee

                  
	
                    Exhibits
                      required by Item 601 of Regulation S-K, such as material
                      agreements

                  	
                    Depositor

                  

          

          _______________________

          (1) This
            information to be provided pursuant to the applicable Servicing
            Agreement.

          (2) This
            information to be provided pursuant to the applicable Custodial
            Agreement.

          
            
              
              

            

            
              P-1-3

              
                

              

            

            
              
              

            

          

          EXHIBIT
            P-2

          

          
            	
                    ADDITIONAL
                      FORM 10-K DISCLOSURE

                  
	
                    Item
                      on Form 10-K

                  	
                    Party
                      Responsible 

                  
	
                    Item
                      1B: Unresolved Staff Comments

                     

                  	
                    Depositor

                  
	
                    Item
                      9B: Other Information

                    Disclose
                      any information required to be reported on Form 8-K during
                      the fourth
                      quarter covered by the Form 10-K but not reported

                  	
                    Any
                      party responsible for disclosure items on Form 8-K

                  
	
                    Item
                      15: Exhibits, Financial Statement Schedules

                  	
                    Depositor

                  
	
                    Reg
                      AB Item 1112(b): Significant Obligors of Pool
                      Assets

                  	 
	
                    Significant
                      Obligor Financial Information*

                  	
                    Depositor

                  
	
                    *This
                      information need only be reported on the Form 10-D for the
                      distribution
                      period in which updated information is required pursuant to
                      the
                      Item.

                  	 
	
                    Reg
                      AB Item 1114(b)(2): Credit Enhancement Provider Financial
                      Information

                  	 
	
                    ▪
                      Determining applicable disclosure threshold

                  	
                    Depositor

                  
	
                    ▪
                      Requesting required financial information (including any required
                      accountants’ consent to the use thereof) or effecting incorporation by
                      reference

                  	
                    Depositor

                  
	
                    *This
                      information need only be reported on the Form 10-D for the
                      distribution
                      period in which updated information is required pursuant to
                      the
                      Items.

                  	 
	
                    Reg
                      AB Item 1115(b): Derivative Counterparty Financial
                      Information

                  	 
	
                    ▪
                      Determining current maximum probable exposure

                  	
                    Depositor

                  
	
                    ▪
                      Determining current significance percentage

                  	
                    Depositor

                  
	
                    ▪
                      Requesting required financial information (including any required
                      accountants’ consent to the use thereof) or effecting incorporation by
                      reference

                  	
                    Depositor

                  
	
                    *This
                      information need only be reported on the Form 10-D for the
                      distribution
                      period in which updated information is required pursuant to
                      the
                      Items.

                  	 

          

          
            
              
              

            

            
              P-2-1

              
                

              

            

            
              
              

            

          

          

          
            	
                    ADDITIONAL
                      FORM 10-K DISCLOSURE

                  
	
                    Item
                      on Form 10-K

                  	
                    Party
                      Responsible 

                  
	
                    Reg
                      AB Item 1117: Legal Proceedings

                     

                    Any
                      legal proceeding pending against the following entities or
                      their
                      respective property, that is material to Certificateholders,
                      including any
                      proceedings known to be contemplated by governmental
                      authorities:

                  	 
	
                    ▪
                      Issuing Entity (Trust Fund)

                  	
                    Trustee,
                      Master Servicer and Depositor

                  
	
                    ▪
                      Sponsor (Seller)

                  	
                    Seller
                      (if a party to the Trust Agreement) or Depositor

                  
	
                    ▪
                      Depositor

                  	
                    Depositor

                  
	
                    ▪
                      Trustee

                  	
                    Trustee

                  
	
                    ▪
                      Master Servicer

                  	
                    Master
                      Servicer

                  
	
                    ▪
                      Custodian

                  	
                    Custodian(1)

                  
	
                    ▪
                      1110(b) Originator

                  	
                    Depositor

                  
	
                    ▪
                      Any 1108(a)(2) Servicer (other than the Master Servicer)

                  	
                    Servicer(2)

                  
	
                    ▪
                      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) 

                  
	
                    ▪
                      Master Servicer

                  	
                    Master
                      Servicer 

                  
	
                    ▪
                      Trustee

                  	
                    Trustee

                  
	
                    ▪
                      Any other 1108(a)(3) servicer

                  	
                    Servicer(2)

                  
	
                    ▪
                      Any 1110 Originator

                  	
                    Depositor

                  
	
                    ▪
                      Any 1112(b) Significant Obligor

                  	
                    Depositor

                  
	
                    ▪
                      Any 1114 Credit Enhancement Provider

                  	
                    Depositor

                  
	
                    ▪
                      Any 1115 Derivate Counterparty Provider

                  	
                    Depositor

                  
	
                    ▪
                      Any other 1101(d)(1) material party

                  	
                    Depositor

                  
	
                    Whether
                      there are any “outside the ordinary course business arrangements” other
                      than would be obtained in an arm’s length transaction between (a) the
                      Sponsor (Seller), Depositor or Issuing Entity on the one hand,
                      and (b) any
                      of the following parties (or their affiliates) on the other
                      hand, that
                      exist currently or within the past two years and that are material
                      to a
                      Certificateholder’s understanding of the Certificates:

                  	
                    Depositor
                      as to (a) 

                  
	
                    ▪
                      Master Servicer

                  	
                    Master
                      Servicer 

                  
	
                    ▪
                      Trustee

                  	
                    Trustee

                  
	
                    ▪
                      Any other 1108(a)(3) servicer

                  	
                    Servicer(2)

                  
	
                    ▪
                      Any 1110 Originator

                  	
                    Depositor

                  

          

          
            
              
              

            

            
              P-2-2

              
                

              

            

            
              
              

            

          

          

          
            	
                    ADDITIONAL
                      FORM 10-K DISCLOSURE

                  
	
                    Item
                      on Form 10-K

                  	
                    Party
                      Responsible 

                  
	
                    ▪
                      Any 1112(b) Significant Obligor

                  	
                    Depositor

                  
	
                    ▪
                      Any 1114 Credit Enhancement Provider

                  	
                    Depositor

                  
	
                    ▪
                      Any 1115 Derivate Counterparty Provider

                  	
                    Depositor

                  
	
                    ▪
                      Any other 1101(d)(1) material party

                  	
                    Depositor

                  
	
                    Whether
                      there are any specific relationships involving the transaction
                      or the pool
                      assets between (a) the Sponsor (Seller), Depositor or Issuing
                      Entity on
                      the one hand, and (b) any of the following parties (or their
                      affiliates)
                      on the other hand, that exist currently or within the past
                      two years and
                      that are material:

                  	
                    Depositor
                      as to (a) 

                  
	
                    ▪
                      Master Servicer

                  	
                    Master
                      Servicer 

                  
	
                    ▪
                      Trustee

                  	
                    Trustee

                  
	
                    ▪
                      Any other 1108(a)(3) servicer

                  	
                    Servicer(2)

                  
	
                    ▪
                      Any 1110 Originator

                  	
                    Depositor

                  
	
                    ▪
                      Any 1112(b) Significant Obligor

                  	
                    Depositor

                  
	
                    ▪
                      Any 1114 Credit Enhancement Provider

                  	
                    Depositor

                  
	
                    ▪
                      Any 1115 Derivate Counterparty Provider

                  	
                    Depositor

                  
	
                    ▪
                      Any other 1101(d)(1) material party

                  	
                    Depositor

                  

          

           

          (1) This
            information to be provided pursuant to the applicable Custodial
            Agreement.

          (2) This
            information to be provided pursuant to the applicable Servicing
            Agreement.

          

          
            
              
              

            

            
              P-2-3

              
                

              

            

            
              
              

            

          

          EXHIBIT
            P-3

          

          
            	
                    ADDITIONAL
                      FORM 8-K DISCLOSURE

                  
	
                    Item
                      on Form 8-K

                  	
                    Party
                      Responsible 

                  
	
                    Item
                      1.01- Entry into a Material Definitive Agreement

                     

                    Disclosure
                      is required regarding entry into or amendment of any definitive
                      agreement
                      that is material to the securitization, even if depositor is
                      not a party.
                      

                     

                    Examples:
                      servicing agreement, custodial agreement.

                     

                    Note:
                      disclosure not required as to definitive agreements that are
                      fully
                      disclosed in the prospectus

                  	
                    All
                      parties (with respect to any agreement entered into by such
                      party)

                  
	
                    Item
                      1.02- Termination of a Material Definitive Agreement

                     

                    Disclosure
                      is required regarding termination of any definitive agreement
                      that is
                      material to the securitization (other than expiration in accordance
                      with
                      its terms), even if depositor is not a party. 

                     

                    Examples:
                      servicing agreement, custodial agreement.

                  	
                    All
                      parties (with respect to any agreement entered into by such
                      party)

                  
	
                    Item
                      1.03- Bankruptcy or Receivership

                     

                    Disclosure
                      is required regarding the bankruptcy or receivership, with
                      respect to any
                      of the following: 

                  	
                    Depositor

                  
	
                    ▪
                      Sponsor (Seller)

                  	
                    Depositor/Sponsor
                      (Seller)

                  
	
                    ▪
                      Depositor

                  	
                    Depositor

                  
	
                    ▪
                      Master Servicer

                  	
                    Master
                      Servicer

                  
	
                    ▪
                      Affiliated Servicer

                  	
                    Servicer(1)

                  
	
                    ▪
                      Other Servicer servicing 20% or more of the pool assets at
                      the time of the
                      report

                  	
                    Servicer(1)

                  
	
                    ▪
                      Other material servicers

                  	
                    Servicer(1)

                  
	
                    ▪
                      Trustee

                  	
                    Trustee

                  
	
                    ▪
                      Significant Obligor

                  	
                    Depositor

                  
	
                    ▪
                      Credit Enhancer (10% or more)

                  	
                    Depositor

                  
	
                    ▪
                      Derivative Counterparty

                  	
                    Depositor

                  
	
                    ▪
                      Custodian

                  	
                    Custodian(2)

                  

          

          
            
              
              

            

            
              P-3-1

              
                

              

            

            
              
              

            

          

          

          
            	
                    
                      ADDITIONAL
                        FORM 8-K DISCLOSURE

                    

                  
	
                    Item
                      on Form 8-K

                  	
                    Party
                      Responsible 

                  
	
                    Item
                      2.04- Triggering Events that Accelerate or Increase a Direct
                      Financial
                      Obligation or an Obligation under an Off-Balance Sheet
                      Arrangement

                     

                    Includes
                      an early amortization, performance trigger or other event,
                      including event
                      of default, that would materially alter the payment priority/distribution
                      of cash flows/amortization schedule.

                     

                    Disclosure
                      will be made of events other than waterfall triggers which
                      are disclosed
                      in the monthly statements to the Certificateholders.

                  	
                    Depositor

                    Master
                      Servicer

                    Trustee

                  
	
                    Item
                      3.03- Material Modification to Rights of Security
                      Holders

                     

                    Disclosure
                      is required of any material modification to documents defining
                      the rights
                      of Certificateholders, including the Trust Agreement.

                  	
                    Trustee
                      (only to the extent it is a party to any such documents)

                    Depositor

                  
	
                    Item
                      5.03- Amendments of Articles of Incorporation or Bylaws; Change
                      of Fiscal
                      Year

                    Disclosure
                      is required of any amendment “to the governing documents of the issuing
                      entity”.

                  	
                    Depositor

                  
	
                    Item
                      6.01- ABS Informational and Computational
                      Material

                  	
                    Depositor

                  
	
                    Item
                      6.02- Change of Servicer or Trustee

                     

                    Requires
                      disclosure of any removal, replacement, substitution or addition
                      of any
                      master servicer, affiliated servicer, other servicer servicing
                      10% or more
                      of pool assets at time of report, other material servicers
                      or
                      trustee.

                  	
                    Master
                      Servicer/Depositor/

                    Servicer(1)/Trustee
                      (as to itself)

                  
	
                    Reg
                      AB disclosure about any new servicer or master servicer is
                      also
                      required.

                  	
                    Servicer(1)/Master
                      Servicer/Depositor

                  
	
                    Reg
                      AB disclosure about any new Trustee is also required.

                  	
                    New
                      Trustee

                  
	
                    Item
                      6.03- Change in Credit Enhancement or External
                      Support

                    Covers
                      termination of any enhancement in manner other than by its
                      terms, the
                      addition of an enhancement, or a material change in the enhancement
                      provided. Applies to external credit enhancements as well as
                      derivatives.
                      

                  	
                    Depositor/Trustee

                  
	
                    Reg
                      AB disclosure about any new enhancement provider is also
                      required.

                  	
                    Depositor

                  

          

          
            
              
              

            

            
              P-3-2

              
                

              

            

            
              
              

            

          

          

          
            	
                    
                      ADDITIONAL
                        FORM 8-K DISCLOSURE

                    

                  
	
                    Item
                      on Form 8-K

                  	
                    Party
                      Responsible 

                  
	
                    Item
                      6.04- Failure to Make a Required Distribution

                  	
                    Trustee
                      (so long as the Trustee is the Paying Agent)

                  
	
                    Item
                      6.05- Securities Act Updating Disclosure

                     

                    If
                      any material pool characteristic differs by 5% or more at the
                      time of
                      issuance of the securities from the description in the final
                      prospectus,
                      provide updated 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

                  

          

           

          (1) This
            information to be provided pursuant to the applicable Servicing
            Agreement.

          (2) This
            information to be provided pursuant to the applicable Custodial
            Agreement.

          

          

          
            
              
              

            

            
              P-3-3

              
                

              

            

            
              
              

            

          

          EXHIBIT
            P-4

           

          ADDITIONAL
            DISCLOSURE NOTIFICATION

           

          Wells
            Fargo Bank, N.A., as Trustee

          9062
            Old
            Annapolis Road

          Columbia,
            Maryland 21045

          Attn:
            Corporate Trust Services -SASCO 2007-OSI

          

          RE:
            **Additional Form [10-D][10-K][8-K] Disclosure** Required

          

          Ladies
            and Gentlemen:

           

          In
            accordance with Section [ ] of the Trust Agreement, dated as of May 1,
            2007, by
            and among Structured Asset Securities Corporation, as Depositor, Aurora
            Loan
            Services LLC, as Master Servicer, and Wells Fargo Bank, N.A., as Trustee,
            the
            undersigned, as [ ], hereby notifies you that certain events have come
            to our
            attention that [will] [may] need to be disclosed on Form
            [10-D][10-K][8-K].

           

          Description
            of Additional Form [10-D][10-K][8-K] Disclosure:

           

          

           

          List
            of any Attachments hereto to be included in the Additional Form
            [10-D][10-K][8-K] Disclosure:

          
 

           

          Any
            inquiries related to this notification should be directed to [   
], phone number: [    ]; email address: [   
 ]. 

           

          [NAME
            OF
            PARTY],

          as
            [role]

           

          By:                    

          Name:

          Title:

          
            
              
              

            

            
              P-4-1

              
                

              

            

            
              
              

            

          

          
            	
                    cc:

                  	
                    Structured
                      Asset Securities Corporation

                  

          

          745
            Seventh Avenue, 13th Floor

          New
            York,
            New York 10019

           

          
            
              
              

            

            
              P-4-2

              
                

              

            

            
              
              

            

          

          EXHIBIT
            Q-1

          

          FORM
            OF
            BACK-UP SARBANES-OXLEY CERTIFICATION

          

          [  ]

          [  ]

          [  ]

           

          
            	 	
                    Re:

                  	
                    SASCO
                      2007-OSI

                  

          

           

          [_______],
            the [_______] of [_______] (the “Company”) hereby certifies to the Depositor,
            the Master Servicer and the Trustee, and each of their officers, directors
            and
            affiliates that:

           

          (1) I
            have
            reviewed [the servicer compliance statement of the Company provided in
            accordance with Item 1123 of Regulation AB (the “Compliance Statement”),] the
            report on assessment of the Company’s compliance with the Servicing Criteria set
            forth in Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided in
            accordance with Rules 13a-18 and 15d-18 under the Securities Exchange
            Act of
            1934, as amended (the “Exchange Act”) and Item 1122 of Regulation AB (the
“Servicing Assessment”), the registered public accounting firm’s attestation
            report provided in accordance with Rules 13a-18 and 15d-18 under the
            Exchange
            Act and Section 1122(b) of Regulation AB (the “Attestation Report”), and all
            servicing reports, officer’s certificates and other information relating to the
            servicing of the Mortgage Loans by the Company during 200[ ] that were
            delivered
            by the Company to any of the Depositor, the Master Servicer and the Trustee
            pursuant to the Agreement (collectively, the “Company Servicing
            Information”);

           

          (2) Based
            on
            my knowledge, the Company Servicing Information, taken as a whole, does
            not
            contain any untrue statement of a material fact or omit to state a material
            fact
            necessary to make the statements made, in the light of the circumstances
            under
            which such statements were made, not misleading with respect to the period
            of
            time covered by the Company Servicing Information;

           

          (3) Based
            on
            my knowledge, all of the Company Servicing Information required to be
            provided
            by the Company under the Agreement has been provided to the Depositor,
            the
            Master Servicer and the Trustee;

           

          (4) I
            am
            responsible for reviewing the activities performed by [_______] as [_______]
            under the [_______] (the “Agreement”), and based on my knowledge [and the
            compliance review conducted in preparing the Compliance Statement] and
            except as
            disclosed in [the Compliance Statement,] the Servicing Assessment or
            the
            Attestation Report, the Company has fulfilled its obligations under the
            Agreement in all material respects; and

          
            
              
              

            

            
              Q-1-1

              
                

              

            

            
              
              

            

          

           

          (5) [The
            Compliance Statement required to be delivered by the Company pursuant
            to the
            Agreement, and] [The] [the] Servicing Assessment and Attestation Report
            required
            to be provided by the Company and [by any Subservicer or Subcontractor]
            pursuant
            to the Agreement, have been provided to the Depositor, the Master Servicer
            and
            the Trustee. Any material instances of noncompliance described in such
            reports
            have been disclosed to the Depositor, the Master Servicer and the Trustee.
            Any
            material instance of noncompliance with the Servicing Criteria has been
            disclosed in such reports.

           

          Capitalized
            terms used but not defined herein have the meanings ascribed to them
            in the
            Trust Agreement, dated as of May 1, 2007 (the “Trust Agreement”) by and among
            Structured Asset Securities Corporation, as Depositor, Wells Fargo Bank,
            N.A.,
            as Trustee, and Aurora Loan Services LLC, as Master Servicer. Capitalized
            terms
            used but not defined herein shall have the meanings given to them in
            the Trust
            Agreement.

           

          

           

          [_______]

          as
            [_______]

          By:

          Name:

          Title:

          Date:

          

           

          
            
              
              

            

            
              Q-1-2

              
                

              

            

            
              
              

            

          

          EXHIBIT
            Q-2

          

          FORM
            OF
            BACK-UP SARBANES-OXLEY CERTIFICATION

          TO
            BE
            PROVIDED BY THE TRUSTEE

          

           

          
            	
                    Re:

                  	
                    Structured
                      Asset Securities Corporation Mortgage Loan Trust 2007-OSI (the
                      “Trust”)
                      Mortgage Pass-Through Certificates, Series 2007-OSI, issued
                      pursuant to
                      the Trust Agreement, dated as of May 1, 2007, among Structured
                      Asset
                      Securities Corporation, as Depositor, Aurora Loan Services,
                      LLC, as Master
                      Servicer, and Wells Fargo Bank, N.A., as Trustee____________________________________________________

                  

          

           

          The
            Trustee hereby certifies to the Depositor and the Master Servicer, and
            their
            respective officers, directors and affiliates, and with the knowledge
            and intent
            that they will rely upon this certification, that:

           

          (1) I
            have
            reviewed the annual report on Form 10-K for the fiscal year [____] (the
“Annual
            Report”), and all reports on Form 10-D required to be filed in respect of period
            covered by the Annual Report (collectively with the Annual Report, the
            “Reports”), of the Trust;

           

          (2) To
            my
            knowledge, (a) the Reports, taken as a whole, do not contain any untrue
            statement of a material fact or omit to state a material fact necessary
            to make
            the statements made, in light of the circumstances under which such statements
            were made, not misleading with respect to the period covered by the Annual
            Report, and (b) the Trustee’s assessment of compliance and related attestation
            report referred to below, taken as a whole, do not contain any untrue
            statement
            of a material fact or omit to state a material fact necessary to make
            the
            statements made, in light of the circumstances under which such statements
            were
            made, not misleading with respect to the period covered by such assessment
            of
            compliance and attestation report;

           

          (3) To
            my
            knowledge, the distribution information required to be provided by the
            Trustee
            under the Trust Agreement for inclusion in the Reports is included in
            the
            Reports;

           

          (4) I
            am
            responsible for reviewing the activities performed by the Trustee under
            the
            Trust Agreement, and based on my knowledge and the compliance review
            conducted
            in preparing the assessment of compliance of the Trustee required by
            the Trust
            Agreement, and except as disclosed in the Reports, the Trustee has fulfilled
            its
            obligations under the Trust Agreement in all material respects; and

           

          (5) The
            report on assessment of compliance with servicing criteria applicable
            to the
            Trustee for asset-backed securities of the Trustee and each Subcontractor
            utilized by the Trustee and related attestation report on assessment
            of
            compliance with servicing criteria applicable to it required to be included
            in
            the Annual Report in accordance with Item 1122 of Regulation AB and Exchange
            Act
            Rules 13a-18 and 15d-18 has been included as an exhibit to the Annual
            Report.
            Any material instances of non-compliance are described in such report
            and have
            been disclosed in the Annual Report.

           

          
            
              
              

            

            
              Q-2-1

              
                

              

            

            
              
              

            

          

          In
            giving
            the certifications above, the Trustee has reasonably relied on information
            provided to it by the following unaffiliated parties: [names of servicer(s),
            master servicer, subservicer(s), depositor, trustee, custodian(s)]

           

          

          Date:                    

          

          

          WELLS
            FARGO BANK, N.A.,

          solely
            in
            its capacity as Trustee

          

          

                              

          [Signature]

          [Title]

          

          

          
            
              
              

            

            
              Q-2-2

              
                

              

            

            
              
              

            

          

          EXHIBIT
            R

           

          [RESERVED]

          
            
              
              

            

            
              R-1

              
                

              

            

            
              
              

            

          

          EXHIBIT
            S

          

          SERVICING
            CRITERIA TO BE ADDRESSED IN REPORT ON ASSESSMENT OF COMPLIANCE

          

          To:
            

          

          [_______]

          

          Where
            there are multiple checks for criteria the attesting party will identify
            in
            their management assertion that they are attesting only to the portion
            of the
            distribution chain they are responsible for in the related transaction
            agreements. Capitalized terms used herein but not defined herein shall
            have the
            meanings assigned to them in the Trust Agreement dated as of May 1, 2007
            (the
“Agreement”), by and among Structured Asset Securities Corporation, as
            Depositor, Wells Fargo Bank, N.A., as Trustee, and Aurora Loan Services
            LLC, as
            Master Servicer. 

          

          If
            the
            Trustee and the Paying Agent are the same party, the servicing criteria
            of the
            Paying Agent listed below will be included in the Trustee’s report.

          

          
            	
                    Reg
                      AB Reference

                  	
                    Servicing
                      Criteria

                  	
                    Paying
                      Agent

                  	
                    Trustee
                      

                  	
                    Master
                      Servicer

                  
	 	
                    General Servicing
                       Considerations

                  	 	 	 
	
                    1122(d)(1)(i)

                  	
                    Policies
                      and procedures are instituted to monitor any performance or
                      other triggers
                      and events of default in accordance with the transaction
                      agreements.

                  	 	 	
                    X

                  
	
                    1122(d)(1)(ii)

                  	
                    If
                      any material servicing activities are outsourced to third parties,
                      policies and procedures are instituted to monitor the third
                      party’s
                      performance and compliance with such servicing activities.
                      

                  	 	 	 
	
                    1122(d)(1)(iii)

                  	
                    Any
                      requirements in the transaction agreements to maintain a back-up
                      servicer
                      for the pool assets are maintained. 

                  	
                     

                  	
                     

                  	
                    X

                  
	
                    1122(d)(1)(iv)

                  	
                    A
                      fidelity bond and errors and omissions policy is in effect
                      on the party
                      participating in the servicing function throughout the reporting
                      period in
                      the amount of coverage required by and otherwise in accordance
                      with the
                      terms of the transaction agreements. 

                  	 	 	
                    X

                  
	 	
                    Cash Collection and Administration

                  	 	 	 

          

          
            
              
              

            

            
              S-1

              
                

              

            

            
              
              

            

          

          

          
            	
                    Reg
                      AB Reference

                  	
                    Servicing
                      Criteria

                  	
                    Paying
                      Agent

                  	
                    Trustee
                      

                  	
                    Master
                      Servicer

                  
	
                    1122(d)(2)(i)

                  	
                    Payments
                      on pool assets are deposited into the appropriate custodial
                      bank accounts
                      and related bank clearing accounts no more than two business
                      days
                      following receipt, or such other number of days specified in
                      the
                      transaction agreements. 

                  	
                    X

                  	 	
                    X

                  
	
                    1122(d)(2)(ii)

                  	
                    Disbursements
                      made via wire transfer on behalf of an obligor or to an investor
                      are made
                      only by authorized personnel. 

                  	
                    X

                  	 	
                    X

                  
	
                    1122(d)(2)(iii)

                  	
                    Advances
                      of funds or guarantees regarding collections, cash flows or
                      distributions,
                      and any interest or other fees charged for such advances, are
                      made,
                      reviewed and approved as specified in the transaction agreements.
                      

                  	 	 	
                    X

                  
	
                    1122(d)(2)(iv)

                  	
                    The
                      related accounts for the transaction, such as cash reserve
                      accounts or
                      accounts established as a form of over collateralization, are
                      separately
                      maintained (e.g., with respect to commingling of cash) as set
                      forth in the
                      transaction agreements. 

                  	
                    X

                  	 	
                    X

                  
	
                    1122(d)(2)(v)

                  	
                    Each
                      custodial account is maintained at a federally insured depository
                      institution as set forth in the transaction agreements. For
                      purposes of
                      this criterion, “federally insured depository institution” with respect to
                      a foreign financial institution means a foreign financial institution
                      that
                      meets the requirements of Rule 13k-1(b)(1) of the Securities
                      Exchange Act.
                      

                  	 	 	
                    X

                  
	
                    1122(d)(2)(vi)

                  	
                    Unissued
                      checks are safeguarded so as to prevent unauthorized access.
                      

                  	
                    X

                  	 	
                    X

                  
	
                    1122(d)(2)(vii)
                      

                  	
                    Reconciliations
                      are prepared on a monthly basis for all asset-backed securities
                      related
                      bank accounts, including custodial accounts and related bank
                      clearing
                      accounts. These reconciliations are (A) mathematically accurate;
                      (B)
                      prepared within 30 calendar days after the bank statement cutoff
                      date, or
                      such other number of days specified in the transaction agreements;
                      (C)
                      reviewed and approved by someone other than the person who
                      prepared the
                      reconciliation; and (D) contain explanations for reconciling
                      items. These
                      reconciling items are resolved within 90 calendar days of their
                      original
                      identification, or such other number of days specified in the
                      transaction
                      agreements. 

                  	
                    X

                  	 	
                    X

                  

          

          
            
              
              

            

            
              S-2

              
                

              

            

            
              
              

            

          

          

          
            	
                    Reg
                      AB Reference

                  	
                    Servicing
                      Criteria

                  	
                    Paying
                      Agent

                  	
                    Trustee
                      

                  	
                    Master
                      Servicer

                  
	 	
                    Investor
                      Remittances and Reporting

                  	 	 	 
	
                    1122(d)(3)(i)

                  	
                    Reports
                      to investors, including those to be filed with the Commission,
                      are
                      maintained in accordance with the transaction agreements and
                      applicable
                      Commission requirements. Specifically, such reports (A) are
                      prepared in
                      accordance with timeframes and other terms set forth in the
                      transaction
                      agreements; (B) provide information calculated in accordance
                      with the
                      terms specified in the transaction agreements; (C) are filed
                      with the
                      Commission as required by its rules and regulations; and (D)
                      agree with
                      investors’ or the trustee’s records as to the total unpaid principal
                      balance and number of pool assets serviced by the Servicer.
                      

                  	 	
                    X

                  	
                    X

                  
	
                    1122(d)(3)(ii)

                  	
                    Amounts
                      due to investors are allocated and remitted in accordance with
                      timeframes,
                      distribution priority and other terms set forth in the transaction
                      agreements. 

                  	
                    X

                  	
                    X

                  	
                    X

                  
	
                    1122(d)(3)(iii)

                  	
                    Disbursements
                      made to an investor are posted within two business days to
                      the Servicer’s
                      investor records, or such other number of days specified in
                      the
                      transaction agreements. 

                  	
                    X

                  	 	
                     X

                  
	
                    1122(d)(3)(iv)

                  	
                    Amounts
                      remitted to investors per the investor reports agree with cancelled
                      checks, or other form of payment, or custodial bank statements.
                      

                  	
                    X

                  	 	
                    X

                  
	 	
                    Pool
                      Asset Administration

                  	 	 	 
	
                    1122(d)(4)(i)
                      

                  	
                    Collateral
                      or security on pool assets is maintained as required by the
                      transaction
                      agreements or related pool asset documents. 

                  	
                     

                  	 	 
	
                    1122(d)(4)(ii)

                  	
                    Pool
                      assets and related documents are safeguarded as required by
                      the
                      transaction agreements 

                  	
                     

                  	 	 
	
                    1122(d)(4)(iii)

                  	
                    Any
                      additions, removals or substitutions to the asset pool are
                      made, reviewed
                      and approved in accordance with any conditions or requirements
                      in the
                      transaction agreements. 

                  	
                     

                  	
                    X

                  	 

          

          
            
              
              

            

            
              S-3

              
                

              

            

            
              
              

            

          

          

          
            	
                    Reg
                      AB Reference

                  	
                    Servicing
                      Criteria

                  	
                    Paying
                      Agent

                  	
                    Trustee
                      

                  	
                    Master
                      Servicer

                  
	
                    1122(d)(4)(iv)

                  	
                    Payments
                      on pool assets, including any payoffs, made in accordance with
                      the related
                      pool asset documents are posted to the Servicer’s obligor records
                      maintained no more than two business days after receipt, or
                      such other
                      number of days specified in the transaction agreements, and
                      allocated to
                      principal, interest or other items (e.g., escrow) in accordance
                      with the
                      related pool asset documents. 

                  	 	 	 
	
                    1122(d)(4)(v)

                  	
                    The
                      Servicer’s records regarding the pool assets agree with the Servicer’s
                      records with respect to an obligor’s unpaid principal balance.
                      

                  	 	 	 
	
                    1122(d)(4)(vi)

                  	
                    Changes
                      with respect to the terms or status of an obligor's pool assets
                      (e.g.,
                      loan modifications or re-agings) are made, reviewed and approved
                      by
                      authorized personnel in accordance with the transaction agreements
                      and
                      related pool asset documents. 

                  	 	 	
                    X

                  
	
                    1122(d)(4)(vii)

                  	
                    Loss
                      mitigation or recovery actions (e.g., forbearance plans, modifications
                      and
                      deeds in lieu of foreclosure, foreclosures and repossessions,
                      as
                      applicable) are initiated, conducted and concluded in accordance
                      with the
                      timeframes or other requirements established by the transaction
                      agreements. 

                  	 	 	
                    X

                  
	
                    1122(d)(4)(viii)

                  	
                    Records
                      documenting collection efforts are maintained during the period
                      a pool
                      asset is delinquent in accordance with the transaction agreements.
                      Such
                      records are maintained on at least a monthly basis, or such
                      other period
                      specified in the transaction agreements, and describe the entity’s
                      activities in monitoring delinquent pool assets including,
                      for example,
                      phone calls, letters and payment rescheduling plans in cases
                      where
                      delinquency is deemed temporary (e.g., illness or unemployment).
                      

                  	 	 	 
	
                    1122(d)(4)(ix)

                  	
                    Adjustments
                      to interest rates or rates of return for pool assets with variable
                      rates
                      are computed based on the related pool asset documents. 

                  	 	 	 
	
                    1122(d)(4)(x)

                  	
                    Regarding
                      any funds held in trust for an obligor (such as escrow accounts):
                      (A) such
                      funds are analyzed, in accordance with the obligor’s pool asset documents,
                      on at least an annual basis, or such other period specified
                      in the
                      transaction agreements; (B) interest on such funds is paid,
                      or credited,
                      to obligors in accordance with applicable pool asset documents
                      and state
                      laws; and (C) such funds are returned to the obligor within
                      30 calendar
                      days of full repayment of the related pool assets, or such
                      other number of
                      days specified in the transaction agreements. 

                  	 	 	 
	
                    1122(d)(4)(xi)

                  	
                    Payments
                      made on behalf of an obligor (such as tax or insurance payments)
                      are made
                      on or before the related penalty or expiration dates, as indicated
                      on the
                      appropriate bills or notices for such payments, provided that
                      such support
                      has been received by the servicer at least 30 calendar days
                      prior to these
                      dates, or such other number of days specified in the transaction
                      agreements. 

                  	 	 	
                     

                  
	
                    1122(d)(4)(xii)

                  	
                    Any
                      late payment penalties in connection with any payment to be
                      made on behalf
                      of an obligor are paid from the Servicer’s funds and not charged to the
                      obligor, unless the late payment was due to the obligor’s error or
                      omission. 

                  	 	 	
                     

                  
	
                    1122(d)(4)(xiii)

                  	
                    Disbursements
                      made on behalf of an obligor are posted within two business
                      days to the
                      obligor’s records maintained by the servicer, or such other number
                      of days
                      specified in the transaction agreements. 

                  	 	 	
                     

                  
	
                    1122(d)(4)(xiv)
                      

                  	
                    Delinquencies,
                      charge-offs and uncollectible accounts are recognized and recorded
                      in
                      accordance with the transaction agreements. 

                  	 	 	
                    X

                  
	
                    1122(d)(4)(xv)

                  	
                    Any
                      external enhancement or other support, identified in Item 1114(a)(1)
                      through (3) or Item 1115 of Regulation AB, is maintained as
                      set forth in
                      the transaction agreements. 

                  	 	
                    X

                  	 

          

          
            
              
              

            

            
              S-4

              
                

              

            

            
              
              

            

          

          EXHIBIT
            T

          

          [RESERVED]

          

          
            
              
              

            

            
              T-1

              
                

              

            

            
              
              

            

          

          EXHIBIT
            U

          

          [RESERVED]

           

          
            
              
              

            

            
              U-1

              
                

              

            

            
              
              

            

          

          EXHIBIT
            V

          

          TRANSACTION
            PARTIES

          

          
            	
                    Trustee
                      

                  	
                    Wells
                      Fargo Bank, N.A.

                  

          

          

          
            	
                    Master
                      Servicer

                  	
                    Aurora
                      Loan Services LLC

                  

          

          

          
            	
                    Interest
                      Rate Swap Counterparty

                  	
                    Lehman
                      Brothers Special Financing Inc.

                  

          

          

          
            	
                    Interest
                      Rate Cap Counterparty

                  	
                    Lehman
                      Brothers Special Financing Inc.

                  

          

          

          
            	
                    Servicer(s)

                  	
                    Aurora
                      Loan Services LLC, JPMorgan Chase Bank, National Association
                      and Ocwen
                      Loan Servicing, LLC

                  

          

          

          
            	
                    Primary
                      Originator(s)

                  	
                    BNC
                      Mortgage, Inc., Residential Mortgage Assistance Enterprise
                      LLC, Mortgage
                      Lenders Network USA, Inc. and Lehman Brothers Bank,
                      FSB

                  

          

          

          
            	
                    Custodian(s)

                  	
                    LaSalle
                      Bank National Association, Deutsche Bank National Trust Company
                      and U.S.
                      Bank National Association

                  

          

          

          
            	
                    Sponsor
                      and Seller

                  	
                    Lehman
                      Brothers Holdings Inc.

                  

          

          

          
            	
                    Depositor

                  	
                    Structured
                      Asset Securities Corporation

                  

          

          
 

          
            
              
              

            

            
              V-1

              
                

              

            

            
              
              

            

          

          EXHIBIT
            W

          

          [RESERVED]

          

          
            
              
              

            

            
              W-1

              
                

              

            

            
              
              

            

          

          EXHIBIT
            X

           

          [RESERVED]

           

          
            
              
              

            

            
              X-1

              
                

              

            

            
              
              

            

          

          SCHEDULE
            A

           

          MORTGAGE
            LOAN SCHEDULE

           

          [To
            be
            retained in a separate closing binder entitled “SASCO 2007-OSI Mortgage Loan
            Schedules” at McKee Nelson LLP] 

          
            
              
              

            

            
              Sch.-A-1

              
                

              

            

            
              
              

            

          

          SCHEDULE
            B

           

          FIRST
            PAYMENT DEFAULT MORTGAGE LOANS

           

          
            
              
              

            

            
              Sch.-B-1

              
                

              

            

            
              
              

            

          

           

          SCHEDULE
            C

           

          PROJECTED
            AGGREGATE SCHEDULED PRINCIPAL BALANCE OF FORTY-YEAR MORTGAGE
            LOANS

           

          
            	
                    Distribution
                      Date occurring in:

                  	
                    Aggregate
                      Scheduled Principal

                    Balance
                      of the Mortgage Loans

                    Having
                      Forty-Year Original

                    Terms
                      to Maturity ($)*

                  
	
                    June
                      2017

                  	
                    1,209,188.71

                  
	
                    July
                      2017

                  	
                    1,192,476.98

                  
	
                    August
                      2017

                  	
                    1,175,992.05

                  
	
                    September
                      2017

                  	
                    1,159,730.85

                  
	
                    October
                      2017

                  	
                    1,143,690.37

                  
	
                    November
                      2017

                  	
                    1,127,867.63

                  
	
                    December
                      2017

                  	
                    1,112,259.69

                  
	
                    January
                      2018

                  	
                    1,096,863.66

                  
	
                    February
                      2018

                  	
                    1,081,676.67

                  
	
                    March
                      2018

                  	
                    1,066,695.91

                  
	
                    April
                      2018

                  	
                    1,051,918.59

                  
	
                    May
                      2018

                  	
                    1,037,341.97

                  
	
                    June
                      2018

                  	
                    1,022,963.33

                  
	
                    July
                      2018

                  	
                    1,008,780.01

                  
	
                    August
                      2018

                  	
                    994,789.38

                  
	
                    September
                      2018

                  	
                    980,988.82

                  
	
                    October
                      2018

                  	
                    967,375.77

                  
	
                    November
                      2018

                  	
                    953,947.72

                  
	
                    December
                      2018

                  	
                    940,702.15

                  
	
                    January
                      2019

                  	
                    927,636.60

                  
	
                    February
                      2019

                  	
                    914,748.65

                  
	
                    March
                      2019

                  	
                    902,035.89

                  
	
                    April
                      2019

                  	
                    889,495.97

                  
	
                    May
                      2019

                  	
                    877,126.54

                  
	
                    June
                      2019

                  	
                    864,925.32

                  
	
                    July
                      2019

                  	
                    852,890.02

                  
	
                    August
                      2019

                  	
                    841,018.40

                  
	
                    September
                      2019

                  	
                    829,308.27

                  
	
                    October
                      2019

                  	
                    817,757.43

                  
	
                    November
                      2019

                  	
                    806,363.74

                  
	
                    December
                      2019

                  	
                    795,125.07

                  
	
                    January
                      2020

                  	
                    784,039.33

                  
	
                    February
                      2020

                  	
                    773,104.46

                  
	
                    March
                      2020

                  	
                    762,318.41

                  
	
                    April
                      2020

                  	
                    751,679.19

                  
	
                    May
                      2020

                  	
                    741,184.80

                  
	
                    June
                      2020

                  	
                    730,833.29

                  
	
                    July
                      2020

                  	
                    720,622.73

                  
	
                    August
                      2020

                  	
                    710,551.22

                  
	
                    September
                      2020

                  	
                    700,616.88

                  
	
                    October
                      2020

                  	
                    690,817.85

                  
	
                    November
                      2020

                  	
                    681,152.31

                  
	
                    December
                      2020

                  	
                    671,618.46

                  
	
                    January
                      2021

                  	
                    662,214.51

                  
	 	 
	
                                

                    *Assuming
                      a CPR equal to 15%.

                  	 

          

        

         

         

        
          

          
            
              
                
                

              

              
                Sch.-C-1

                
                  

                

              

              
                
                

              

            

          

          

          

          
            	
                    Distribution
                      Date occurring in:

                  	
                    Aggregate
                      Scheduled Principal

                    Balance
                      of the Mortgage Loans

                    Having
                      Forty-Year Original

                    Terms
                      to Maturity ($)*

                  
	
                    February
                      2021

                  	
                    652,938.71

                  
	
                    March
                      2021

                  	
                    643,789.34

                  
	
                    April
                      2021

                  	
                    634,764.67

                  
	
                    May
                      2021

                  	
                    625,863.04

                  
	
                    June
                      2021

                  	
                    617,082.77

                  
	
                    July
                      2021

                  	
                    608,422.22

                  
	
                    August
                      2021

                  	
                    599,879.78

                  
	
                    September
                      2021

                  	
                    591,453.85

                  
	
                    October
                      2021

                  	
                    583,142.86

                  
	
                    November
                      2021

                  	
                    574,945.26

                  
	
                    December
                      2021

                  	
                    566,859.50

                  
	
                    January
                      2022

                  	
                    558,884.08

                  
	
                    February
                      2022

                  	
                    551,017.52

                  
	
                    March
                      2022

                  	
                    543,258.33

                  
	
                    April
                      2022

                  	
                    535,605.06

                  
	
                    May
                      2022

                  	
                    528,056.29

                  
	
                    June
                      2022

                  	
                    520,610.60

                  
	
                    July
                      2022

                  	
                    513,266.60

                  
	
                    August
                      2022

                  	
                    506,022.91

                  
	
                    September
                      2022

                  	
                    498,878.18

                  
	
                    October
                      2022

                  	
                    491,831.07

                  
	
                    November
                      2022

                  	
                    484,880.26

                  
	
                    December
                      2022

                  	
                    478,024.44

                  
	
                    January
                      2023

                  	
                    471,262.34

                  
	
                    February
                      2023

                  	
                    464,592.68

                  
	
                    March
                      2023

                  	
                    458,014.22

                  
	
                    April
                      2023

                  	
                    451,525.72

                  
	
                    May
                      2023

                  	
                    445,125.96

                  
	
                    June
                      2023

                  	
                    438,813.75

                  
	
                    July
                      2023

                  	
                    432,587.89

                  
	
                    August
                      2023

                  	
                    426,447.24

                  
	
                    September
                      2023

                  	
                    420,390.62

                  
	
                    October
                      2023

                  	
                    414,416.90

                  
	
                    November
                      2023

                  	
                    408,524.96

                  
	
                    December
                      2023

                  	
                    402,713.70

                  
	
                    January
                      2024

                  	
                    396,982.02

                  
	
                    February
                      2024

                  	
                    391,328.85

                  
	
                    March
                      2024

                  	
                    385,753.12

                  
	
                    April
                      2024

                  	
                    380,253.79

                  
	
                    May
                      2024

                  	
                    374,829.82

                  
	
                    June
                      2024

                  	
                    369,480.20

                  
	
                    July
                      2024

                  	
                    364,203.90

                  
	
                    August
                      2024

                  	
                    358,999.96

                  
	
                    September
                      2024

                  	
                    353,867.37

                  
	
                    October
                      2024

                  	
                    348,805.19

                  
	
                    November
                      2024

                  	
                    343,812.44

                  
	
                    December
                      2024

                  	
                    338,888.21

                  
	
                    January
                      2025

                  	
                    334,031.55

                  
	
                    February
                      2025

                  	
                    329,241.55

                  
	
                    March
                      2025

                  	
                    324,517.31

                  
	
                    April
                      2025

                  	
                    319,857.94

                  
	
                    May
                      2025

                  	
                    315,262.57

                  
	 	 
	
                                

                    *Assuming
                      a CPR equal to 15%.

                  	 

          

          

          
            
              
                
                

              

              
                Sch.-C-2

                
                  

                

              

              
                
                

              

            

          

          

          

          
            	
                    Distribution
                      Date occurring in:

                  	
                    Aggregate
                      Scheduled Principal

                    Balance
                      of the Mortgage Loans

                    Having
                      Forty-Year Original

                    Terms
                      to Maturity ($)*

                  
	
                    June
                      2025

                  	
                    310,730.31

                  
	
                    July
                      2025

                  	
                    306,260.33

                  
	
                    August
                      2025

                  	
                    301,851.76

                  
	
                    September
                      2025

                  	
                    297,503.80

                  
	
                    October
                      2025

                  	
                    293,215.60

                  
	
                    November
                      2025

                  	
                    288,986.37

                  
	
                    December
                      2025

                  	
                    284,815.30

                  
	
                    January
                      2026

                  	
                    280,701.61

                  
	
                    February
                      2026

                  	
                    276,644.51

                  
	
                    March
                      2026

                  	
                    272,643.25

                  
	
                    April
                      2026

                  	
                    268,697.06

                  
	
                    May
                      2026

                  	
                    264,805.20

                  
	
                    June
                      2026

                  	
                    260,966.93

                  
	
                    July
                      2026

                  	
                    257,181.53

                  
	
                    August
                      2026

                  	
                    253,448.27

                  
	
                    September
                      2026

                  	
                    249,766.46

                  
	
                    October
                      2026

                  	
                    246,135.39

                  
	
                    November
                      2026

                  	
                    242,554.37

                  
	
                    December
                      2026

                  	
                    239,022.73

                  
	
                    January
                      2027

                  	
                    235,539.81

                  
	
                    February
                      2027

                  	
                    232,104.92

                  
	
                    March
                      2027

                  	
                    228,717.44

                  
	
                    April
                      2027

                  	
                    225,376.70

                  
	
                    May
                      2027

                  	
                    222,082.09

                  
	
                    June
                      2027

                  	
                    218,832.97

                  
	
                    July
                      2027

                  	
                    215,628.72

                  
	
                    August
                      2027

                  	
                    212,468.74

                  
	
                    September
                      2027

                  	
                    209,352.42

                  
	
                    October
                      2027

                  	
                    206,279.18

                  
	
                    November
                      2027

                  	
                    203,248.43

                  
	
                    December
                      2027

                  	
                    200,259.59

                  
	
                    January
                      2028

                  	
                    197,312.09

                  
	
                    February
                      2028

                  	
                    194,405.38

                  
	
                    March
                      2028

                  	
                    191,538.89

                  
	
                    April
                      2028

                  	
                    188,712.09

                  
	
                    May
                      2028

                  	
                    185,924.43

                  
	
                    June
                      2028

                  	
                    183,175.38

                  
	
                    July
                      2028

                  	
                    180,464.42

                  
	
                    August
                      2028

                  	
                    177,791.02

                  
	
                    September
                      2028

                  	
                    175,154.69

                  
	
                    October
                      2028

                  	
                    172,554.92

                  
	
                    November
                      2028

                  	
                    169,991.20

                  
	
                    December
                      2028

                  	
                    167,463.05

                  
	
                    January
                      2029

                  	
                    164,969.99

                  
	
                    February
                      2029

                  	
                    162,511.54

                  
	
                    March
                      2029

                  	
                    160,087.23

                  
	
                    April
                      2029

                  	
                    157,696.60

                  
	
                    May
                      2029

                  	
                    155,339.18

                  
	
                    June
                      2029

                  	
                    153,014.53

                  
	
                    July
                      2029

                  	
                    150,722.19

                  
	
                    August
                      2029

                  	
                    148,461.74

                  
	
                    September
                      2029

                  	
                    146,232.74

                  
	 	 
	
                                

                    *Assuming
                      a CPR equal to 15%.

                  	 

          

          

          
            
              
                
                

              

              
                Sch.-C-3

                
                  

                

              

              
                
                

              

            

          

          

          

          
            	
                    Distribution
                      Date occurring in:

                  	
                    Aggregate
                      Scheduled Principal

                    Balance
                      of the Mortgage Loans

                    Having
                      Forty-Year Original

                    Terms
                         to Maturity ($)*

                  
	
                    October
                      2029

                  	
                    144,034.76

                  
	
                    November
                      2029

                  	
                    141,867.37

                  
	
                    December
                      2029

                  	
                    139,730.17

                  
	
                    January
                      2030

                  	
                    137,622.74

                  
	
                    February
                      2030

                  	
                    135,544.67

                  
	
                    March
                      2030

                  	
                    133,495.57

                  
	
                    April
                      2030

                  	
                    131,475.04

                  
	
                    May
                      2030

                  	
                    129,482.70

                  
	
                    June
                      2030

                  	
                    127,518.15

                  
	
                    July
                      2030

                  	
                    125,581.03

                  
	
                    August
                      2030

                  	
                    123,670.95

                  
	
                    September
                      2030

                  	
                    121,787.56

                  
	
                    October
                      2030

                  	
                    119,930.48

                  
	
                    November
                      2030

                  	
                    118,099.36

                  
	
                    December
                      2030

                  	
                    116,293.84

                  
	
                    January
                      2031

                  	
                    114,513.58

                  
	
                    February
                      2031

                  	
                    112,758.24

                  
	
                    March
                      2031

                  	
                    111,027.46

                  
	
                    April
                      2031

                  	
                    109,320.92

                  
	
                    May
                      2031

                  	
                    107,638.29

                  
	
                    June
                      2031

                  	
                    105,979.24

                  
	
                    July
                      2031

                  	
                    104,343.45

                  
	
                    August
                      2031

                  	
                    102,730.60

                  
	
                    September
                      2031

                  	
                    101,140.38

                  
	
                    October
                      2031

                  	
                    99,572.49

                  
	
                    November
                      2031

                  	
                    98,026.61

                  
	
                    December
                      2031

                  	
                    96,502.44

                  
	
                    January
                      2032

                  	
                    94,999.70

                  
	
                    February
                      2032

                  	
                    93,518.09

                  
	
                    March
                      2032

                  	
                    92,057.31

                  
	
                    April
                      2032

                  	
                    90,617.10

                  
	
                    May
                      2032

                  	
                    89,197.15

                  
	
                    June
                      2032

                  	
                    87,797.21

                  
	
                    July
                      2032

                  	
                    86,416.99

                  
	
                    August
                      2032

                  	
                    85,056.22

                  
	
                    September
                      2032

                  	
                    83,714.65

                  
	
                    October
                      2032

                  	
                    82,392.00

                  
	
                    November
                      2032

                  	
                    81,088.02

                  
	
                    December
                      2032

                  	
                    79,802.46

                  
	
                    January
                      2033

                  	
                    78,535.06

                  
	
                    February
                      2033

                  	
                    77,285.57

                  
	
                    March
                      2033

                  	
                    76,053.76

                  
	
                    April
                      2033

                  	
                    74,839.37

                  
	
                    May
                      2033

                  	
                    73,642.17

                  
	
                    June
                      2033

                  	
                    72,461.93

                  
	
                    July
                      2033

                  	
                    71,298.41

                  
	
                    August
                      2033

                  	
                    70,151.38

                  
	
                    September
                      2033

                  	
                    69,020.62

                  
	
                    October
                      2033

                  	
                    67,905.91

                  
	
                    November
                      2033

                  	
                    66,807.03

                  
	
                    December
                      2033

                  	
                    65,723.75

                  
	
                    January
                      2034

                  	
                    64,655.87

                  
	 	 
	
                                

                    *Assuming
                      a CPR equal to 15%.

                  	 

          

          

          
            
              
                
                

              

              
                Sch.-C-4

                
                  

                

              

              
                
                

              

            

          

          

          

          
            	
                    Distribution
                      Date occurring in:

                  	
                    Aggregate
                      Scheduled Principal

                    Balance
                      of the Mortgage Loans

                    Having
                      Forty-Year Original

                    Terms
                      to Maturity ($)*

                  
	
                    February
                      2034

                  	
                    63,603.18

                  
	
                    March
                      2034

                  	
                    62,565.46

                  
	
                    April
                      2034

                  	
                    61,542.52

                  
	
                    May
                      2034

                  	
                    60,534.14

                  
	
                    June
                      2034

                  	
                    59,540.14

                  
	
                    July
                      2034

                  	
                    58,560.31

                  
	
                    August
                      2034

                  	
                    57,594.45

                  
	
                    September
                      2034

                  	
                    56,642.39

                  
	
                    October
                      2034

                  	
                    55,703.92

                  
	
                    November
                      2034

                  	
                    54,778.87

                  
	
                    December
                      2034

                  	
                    53,867.05

                  
	
                    January
                      2035

                  	
                    52,968.27

                  
	
                    February
                      2035

                  	
                    52,082.36

                  
	
                    March
                      2035

                  	
                    51,209.14

                  
	
                    April
                      2035

                  	
                    50,348.43

                  
	
                    May
                      2035

                  	
                    49,500.07

                  
	
                    June
                      2035

                  	
                    48,663.89

                  
	
                    July
                      2035

                  	
                    47,839.72

                  
	
                    August
                      2035

                  	
                    47,027.39

                  
	
                    September
                      2035

                  	
                    46,226.74

                  
	
                    October
                      2035

                  	
                    45,437.61

                  
	
                    November
                      2035

                  	
                    44,659.84

                  
	
                    December
                      2035

                  	
                    43,893.28

                  
	
                    January
                      2036

                  	
                    43,137.77

                  
	
                    February
                      2036

                  	
                    42,393.16

                  
	
                    March
                      2036

                  	
                    41,659.30

                  
	
                    April
                      2036

                  	
                    40,936.04

                  
	
                    May
                      2036

                  	
                    40,223.24

                  
	
                    June
                      2036

                  	
                    39,520.75

                  
	
                    July
                      2036

                  	
                    38,828.43

                  
	
                    August
                      2036

                  	
                    38,146.14

                  
	
                    September
                      2036

                  	
                    37,473.74

                  
	
                    October
                      2036

                  	
                    36,811.10

                  

          

          
            
              
                	
                        November
                          2036

                      	
                        36,158.08

                      
	
                        December
                          2036

                      	
                        35,514.54

                      
	
                        January
                          2037

                      	
                        34,880.37

                      

              

            

          

          
            	 	 
	
                                

                    *Assuming
                      a CPR equal to 15%.

                  	
                     

                  

          

           

          
            
              
              

            

            
              Sch.-C-5

              
                

              

            

            
              
              

            

             

             

            
              	
                      Distribution
                        Date occurring in:

                    	
                      Aggregate
                        Scheduled Principal

                      Balance
                        of the Mortgage Loans

                      Having
                        Forty-Year Original

                      Terms
                        to Maturity ($)*

                    

            

          

          
            	
                    February
                      2037

                  	
                    34,255.43

                  
	
                    March
                      2037

                  	
                    33,639.58

                  
	
                    April
                      2037

                  	
                    33,032.72

                  
	
                    May
                      2037

                  	
                    32,434.70

                  
	
                    June
                      2037

                  	
                    31,845.42

                  
	 	 
	
                                

                    *Assuming
                      a CPR equal to 15%.

                  	 

          

           

          
            

          

          

          
            
              
                
                

              

              
                Sch.-C-6THE
      SECURITIES REPRESENTED HEREBY MAY NOT BE OFFERED FOR SALE, SOLD OR OTHERWISE
      DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT FILED UNDER
      THE SECURITIES ACT OF 1933, AS AMENDED, OR PURSUANT TO AN EXEMPTION FROM
      REGISTRATION UNDER SUCH ACT. ANY SUCH TRANSFER MAY ALSO BE SUBJECT TO APPLICABLE
      STATE SECURITIES LAWS. 

    

    VOID
      AFTER 5:00 P.M., WASHINGTON, D.C. TIME, ON MARCH 13, 2008, OR IF NOT A BUSINESS
      DAY, ON THE NEXT FOLLOWING BUSINESS DAY.

    

    FORM
      OF PREFERRED STOCK PURCHASE WARRANT

    

    This
      certifies that, for value received, __________,
      and its
      registered, permitted assigns or successors in interest (the “Registered
      Holder”),
      is
      entitled to purchase from EyeTel Imaging, Inc., a Delaware corporation (the
      “Company”),
      subject to the terms and conditions hereof, at any time on or after January
      14,
      2004, and before 5:00 P.M., Washington, D.C. time on March 13, 2008, or if
      not a
      business day, on the next following business day (the “Expiration
      Date”),
      that
      number of fully paid and non-assessable shares of Series B Convertible Preferred
      Stock of the Company set forth in Section 3 hereof.

    

    1. Bridge
      Loan Agreement.
      This
      Warrant is issued by the Company (i) pursuant to the terms and conditions of
      that certain Bridge Loan Agreement, dated as March 13, 2003, by and among the
      Company, the Registered Holder and certain other parties thereto (the
“Bridge
      Loan Agreement”)
      and
      (ii) in exchange for that certain warrant to purchase shares of the Company’s
      Series A Convertible Preferred Stock currently held by the Registered Holder
      (the “Prior
      Warrant”).
      This
      Warrant is subject to, and qualified by, the terms and conditions of the Bridge
      Loan Agreement. A copy of the Bridge Loan Agreement may be examined during
      normal business hours at the Company’s offices.

    

    2. Definitions.
      Terms
      used in this Warrant but not defined in this Section 2 or otherwise in this
      Warrant shall have the meanings ascribed to them in the Bridge Loan Agreement.
      As used in this Warrant, the following terms shall have the meanings set forth
      below:

    

    “Common
      Stock”
      shall
      mean the Company’s Common Stock, $0.001 par value per share.

    

    “Exercise
      Price”
      shall
      mean $0.1394 per share. 

    

    “Exercise
      Shares”
shall
      mean shares of the Company’s Series B Convertible Preferred Stock issuable upon
      exercise of this Warrant.

    

    “Person”
      means an
      individual, a partnership, a limited liability company, a corporation, a trust,
      a joint venture, an unincorporated organization and a government or any
      department or agency thereof.

    

    “Series
      B Convertible Preferred Stock”
      means
      the Company's Series B Convertible Preferred Stock, $0.001 par value per
      share.

     

    “Warrant”
      means
      this Warrant and all stock purchase warrants issued in exchange therefor
      pursuant to the terms thereof.

    

    “Warrant Stock”
      means
      shares of the Company's authorized but unissued Series B Convertible Preferred
      Stock issuable upon exercise of this Warrant.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    3. Exercise of Warrant.

    

    3.1 Number
      of Shares Underlying Warrant.
      This
      Warrant shall be exercisable for __________ shares of Series B Convertible
      Preferred Stock.

     

    

    3.2 Exercise Period.
      The
      Registered Holder may exercise the purchase rights represented by this Warrant,
      in whole or in part, at any time and from time to time on or after January
      14,
      2004, and before 5:00 p.m. on the Expiration Date (the “Exercise
      Period”).

    

    3.3 Exercise Procedure.

    

    (a) This
      Warrant will be deemed to have been exercised at such time as the Company has
      received all of the following items (the “Exercise
      Date”):

    

    (i)a
      completed Exercise Agreement, in the form attached hereto as Exhibit I, executed
      by the Registered Holder exercising all or part of the purchase rights
      represented by this Warrant (the “Purchaser”);

    

    (ii)this
      Warrant;

    

    (iii)an
      Assignment or Assignments substantially in the form attached hereto as
      Exhibit II, evidencing the assignment of this Warrant to the Purchaser, if
      applicable; and

    

    (iv)either
      (I) a wire transfer or check payable to the Company in an amount equal to the
      product obtained by multiplying the Exercise Price by the number of shares
      of
      Warrant Stock issuable upon such exercise (the “Aggregate
      Exercise Price”);
      (II)
      instruments or certificates, duly endorsed for transfer, evidencing debt or
      equity securities of the Company having a value (as mutually agreed upon by
      the
      Registered Holder and the Company) equal to the Aggregate Exercise Price of
      the
      Warrant Stock issuable upon exercise; or (III) a written notice to the Company
      that the Registered Holder is exercising the Warrant (or a portion thereof)
      by
      authorizing the Company to withhold that number of shares of Warrant Stock
      having a fair market value equal to the Aggregate Exercise Price of the Warrant
      Stock issuable upon exercise.

    

    (b) The
      Company shall promptly issue and deliver to the Person or Persons at the address
      or addresses specified by the Purchaser a certificate or certificates evidencing
      the appropriate number of shares of Warrant Stock to which the Purchaser is
      entitled as of the Exercise Date. The Registered Holder of this Warrant or
      its
      designee shall receive a replacement warrant representing any rights which
      have
      not expired or been exercised in accordance with the terms hereof.

    

    (c) This
      Warrant shall be deemed to have been exercised immediately prior to the close
      of
      business on the Exercise Date. The person or persons entitled to receive the
      Warrant Stock shall be treated for all purposes as the record holder of such
      Warrant Stock as of such date.

    

    (d) The
      issuance of certificates for shares of Warrant Stock upon exercise of this
      Warrant will be made without charge to the Registered Holder or the Purchaser
      for any issuance tax in respect thereof or any other cost incurred by the
      Company in connection with such exercise.

    

    (e) If
      a
      fractional share of Warrant Stock would, but for the provisions of this Section
      3.3, be issuable upon exercise of the rights represented by this Warrant, the
      Company shall promptly deliver to the Purchaser a check payable to the Purchaser
      in lieu of such fractional share in an amount equal to the proportionate
      Exercise Price of such fractional share.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    

    4. Reservation of Preferred
      Stock and Common Stock.
      During
      the Exercise Period (as defined in Section 3.2 herein), the Company shall
      reserve and keep available for issuance upon the exercise of the Warrant such
      number of its authorized but unissued shares of Series B Convertible Preferred
      Stock, as will be sufficient to permit the exercise in full of all outstanding
      Warrants, and such number of authorized and unissued shares of Common Stock
      as
      will be sufficient to permit the conversion of the Warrant Stock, and upon
      such
      issuance or conversion such shares of Warrant Stock and Common Stock, as the
      case may be, will be validly issued, fully paid and nonassessable, and free
      from
      all liens and charges with respect to the issuance thereof.

    

    5. No Voting Rights; Limitations of Liability.
      This
      Warrant will not entitle the holder hereof to any voting rights or other rights
      as a stockholder of the Company. No provision of this Warrant, in the absence
      of
      affirmative action by the Registered Holder to purchase Warrant Stock, and
      no
      enumeration in this Warrant of the rights or privileges of the Registered
      Holder, will give rise to any liability of such Registered Holder as a
      stockholder of the Company. Further, in the event that, pursuant to Section
      3.1,
      this Warrant is exercised or exchanged for shares of Series B Convertible
      Preferred Stock, to the extent that the Registered Holder is not already a
      party
      thereto, the Company and the Registered Holder shall take such actions as may
      be
      required for the Registered Holder to become a party to that certain Amended
      and
      Restated Investor Rights Agreement made by and among the Company and the parties
      thereto dated as of January 14, 2004 and Amended and Restated Stockholders’
Agreement made by and among the Company and the parties thereto dated as of
      January 14, 2004, each as may be amended from time to time (collectively, the
      “Transaction
      Documents”),
      and
      the Registered Holder shall be entitled to all of the rights, privileges and
      terms and conditions granted to such purchasers, holders and/or investors
      thereunder with regard to shares of the Warrant Stock.

    

    6. Restrictions on Transfer.

    

    6.1 Subject
      to the restrictions on the transferability of this Warrant set forth in Section
      6.2 below, and upon the prior written consent of the Company, which consent
      shall not be unreasonably withheld, conditioned or delayed, this Warrant and
      all
      rights hereunder are transferable, in whole or in part, by the Registered
      Holder, upon surrender of this Warrant with a properly executed Assignment
      at
      the principal office of the Company; provided, however, no such consent of
      the
      Company shall be required with respect to the Registered Holder’s transfer of
      this Note to any affiliate, member, partner (limited or otherwise) or
      stockholder of the Registered Holder.

    

    6.2 Each
      Registered Holder of this Warrant acknowledges that this Warrant has not been
      registered under the Securities Act of 1933, as amended (the “Act”),
      and
      agrees not to sell, pledge, distribute, offer for sale, transfer or otherwise
      dispose of this Warrant or any Warrant Stock issued upon its exercise in the
      absence of (a) an effective registration statement as to this Warrant or
      such Warrant Stock under the Act (or any similar statute then in effect), or
      (b) an opinion of counsel reasonably satisfactory to the Company to the
      effect that such registration is not, under the circumstances, required. The
      certificates representing the securities issuable upon exercise of this Warrant
      shall have affixed thereto a legend in substantially the following form, in
      addition to other legends required by applicable state law:

    

    THE
      SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
      ACT
      OF 1933, AS AMENDED (THE “ACT”), OR ANY STATE SECURITIES LAW, AND MAY NOT BE
      TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF UNLESS THE SAME ARE REGISTERED AND
      QUALIFIED IN ACCORDANCE WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS,
      OR IN THE OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE ISSUER SUCH
      REGISTRATION IS NOT REQUIRED UNDER THE ACT.

    

    6.3 In
      connection with the exercise of this Warrant, the Registered Holder represents
      and warrants to the Company that the Registered Holder shall acquire the
      securities issuable upon such exercise for investment purposes, and not with
      a
      view to distributing the same, and that the Registered Holder is an “accredited
      investor”
      as
      defined under applicable federal and state securities laws.

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    

    

    7. Warrant Exchangeable for Different Denominations.
      This
      Warrant is exchangeable, upon the surrender hereof by the Registered Holder
      (in
      whole or in part) at the principal office of the Company, for new Warrants
      of
      like tenor representing in the aggregate the purchase rights hereunder, and
      each
      of such new Warrants will represent such portion of such rights as is designated
      by the Registered Holder at the time of such surrender. The date the Company
      initially issues this Warrant will be deemed to be the “Date
      of Issuance”
      of this
      Warrant regardless of the number of times new certificates representing the
      unexpired and unexercised rights formerly represented by this Warrant are
      issued.

    

    8. Miscellaneous.

    

    8.1 Amendment and Waiver.
      Except
      as otherwise specifically provided herein, any term of this Warrant may be
      amended and the observance of any term of this Warrant may be waived (either
      generally or in a particular instance and either retroactively or
      prospectively), with the written consent of the Company and the Registered
      Holder.

    

    8.2 Notices.
      Any
      notices required to be sent to the Registered Holder will be delivered to the
      address of such Registered Holder shown on the books of the Company. Any notices
      required to be sent to the Company will be delivered to the principal office
      of
      the Company as set forth on the signature page hereto. All notices required
      or
      permitted hereunder, to be effective, shall be in writing and shall be deemed
      effectively given: (a) when sent by confirmed telex or facsimile if sent during
      normal business hours of the recipient, if not, then on the next business day,
      (b) five (5) days after having been sent by registered or certified mail, return
      receipt requested, postage prepaid, or (c) one (1) business day after deposit
      with a nationally recognized overnight courier, specifying next day delivery,
      with written verification of receipt.

    

    8.3 Descriptive Headings; Governing Law.
      The
      descriptive headings of the paragraphs of this Warrant are inserted for
      convenience only and do not constitute a part of this Warrant. The construction,
      validity and interpretation of this Warrant will be governed by the laws of
      the
      State of Delaware.

    

    8.4 Successors
      and Assigns.
      Subject
      to Section 6, the provisions of this Warrant shall be binding upon, and inure
      to
      the benefit of, the respective successors and assigns of the parties
      hereto.

    

    8.5 Severability.
      In the
      event that any one or more of the provisions of this Warrant shall for any
      reason be held to be invalid, illegal or unenforceable, in whole or in part
      or
      in any respect, or in the event that any one or more of the provisions of this
      Warrant operate or would prospectively operate to invalidate this Warrant,
      then
      and in any such event, such provision(s) only shall be deemed null and void
      and
      shall not affect any other provision of this Warrant and the remaining
      provisions of this Warrant shall remain operative and in full force and effect
      and in no way shall be affected, prejudiced, or disturbed thereby.

    

    8.6 Waiver
      of Jury Trial.
      THE
      COMPANY AND THE REGISTERED HOLDER EACH WAIVE ALL RIGHTS TO TRIAL BY JURY OF
      ANY
      SUITS, CLAIMS, COUNTERCLAIMS, AND ACTIONS OF ANY KIND ARISING UNDER OR RELATING
      TO THIS AGREEMENT. EACH OF THE COMPANY AND THE REGISTERED HOLDER ACKNOWLEDGES
      THAT THIS IS A WAIVER OF A LEGAL RIGHT AND REPRESENTS TO THE OTHER THAT THIS
      WAIVER IS MADE KNOWINGLY AND VOLUNTARILY. THE COMPANY AND THE REGISTERED HOLDER
      EACH AGREE THAT ALL SUCH SUITS, CLAIMS, COUNTERCLAIMS, AND ACTIONS SHALL BE
      TRIED BEFORE A JUDGE OF A COURT OF COMPETENT JURISDICTION, WITHOUT A
      JURY.

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    

    8.7 Adjustments.

    

    (a) If
      at any
      time after the Date of Issuance there is any change in the outstanding shares
      of
      capital stock of the Company by reason of stock dividends, splits,
      recapitalizations, reclassification, combinations or exchanges of shares,
      separations, reorganizations, liquidations, or the like, the number and class
      or
      series of shares available under this Warrant in the aggregate and the Exercise
      Price, as applicable, shall be correspondingly adjusted to give the Registered
      Holder of this Warrant, on exercise for the same aggregate Exercise Price,
      the
      total number, class or series, and kind of shares as the Registered Holder
      would
      have owned had the Warrant been exercised prior to the event and had the
      Registered Holder continued to hold such shares until after the event requiring
      adjustment. The form of this Warrant need not be changed because of any
      adjustment in the number of Exercise Shares subject to this
      Warrant.

    

    (b) If
      at any
      time after the Date of Issuance there is any recapitalization, reclassification
      or reorganization of the capital stock of the Company, or any consolidation
      or
      merger of the Company with another corporation, or the sale of all or
      substantially all of its assets or other transaction shall be effected in such
      a
      way that holders of the Company’s capital stock shall be entitled to receive
      stock, securities or other assets or property (an “Organic
      Change”),
      then,
      as a condition of such Organic Change, lawful and adequate provisions shall
      be
      made by the Company whereby the Registered Holder hereof shall thereafter have
      the right to purchase and receive (in lieu of the shares of the Warrant Stock
      immediately theretofore purchasable and receivable upon the exercise of the
      rights represented hereby) such shares of stock, securities or other assets
      or
      property as may be issued or payable with respect to or in exchange for a number
      of outstanding shares of such Warrant Stock equal to the number of shares of
      such stock immediately theretofore purchasable and receivable upon the exercise
      of the rights represented hereby. In the event of any Organic Change,
      appropriate provision shall be made by the Company with respect to the rights
      and interests of the Registered Holder of this Warrant to the end that the
      provisions hereof (including, without limitation, provisions for adjustments
      of
      the Exercise Price and of the number of shares purchasable and receivable upon
      the exercise of this Warrant) shall thereafter be applicable, in relation to
      any
      shares of stock, securities or assets thereafter deliverable upon the exercise
      hereof.

    

    (c) If
      at any
      time after the Date of Issuance any change occurs in the outstanding capital
      stock of the Company or any other event occurs as to which the other provisions
      of this Section 8.7 are not strictly applicable or if strictly applicable would
      not fairly protect the purchase rights of the Registered Holder of this Warrant
      in accordance with such provisions, then the Board of Directors of the Company
      shall, in its reasonable good faith judgment, make an adjustment in the number
      and class or series of shares available under the Warrant, the Exercise Price
      or
      the application of such provisions, as applicable, so as to protect such
      purchase rights as aforesaid. The adjustment shall be such as to give the
      Registered Holder of the Warrant upon exercise for the same aggregate Exercise
      Price the total number, class or series and kind of shares as such Registered
      Holder would have owned had this Warrant been exercised prior to the event
      and
      had such Registered Holder continued to hold such shares until after the event
      requiring adjustment. 

     

    (d) Upon
      the
      automatic conversion of all outstanding shares of the series of equity
      securities comprising the Exercise Shares, this Warrant shall become exercisable
      for that number of shares of Common Stock of the Company into which the Exercise
      Shares would then be convertible, so long as such shares, if this Warrant had
      been exercised prior to such offering, would have been converted into shares
      of
      the Company’s Common Stock pursuant to the Company’s Certificate of
      Incorporation. In such case, all references to “Exercise Shares” shall mean
      shares of the Company’s Common Stock issuable upon exercise of this Warrant, as
      appropriate.

     

    8.8 Exchange.
      Registered Holder agrees and acknowledges that this Warrant is made in exchange
      for the Prior Warrant. Effective upon the grant hereof, all provisions of,
      rights granted, and covenants made in the Prior Warrant are hereby waived,
      released and terminated in their entirety and shall have no further force and
      effect. Promptly following request of the Company, Registered Holder shall
      return to the Company a copy of the Prior Warrant marked
“cancelled.”

    

    

     

    

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    [Signature
      appears on following page]

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    

    IN
      WITNESS WHEREOF, the Company has caused this Warrant to be executed by its
      duly
      authorized officer as of the __ day of December, 2004.

    

    
      
        	 	 	 
	 	EYETEL
                IMAGING,
                INC.
	 
 	 
 	 
 
	 	By:  	/s/ 
	 	Name: 	 
	 	Title: 	 
	 	Address:  	9130 Guilford Road 
	 	 	Columbia, MD 21046-2581 
	 	 	 
	 	Fax:  	(301) 317-7648 
	 	
                

              
	 	 

      

    

    

     

    ____________________

    

    

    By:
       ___________________

    Name:

    Title:

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    EXHIBIT I

    

    IRREVOCABLE
      SUBSCRIPTION

    

    
      	
              To:

            	
              EyeTel
                Imaging, Inc.

            

    

    

    Gentlemen:

    

    The
      undersigned hereby elects to exercise its right under the attached Warrant
      by
      purchasing _________________shares of _________________________
      of
      EyeTel Imaging, Inc., and hereby irrevocably subscribes to such issue. The
      undersigned also hereby consents to becoming party to the Transaction Documents,
      as defined in the Warrant. The certificates for such shares shall be issued
      in
      the name of:

    

    ______________________________

    (Name)

    

    ______________________________

    (Address)

    

    ______________________________

    (Taxpayer
      Number)

    

    and
      delivered to:

    

    ______________________________

    (Name)

    

    _______________________________

    (Address)

    

    The
      exercise price of $______ is enclosed.

    Date:_______________

    

    Signed: ________________________________________

    (Name
      of
      Holder, Please Print)

    ________________________________________

    (Address)
      

    ________________________________________

    (Signature)

     

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    EXHIBIT II

    

    ASSIGNMENT

    

    

    For
      value
      received, the undersigned hereby sells, assigns and transfers unto:

    

    _______________________________

    (Name)

    

    _______________________________

    (Address)

    

    the
      attached Warrant together with all right, title and interest therein to purchase
       
      shares
      of _____________ of EyeTel Imaging, Inc., to which the Warrant relates, and
      does
      hereby irrevocably appoint _______________________ attorney to transfer said
      Warrant on the books of EyeTel Imaging, Inc., with full power of substitution
      in
      the premises.

    

    

    Done
      this
      ______ day of ____________ 200__. 

    

    

    

    

    ______________________________

    (Signature)

    

    ______________________________

    (Name
      and
      title)

    

    ______________________________

    

    ______________________________

    (Address)

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